Q&A 风电齿轮箱专家交流 20251120 摘要 2025 年风电齿轮箱需求量预计略超 2 万台，德力佳目标产量为 3,700 台，实际或达 3,800 台。主要竞争对手包括中车戚墅堰所（约 1,600- 1,800 台）和南方宇航（约 700 台）。 风电齿轮箱技术趋势包括中速永磁和前集成，半直驱因轻量化优势更受 欢迎。6-8 兆瓦齿轮箱报价约 160-180 万元，10 兆瓦约 190-230 万元， 价格受功率、设计和配置影响。 主机厂报价方面，海装最优但合作较少，东方电气刚开始合作，三一和 金风价格较低。德力佳更倾向与金风合作，因其付款及时且配合度高。 预计 2026 年 6 兆瓦齿轮箱价格将降至 150-170 万元，并逐渐被淘汰， 8 兆瓦将成主流。南高齿去年亏损，科研能力强但内部问题较多，竞争 策略激烈。 德力佳计划通过材料降价、招标降价和采用波谷电价等措施降低成本。 2026 年目标订单量为 4,500-5,300 台，最高目标 5,700 台。 滑动轴承获客户认可，计划 2026 年将滑动轴承比例提升至 30%- 40%，主要客户为金风科技，格莱德负责激光熔覆工艺。滑动轴承成本 优势明显， ...

上周五美股反弹道指涨近500点，中概指数涨1.23%。连续下跌的港股三大指数集体高开反弹，恒指涨 0.92%，国指涨0.81%，恒生科技指数涨1.13%。权重科技股集体反弹助力指数高开，百度、小米、京东 均有涨幅；瑞银警示明年或面临四大风险，持续看好黄金为避险工具，黄金股涨幅明显，中国黄金国际 涨近5%，汽车股、锂电池股多数强势。另外，风电股、体育用品股、稀土概念股普遍走低。此外，创 新实业首日上市高开超38%。(格隆汇) ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - The company reported a revenue of 2.1 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 61%. The net profit attributable to the parent company was approximately 300 million yuan, reflecting a year-on-year increase of 105%. In Q3 alone, the revenue reached 800 million yuan, with a year-on-year growth of 39%, and the net profit was about 120 million yuan, up 57% year-on-year [2][4]. Summary by Relevant Sections Revenue Performance - In Q3, the company's revenue growth was primarily driven by an increase in product shipment volumes and contributions from wind power assembly business [11]. Profitability Metrics - The gross margin for Q3 was approximately 26%, an increase of 1.5 percentage points year-on-year, attributed to rising product prices, declining raw material costs, and the dilution effect from increased shipment volumes. The net profit margin was around 14.1%, also up by 1.5 percentage points year-on-year [11]. Cost Structure - The company's period expense ratio was about 9.5%, up 1.3 percentage points year-on-year. The sales expense ratio and management expense ratio were approximately 0.7% and 3.8%, respectively, both showing slight declines. The R&D expense ratio increased to about 5.0% due to higher investment in new product development [11]. Inventory and Construction - As of the end of Q3, the company's inventory stood at approximately 1.07 billion yuan, at a historical high, which is expected to support future delivery performance. The construction in progress was about 380 million yuan, indicating active capacity expansion efforts [11]. Future Outlook - The wind power installation market is expected to remain robust in 2026, with the company actively exploring domestic and international markets. The forecasted net profits for 2025 and 2026 are approximately 450 million yuan and 630 million yuan, respectively, corresponding to price-earnings ratios of about 19 times and 14 times [11].

