威力传动 20251124 摘要 威力传动一期项目产能 1,500 台，自制 1,000 台，组装 500 台，预计 2026 年底调试完毕后仍达 1,500 台产能，实际产量或为 1,000-1,200 台，自制率提升将逐步释放毛利率，预计明年毛利率约 20%，净利率 8%-10%。 公司主要客户包括金风科技，产品覆盖 5-10 兆瓦机型。市场需求方面， 预计 2026 年起国内每年至少 120 吉瓦、海外 40 吉瓦需求，增速器市 场将供不应求，退役和废弃配套带来额外需求。 2025 年全年出口量预计仅 200-300 台，因资质比例提升审核较慢及自 制比例增加导致卡壳。公司具备批量生产能力和成熟技术，但更倾向于 通过提高自制比例提升毛利。 公司对 2026 年实现 1,000 多套产能有信心，得益于老董事长经验及生 产速度提升。计划出货机型以路上风机为主，因海上风机技术难度和维 护成本较高，先稳定路上市场份额。 海外市场对威力传动具战略意义，海外销售毛利率更高，计划增加海外 售后服务点和注册当地公司，提升国际市场份额和盈利能力，明年海外 销售额目标突破亿元。 Q&A 请介绍一下威力传动近期的增速器工厂投 ...

Summary of the Conference Call for 威力传动 Company Overview - 威力传动, founded in 2003, is located in Yinchuan, Ningxia. The company specializes in manufacturing gearboxes, particularly for wind power applications, and was listed on the Shenzhen Stock Exchange's Growth Enterprise Market in 2023 with the stock code 300,904 [4][6]. Industry and Market Dynamics - The company is expanding from its traditional gearbox business into the gearbox market, specifically targeting the growing demand for speed increasers due to strategic shifts in the wind power sector, particularly influenced by 金风科技 [2][7]. - The domestic market for speed increasers has a demand gap of approximately 18,000 units, with an expected demand of 12,000 to 13,000 units in 2025 [10][11]. Investment Plans - 威力传动 plans to invest a total of 5 billion yuan in the speed increaser business, with an initial phase investment of 2 billion yuan expected to be completed by the end of 2025, achieving a production capacity of 1,500 units [2][5]. - The second phase will involve an investment of 3 billion yuan, aiming for a total capacity of 4,000 units by 2028 [2][5]. Production and Sales Forecast - In 2025, the company anticipates producing 300 speed increasers, ramping up to 1,500 units by year-end, and plans to produce between 1,000 to 1,200 units in 2026 [8][12]. - The sales revenue from the gearbox business is projected to reach 600 to 700 million yuan in 2025, potentially increasing to 800 to 1 billion yuan when including 中兴's contributions, marking a two to threefold increase compared to 2024 [3][21]. Competitive Landscape - The speed increaser market is competitive, with 南高齿 as the largest supplier (6,000 to 8,000 units), followed by 德力佳 (2,500 to 2,800 units). 威力传动 aims to become the third-largest supplier with a target of 1,500 units [9][12]. Technical Barriers and Quality Control - The speed increaser industry has high technical barriers, including significant investment requirements (1.5 billion yuan for every 1,000 units), long import cycles for equipment (approximately 18 months), and extended R&D periods (2 to 3 years) [13]. - Quality control is critical, as past issues have led to significant financial losses for competitors. 威力传动 has maintained a strong reputation for quality over the past three years [13]. Profitability Expectations - The company aims to gradually increase its self-manufactured component ratio to enhance gross and net profit margins. Initial gross margin targets are set at around 20%, with net margin goals of approximately 10% [14][16]. - The company expects to achieve double-digit net profit margins in the future, with a gradual increase in gross margins from initial levels to potentially over 20% [16]. Future Developments - The second phase of the factory will share infrastructure with the first phase, allowing for a lower investment requirement and faster ramp-up of production capacity [17][18]. - The company plans to increase the number of experimental platforms to enhance technical efficiency and support future production needs [28]. Conclusion - 威力传动 is strategically positioned to capitalize on the growing demand for speed increasers in the wind power sector, backed by significant investments and a focus on quality and innovation. The company is set to enhance its market position and profitability through careful planning and execution of its expansion strategy [2][4][12].

