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 ...

Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for its stock performance [3]. Core Views - The company is positioned as a leader in the wind power precision transmission sector, with a significant recovery expected in the wind power gearbox market by 2025, leading to a substantial increase in revenue [1][3]. - The company is shifting its strategic focus towards the higher-margin wind power gearbox market, which has a gross margin of 20-25% [1][2]. - A strategic partnership with Goldwind Technology is expected to accelerate the company's entry into the gearbox market, enhancing its competitive position [3]. Summary by Sections Company Overview - The company has been dedicated to the research, production, and sales of wind power gearboxes and reducers for over 20 years, with a focus on providing precision transmission solutions for the renewable energy sector [15]. Market Dynamics - The wind power gearbox industry has high entry barriers, high concentration, and high gross margins, with over 90% of wind turbines requiring gearbox components [2]. - The global wind power demand is anticipated to continue growing, with 80% of the gearbox production capacity located in China, benefiting domestic suppliers [2][12]. Financial Projections - The company is expected to achieve a significant revenue increase in 2025, with projected revenues of 1.25 billion yuan, reflecting a year-on-year growth of 262.4% [4]. - Forecasted net profits for 2025, 2026, and 2027 are 36 million yuan, 249 million yuan, and 358 million yuan, respectively, indicating a strong recovery and growth trajectory [3][4]. Strategic Initiatives - The company has signed an investment agreement to build a "Wind Power Gearbox Smart Factory" project, which is expected to enhance production capacity significantly [1][3]. - The first phase of the factory is scheduled to be completed and operational by the end of 2025, with an annual production capacity of 2,000 wind power gearboxes [1]. Financial Metrics - The company reported a revenue of 553 million yuan in 2023, which is expected to decline to 345 million yuan in 2024 before rebounding sharply in 2025 [4]. - The projected P/E ratios for 2025, 2026, and 2027 are 125.6, 18.3, and 12.7, respectively, indicating a potential for significant valuation improvement as earnings recover [3][4].

Group 1: Industry Overview - The overall attention on the automotive, electric power equipment, and basic chemicals industries has increased year-on-year [3][11][20] - In the weekly report, the total number of companies surveyed in the A-share market decreased, indicating a cooling interest, likely due to some companies entering their earnings blackout period [12][20] - In July, the total number of companies surveyed in the A-share market decreased significantly compared to the previous month and was lower than the same period in 2024, with a total of 1,313 surveys conducted [20][21] Group 2: Individual Company Insights - Companies such as InSai Group, JieYa Co., TianLong Co., JiangBoLong, and BeiTe Technology received significant market attention, with high survey counts and institutional interest [26][30] - TianLong Co. has a clear development strategy, actively promoting new products and enhancing its product matrix, with three surveys conducted in the last week [28][29] - WeiLi Transmission has made progress in wind power gearboxes and is actively advancing capacity construction, also receiving three surveys in the last week [28][29]

Group 1: Company Overview - The company, Yinchuan Weili Transmission Technology Co., Ltd., focuses on precision reducers and gearboxes, with significant advancements in its smart factory for wind power gearboxes [1] - The company has a growth history and emphasizes its core business and products during investor presentations [1] Group 2: Funding for Smart Factory - Funding for the smart factory construction comes from self-owned funds, bank loans, and secondary market refinancing, with a planned credit limit of up to 3 billion CNY [1] - The company aims to raise up to 600 million CNY through a private placement of A-shares to support the smart factory and working capital [2] Group 3: Profitability Expectations - The smart factory is expected to significantly increase gross margins due to product value addition and economies of scale [2] - The wind power gearbox is a high-value component, with anticipated gross margins higher than conventional products, benefiting from improved production efficiency and reduced costs [2] Group 4: Industry Barriers - Key barriers in the wind power gearbox industry include: - **Technical Barriers**: High design complexity and stringent testing requirements [2] - **Financial Barriers**: Capital-intensive nature requiring significant investment in equipment and R&D [2] - **Customer and Certification Barriers**: Long supplier approval cycles and strict certification processes [2] - **Brand and Talent Barriers**: Established brands dominate, and the industry requires multidisciplinary talent [2] Group 5: Workforce Preparation - The company is proactively recruiting for the smart factory to ensure operational readiness, covering roles in technology, production management, and quality control [2] Group 6: Product Advantages - The company's gearboxes feature advantages such as smooth engagement, low noise, good sealing, high efficiency, lightweight, and cost-effectiveness, achieved through advanced materials and processing techniques [2]