德力佳（603092.SH） 风电主齿轮箱领先企业，受益行业景气业绩高增 公司研究·公司快评 电力设备·风电设备 投资评级：优于大市（首次） 证券分析师： 王蔚祺 010-88005313 wangweiqi2@guosen.com.cn 执证编码：S0980520080003 证券分析师： 王晓声 010-88005231 wangxiaosheng@guosen.com.cn 执证编码：S0980523050002 联系人： 王喆萱 wangzhexuan@guosen.com.cn 事项： 11 月 7 日，公司正式登陆上交所主板，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。招 股书显示，公司此次公开发行股票 4000.01 万股，发行价为 46.68 元/股，募资总额为 18.67 亿元，将全 部用于主营业务相关项目，包括"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项目"，以进一步提升公司在风电齿轮箱领域的产能和市场竞 争力。 国信电新观点： 1）公司深耕风电主齿轮箱领域，市场份额保持行业领先。公司创始人原为南高 ...

2025年10月，A股市场掀起了一场声势浩大的"减持潮"，仅一周时间内就有247家公司发布减持公告，创下年内最高纪录。 而9月刚刚过去三分之一时，已有 超过400家上市公司披露重要股东减持完成公告，累计套现金额高达190亿元。 产业资本正在AI狂欢中悄然撤退，内部人的减持动作比任何分析师报告都更直白地预示估值高点。 中微公司作为市值千亿的半导体设备龙头，最近一个月累计减持超过18.09亿元。 其第一大股东上海创业投资和第二大股东巽鑫（上海）投资在今年已经连 续三次减持，最近一次就在11月13日，单次减持626万股，市值超过16亿元。 山西汾酒这家山西省国资委旗下的千亿白酒龙头，尽管是唯二两家三季报增长的白酒企业之一，仍然被第二大股东华创鑫睿减持611万股，总减持金额超过 17亿元。 化工行业市值龙头万华化学也未能幸免，作为烟台国资委旗下、全球最大的MDI生产商，最近一个月被累计减持超过11亿元。 令人困惑的是，万华化学股 价已经从高位有所回落，在这个并不算高的位置遭遇减持，引发市场种种猜测。 风电行业领军企业金风科技同样遭遇减持，其第四大股东和谐健康保险连续减持，持股从4亿股降至2亿多股，最近一个月累计减持超 ...

格隆汇11月20日丨金风科技(002202.SZ)公布，截至本公告披露日，公司回购股份方案规定的回购实施 期限已过半，公司尚未实施回购A股股份。 ...

Group 1 - Daikin Heavy Industries' subsidiary signed a contract worth approximately 1.339 billion yuan for an offshore wind farm project in Europe, accounting for 35.41% of the company's audited revenue for 2024 [1] Group 2 - Zhaoyi Innovation announced that several board members and senior management plan to reduce their holdings by a total of 249,000 shares, due to personal financial needs, with the reduction period set from December 15, 2025, to March 14, 2026 [2] Group 3 - Jushi Chemical received a notice from the China Securities Regulatory Commission regarding an investigation for suspected violations of information disclosure laws, while the company's operations continue normally [3][6] Group 4 - Chaozhuo Aerospace announced a stock suspension due to major matters being planned by its controlling shareholders, which may lead to a change in control [4] Group 5 - Heng Rui Medicine received approval for clinical trials of SHR-1139 injection, a biopharmaceutical with no similar products approved for sale domestically or internationally, with a cumulative R&D investment of approximately 100.13 million yuan [5] Group 6 - Huayou Pharmaceutical's HYP-6589 tablet for treating advanced non-small cell lung cancer received a clinical trial application acceptance notice, with no similar products approved for sale [8] Group 7 - Renfu Pharmaceutical's application for the marketing license of Dexamethasone L-amphetamine capsules was accepted, aimed at treating ADHD, with a cumulative R&D investment of approximately 90 million yuan [10] Group 8 - Huibo Group won a bid for a 1.596 billion yuan project for the restoration of an oil field in Iraq [10]

