作为深耕风电齿轮箱领域的制造企业，威力传动偏航减速器、变桨减速器在国内市场占有率多年领先。 2020年，威力传动自主研发的首台套10兆瓦海上风电机组配套减速器，攻克了多个关键核心部件研制瓶 颈，为我国自主研发并投入运行的单机容量最大的海上风电机组提供技术与产品支持，填补了国内大功 率海上风电减速器的空白，也为大国重器贴上了"宁夏制造"的标签。 "公司主营业务是风电减速器、增速器的研发、生产和销售，自主研制的多种型号产品，能够适应不同 风力资源和环境条件。"李想说，减速器与增速器的生产研发具有协同性，这些产品共同构成了威力传 动在风电精密传动领域的完整解决方案。 李想告诉记者，风电装备制造领域门槛高，研发新产品流程复杂，开发新客户耗时长，前些年的行业内 卷，对企业创新攻关能力的要求持续提高。在这种环境下，威力传动连续多年加大在风电减速器结构设 计、传动效率、工艺精度、疲劳寿命等方面的研发投入，并在上海建设"飞地"研发中心，公司研发部门 每年开发100多种新产品。 "公司在深交所上市以来，研发投入快速增长，最近三个会计年度累计研发投入总额超过1.2亿元。"李 想说，目前公司拥有有效专利204项，其中发明专利31项 ...

Summary of the Conference Call Records Company and Industry Overview - **Company**: 威力传动 (Weili Transmission) - **Industry**: Wind Power Gearbox Market Key Points and Arguments 1. **Market Potential**: The wind power gearbox market is projected to reach approximately 40 billion yuan, with a high technical barrier and a relatively concentrated competitive landscape. Major players maintain stable profitability, with 德力佳 (Delijia) having a gross margin of about 25% [2][5][19]. 2. **Investment Recommendation**: Investment in 威力传动 is recommended due to structural opportunities in the wind power sector. As a new entrant, the company's growth is primarily driven by product and capacity ramp-up, which is less correlated with overall industry demand, supported by 金风科技 (Goldwind) [2][6]. 3. **Performance Expectations**: Over the next two to three years, 威力传动 is expected to achieve an output of around 3,000 units, with each unit priced at approximately 1.5 to 1.6 million yuan, leading to revenues of 4 to 5 billion yuan and a net profit of 500 to 600 million yuan [2][7]. 4. **Revenue Projections**: Revenue forecasts for 威力传动 from 2025 to 2027 are 1.1 billion, 2.7 billion, and 4.4 billion yuan, respectively, with corresponding net profits of 50 million, 270 million, and 500 million yuan [4][22]. 5. **Global Demand Growth**: Global wind power installation demand is expected to grow by 14% year-on-year by 2026, with the main gearbox market projected to reach 41.5 billion yuan, reflecting a year-on-year growth of about 22% [2][18]. 6. **Technical Barriers**: The wind power gearbox industry has high entry barriers due to the increasing torque requirements and the need to control size and weight, necessitating advanced precision processing and assembly capabilities [4][19]. 7. **Competitive Landscape**: The market is characterized by a few major players, with a high concentration ratio. For instance, in 2024, the global main gearbox CR4 is expected to exceed 70%, with 南高齿 (Nangaochi) holding 34% and 威能 (Weineng) 17% [19]. 8. **Catalysts for Investment**: Investors should monitor the depth of cooperation with major clients like 金风科技, progress in collaborations with other manufacturers, new product launches, and capacity expansion, as well as the IPO progress of 德力佳 and its secondary market performance [2][8]. Additional Important Information 1. **Company Background**: 威力传动 was established in 2003, initially focusing on industrial gear products, and has since entered the wind power gearbox sector, forming partnerships with various manufacturers [10][11]. 2. **Management Structure**: The company has a concentrated ownership structure, with the actual controllers holding about 70% of the shares. The chairman has over 40 years of experience in precision transmission [12]. 3. **Product Range**: 威力传动's main products include yaw and pitch gearboxes, which are critical for wind turbine operation. The company is expanding into the gearbox market and other sectors like engineering machinery and solar thermal markets [13]. 4. **Financial Performance**: The company's gross margin has shown a downward trend from 20%-30% to 7% from 2020 to 2023, primarily due to declining sales and increased competition. However, it is expected to recover to around 11% by mid-2025 [14][15]. 5. **Future Growth**: The company is entering a new growth cycle, with optimistic performance expectations driven by strategic partnerships and market demand [9]. This summary encapsulates the critical insights from the conference call records, highlighting the potential and challenges within the wind power gearbox industry and the strategic positioning of 威力传动.

