Core Insights - The wind power industry is expected to experience a synchronous recovery in both domestic and international markets, driven by changes in demand and industry dynamics, creating new investment opportunities [1] - The report maintains an "outperform" rating for the wind power sector, indicating a positive outlook for investment [1] Group 1: Industry Review - Since 2021, China's onshore wind power has entered a parity era, with rapid cost reductions achieved through large-scale and technological advancements, leading to continuous installation exceeding expectations [3] - The competition within the main engine segment has significantly compressed the profitability of the industry chain, resulting in a situation where growth in volume does not equate to growth in profit [3] - The price of the onshore wind industry chain has been recovering since the second half of 2024, with profitability expected to improve in 2025 as shipment volumes increase [3][4] Group 2: Onshore Wind Power Outlook - For 2026, it is anticipated that new onshore installations in China will reach 120 GW, a year-on-year increase of 10%, setting a new historical high [4] - The industry chain prices are expected to have solid support, leading to significant recovery in main engine profits, with component segments showing notable operational leverage [4] - The CAGR for new onshore installations in emerging markets is projected to be 17% from 2024 to 2030, with domestic manufacturers expected to see substantial growth in export profits [4] Group 3: Offshore Wind Power Outlook - The report forecasts that new offshore installations in China will rise to a range of 11-15 GW in 2026, representing a year-on-year increase of over 40% [5] - The national offshore wind project development is expected to commence in 2026, with a total of 70-100 GW of new offshore installations projected during the 14th Five-Year Plan period [5] - The global offshore wind market is anticipated to see steady growth in orders and construction demand, particularly in Europe, where supply constraints for cables and piles are expected [5] Group 4: Investment Recommendations - The report suggests focusing on key players in the main engine segment such as Goldwind Technology, Yunda Co., and Sany Renewable Energy, while component manufacturers like Delijia and Jinlei Co. are also highlighted [6] - In the offshore wind sector, companies such as Dajin Heavy Industry, Haili Wind Power, and Oriental Cable are recommended for investment consideration [6]

2025年11月7日， 德力佳传动科技（江苏）股份有限公司（证券代码：603092）成功登陆上交所主板。毅达资本迎来年内第10家IPO企业，这也是毅达资 本在绿色产业领域深耕布局的又一重要成果。 德力佳传动科技（江苏）股份有限公司是一家专业从事齿轮传动产品研发、生产和销售的高新技术企业。公司核心产品——风电主齿轮箱是风电整机最为 关键的核心部件之一，是风力发电机组的心脏。 自2017年成立以来，德力佳传动深耕风力发电传动设备领域，经过多年的发展，已构建起从前端开发设计、中端批量生产到后端运维服务的全业务链体 系；具备从1.5MW到22MW全系列产品的研发和生产能力；产品具备等强度、等刚度、轻量化、平台模块化等优点，可适用于不同地理气候条件，适配中 低风速、高海拔、高低温、海上潮湿腐蚀等严苛复杂工况；在功率密度、传动效率、齿轮安全系数、振动及噪音等指标上均处于行业领先地位。 公司产品已通过DNV、TüV、CGC、CQC等多个国内外权威机构认证。根据 QY Research 统计数据，2024 年，公司全球市场占有率10.36%，位列全球第 三，中国市场占有率 16.22%，位列全国第二。 项目建成后，公司一方面 ...

