Core Viewpoint - Delijia Transmission Technology (Jiangsu) Co., Ltd. is positioned as a leading supplier in the domestic wind power main gearbox sector, with a market share of 10.36% globally and 16.22% domestically in 2024, indicating its strong competitive position in the industry [1][6]. Group 1: Industry Position and Technological Edge - The company has established a comprehensive competitive barrier in the wind power gearbox sector through continuous technological innovation since its inception in 2017, covering design, production, and operation [2]. - Delijia's main gearbox products cover a full range from 1.5MW to 22MW, adaptable to various harsh working conditions, and have received certifications from global authorities [3][6]. - The safety factors of Delijia's gearbox components exceed industry standards, with the average operating temperature of high-speed shaft bearings maintained below 80°C, significantly lower than the industry standard of 95°C [5]. Group 2: Market Dynamics and Growth Potential - The global wind power gearbox market is projected to reach USD 58.27 billion in 2024, with a compound annual growth rate of approximately 5.1% until 2030, driven by increasing wind power installations [12]. - In China, the wind power gearbox market is expected to grow from approximately USD 33.58 billion in 2024 to USD 39.03 billion by 2030, supported by national policies promoting renewable energy [12]. Group 3: Financial Performance and Profitability - Delijia's revenue is expected to grow from CNY 3.108 billion in 2022 to CNY 3.715 billion in 2024, with net profit increasing from CNY 484 million to CNY 535 million during the same period [11]. - The company's gross profit margin is projected to rise from 22.49% in 2022 to 24.67% in 2024, outperforming the industry average by 8.18 percentage points [9][11]. Group 4: Strategic Initiatives and Future Outlook - Delijia plans to raise CNY 1.8808 billion through its IPO to expand production capacity for large-scale wind power gearboxes, aiming to solidify its second position in the domestic market and compete for a top tier globally [15]. - The company has over CNY 3 billion in orders as of the end of 2024, indicating strong demand and growth potential in the wind power gearbox sector [15].

Group 1: Company Overview - Weili Transmission was established in 2003 in Yinchuan, with over 1,000 employees and specializes in the R&D, production, and sales of wind power gearboxes and related products [1] - The company has become a key supplier for major domestic wind power enterprises and has entered the qualified supplier lists of international companies such as Siemens-Gamesa and Adani [1] Group 2: Funding for Smart Factory - The funding for the construction of the smart factory for gearboxes will primarily come from self-owned funds, bank loans, and secondary market refinancing, with a planned credit limit of up to 3 billion yuan [2] - The company plans to raise up to 600 million yuan through a private placement of A-shares to support the smart factory and working capital [2] Group 3: R&D Investment and Cost Control - R&D expenses for 2023 were approximately 42.56 million yuan, with a projected increase of 20.65% to 51.35 million yuan in 2024, totaling 126.11 million yuan over the last three years [2] - The company focuses on optimizing the internal structure of gearboxes to reduce material costs and improve production efficiency through technological innovation and process improvements [2][3] Group 4: Market Outlook and Industry Barriers - The global wind power installed capacity is expected to grow, with an estimated addition of 981 GW from 2025 to 2030, driving demand for wind power gearboxes [4] - The Chinese market is projected to add 86 GW in 2024, a year-on-year increase of 11%, significantly outpacing global growth [4] - Industry barriers include high technical requirements, significant capital investment, stringent supplier qualifications, and the need for a strong brand reputation [3][4]

格隆汇7月30日丨运达股份(300772.SZ)于投资者互动平台表示，公司已在东南亚、东欧、中亚、中东、 南美等区域获取订单，具体内容请以公司在证券时报和巨潮资讯网等指定媒体发布的信息为准。 ...

Investment Rating - The report maintains a "Buy" rating for several companies in the wind power sector, including Jin Feng Technology, Daikin Heavy Industries, and Yunda Co., Ltd. [1][4] Core Insights - The wind power sector has seen significant growth, with 51.39 GW of new wind power installations in the first half of 2025, representing a year-on-year increase of 98.88% compared to the same period in 2024 [2][27]. - The report highlights the rising prices of key raw materials, including medium-thick plates, rebar, and casting pig iron, which may impact overall costs in the industry [2][37]. - The report notes a shift in the market dynamics with the introduction of new pricing mechanisms for renewable energy in Liaoning Province, which could influence future project developments [2][13]. Summary by Sections 1. Industry Dynamics - Liaoning Province has released proposals for market-oriented pricing reforms for renewable energy, which include a mechanism price of 0.3749 yuan/kWh for existing projects [2][13]. - The wind power sector has experienced fluctuations in stock performance, with notable gains from companies like Shangwei New Materials and Electric Wind Power, while Jin Feng Technology and others faced declines [2][20]. 2. Wind Power Market Review - The wind power equipment index has a TTM price-to-earnings ratio of 32.75 and a market-to-book ratio of 1.67 [3][17]. - The report indicates that the wind power equipment sector underperformed compared to the broader market indices, with a weekly increase of only 1.24% [3][17]. 3. Macro Data and Wind Power Industry Tracking - The GDP for the first half of 2025 was reported at 66.05 trillion yuan, reflecting a growth of 5.3% year-on-year [3][28]. - The total electricity consumption in the first half of 2025 was 48,418 billion kWh, marking a 3.7% increase from the previous year [3][25]. 4. Investment Recommendations - The report suggests that with the acceleration of wind power construction in coastal provinces, the sector is expected to outperform the broader market [4].