Group 1: Company Overview - Weili Transmission was established in 2003 in Yinchuan, with over 1,000 employees and specializes in the R&D, production, and sales of wind power gearboxes and related products [1] - The company has become a key supplier for major domestic wind power enterprises and has entered the qualified supplier lists of international companies such as Siemens-Gamesa and Adani [1] Group 2: Funding for Smart Factory - The funding for the construction of the smart factory for gearboxes will primarily come from self-owned funds, bank loans, and secondary market refinancing, with a planned credit limit of up to 3 billion yuan [2] - The company plans to raise up to 600 million yuan through a private placement of A-shares to support the smart factory and working capital [2] Group 3: R&D Investment and Cost Control - R&D expenses for 2023 were approximately 42.56 million yuan, with a projected increase of 20.65% to 51.35 million yuan in 2024, totaling 126.11 million yuan over the last three years [2] - The company focuses on optimizing the internal structure of gearboxes to reduce material costs and improve production efficiency through technological innovation and process improvements [2][3] Group 4: Market Outlook and Industry Barriers - The global wind power installed capacity is expected to grow, with an estimated addition of 981 GW from 2025 to 2030, driving demand for wind power gearboxes [4] - The Chinese market is projected to add 86 GW in 2024, a year-on-year increase of 11%, significantly outpacing global growth [4] - Industry barriers include high technical requirements, significant capital investment, stringent supplier qualifications, and the need for a strong brand reputation [3][4]

Group 1: Technological Innovation in Ningxia - Ningxia has made significant strides in technological innovation, with achievements such as the fastest high-speed rail using "Ningxia-made contact beams" and the development of the largest intelligent reverse well drilling machine in China [1] - The region aims to cultivate new productive forces, targeting 800 national high-tech enterprises, over 100 key technological breakthroughs, and the introduction and transformation of over 500 scientific achievements [1] - The installed capacity for wind and solar power is projected to reach 20.6 million kilowatts, with energy storage capacity of 600,000 kilowatts [1] Group 2: Financial Support for Enterprises - Financial institutions, such as China Bank and Ningxia Bank, have provided substantial support to companies like Weili Transmission, including a 54 million yuan stock repurchase loan and over 1.1 billion yuan in various financing products [3][4] - Weili Transmission is set to establish a smart factory for wind power gearboxes, with a total investment of 2 billion yuan, requiring significant financial backing [3][4] - The company has developed key components for offshore wind turbines, filling a domestic gap in high-power offshore wind gearbox manufacturing [2] Group 3: Shared Group's Innovations - Shared Group has made breakthroughs in 3D printing technology, creating the world's first super sand mold 3D printing equipment, which is five times more efficient than similar devices [6] - The company has invested over 1 billion yuan annually in technology upgrades and nearly 200 million yuan in R&D, relying heavily on bank support for funding [6][7] - Traffic Bank has provided continuous financial support, including a 208 million yuan project loan for the construction of a 3D printing smart factory [7] Group 4: Solar Energy Development - Ningxia Zhonghuan is a key player in solar energy, with a total investment exceeding 15 billion yuan for a 50GW solar-grade monocrystalline silicon material project [8][9] - The project has rapidly progressed, achieving production milestones within the same year of commencement, supported by a consortium of eight banks providing loans [8][9] - Agricultural Bank of Ningxia has played a crucial role in forming a 7.5 billion yuan loan consortium to support the project, alongside offering non-financial services to assist the company [9]

Company Overview - Weili Transmission was established in 2003 in Yinchuan, with over 1,000 employees [1] - The main business includes R&D, production, and sales of wind power gearboxes and other precision transmission solutions for the renewable energy industry [1] - The company officially listed on the Shenzhen Stock Exchange's Growth Enterprise Market in August 2023 [1] Market Demand and Strategic Considerations - The global wind power industry is experiencing strong growth, with an expected increase in global wind power installations of 981 GW from 2025 to 2030, averaging 164 GW annually [2][5] - Domestic "dual carbon" goals are driving the development of clean energy, increasing the demand for core components like gearboxes [2] - The company plans to expand production capacity through a private placement to meet market demand and enhance competitiveness [2] Technical and Competitive Barriers - Wind power gearboxes are considered the "crown jewel" of wind power equipment, requiring high precision in design, processing, and assembly [3] - Significant barriers include: - **Technical Barriers**: High design and processing precision, requiring rigorous testing [3][4] - **Financial Barriers**: Capital-intensive industry with substantial equipment and R&D costs [4] - **Customer and Certification Barriers**: Long verification cycles (2-3 years) for new suppliers [4] - **Brand and Talent Barriers**: New brands struggle to gain trust, and the industry requires multidisciplinary talent [4] Competitive Advantages - The company has established a strong technical and process advantage in the wind power gearbox sector, necessitating continuous R&D investment to maintain market competitiveness [4] - The construction of a smart factory for gearbox production aims to address current production limitations and enhance efficiency [2][5] Market Outlook - The Chinese wind power gearbox market is projected to grow from approximately $31.36 billion in 2023 to $42.63 billion by 2030, indicating a robust market outlook [6] - The increasing demand for high-power models and efficiency improvements will drive the need for advanced gearboxes, benefiting companies with technological advantages [6]

