2024年新能源装机规模达到4132万千瓦，新能源占总电力装机比重提升至55%——一组数据清晰呈现宁 夏能源结构的历史性转变。近年来，宁夏因地制宜地发展风电、光伏、氢能等清洁能源产业，塞上江南 更"绿"了。从煤电重镇蜕变成绿电先锋，不仅凭借丰富的风光资源，更要依靠科技创新和产业创新。记 者近日来到宁夏，探访在金融活水润泽下绿色产业里涌动的新质生产力。 创新之路不可能一帆风顺。起步难，有技术没资金，宁夏银行20万元抵押贷款帮助公司建起厂房，同时 在该行发放的宁夏首期专利权质押融资的支持下，"知产"变资产，工厂得以投运生产。 等到公司进入运转良好、订单增多的时期，日常经营周转资金的压力骤增，宁夏银行、兴业银行银川分 行等提供的存货质押、订单融资、供应链金融齐上阵，将订单和应收账款等作为融资依据，帮助解决资 金需求。 在金融支持下，威力传动抢抓市场机遇、快速成长，2023年叩开了资本市场的大门，在创业板上市。小 工厂长成了"大个子"，虽然度过了成长的烦恼，又迎来了转型的困境。 "全球风电需求快速增长，风机向着更大功率发展已是明确的趋势。"李想介绍，这对零部件企业的技 术、质量和产能都提出了更高要求，建设减速器、增速 ...

风电精密传动龙头，减速器主业经营拐点在即。公司作为国内风电减速器领域的领先者，深耕新能源精 密传动系统二十余年，核心产品覆盖陆上及海上风电机组全谱系需求。2025 风电装机强势复苏，公司 2025Q1 营收同比激增284%至1.1 亿元，扭转2024 年因技术路线切换及行业价格战导致的收入下滑颓势 （2024 年营收3.45 亿元），核心驱动力是风电减速器市场需求回升及公司市场份额的显著提升。 公司新业务——齿轮箱增速器放量在即。公司战略重心正加速转向技术壁垒更高、毛利率更优（20- 25%）的风电增速器（增速器齿轮箱）市场。2023 年与银川经济技术开发区管理委员会签订《项目投 资协议书》，拟用地309.1 亩，分期投资建设风" 风电增速器智慧工厂项目"，第一期项目于2025 年12 月底前建设并投产。2025 年7 月，发布定增预案，计划募资6 亿元，其中5 亿元投资风电增速器智慧工 厂（一期），预计将形成年产2000 台风电增速器产能。 盈利预测：由于2025/2026/2027 全球风电需求有望实现高增，我们预计公司2025-2027 年归母净利润分 别为0.36/2.49/3.58 亿元， 对应PE ...

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 ...