Group 1 - The Shanghai Stock Exchange will hold its 27th listing review meeting for 2025 on July 31, where it will review the initial public offering of Delijia Transmission Technology (Jiangsu) Co., Ltd. [1] - Delijia 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] - The company has established a comprehensive quality monitoring system through self-inspection, mutual inspection, specialized inspection, process audits, and stage evaluations to ensure product stability and reliability [1] Group 2 - Delijia has gained recognition in the industry for its high-quality products, having received certifications from multiple authoritative domestic and international institutions such as DNV, TUV, CGC, and CQC [1] - The company has become an important supplier for well-known domestic wind power enterprises, including Goldwind Technology, Envision Energy, Mingyang Smart Energy, and SANY Heavy Energy, building a strong reputation and accumulating a substantial customer base [1] - Delijia has led or participated in drafting seven standards related to wind turbine gearbox design and monitoring systems, and its self-developed "10-12MW offshore megawatt gearbox" was included in the National Energy Administration's list of major technological equipment projects in 2021 [2]

Group 1 - The stock price of Weili Transmission as of July 29, 2025, closed at 53.84 yuan, down 1.14% from the previous trading day, with a trading volume of 0.91 billion yuan [1] - Weili Transmission specializes in the research, production, and sales of gearboxes and speed increasers specifically for the wind power sector, making it a key supplier for various domestic and international wind power companies [1] - The company plans to accelerate capacity layout and initiate a private placement to meet the growing demand in the wind power industry [1] Group 2 - Weili Transmission is set to build a smart factory for wind power speed increasers to enhance production efficiency and market competitiveness [1] - On July 29, 2025, the net outflow of main funds for Weili Transmission was 6.183 million yuan [2]

Group 1 - The core viewpoint of the news is that 威力传动 (Weili Transmission) has a significant reliance on wind power gearboxes, which constitute 97.18% of its revenue for the year 2024 [1] - The company is undergoing an investor inquiry session with representatives from 长江证券 (Changjiang Securities) and 新华资产 (Xinhua Asset) [1] - As of the latest report, 威力传动 has a market capitalization of 3.9 billion yuan [2]

Core Viewpoint - China CNR Corporation Limited (01766) has recently signed several significant contracts totaling approximately 32.92 billion RMB, primarily between May and July 2025, indicating strong business activity and growth potential in various sectors [1][2] Group 1: Contract Details - The company’s subsidiaries signed urban rail vehicle sales and maintenance contracts worth approximately 14.34 billion RMB with clients including the São Paulo Metro and Shanghai Shentong Metro Construction Group [1] - Contracts for locomotive repair totaling about 6.9 billion RMB were signed with various subsidiaries of China National Railway Group [1] - Wind power and energy storage equipment sales contracts amounting to approximately 4.03 billion RMB were established with several energy companies [1] - Sales contracts for power concentrated multiple units worth around 3.02 billion RMB were signed with China National Railway Group [1] Group 2: Additional Contracts - Freight car sales contracts totaling approximately 2.55 billion RMB were signed with China National Railway Group [2] - Passenger car repair contracts worth about 2.08 billion RMB were also established with subsidiaries of China National Railway Group [2] - The total value of these contracts represents approximately 13.4% of the company's projected revenue for 2024 under Chinese accounting standards [2]

Core Viewpoint - China CRRC (601766.SH) has recently signed several major contracts totaling approximately 32.92 billion RMB, indicating strong demand in urban rail vehicles, locomotive repairs, and renewable energy equipment sales [1] Group 1: Contract Details - The company’s subsidiaries signed urban rail vehicle sales and maintenance contracts worth approximately 14.34 billion RMB with clients including the São Paulo Metro and Shanghai Shentong Metro Construction Group [1] - Contracts for locomotive repairs totaling about 6.9 billion RMB were signed with various subsidiaries of China National Railway Group [1] - Wind power equipment and energy storage equipment sales contracts amounting to around 4.03 billion RMB were signed with several energy companies [1] - Sales contracts for power concentrated multiple units worth approximately 3.02 billion RMB were signed with China National Railway Group [1] - Freight car sales contracts totaling about 2.55 billion RMB were also signed with China National Railway Group [1] - Passenger car repair contracts worth approximately 2.08 billion RMB were signed with various subsidiaries of China National Railway Group [1]

Core Viewpoint - China CNR Corporation Limited (601766.SH) has recently signed several significant contracts totaling approximately 32.92 billion RMB, primarily between May and July 2025 [1] Group 1: Contract Details - The company's subsidiaries signed urban rail vehicle sales and maintenance contracts totaling approximately 14.34 billion RMB with clients including the São Paulo Metro in Brazil and Shanghai Shentong Metro Group [1] - The locomotive subsidiary signed locomotive repair contracts totaling approximately 6.9 billion RMB with various subsidiaries of China National Railway Group [1] - Contracts for wind power and energy storage equipment sales totaling approximately 4.03 billion RMB were signed with companies such as State Power Investment Corporation Jiangxi Electric Power and Huaneng Renewable Energy [1] - The company signed contracts for the sale of power concentrated multiple units totaling approximately 3.02 billion RMB with China National Railway Group [1] - Freight car sales contracts totaling approximately 2.55 billion RMB were signed with China National Railway Group [1] - Passenger car repair contracts totaling approximately 2.08 billion RMB were signed with various subsidiaries of China National Railway Group [1]