2025年11月27日晚间，全球轨道交通装备龙头中国中车（601766.SH）发布重磅公告，拟将控股子公司 中车戚墅堰机车车辆工艺研究所股份有限公司（下称"中车戚所"）分拆至深交所创业板上市。 这一决策引发资本市场强烈关注，不仅因为中国中车超2000亿元的市值体量，更在于此次分拆是央企响 应国家战略、深化国企改革的典型实践，也是2025年A股近30家分拆上市案例中，高端装备制造领域的 标杆性事件。 根据公告披露，本次分拆已通过中国中车第四届董事会第四次会议审议，同意票占比100%，后续需提 交股东会批准，并履行交易所及证监会相关程序。 此外，中车戚所拥有国家级企业技术中心、国家金属材料检测中心、博士后工作站，累计授权专利超 1200项，主导或参与制定国家及行业标准130余项。 高速动车组齿轮传动系统累计装车超6600列，国内市场占有率稳居第一。 风电主齿轮箱从1.5MW覆盖至16MW，是远景、明阳、金风等头部整机厂核心供应商。 分拆完成后，中国中车仍将直接持有中车戚所84.20%股权，保持绝对控股地位，后者的财务数据仍将 纳入合并报表范围。 中车戚所作为1959年始建的行业老兵，2023年入选"科改企业"，2 ...

Group 1 - The report highlights that the macroeconomic environment is shifting towards a new growth paradigm, focusing on productivity enhancement, moderate inflation, and currency appreciation, which will lead to a systematic revaluation of equity markets [8][9] - The report indicates that the profitability of companies is expected to improve due to policies aimed at enhancing nominal GDP, which will directly translate into increased revenues and profits for listed companies [8][9] - The report notes that the relative attractiveness of various asset classes is changing, with equities showing significant potential for growth compared to bonds and real estate, which are under pressure [9] Group 2 - The report discusses the performance of the U.S. stock market, noting that the S&P 500 and Nasdaq experienced declines of 1.9% and 2.7% respectively, with most sectors under pressure [28][30] - The report mentions that the semiconductor sector saw a significant upward revision in earnings expectations, indicating a positive outlook despite recent market volatility [30] - The report highlights that the Hong Kong stock market faced significant pressure, with the Hang Seng Index declining by 5.1%, reflecting a broader trend of market pullbacks across various styles and sectors [28][30] Group 3 - The report emphasizes that the lithium battery industry is progressing steadily towards solid-state battery commercialization, despite ongoing internal competition [3] - The report notes that the wind power gearbox manufacturer, Delijia, is benefiting from industry prosperity and is experiencing high growth in performance [3] - The report indicates that the agricultural sector, particularly the pig farming industry, is undergoing orderly progress in reversing internal competition, with a positive outlook for the broader livestock cycle [3] Group 4 - The report highlights that the AI-driven growth in companies like Kuaishou and Baidu is significant, with Kuaishou's revenue exceeding 300 million RMB in a single quarter, and Baidu's new AI business revenue growing over 50% year-on-year [3] - The report discusses the recovery of recruitment demand in BOSS Zhipin, with stable growth in profit margins, indicating a healthy labor market [3] - The report mentions that the financial engineering sector is seeing substantial inflows into U.S. stock ETFs, with net inflows exceeding 100 billion USD, reflecting strong investor interest [3] Group 5 - The report indicates that the REITs market is experiencing a general decline, with the index down 1.0% for the week, although it remains relatively stable compared to equity assets [17] - The report notes that the infrastructure REITs are gaining traction, with significant support from government initiatives aimed at boosting consumption through REITs [19] - The report highlights that the turnover rate for REITs has decreased, indicating a potential slowdown in trading activity within this sector [17] Group 6 - The report discusses the performance of the convertible bond market, which has shown resilience amid stock market declines, with the index only down 1% compared to larger drops in equities [20] - The report highlights that certain convertible bonds are exhibiting strong defensive characteristics, particularly those with underlying stocks that are experiencing downward pressure [20] - The report emphasizes the importance of monitoring the supply-demand dynamics in the convertible bond market, which could provide opportunities for investors [20]