Group 1: Company Overview - The company, Yinchuan Weili Transmission Technology Co., Ltd., has invested a total of 1.231 billion CNY in the wind power gearbox smart factory as of the end of August 2025 [2] - The construction of the wind power gearbox smart factory (Phase I) is progressing smoothly, with all civil engineering work completed and core production equipment mostly delivered [2][3] Group 2: Production Capacity and Planning - The factory is currently in the critical construction phase, with production capacity expected to gradually ramp up as the team improves operational proficiency and equipment is fine-tuned [3] - The production capacity will follow a "steady ramp-up, gradual release" approach, with ongoing monitoring of production line integration, personnel training, and equipment debugging [3] Group 3: Product Advantages - The gearbox features advantages such as smooth engagement, low noise, good sealing performance, high efficiency, lightweight, and low cost, attributed to advanced technology and processes [3] - The gears are made from high-quality alloy steel and undergo various heat treatment processes to enhance wear resistance and fatigue life [3] Group 4: Technical and Industry Barriers - Technical barriers include the need for high precision in design, processing, and assembly, along with rigorous testing to ensure reliability and longevity [4][5] - Financial barriers exist due to the capital-intensive nature of the industry, requiring significant investment in equipment and R&D [5] - Customer and certification barriers arise from strict supplier admission criteria and lengthy validation cycles, making it difficult for new entrants to penetrate the market [5] - Brand and talent barriers are present as customers prioritize brand reputation, and the industry requires multidisciplinary talent, complicating team formation for new companies [5]

Group 1: Report Overview - Research object: Weili Transmission [17] - Research date: September 23, 2025 [1][17] - Industry: Not specified [17] - Participating institutions: Fengjing Capital [2] - Company representatives: Vice President and Board Secretary Zhou Jianlin [17] Group 2: Company Introduction - The vice president and board secretary introduced the company's recent operations, focusing on the main business and the progress of the intelligent gearbox factory [24] Group 3: Refinancing Progress - The company plans to issue A-shares to specific investors, raising up to 600 million yuan for the wind turbine gearbox intelligent factory (Phase I) and working capital [24] - On September 15, 2025, the company's 4th interim shareholders' meeting approved relevant proposals, and the issuance is subject to Shenzhen Stock Exchange review and CSRC registration [24] Group 4: Gearbox Product Advantages - The gearbox has advantages such as smooth meshing, low noise, good sealing, high efficiency, light weight, and low cost [26] - It benefits from advanced technology, including high - quality alloy steel gears, advanced heat treatment and machining processes, and high - quality castings [26] Group 5: Technical Barriers in Gearbox Manufacturing - The wind turbine gearbox has high requirements for design, processing, and assembly, and needs to pass multiple strict tests [26] - Design should consider actual working conditions, and components need precise calculation and analysis [26] Group 6: Industry Barriers in Gearbox - Technical barriers: High - precision design, processing, and multiple tests are required [26] - Capital barriers: It is a capital - intensive industry with large equipment and R & D investment [27] - Customer and certification barriers: Stringent supplier access for OEMs, long verification periods, and strict product certifications [28] - Brand and talent barriers: Customers value brand reputation, and the industry needs multi - disciplinary talents [30] Group 7: Construction Progress of the Intelligent Gearbox Factory - As of the end of August 2025, the cumulative investment in the factory was 1.231 billion yuan [30] - Civil construction is completed, the factory is in a key construction stage, and production equipment has mostly arrived [30] Group 8: Production Capacity Planning of the Gearbox Factory - The factory is in the initial stage of capacity ramp - up, and there are three factors affecting full - capacity release [30] - Capacity will increase gradually, and the company will track progress to reach the design capacity [31]