Group 1: Industry Perspective on Institutional Research - The overall number of institutional research engagements in the A-share market has decreased, falling below the levels of the same period in 2024, indicating a cooling interest in research activities [2][12] - Among the primary industries, the highest attention was given to electronics, automotive, machinery, pharmaceutical biology, and electric power equipment, with notable year-on-year increases in electric power equipment, basic chemicals, non-ferrous metals, household appliances, textiles, defense, and construction decoration [2][12] - In June, the total number of institutional research engagements in the A-share market was 1,908, which is lower than the 2,049 engagements in June 2024, reflecting a significant decline [20][21] Group 2: Individual Company Research Insights - Weili Transmission has made progress in wind power gearboxes and is actively expanding production capacity, with four institutional research engagements last week, indicating strong market interest [3][28] - Zhejiang Fu Holdings is a leader in hydropower business with extensive experience in high-altitude projects, receiving three institutional research engagements last week, reflecting significant market attention [3][28] - Recent months have seen increased interest in companies such as Ice Wheel Environment, China National Heavy Duty Truck, and Yapu Co., with high numbers of institutional research engagements [30][31]

1. Report Core View - The company, Weili Transmission, has achieved accelerated development after its listing in 2023, making significant progress towards becoming a global leading transmission equipment manufacturer through strategic layouts and initiatives [24][25]. - The company has established a clear and systematic strategic plan for overseas market expansion, with service points in multiple key markets and has entered the qualified supplier lists of several international well - known wind power companies [28]. - The company's wholly - owned subsidiaries have received project approvals for the "Thousands of Townships and Villages Wind - Powered Action", which will promote the coordinated development of its new energy power generation and wind power transmission businesses [28]. 2. Summary by Directory 01. Research Basic Situation - The research object is Weili Transmission, and the reception time was on July 25, 2025. The company's vice - president and board secretary, Zhou Jianlin, received the investors [17]. 02. Detailed Research Institutions - The research institutions include Haitong Securities (a securities company), Qianhai Life Insurance (a life insurance company), and Boshi Fund (a fund management company) [18]. 04. Main Content Data Company Overview - Investors visited the company's exhibition hall, precision reducer factory, and speed - increaser intelligent factory. Zhou Jianlin introduced the company's growth history, main business, core products, and the latest progress of the speed - increaser intelligent factory [24]. Strategic Layout After Listing - In 2023, the company was listed on the ChiNext of the Shenzhen Stock Exchange. It increased investment in R & D and production capacity expansion. The first wind power speed - increaser was successfully assembled and tested in 2023, and the Z5503A wind power speed - increasing gearbox passed the certification. In 2024, the wind power speed - increaser business had small - batch shipments [24]. - In October 2024, the company signed cooperation agreements with Goldwind Technology to enhance R & D, production, and market capabilities [25]. Industry Barriers of Wind Power Speed - increasers - There are technical barriers (complex design, high precision requirements, and strict tests), capital barriers (large capital demand), customer and certification barriers (strict supplier access and long verification periods), and brand and talent barriers (difficult for new brands to gain trust and hard to form a team) [26]. R & D Investment - In 2023, the R & D expenses were 4,255.96 million yuan, and in 2024, they were 5,134.78 million yuan, a 20.65% increase from the previous year. The cumulative R & D investment in the past three fiscal years was 12,611.41 million yuan [26]. - As of March 31, 2025, the company had 203 authorized patents, including 31 invention patents [27]. Advantages of Speed - increaser Products - The company's wind power speed - increasers have advantages such as smooth meshing, low noise, good sealing, high efficiency, light weight, and low cost, due to advanced technology and processes [27]. Overseas Market Expansion - The company has set up global service points in key markets like Hamburg, Chennai, and Tokyo. It has entered the qualified supplier lists of international wind power companies such as Siemens - Gamesa, Enercon, and Adani [28]. Participation in "Thousands of Townships and Villages Wind - Powered Action" - The company's wholly - owned subsidiaries have received project approvals for a total installed capacity of 65MW of wind power generators, which will promote business synergy and market competitiveness [28].

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]