Investment Rating - The report assigns an "Outperform" rating for the company [2][7]. Core Insights - The company is a leading enterprise in the wind power main gearbox sector, benefiting from industry prosperity and high growth in performance [4][6]. - The company has established strong partnerships with major wind turbine manufacturers, ensuring stable sales and operational stability [14][16]. - The wind power industry is expected to continue its growth, which will drive stable growth in the gearbox sector, with a projected global market size of $11.563 billion by 2030, growing at a CAGR of 5.10% from 2024 to 2030 [4][42]. Summary by Sections Company Overview - The company specializes in the research, production, and sales of high-speed heavy-duty precision gear transmission products, particularly wind power main gearboxes [3][6]. - The company was founded in 2017 and has rapidly grown to become one of the top three global suppliers of wind power main gearboxes [6][49]. Market Position - The company maintains a leading market share in the wind power main gearbox sector, with a global market share of 10.36% and a domestic market share of 16.22% as of 2024 [51]. - The company has established a diverse customer base, including major players like Goldwind Technology and Envision Energy, which helps mitigate risks associated with reliance on a few clients [5][16]. Financial Performance - The company expects significant growth in net profit from 2025 to 2027, with projected figures of 8.27 billion, 10.66 billion, and 13.28 billion yuan, representing year-on-year growth rates of 55.0%, 28.9%, and 24.5% respectively [5][76]. - The company has a robust order backlog, with nearly 2,800 units on hand by May 2025, valued at approximately 30.37 billion yuan, indicating strong future revenue potential [16][17]. Production Capacity and Expansion - The company is expanding its production capacity with projects aimed at producing 1,000 units of 8MW and above land-based wind power gearboxes and 800 units of offshore wind power gearboxes [3][18]. - The company’s production capacity reached 3,096 units by the end of 2024, with a utilization rate of 86% [17][18]. Product Range and Technology - The company offers a full range of wind power gearbox products, catering to both direct-drive and doubly-fed wind turbine technologies, with power ratings from 1.5MW to 22MW [18][19]. - The company’s gearboxes are designed with high safety factors and operational efficiency, exceeding industry standards [49][50]. Industry Outlook - The wind power industry is expected to experience robust growth driven by global carbon neutrality goals, with significant increases in installed capacity anticipated in both onshore and offshore segments [28][34]. - The domestic wind power gearbox market is projected to grow at a CAGR of 7.46% from 2024 to 2030, reaching a market size of 32.4 billion yuan by 2030 [42].

Group 1 - The company has successfully exported its wind turbine main gearboxes indirectly to multiple overseas countries through wind turbine manufacturers, receiving positive feedback [2] - The company is currently in the process of developing direct overseas customers, with updates to be provided in future announcements [2]

Group 1: Quality and Innovation in Nanjing - Nanjing has become a significant player in the global wind turbine gearbox market, with one out of every three new gearboxes coming from the city [1] - The city has been recognized for ten consecutive years with the highest quality assessment rating in Jiangsu Province, emphasizing a development path that promotes innovation through quality [1] - The establishment of the "Zijin Mountain Triangular" technology transfer system accelerates the cultivation of new productive forces, integrating communication and sensing capabilities in 6G technology [2][3] Group 2: Robotics and Industrial Development - Nanjing is home to nearly 200 robotics-related companies, with Estun Robotics leading in industrial robot installations [3] - The city showcased over ten robotics companies at the 2025 World Robot Conference, highlighting its role as a hub for robotics innovation [3] - Nanjing has developed a comprehensive quality service model covering 15 high-tech parks and key industrial chains, contributing to the enhancement of core competitiveness in various sectors [3] Group 3: Low-Carbon Transformation - Traditional industries in Nanjing, such as steel and petrochemicals, are undergoing a green transformation, with significant investments in environmental projects [4][5] - Nanjing Steel has implemented a smart energy management platform, improving resource efficiency and integrating industrial production with ecological tourism [4][5] - China Petrochemical's photovoltaic project has transformed a former waste site into a solar power station, generating significant energy savings and emissions reductions [5] Group 4: Quality Improvement in Daily Life - Nanjing's quality improvements extend to consumer products, with companies like Weigang Dairy utilizing advanced technologies to enhance product safety and nutrition [6] - The city has established multiple quality-focused projects in urban construction, agriculture, and elder care, enhancing the quality of life for residents [6] - Initiatives such as the "Ning Rest Assured" consumption platform aim to create a safe and reliable consumer environment, reflecting the city's commitment to quality [6]