Core Viewpoint - The company announced the advantages of its newly developed speed increaser, highlighting its technical superiority and efficiency in design and manufacturing [1] Group 1: Product Features - The speed increaser is a multi-stage transmission composed of various components including planetary gear mechanisms, parallel gear mechanisms, housing, bearings, bolts, and pins [1] - The developed speed increaser offers benefits such as smooth engagement, low noise, good sealing performance, high efficiency, lightweight, and low cost [1] Group 2: Technical Advantages - The gears are made from high-quality alloy steel and undergo heat treatment processes like carburizing quenching, induction hardening, and nitriding to enhance wear resistance and fatigue life [1] - Advanced manufacturing techniques such as CNC gear grinding and hard tooth surface processing allow for external gear precision up to grade 5 and internal gear precision up to grade 7, ensuring low noise and high-efficiency transmission [1] - Castings are made from materials resistant to low-temperature impact, with critical areas undergoing UT and MT testing at level 1, achieving a machining precision of up to grade 5 [1]

Company Overview - The company, Yinchuan Weili Transmission Technology Co., Ltd., is focused on the development of wind power gearboxes and is currently advancing its smart factory project for gearboxes [2][3]. Financing and Investment - The company plans to raise up to 600 million RMB through a private placement of A-shares, with funds allocated for the wind power gearbox smart factory (Phase I) and working capital [2]. - The fourth extraordinary general meeting of shareholders was held on September 15, 2025, to approve relevant proposals for the private placement [2]. Product Advantages - The company's gearboxes feature advantages such as smooth engagement, low noise, good sealing performance, high efficiency, lightweight, and low cost, attributed to advanced technology and processes [3]. - Gear materials are high-quality alloy steel, treated with processes like carburizing and quenching to enhance wear resistance and fatigue life [3]. Technical Barriers - The wind power gearbox is a critical component requiring high reliability and long lifespan, with design and manufacturing processes that are complex and demanding [3]. - Key barriers include: - **Technical Barriers**: High design and manufacturing precision requirements, validated through rigorous testing [3]. - **Financial Barriers**: Capital-intensive nature of the industry, requiring significant investment in equipment and R&D [3]. - **Customer and Certification Barriers**: Stringent supplier entry requirements and long validation cycles of 2-3 years [3]. - **Brand and Talent Barriers**: New brands face challenges in gaining trust, and the industry requires multidisciplinary talent [3]. Smart Factory Progress - As of August 2025, the company has invested 1.231 billion RMB in the wind power gearbox smart factory, with construction of civil works completed and production equipment largely delivered [3][4]. - The company is currently focused on equipment debugging and ensuring the stability of production processes to achieve scalable production [4]. Capacity Planning - The smart factory is in a critical construction phase, with core production equipment deployed, but full capacity release is still in the early stages due to several factors [4]. - The factory's capacity will follow a "steady ramp-up" approach, with ongoing monitoring of production line integration, personnel training, and equipment debugging [4].