Core Viewpoint - The company has been deeply engaged in precision transmission for twenty years and is expanding into the wind power main gearbox sector, leveraging its extensive experience and resources accumulated over the years [1] Group 1: Company Overview - The company was established in 2003, initially focusing on industrial reducers, and entered the wind power reducer market in 2006-2007, becoming a leading player in this field [1] - In 2023, the company went public on the Shenzhen Stock Exchange's Growth Enterprise Market and announced plans to invest in a "Wind Power Gearbox Smart Factory Project" [1] - The company is facing profit pressure in 2024 due to cost transmission in the wind power supply chain, extended product redesign and validation cycles, and significant upfront costs associated with the new gearbox project [1] Group 2: Market Dynamics - The wind power main gearbox has inflationary attributes, with global demand rapidly increasing [1] - The price of a 5.X MW model is 1.5 million yuan per unit (including tax), with a price increase of 100,000 to 200,000 yuan for every 1 MW increase in power [1] - The market for wind power main gearboxes is projected to reach 26,000 units by 2026, corresponding to a market space of 41.5 billion yuan, representing a year-on-year growth of 22% [1] Group 3: Industry Characteristics - The wind power main gearbox has a high technical barrier, with the global market concentration (CR4) exceeding 70% in 2024 [2] - Major players include NGC, Winergy, Dalian Gear, and ZF, with respective market shares of 34%, 17%, 10.4%, and 10% [2] - The domestic market is dominated by NGC, holding a significant share, while Dalian Gear follows with a 16% market share [2] Group 4: Business Outlook - The reducer business is expected to recover in profitability due to increased sales driven by high demand in the wind power sector [2] - The first phase of the gearbox project is under construction, expected to be completed by the end of 2025, with large-scale shipments anticipated to begin in Q3 2025 [2] - A strategic cooperation agreement has been signed with Goldwind, which is expected to support capacity digestion through large customer orders [2] Group 5: Financial Projections - The company is projected to achieve net profits of 50 million yuan, 270 million yuan, and 490 million yuan for the years 2025, 2026, and 2027, representing year-on-year growth rates of 276%, 413%, and 86% respectively [3] - The corresponding price-to-earnings ratios (PE) are expected to be 86, 17, and 9 times for the same years [3] - The company is considered a rare listed entity in the wind power gearbox sector, with stable contributions from the wind power reducer business and significant profit potential from the main gearbox products starting in 2026 [3]

Group 1 - In 2024, the installed capacity of new energy in Ningxia is expected to reach 41.32 million kilowatts, with new energy accounting for 55% of the total power installed capacity, indicating a historic transformation in the energy structure of Ningxia [1] - Ningxia has developed clean energy industries such as wind power, photovoltaics, and hydrogen energy, leveraging its rich wind and solar resources along with technological and industrial innovation [1] - The company Weili Transmission Technology Co., Ltd. has become a leader in the domestic market for wind turbine gearboxes, having developed key components for China's first 10-megawatt offshore wind turbine [1] Group 2 - Financial support from Ningxia Bank, including a 200,000 yuan mortgage loan, helped the company establish its factory, while patent pledge financing turned intellectual property into assets [2] - As the company grew and faced increased operational funding pressures, various banks provided inventory pledge, order financing, and supply chain finance to meet its financial needs [2] - The company went public on the Growth Enterprise Market in 2023, indicating its rapid growth and the need for transformation to meet higher demands in the wind power sector [2] Group 3 - The company requires significant funding for its projects, with a total of 1.439 billion yuan raised through a banking syndicate to support its gearbox and gearbox project [3] - The financing structure includes flexible repayment terms, such as a 10-year loan with interest-only payments for the first two years, easing the financial pressure on the company [3] - Ningxia Zhonghuan Photovoltaic Materials Co., Ltd. also experienced rapid growth, establishing a smart factory with a capacity of over 77 gigawatts, supported by 7.5 billion yuan in loans from eight banks [3] Group 4 - Clean energy projects are characterized by high asset requirements, significant investment, and long cycles, necessitating long-term stable support from financial institutions [4] - The Ningxia Banking Association plays a crucial role in connecting enterprises with banks, establishing a project reserve library, and facilitating project financing [4] - As of the end of last year, the association has facilitated the formation of 16 banking syndicate projects, investing 35.248 billion yuan to support key areas such as technological innovation and green transformation [4]