Core Viewpoint - Weili Transmission has faced regulatory measures for information disclosure violations less than three years after its IPO, raising questions about whether the company had issues during its listing process [1][2] Company Performance - Weili Transmission's main business involves the research, production, and sales of wind power gearboxes, aiming to provide precision transmission solutions for the renewable energy sector [1] - The company reported a significant change in performance, with net profit turning from profit to loss in its second year post-IPO. For the first three quarters of this year, revenue reached 638 million yuan, a year-on-year increase of 95.03%, while the net profit attributable to shareholders was -57.89 million yuan [1][3] Governance Structure - The company is characterized by a family-controlled governance structure, with the actual controllers, Li Abo and Li Xiang, holding a combined 92.84% of the shares prior to the IPO [2] - The company has a history of regulatory issues, including previous violations related to fund occupation by the actual controllers during its time on the New Third Board [2] Regulatory Issues - On November 15, the company received a regulatory letter for incomplete information disclosure regarding an investment agreement, with key responsibilities falling on the chairman, general manager, and board secretary [1][2] - The company’s IPO was based on the first set of standards, requiring a net profit of at least 50 million yuan over the last two years, raising concerns about whether it met these standards without issues [3][4] Financial Health - The company's asset-liability ratio has surged from 43.9% in 2023 to 78.99%, indicating increasing financial pressure [5] - As of the end of the third quarter, the company had cash on hand of 107 million yuan, while short-term debts exceeded 350 million yuan, highlighting significant repayment pressure [5] - In response to financial strain, the company announced a private placement plan to raise up to 600 million yuan for a wind power gearbox smart factory and to supplement working capital [5]

登录新浪财经APP 搜索【信披】查看更多考评等级 出品：新浪上市公司研究院 上市第二年，公司业绩大变脸，净利润由盈转亏。今年三季报业绩增收不增利，且仍处于亏损状态。今 年前三季度，威力传动营收6.38亿元，同比增95.03%，而归母净利润-5789.29万元，同比降461.61%。 文/夏虫工作室 | 威力传动 300904.SZ > | 68.97 +0.83% 财务资要 | 量脂财务评分27分 | | 【智能写作报告:公司点评/公司深度 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 截止日期 | | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | 2025-09-30 | | 报告期 | | 年提 | 年轻 | 年报 | 年报 | 年龄 | 三季报 | | 报费类型 | | 合并报表 | 合井报表 | 合并报表 | 合井报表 | 合并报表 | 合并报表 | | √ 利润表摘要 | | | | | | | | | 武北总收入 | =11 | 4.97 | ...

Core Viewpoint - Jinlei Co., Ltd. experienced a decline of 1.35% in stock price on November 20, with a trading volume of 138 million yuan, indicating a potential shift in investor sentiment and market dynamics [1] Financing Summary - On November 20, Jinlei Co., Ltd. had a financing buy-in amount of 14.177 million yuan and a financing repayment of 18.3135 million yuan, resulting in a net financing outflow of 4.1365 million yuan [1] - The total financing and securities balance for Jinlei Co., Ltd. reached 409 million yuan, with the financing balance accounting for 4.97% of the circulating market value, indicating a high level compared to the past year [1] - The company had a securities lending repayment of 2,100 shares and a securities lending sell-out of 900 shares, with a sell-out amount of 23,100 yuan, and a securities lending balance of 1.0312 million yuan, also reflecting a high level compared to the past year [1] Business Performance - As of September 30, Jinlei Co., Ltd. reported a total revenue of 2.119 billion yuan for the first nine months of 2025, representing a year-on-year growth of 61.35% [2] - The net profit attributable to the parent company for the same period was 305 million yuan, showing a significant year-on-year increase of 104.59% [2] Shareholder Information - As of September 30, 2025, the number of shareholders for Jinlei Co., Ltd. was 27,900, a decrease of 7.27% from the previous period, while the average circulating shares per person increased by 7.84% to 8,701 shares [2] - Cumulatively, Jinlei Co., Ltd. has distributed 506 million yuan in dividends since its A-share listing, with 210 million yuan distributed over the past three years [3] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited ranked as the third-largest shareholder with 4.2502 million shares, an increase of 1.0937 million shares from the previous period [3]