新股分析 2025 年 10 月 21 日 德力佳：风电齿轮箱龙头企业 注册制新股纵览 20251021 本期投资提示: 朱敏 (8621)23297818× zhumin@swsresearch.com 申万宏源研究微信服务号 请务必仔细阅读正文之后的各项信息披露与声明 相关研究 AHP 得分：剔除流动性溢价因素后，德力佳 1.99 分，位于总分的 26.9%分位。德力佳于 ○ 2025 年 10 月 17 日招股，将在主板上市。剔除、考虑流动性溢价因素后，我们测算德力佳 AHP 得分分别为 1.99 分、2.00 分，分别位于非科创体系 AHP 模型总分的 26.9%、36.8% 分位，分别处于中游偏上、中游偏下水平。假设以 95%入围率计，中性预期情形下，德力 佳网下 A、B 两类配售对象的配售比例分别是：0.0154%、0.0134%。 ● 风电齿轮箱龙头企业,市场占有率全球第三。德力佳由我国风电齿轮箱行业重要技术人才刘 建国与三一重能等共同创立于 2017 年，通过收购三一重能相关资产并把握行业 "抢装潮" 实现快速发展,目前已成为国内风电齿轮箱龙头, 构建了前中后端全业务链体系, 客户覆盖 主流整 ...

每经AI快讯，威力传动（SZ 300904，收盘价：82.46元）发布公告称，2025年10月14日，威力传动接受 国信证券等投资者调研，公司副总裁、董事会秘书周建林回答了投资者提出的问题。 截至发稿，威力传动市值为60亿元。 2025年1至6月份，威力传动的营业收入构成为：风电齿轮箱占比98.23%，其他产品占比1.77%。 （记者 王晓波） 每经头条（nbdtoutiao）——中科院博导带队，中国固态电池技术又有重大突破！ ...

交银主题优选混合A（519700）基金经理为沈楠。 10月10日，威力传动涨5%，截至发稿，报94.01元/股，成交1.84亿元，换手率9.46%，总市值68.05亿 元。 资料显示，银川威力传动技术股份有限公司位于宁夏银川市西夏区文萃南街600号，成立日期2003年10 月29日，上市日期2023年8月9日，公司主营业务涉及风电专用减速器研发、生产和销售。主营业务收入 构成为：风电齿轮箱98.23%，其他1.77%。 从威力传动十大流通股东角度 数据显示，交银施罗德基金旗下1只基金位居威力传动十大流通股东。交银主题优选混合A（519700） 二季度减持24万股，持有股数30.75万股，占流通股的比例为1.4%。根据测算，今日浮盈赚取约137.76 万元。 交银主题优选混合A（519700）成立日期2010年6月30日，最新规模7.4亿。今年以来收益25.09%，同类 排名4234/8166；近一年收益29.2%，同类排名3431/8014；成立以来收益393.7%。 截至发稿，沈楠累计任职时间10年162天，现任基金资产总规模43.52亿元，任职期间最佳基金回报 200.98%， 任职期间最差基金回报-3. ...

Group 1 - QYResearch is recognized for its authoritative industry analysis and customized reports, widely cited by numerous well-known domestic and international companies, securities firms, and media [1] - The ASIC design service market in China is projected to generate sales revenue of $1.503 billion in 2023, with expectations to reach $3.416 billion by 2030 [2] - The global servo system market is estimated to be $15.611 billion in 2023, with a compound annual growth rate (CAGR) of 4.73%, reaching $20.604 billion by 2029 [5] Group 2 - The global vehicle dashboard market is dominated by a leading domestic company, ranked first in China and eighth globally, according to QYResearch [7] - The global humidifier market is expected to grow at a CAGR of over 10% in the next five years, with integrated and smart products taking a leading position [10] - The market for osmotic laxatives in China is projected to exceed 7.313 billion yuan by 2029, capturing 33.65% of the total constipation medication market [12] Group 3 - The global high-speed connector market is anticipated to reach $21.6 billion by 2030, providing significant expansion opportunities for suppliers [15] - The directional drilling tools market is expected to exceed $9.42 billion in 2024 and surpass $26.88 billion by 2037, with a CAGR of over 8.4% [17] - The global optical switch market is projected to reach $2.02 billion by 2031, with a CAGR of 16.3% [20] Group 4 - The global semiconductor robot market is currently dominated by foreign manufacturers, holding over 90% of the market share in China [22] - The global automatic wafer testing probe market is estimated to be around $1.156 billion in 2024, characterized by high market concentration [24] - The global emergency kit market is expected to reach $1.061 billion by 2031, with a CAGR of approximately 7.3% [27] Group 5 - The global home wireless router market is projected to grow at a CAGR of 5.8% from 2025 to 2031 [29] - The global medical device market is expected to reach $635.8 billion by 2024 [32] - The global SD-WAN market is estimated to reach $51.8 billion by 2031, with a CAGR of 32.6% [35] Group 6 - The global organ-on-a-chip market is expected to grow at a CAGR of 31.2% from 2024 to 2030 [69] - The global automotive drive motor core market is projected to reach $4.678 billion by 2030, with a CAGR of 11.85% [62] - The global eSIM card market is entering a rapid expansion phase, particularly in the IoT and consumer electronics sectors [65]

Group 1 - The core viewpoint of the news is that Weili Transmission (SZ 300904) has been actively engaging with investors, indicating a focus on transparency and communication regarding its business performance [1] - As of the first half of 2025, Weili Transmission's revenue composition shows that wind power gearboxes account for 98.23% of its total revenue, while other products contribute only 1.77% [1] - The company's market capitalization is reported to be 5.7 billion yuan [2]