Summary of the Conference Call for Yinchuan Weili Transmission Technology Co., Ltd. Company Overview - Yinchuan Weili Transmission Technology Co., Ltd. was established in 2003, primarily producing wind power gearboxes, including yaw reducers, pitch reducers, semi-direct drive, and double-fed accelerators [3][4]. Financial Performance - In the first half of 2025, the company achieved revenue of 349 million yuan, a year-on-year increase of over 100% from 160 million yuan in the same period last year [2][4]. - The increase in employee numbers from over 700 to 1,600-1,800 led to a significant rise in labor costs, contributing to losses [2][4]. Investment and Production Plans - The company plans to invest 5 billion yuan in the accelerator project, with phase one investment of 2 billion yuan and phase two of 3 billion yuan, targeting a total production capacity of 4,000 units [2][5]. - Phase one aims to achieve a production capacity of 1,500 units by the end of 2025 or early 2026, with an expected production of approximately 400 units in 2025 [2][5]. Customer Development and Market Strategy - The company prioritizes supplying Goldwind Technology and is actively expanding its customer base, expecting small batch orders from other clients next year [2][5][9]. - The accelerator market is seen as a growth market, with demand ranging from 40 kW to 120 kW [9]. Overseas Market Expansion - The company has established five after-sales centers overseas and registered two subsidiaries to enhance its international sales efforts [2][7]. - Sales of reducers in overseas markets have doubled annually, and the company aims to cultivate its accelerator business in these markets [7]. Product Margins and Pricing - The expected gross margin for the accelerator is similar to that of Delijia but may be slightly lower due to higher import equipment costs [2][9]. - The company emphasizes maintaining gross margins over pursuing maximum production capacity [10]. Wind Power Project Development - The company has obtained a permit for a 65 MW wind farm and plans to start construction by the end of 2025, with completion expected in 2026 [2][17]. - The company aims to leverage its wind farm projects to promote product sales by requiring the use of its accelerators [17]. Employee Incentives - Starting in 2024, the company will implement annual equity incentives to align employee interests with long-term company growth [2][18]. Raw Material Price Management - The company has a mechanism to manage raw material price fluctuations, including renegotiating contracts with suppliers when necessary [19][20]. Competitive Landscape - The company is in the process of finalizing competitive revisions and expects to submit necessary materials for approval by the end of the year or early next year [21]. Future Business Plans - While the company has some patents related to RV reducers, it will primarily focus on the accelerator project and wind energy business due to tight cash flow [22]. Key Takeaways for Investors - The company is committed to practical production and manufacturing, with significant investments directed towards actual production facilities rather than superficial market management [23].

Core Viewpoint - The company is experiencing a decline in profits due to increased operational costs associated with strategic investments in the wind power gearbox business, but anticipates improvements as production scales up and operational efficiencies are realized [2][5]. Financial Performance - For the first half of 2025, the company reported a main revenue of 350 million yuan, a year-on-year increase of 113.17%, while the net profit attributable to shareholders was -43.51 million yuan, a decline of 343.76% [7]. - In Q2 2025, the company achieved a main revenue of 239 million yuan, up 76.83% year-on-year, but the net profit attributable to shareholders was -25.96 million yuan, down 201.33% [7]. - The company's gross margin stood at 11.51% [7]. Operational Developments - As of August 29, 2025, the company has invested 1.23 billion yuan in the construction of the wind power gearbox smart factory, with all civil engineering work completed and equipment installation progressing smoothly [3][4]. - The factory is currently in a critical construction phase, with production capacity expected to gradually ramp up as operational efficiencies are achieved [4]. Product Advantages - The company's gearboxes are characterized by smooth engagement, low noise, good sealing performance, high efficiency, lightweight, and low cost, attributed to advanced technology and high-quality materials [6]. - The smart factory is expected to enhance gross margins through product value addition and economies of scale, with the potential for higher pricing due to the high-tech nature of the wind power gearbox [5]. Market Engagement - The company has engaged with various institutional investors during a recent research meeting, indicating a proactive approach to maintaining transparency and communication with stakeholders [1][6].

