Core Viewpoint - The company expects a significant increase in net profit for the first three quarters of 2025, driven by strong sales in the adhesive and specialty resin materials sector, particularly due to rising demand in the wind power industry [1] Financial Performance - The company anticipates net profit attributable to shareholders to be between 80 million and 90 million yuan, representing a year-on-year growth of 204.61% to 217.68% [1] - The expected net profit after deducting non-recurring gains and losses is projected to be between 38.23 million and 48.23 million yuan, indicating a year-on-year increase of 147.56% to 159.99% [1] Industry Dynamics - The adhesive and specialty resin materials segment has shown steady growth in product sales, contributing to the overall increase in net profit [1] - The wind power industry is experiencing a rise in demand for wind turbine blade products, which is identified as the main driver of business growth in this segment [1]

Core Insights - The A-share market saw a total of 93 stocks hitting the daily limit up on October 21, with notable performances from coal and combustible ice concept stocks [1] Group 1: Stock Performance - Day count of limit-up stocks includes: Dayou Energy with 6 consecutive limit-ups in coal mining, and Shenke Co. and Deshi Co. both achieving 2 consecutive limit-ups in the combustible ice sector [1] - Other notable stocks include ST Zhongdi and Yingxin Development in real estate with 3 and 2 consecutive limit-ups respectively, and Xianfeng Electronics in natural gas with 3 consecutive limit-ups [1] Group 2: Sector Highlights - The combustible ice concept is gaining traction, as evidenced by the performance of Shenke Co. and Deshi Co. [1] - Coal mining remains strong with Dayou Energy leading the sector with 6 consecutive limit-ups, indicating robust investor interest [1]

新股分析 2025 年 10 月 21 日 德力佳：风电齿轮箱龙头企业 注册制新股纵览 20251021 本期投资提示: 朱敏 (8621)23297818× zhumin@swsresearch.com 申万宏源研究微信服务号 请务必仔细阅读正文之后的各项信息披露与声明 相关研究 AHP 得分：剔除流动性溢价因素后，德力佳 1.99 分，位于总分的 26.9%分位。德力佳于 ○ 2025 年 10 月 17 日招股，将在主板上市。剔除、考虑流动性溢价因素后，我们测算德力佳 AHP 得分分别为 1.99 分、2.00 分，分别位于非科创体系 AHP 模型总分的 26.9%、36.8% 分位，分别处于中游偏上、中游偏下水平。假设以 95%入围率计，中性预期情形下，德力 佳网下 A、B 两类配售对象的配售比例分别是：0.0154%、0.0134%。 ● 风电齿轮箱龙头企业,市场占有率全球第三。德力佳由我国风电齿轮箱行业重要技术人才刘 建国与三一重能等共同创立于 2017 年，通过收购三一重能相关资产并把握行业 "抢装潮" 实现快速发展,目前已成为国内风电齿轮箱龙头, 构建了前中后端全业务链体系, 客户覆盖 主流整 ...

Group 1 - The core viewpoint of the news is that Dajin Heavy Industry has seen a significant stock price increase of 5.1%, reaching 47.61 yuan per share, with a trading volume of 814 million yuan and a turnover rate of 2.75%, resulting in a total market capitalization of 30.363 billion yuan [1] - Dajin Heavy Industry Co., Ltd. is located in Beijing and was established on September 22, 2003, with its listing date on October 15, 2010. The company primarily engages in the production and sales of wind power tower structures and thermal power boiler steel structures [1] - The main business revenue composition of Dajin Heavy Industry includes 94.54% from wind power equipment products, 4.38% from new energy generation, and 1.07% from other sources [1] Group 2 - From the perspective of major fund holdings, data shows that one fund under Harvest Fund has a significant position in Dajin Heavy Industry. The Harvest Low Carbon Selected Mixed Fund A (017036) held 12,300 shares in the second quarter, accounting for 4.22% of the fund's net value, ranking as the eighth largest holding [2] - The Harvest Low Carbon Selected Mixed Fund A (017036) was established on December 13, 2022, with a latest scale of 7.277 million. Year-to-date returns are 26.17%, ranking 3049 out of 8162 in its category, while the one-year return is 20.85%, ranking 3700 out of 8024. Since inception, the fund has experienced a loss of 18.92% [2] - The fund manager of Harvest Low Carbon Selected Mixed Fund A (017036) is Song Yang, who has been in the position for 2 years and 293 days. The total asset scale during his tenure is 50.8293 million yuan, with the best fund return being 25.17% and the worst being -2.81% [3]

