过会成功！有大股东套现12亿离场，有大客户削七成采购量，这家公司难题仍在……

Core Viewpoint - The wind power industry is facing significant challenges due to new policies that promote market-oriented trading of renewable energy, impacting market size and electricity prices [12][13]. Group 1: Industry Policy Impact - New policies in the wind power sector will allow renewable energy to fully participate in market trading starting January 2025, which may lead to a decrease in wind power prices [13]. - The implementation of these policies could result in reduced investment in wind power projects, affecting the sales scale of companies like 德力佳 [13]. - If the government's support for the wind power industry diminishes, it could lead to instability in the company's operating performance [13]. Group 2: Company Performance and Challenges - 德力佳's revenue for 2022, 2023, and 2024 was 310.78 million, 444.18 million, and 371.53 million respectively, with net profits of 48.35 million, 57.37 million, and 53.48 million [8]. - The company experienced a decline in revenue in 2024 due to price reductions in products and decreased demand from major clients like 远景能源, which has begun to produce its own gearboxes [11][17]. - The company has a high customer concentration, with sales to the top five clients accounting for 98.86%, 95.92%, and 94.73% of revenue during the reporting period [14]. Group 3: IPO and Market Position - 德力佳 has been approved for IPO by the Shanghai Stock Exchange, but the listing committee raised concerns about the company's reliance on major clients and the risk of overcapacity [3][4]. - The company is positioned in the upstream of the wind power supply chain, primarily producing wind turbine gearboxes, which are critical components in wind power generation [7][6]. - 德力佳's global market share is projected to be 10.36% in 2024, ranking third globally, and 16.22% in China, ranking second domestically [7]. Group 4: Shareholder Dynamics - The actual controllers of 德力佳, 刘建国 and 孔金凤, hold a combined 41.98% of the company's shares [20]. - 加盛投资, which previously held 22.90% of the shares, sold all its holdings for 1.205 billion, raising questions about the timing of this divestment before the IPO [20][22].