Core Insights - Delijia Transmission Technology officially listed on the Shanghai Stock Exchange on November 7, 2023, marking a significant milestone for the company [1] - The company specializes in the research, production, and sales of high-speed heavy-duty precision gear transmission products, primarily for wind power generation [1] - Delijia holds a global market share of 10.36% and ranks third worldwide, while its market share in China is 16.22%, placing it second nationally [1] Company Overview - Established in 2017, Delijia focuses on wind turbine gearboxes, with its core product being the main gearbox for wind power [1] - The IPO proceeds will primarily fund the production of 1,000 units of 8MW and above onshore wind power gearboxes and 800 units of large offshore wind power gearboxes in Shantou [1] - The projects aim to expand production capacity, enhance technological strength, and align with the trend of larger wind turbine capacities [1] Investment Context - Delijia's IPO represents the tenth company to go public under Yida Capital's investment portfolio by 2025, highlighting Yida's long-term commitment to the green industry [1][2] - Yida Capital emphasizes continuous investment in clean energy and environmental protection, building a "green investment network" through industry research and regional collaboration [2] - The successful listing of Delijia is seen as a testament to Yida Capital's strategy of combining industry research with regional depth [2]

Group 1 - Delijia is a high-tech enterprise specializing in the research, production, and sales of gear transmission products, with its core product being the wind turbine main gearbox, which is a critical component of wind power generation [2] - Since its establishment in 2017, Delijia has focused on the wind power transmission equipment sector and has become one of the top three global manufacturers of wind power gearboxes [2] - The company has strong technological research and development capabilities and advanced production equipment, positioning itself as a pioneer in the green clean energy field [2] Group 2 - Zhonglun Law Firm serves as the issuer's lawyer for Delijia's listing project on the Shanghai Stock Exchange, providing comprehensive legal services recognized by clients and various parties [3] - The project was managed by consultant lawyer Yang Liang, with significant contributions from lawyers Su Changqing and Yin Jiawen, and partner Chen Yiwen [3]

Core Viewpoint - Delijia Transmission Technology (Jiangsu) Co., Ltd. has successfully listed on the Shanghai Stock Exchange, with a closing price of 70.52 yuan, reflecting a significant increase of 51.07% on its first trading day [1]. Company Overview - Delijia primarily engages in the research, production, and sales of high-speed heavy-duty precision gear transmission products, with a focus on wind power generation applications, particularly wind turbine main gearboxes [2]. - The company has a major shareholder, Nanjing Chenrui Management Consulting Co., Ltd., which holds 30.53% of the shares, while the actual controllers, Liu Jianguo and Kong Jinfeng, collectively control 41.98% of the company [2]. Financial Performance - In the first half of 2025, Delijia reported operating revenue of 248,485.55 million yuan and a net profit attributable to shareholders of 39,371.50 million yuan [6]. - The company’s financial performance from 2022 to the first half of 2025 shows fluctuations in revenue and net profit, with a notable increase in revenue in 2025 compared to previous years [6][10]. - For the first nine months of 2025, the company achieved operating revenue of 405,948.14 million yuan, a year-on-year increase of 66.37%, and a net profit of 62,985.21 million yuan, up 64.96% [10]. Fundraising and Use of Proceeds - Delijia raised a total of 186,720.47 million yuan from its public offering, with a net amount of 177,425.74 million yuan after deducting issuance costs [4]. - The funds will be allocated to projects including the production of large onshore and offshore wind power gearboxes [4]. Shareholder Returns - In 2022, the company distributed a total cash dividend of 310 million yuan to its shareholders [11].