Summary of the Conference Call for Yinchuan Power Transmission Co., Ltd. Company Overview - **Company**: Yinchuan Power Transmission Co., Ltd. - **Industry**: Wind Power Equipment Manufacturing Key Financial and Operational Highlights - **Revenue**: In the first half of 2025, revenue reached 434.9 million yuan, a 113% increase year-on-year, surpassing the total revenue of the previous year [4][20] - **Net Profit**: Despite the revenue increase, the company reported a net loss due to rising labor and management costs, with employee cash payments increasing from over 40 million yuan in 2024 to 80 million yuan in 2025 [4][8] - **Employee Count**: The workforce expanded from over 700 at the end of 2023 to approximately 1,600-1,800 currently, contributing to increased management expenses [4][8] Production Capacity and Projects - **Gearbox and Booster Production**: The company aims to produce 1,200 to 1,500 booster units by the end of 2025, with current daily production at around 60-70 units [2][5][8] - **Future Capacity Plans**: The company plans to increase the number of experimental stations to enhance production capacity, potentially reaching 2,160 units annually if all stations operate at full capacity [7][10] - **Current Production**: The company has a production capacity of approximately 2,160 units per year, with plans for gradual expansion rather than sudden increases [10][26] Market Demand and Client Relationships - **Key Clients**: The primary customer is Goldwind Technology, focusing on 5 MW, 6 MW, and 7 MW products, with ongoing development for 8 MW and 10 MW products [2][12][14] - **Future Client Base**: By 2026, the company anticipates additional clients beyond Goldwind, with two manufacturers already testing samples and two more in the design phase [14][11] - **Market Dynamics**: The wind power industry is experiencing significant growth, with an expected increase in installed capacity from 110-130 GW in 2025, ensuring a steady demand for the company's products [26][27] Financial Projections and Profitability - **Profitability Goals**: The company aims to break even in 2025 and achieve slight profitability, following a loss of 100 million yuan in the previous year [2][8][16] - **Cost Management**: Profitability is heavily influenced by labor costs and employee skill levels, with a focus on training local talent due to recruitment challenges in the Ningxia region [15][21] - **Gross Margin Improvement**: The gross margin for the gearbox business is expected to improve significantly, projected to reach over 10% compared to just a few percentage points last year [22][23] Strategic Initiatives - **Stock Incentive Plans**: The performance targets for stock incentives have been adjusted downward to ensure employee motivation and retention, following previous unmet targets [24][23] - **Investment in R&D**: The company continues to invest in R&D and precision manufacturing equipment to maintain competitive advantages and meet international quality standards [30] Challenges and Considerations - **Labor Skill Development**: The company faces challenges in labor skill development, with initial operational efficiency at 15%-20%, expected to improve to 50% over time [15][16] - **Market Competition**: The market remains competitive, with a focus on maintaining reasonable profit margins and avoiding price wars to ensure sustainability [27][26] Conclusion Yinchuan Power Transmission Co., Ltd. is positioned to capitalize on the growing wind power market, with strategic plans for production capacity expansion, client diversification, and improved profitability. However, challenges related to labor costs and skill development remain critical factors for future success.

Core Viewpoint - The recent financial report of Weili Transmission (300904) shows a significant increase in revenue but a substantial decline in net profit, indicating potential operational challenges and financial strain [1][3]. Financial Performance - The total revenue for the first half of 2025 reached 350 million yuan, a year-on-year increase of 113.17% compared to 164 million yuan in 2024 [1]. - The net profit attributable to shareholders was -43.51 million yuan, representing a year-on-year decline of 343.76% from a profit of 17.84 million yuan in 2024 [1]. - The gross margin decreased to 11.51%, down 22.44% from 14.84% in the previous year [1]. - The net margin turned negative at -12.45%, a significant drop of 214.35% from 10.89% in 2024 [1]. - The company's inventory increased dramatically by 253.71%, indicating potential overstock issues [1]. Cash Flow and Debt Situation - The cash flow per share was -0.72 yuan, a decrease of 165.36% from 1.11 yuan in 2024, highlighting cash flow challenges [1]. - The company’s interest-bearing debt surged to 1.425 billion yuan, a 295.70% increase from 360 million yuan in 2024, raising concerns about financial leverage [1][4]. - The ratio of cash to current liabilities was only 18.95%, suggesting liquidity issues [4]. Business Model and Investment Returns - The company's historical median Return on Invested Capital (ROIC) stands at 15.8%, but the ROIC for the worst year, 2024, was -1.31%, indicating poor investment returns [3]. - The business model relies heavily on capital expenditures, necessitating scrutiny of the effectiveness and necessity of these investments [3]. Future Funding and Strategic Initiatives - The company plans to raise up to 6 billion yuan through a private placement to fund the construction of a wind power gearbox smart factory and to supplement working capital [5]. - The company has also proposed to apply for a credit limit of up to 3 billion yuan from financial and non-financial institutions to support its operations [5].