Core Insights - Ningxia's energy structure has undergone a historic transformation, with renewable energy installed capacity reaching 41.32 million kilowatts, accounting for 55% of total power generation capacity [1] Group 1: Company Developments - Weili Transmission Technology Co., Ltd. has developed key components for wind turbines, including yaw and pitch reducers, filling a gap in the domestic market for large offshore wind power reducers [1] - The company has seen significant growth, leading to its listing on the ChiNext board in 2023, supported by various financing options from local banks [2] - The company is now facing challenges in upgrading its production capabilities to meet the increasing global demand for larger wind turbines [2] Group 2: Financial Support and Growth - Ningxia Bank provided initial funding through a 200,000 yuan mortgage loan, enabling the establishment of the factory, and later supported the company with patent pledge financing [2] - As the company expanded, it received additional financial support through inventory pledge, order financing, and supply chain finance from multiple banks to address operational cash flow needs [2] - A banking consortium was formed to provide 1.439 billion yuan in loans to support the company's projects, with tailored loan terms to alleviate financial pressure [3] Group 3: Industry Trends and Support Mechanisms - Clean energy projects are characterized by high asset intensity, significant investment, and long cycles, necessitating long-term stable support from financial institutions [4] - The Ningxia Banking Association has facilitated the establishment of a project reserve library and a loan information management system to enhance project financing efficiency, having already supported 16 projects with a total investment of 35.248 billion yuan [4]

Group 1 - The company is a leading player in the domestic wind power reducer market, focusing on precision transmission systems for over 20 years, with core products covering both onshore and offshore wind turbine needs [1] - In Q1 2025, the company's revenue surged by 284% year-on-year to 110 million yuan, reversing the revenue decline experienced in 2024 due to a shift in technology and industry price wars [1] - The company is shifting its strategic focus towards the wind power speed increaser market, which has higher technical barriers and better profit margins (20-25%) [1][2] Group 2 - The speed increaser gearbox industry has high barriers to entry, high concentration, and high profit margins, with over 90% market share held by dual-fed and semi-direct drive models [2] - The global wind power speed increaser gearbox market is characterized by a high concentration of leading companies, with the top three companies accounting for approximately 60-65% of global wind power shipments from 2022 to 2024 [2] - The company has signed a strategic cooperation agreement with Goldwind Technology, which is expected to accelerate the introduction of speed increaser gearboxes into the market [3] Group 3 - The company anticipates significant growth in global wind power demand from 2025 to 2027, projecting net profits of 36 million, 249 million, and 358 million yuan for those years, respectively [3] - The company is expected to turn a profit in 2025, with substantial growth in 2026 and 2027, indicating a high earnings elasticity [3]

Company Overview - The company, Yinchuan Weili Transmission Technology Co., Ltd., successfully listed on the Shenzhen Stock Exchange's Growth Enterprise Market in August 2023, marking a significant milestone in its development [1] - The company has made substantial investments in R&D and capacity expansion post-listing, with the first wind power gearbox successfully assembled and certified in 2023 [1][2] R&D Investment - R&D expenses for 2023 amounted to CNY 42.56 million, with a projected increase to CNY 51.35 million in 2024, reflecting a growth of 20.65% [2] - Cumulative R&D investment over the last three fiscal years totals CNY 126.11 million, with the company holding 203 authorized patents as of March 31, 2025 [2] Product Advantages - The company's wind power gearbox is recognized as a critical component in wind turbine technology, featuring advantages such as low noise, high efficiency, and lightweight design [3] - The gearboxes are manufactured using high-quality alloy steel and advanced processing techniques, ensuring durability and performance [3][4] Market Expansion - The company has established global service networks in key markets, including Hamburg, Chennai, and Tokyo, enhancing customer response capabilities [4] - It has successfully entered the supplier lists of major international wind power companies, including Siemens Gamesa and Adani [4] Industry Barriers - Key barriers in the wind power gearbox industry include high technical requirements, significant capital investment, stringent customer certification processes, and the need for brand reputation [2] Sustainable Development Initiatives - The company’s subsidiaries have received approvals for projects under the "Thousand Villages and Ten Thousand Towns Wind Action," with a total installed capacity of 65 MW, promoting the development of clean energy [4]