Group 1 - The U.S. federal government shutdown is approaching three weeks, affecting key agencies like the National Nuclear Security Administration, which has begun mandatory leave for most employees [2] - China's GDP for the first three quarters of 2025 grew by 5.2% year-on-year, indicating stable economic performance amid pressures [3] - The Chinese Ministry of Finance has decided to conduct market-making support operations for government bonds to enhance liquidity in the secondary market [6] Group 2 - The LPR (Loan Prime Rate) has remained unchanged for five consecutive months, with the one-year rate at 3.0% and the five-year rate at 3.5%, reflecting stable monetary policy [5] - In September 2025, China's new energy vehicle production and sales reached historical highs, with production at 1.617 million units and sales at 1.604 million units, marking year-on-year increases of 23.7% and 24.6% respectively [7] - The "Wind Energy Beijing Declaration 2.0" was released, proposing that China's annual new wind power installation capacity should not be less than 120 million kilowatts by 2030 [9] Group 3 - The 22nd China International Agricultural Products Trade Fair concluded in Tianjin, with on-site sales exceeding 100 million yuan and over 30,000 attendees [10] - Meituan's S-team has welcomed two new members, indicating a routine adjustment in the company's leadership structure [23] - During the first hour of the 2025 Double 11 shopping festival, 80 brands achieved sales exceeding 100 million yuan, with Apple's iPhone series sales surpassing the total sales of the previous day [24]

Group 1 - The core viewpoint of the news is that 威力传动 (Weili Transmission) has seen a significant increase in its stock price, rising by 5.18% to 80.36 CNY per share, with a trading volume of 1.22 billion CNY and a turnover rate of 7.14%, leading to a total market capitalization of 58.17 billion CNY [1] - 威力传动 is primarily engaged in the research, production, and sales of wind power gearboxes, with 98.23% of its revenue coming from this segment and only 1.77% from other sources [1] - The company was established on October 29, 2003, and went public on August 9, 2023, indicating a relatively recent entry into the public market [1] Group 2 - Among the top ten circulating shareholders of 威力传动, the fund managed by 交银施罗德基金 has reduced its holdings by 240,000 shares, now holding 307,500 shares, which represents 1.4% of the circulating shares [2] - The 交银主题优选混合A fund has achieved a year-to-date return of 19.19% and a one-year return of 25.99%, ranking 4051 out of 8234 and 3364 out of 8095 respectively in its category [2] - The fund has a total asset size of 740 million CNY and has generated a cumulative return of 370.42% since its inception on June 30, 2010 [2]

Core Viewpoint - Xinyin Electronics (301329) clarified that its main products include laptop connectors, consumer electronics connectors, automotive connectors, and other connectors, and it does not engage in virtual power plants, wind power, ultra-high voltage, or smart grid related industries [1] Company Summary - The company specializes in connectors for various applications, including laptops and consumer electronics [1] - It explicitly stated its non-involvement in specific energy-related sectors, indicating a focused product line [1]

Group 1 - The company, Delijia (603092.SH), has announced its initial public offering (IPO) of 40 million shares, accounting for 10% of the total share capital post-issuance. The IPO will consist entirely of new shares, with no existing shareholder sales involved. The initial inquiry date is set for October 23, 2025, and the subscription date is October 28, 2025 [1] - The initial strategic placement will involve 8,000,020 shares, representing 20% of the total issuance. Any difference between the final strategic placement and the initial amount will be allocated to offline issuance [1] - The company specializes in the research, production, and sales of high-speed heavy-duty precision gear transmission products, primarily serving the wind power generation sector, with its core product being the main gearbox for wind turbines [1] Group 2 - For the first half of 2025, the company reported significant growth in both revenue and net profit, with revenue increasing by 81.13% year-on-year compared to the first half of 2024, and the net profit attributable to the parent company rising by 63.56% in the same period [2] - As of June 30, 2025, the company has secured over 4 billion yuan in orders, indicating stable operational performance [2] - The funds raised from the IPO, after deducting issuance costs, will be allocated to projects in a prioritized manner, including the annual production of 1,000 units of large onshore wind power gearboxes and a project in Shantou for the annual production of 800 units of large offshore wind power gearboxes [2]

2025年1-6月，公司营业收入和净利润均实现较快增长，其中，营业收入相较2024年1-6月同比增长 81.13%，扣非归母净利润相较2024年1-6月同比增长63.56%。截至2025年6月末，公司在手订单金额已超 40亿元，经营业绩整体稳定。 智通财经APP讯，德力佳(603092.SH)发布首次公开发行股票并在主板上市招股意向书，本次公开发行 股票4,000.01万股，占发行后总股本的比例10.00%。本次发行全部为新股发行，不涉及股东公开发售股 份的情形。此次初步询价日期为2025年10月23日，申购日期为2025年10月28日。 本次公开发行新股的募集资金扣除发行费用后，将按轻重缓急顺序投资以下项目：年产1000台8MW以 上大型陆上风电齿轮箱项目及汕头市德力佳传动有限公司年产800台大型海上风电齿轮箱汕头项目。 公司主要从事高速重载精密齿轮传动产品的研发、生产与销售，下游应用领域目前主要为风力发电机 组，核心产品为风电主齿轮箱。报告期内，公司已与金风科技、远景能源、明阳智能、三一重能等风电 整机行业头部企业建立起良好的合作关系，多次被金风科技、远景能源、三一重能等企业授予"最佳供 应商""优秀供应 ...

Core Viewpoint - Mingyang Smart Energy plans to invest over 10 billion in constructing an offshore wind base in the UK, indicating a strategic expansion into the European market [1] Group 1: Company Information - Mingyang Smart Energy is a significant customer for Meiga Xincai's wind power coatings [1] - Meiga Xincai aims to actively pursue market opportunities as its downstream customers expand into overseas markets [1]