Core Viewpoint - The stock of Weili Transmission has experienced fluctuations, with a recent decline of 2.09% on September 25, 2023, while the company has shown a year-to-date increase of 10% in stock price [1] Company Overview - Weili Transmission, established on October 29, 2003, and listed on August 9, 2023, is located in Yinchuan, Ningxia, and specializes in the research, production, and sales of wind power gearboxes [1] - The company's main business revenue composition is 98.23% from wind power gearboxes and 1.77% from other sources [1] Financial Performance - For the first half of 2025, Weili Transmission reported a revenue of 350 million yuan, reflecting a year-on-year growth of 113.17%, while the net profit attributable to shareholders was -43.51 million yuan, a decrease of 343.76% compared to the previous period [2] - Since its A-share listing, Weili Transmission has distributed a total of 73.11 million yuan in dividends [3] Shareholder Information - As of June 30, 2025, the number of shareholders for Weili Transmission was 8,066, a decrease of 4.67% from the previous period, with an average of 2,725 circulating shares per shareholder, an increase of 4.90% [2] - Notable institutional shareholders include Noan Pioneer Mixed A, which holds 746,200 shares, an increase of 395,400 shares from the previous period, and Noan Flexible Allocation Mixed, holding 343,300 shares, unchanged from the previous period [3]

Core Viewpoint - The stock of Weili Transmission has experienced fluctuations, with a recent decline of 2.04% and a year-to-date increase of 11.20%, indicating volatility in its market performance [1]. Company Overview - Weili Transmission, established on October 29, 2003, is located in Yinchuan, Ningxia, and specializes in the research, production, and sales of wind power gearboxes, with 98.23% of its revenue derived from this segment [1]. - The company was listed on August 9, 2023, and operates within the electric equipment industry, specifically in wind power equipment and components [1]. Financial Performance - For the first half of 2025, Weili Transmission reported a revenue of 350 million yuan, reflecting a year-on-year growth of 113.17%. However, the net profit attributable to shareholders was a loss of 43.51 million yuan, a significant decrease of 343.76% compared to the previous period [2]. - Since its A-share listing, the company has distributed a total of 73.11 million yuan in dividends [3]. Shareholder Information - As of June 30, 2025, the number of shareholders for Weili Transmission was 8,066, a decrease of 4.67% from the previous period, while the average number of circulating shares per shareholder increased by 4.90% to 2,725 shares [2]. - Notable institutional shareholders include Noan Pioneer Mixed A, which increased its holdings by 39,540 shares, and other funds that have seen varying changes in their shareholdings [3].

Core Viewpoint - The stock of Weili Transmission has experienced fluctuations, with a recent decline of 2.07% and a year-to-date increase of 14.91%, indicating volatility in its market performance [1]. Company Overview - Weili Transmission, established on October 29, 2003, is located in Yinchuan, Ningxia, and was listed on August 9, 2023. The company specializes in the research, production, and sales of wind power gearboxes, with 98.23% of its revenue derived from this segment [1]. - The company operates within the electric equipment industry, specifically in wind power equipment and components, and is associated with concepts such as wind energy, offshore wind power, new energy, and new energy vehicles [1]. Financial Performance - For the first half of 2025, Weili Transmission reported a revenue of 350 million yuan, reflecting a year-on-year growth of 113.17%. However, the net profit attributable to shareholders was a loss of 43.51 million yuan, a significant decrease of 343.76% compared to the previous period [1]. - As of June 30, 2025, the company had a total of 8,066 shareholders, a decrease of 4.67% from the previous period, with an average of 2,725 circulating shares per shareholder, which is an increase of 4.90% [1]. Shareholder and Dividend Information - Since its A-share listing, Weili Transmission has distributed a total of 73.11 million yuan in dividends [2]. - As of June 30, 2025, the top ten circulating shareholders include notable funds such as Nuoan Pioneer Mixed A and Jiayin Theme Preferred Mixed A, with changes in their holdings indicating varying levels of investment interest [2].

Core Viewpoint - The stock of Weili Transmission has experienced fluctuations, with a recent decline of 2.13% and a year-to-date increase of 12.81%, indicating volatility in the market performance of the company [1] Company Overview - Weili Transmission, established on October 29, 2003, is located in Yinchuan, Ningxia, and specializes in the research, production, and sales of wind power gearboxes [1] - The company was listed on August 9, 2023, and its main business revenue composition is 98.23% from wind power gearboxes and 1.77% from other sources [1] Financial Performance - For the first half of 2025, Weili Transmission reported a revenue of 350 million yuan, reflecting a year-on-year growth of 113.17%, while the net profit attributable to shareholders was a loss of 43.51 million yuan, a decrease of 343.76% compared to the previous period [2] - Since its A-share listing, the company has distributed a total of 73.11 million yuan in dividends [3] Shareholder Information - As of June 30, 2025, the number of shareholders for Weili Transmission was 8,066, a decrease of 4.67% from the previous period, with an average of 2,725 circulating shares per shareholder, an increase of 4.90% [2] - Notable institutional shareholders include Noan Pioneer Mixed A, which increased its holdings by 39,540 shares, and other funds that have seen changes in their shareholdings [3]

Group 1 - The company, Weili Transmission, announced the convening of its 35th board meeting on September 15, 2025, to review the adjustment of the restricted stock incentive plan [1] - For the first half of 2025, Weili Transmission's revenue composition was 98.23% from wind power gearboxes and 1.77% from other products [1] - As of the report date, Weili Transmission's market capitalization was 4.8 billion yuan [1]