Core Viewpoint - The wind turbine gearbox industry is experiencing rapid growth due to the global transition to clean energy and increasing demand for renewable energy sources, particularly wind power, which is becoming a significant part of the global electricity production structure [1][6][27]. Group 1: Industry Overview - Wind turbine gearboxes are essential components in wind power generation, converting low-speed, high-torque rotation from the wind turbine blades into high-speed, low-torque rotation required by generators [3][6]. - The wind turbine gearbox market in China is projected to grow significantly, with production capacity expected to reach 225,000 units and a market size of approximately 1.804 billion yuan in 2024, increasing to about 1.889 billion yuan in 2025 [1][8][27]. Group 2: Market Demand and Supply - In 2024, the demand for wind turbine gearboxes in China is estimated at 122,798 units, with specific demands for yaw gearboxes at 77,630 units and pitch gearboxes at 45,168 units [6][8]. - The production capacity of wind turbine gearboxes in China has increased from 105,000 units in 2017 to 225,000 units in 2024, indicating a robust growth trajectory [8][27]. Group 3: Competitive Landscape - The wind turbine gearbox market is characterized by a high concentration of leading companies, with the top three manufacturers—Yinchuan Weili Transmission, Nanjing High Precision Gear Group, and Chongqing Gearbox—holding over 70% of the market share [19][23]. - Key players in the industry include Weili Transmission, which reported revenues of 335 million yuan from wind turbine gearboxes in 2024, and Nanjing High Precision Gear Group, which generated approximately 149.93 billion yuan from wind power gearboxes, accounting for 67.92% of its total revenue [22][25]. Group 4: Industry Development Environment - The wind power sector is supported by various government policies aimed at promoting renewable energy, which further stimulates the growth of the wind turbine gearbox industry [16][18]. - The industry is expected to benefit from the ongoing push towards carbon neutrality, providing substantial market opportunities for wind turbine gearbox manufacturers [1][8][27].

Group 1: Company Overview - The company, Yinchuan Weili Transmission Technology Co., Ltd., specializes in precision reducers and is currently constructing an intelligent accelerator factory [2]. - The company has achieved ISO9001 and IATF16949 international quality management system certifications, ensuring high product quality and reliability [3]. Group 2: Financial Performance - In Q1 2025, the company's revenue increased by 284.46% year-on-year, attributed to a significant rise in market share and sales volume [3]. - Despite the revenue growth, net profit saw a substantial decline due to increased management costs (including depreciation and amortization) and rising sales and R&D expenses [3]. Group 3: Project Developments - The intelligent accelerator factory is currently under construction, with financing primarily sourced from internal funds and project loans [3]. - The "Thousand Villages and Ten Thousand Towns Wind Action" project is expected to boost sales of wind turbines and expand demand for upstream products, with the company having developed products for wind turbines below 6MW [3]. Group 4: Market Expansion - The company is actively enhancing its international marketing channels and has established global service points in key regions such as Hamburg, Chennai, and Tokyo [3]. - The company has successfully entered the supplier lists of renowned international wind power companies, including Siemens Gamesa and Adani [3]. Group 5: Subsidiary Development - The company is developing its subsidiary Weima's business, focusing on electric drive systems for new energy vehicles, with plans to enter small batch and mass production collaborations [3].

银川威力传动技术股份有限公司 首次公开发行股票并在创业板上市发行公告 保荐人（联席主承销商）:中信建投证券股份有限公司 联席主承销商：国泰君安证券股份有限公司 特别提示 银川威力传动技术股份有限公司（以下简称"威力传动"、"发行人"或"公 司"）根据《证券发行与承销管理办法》（证监会令[第 208 号]）（以下简称"《管 理办法》"）、《首次公开发行股票注册管理办法》（证监会令[第 205 号]）、《深圳 证券交易所首次公开发行证券发行与承销业务实施细则》（深证上[2023]100 号）（以 下简称"《业务实施细则》"）、《深圳市场首次公开发行股票网上发行实施细则》（深 证上[2018]279 号）（以下简称"《网上发行实施细则》"）、《深圳市场首次公开发行 股票网下发行实施细则（2023 年修订）》（深证上[2023]110 号）（以下简称"《网下 发行实施细则》"）、《首次公开发行证券承销业务规则》（中证协发[2023]18 号）、《首 次公开发行证券网下投资者管理规则》（中证协发[2023]19 号）（以下简称"《首发 网下投资者管理规则》"）等相关法律法规、监管规定及自律规则等文件，以及深 圳证券交易 ...