国海证券研报指出，德力佳专精风电齿轮箱，融资扩产续华章。公司自2017年成立以来专精风电主齿轮 箱（增速器），目前产能约4000台，是仅次于南高齿的国内第二大风电齿轮箱供应商。乘行业东风， 2025Q1-Q3公司实现归母净利润6.30亿元，同比增长65.0%，并于2025年11月7日在上证主板上市，融资 18.7亿元，扩产齿轮箱1800台。产能投产后，公司市场份额有望进一步提升，业绩进入高速增长通道。 β与α共振，盈利弹性有望持续释放。考虑到国内风电行业景气周期持续，齿轮箱市场空间有望持续增 长，公司市场地位稳固，融资扩产后份额有望进一步增加，公司营收和归母净利润有望在2025-2027年 保持快速增长。首次覆盖，给予"买入"评级。 ...

Investment Rating - The report assigns a "Buy" rating for the company, Deleijia (603092), marking its first coverage [2]. Core Insights - Deleijia is the second-largest wind power gearbox supplier in China, with a market share of 10.4% globally and 16.2% domestically as of 2024. The company has established strong ties with key clients such as Goldwind Technology and SANY Heavy Energy, with over 90% of its revenue coming from its top five clients [5][14]. - The wind power gearbox industry is experiencing significant growth, driven by increased domestic demand and favorable policies. The company has seen a 65% year-on-year increase in net profit for the first three quarters of 2025, reaching 630 million yuan [5][14]. - The report highlights the company's competitive advantages, including its leading profitability in the industry, with a gross margin of 25.4% and a net margin of 15.5% in the first half of 2025, significantly higher than its competitors [5][38]. Summary by Sections Company Overview and Market Positioning - Deleijia specializes in wind power gearboxes and has been operational since 2017. The company has expanded its production capacity to approximately 4,000 units, making it the second-largest supplier in China [5][15]. - The company went public on November 7, 2025, raising 1.87 billion yuan to fund the expansion of its production capacity by 1,800 units [17][19]. Supply and Demand Dynamics in the Wind Power Gearbox Industry - The domestic wind power demand is expected to surge, with a projected annual average of 140 GW during the 14th Five-Year Plan period, leading to a significant increase in the gearbox market size, estimated at 28.6 billion yuan [5][50][70]. - The report notes that the market for wind power gearboxes is highly concentrated, with the top five suppliers holding a combined market share of 76.5% as of 2024 [71]. Competitive Advantages and Performance Elasticity - Deleijia's strong client relationships and its focus on cost reduction through economies of scale have resulted in superior profitability compared to other gearbox manufacturers [5][38]. - The company has maintained a high capacity utilization rate and has seen a significant increase in sales volume, with a 66.4% year-on-year revenue growth in the first three quarters of 2025 [29][38]. Financial Projections and Investment Rating - The report forecasts that Deleijia's revenue will grow from 5.14 billion yuan in 2025 to 8.28 billion yuan in 2027, with corresponding net profits expected to reach 1.39 billion yuan by 2027 [6][7]. - The company is projected to maintain a strong growth trajectory, supported by its market position and the expanding wind power sector [6][47].