东吴证券研报指出，德力佳是全球风电齿轮箱领军企业，产业资本深度加持，盈利能力领跑行业。公司 深耕风电主齿轮箱赛道，全球及国内市占率分别为10.4%、16.2%，稳居全球第一梯队。不同于传统制 造企业，公司拥有极具稀缺性的股东背景：三一重能（创始股东）、远景能源、金风科技三大整机巨头 齐聚股东名册，合计持股比例高，构建了稳固的订单基本盘与技术研发的前置优势。2025年11月公司 IPO募资约18.8亿元，重点投向高端大兆瓦及海风产能，正式开启资本化新征程。财务表现上，公司凭 借卓越的费用管控（期间费用率显著低于行业）及高毛利产品结构，2025H1销售净利率达15.8%，远超 杭齿前进（约4%）及南高齿（约2%），展现出行业领先的盈利韧性。首次覆盖，给予"买入"评级。 ...

证券研究报告 大势较为稳定，行业配置风格转向上游 从国内市场来看，在春节流 动性回流的驱使下，大盘宽基指数均呈现稳定回升的态势，截至 2026 年 2 月 26 日，市场成交额也较春节前低点有近 30%的回升，市场流动性仍 然较为宽松。往后看，参考往年春节至两会期间及两会后的日历效应，大 盘整体稳定的趋势仍将维持一段时间。从行业层面看，两会确定全年经济 增长目标，更多稳增长政策出台，顺周期板块上涨概率更高且平均收益也 相对较高。因此，近期市场风格或从小盘、成长逐步转向大盘、价值，关 注上游行业。 从海外环境来看，春节期间海外市场表现较为强劲也给 A 股市场提供了良好的外部环境。海外 AI 叙事的瑕疵被持续提起，尽管长 期的宽松方向较为明确，但市场定价长远的宽松不妨碍短期市场对 HALO 交易的认同程度较高，因此风格上更多集中于涨价品，A 股交易 也因此受到一定程度的影响。 从短期看，我们认为海外交易与国内日历 效应可能同步呼应，涨价品相对应的油气、有色、化工、公用等中上游方 向有望成为近期的主线，同时，AI 叙事中较为明晰的科技类别硬件涨价 品也有望进一步保持交易热度，如存储等。在流动性宽松进一步明确后， 市 ...

全省重点项目建设全力冲刺新年"开门红" 机器的轰鸣是最好的"开工鞭炮"，忙碌的身影是最美的"新春风景"。 马年新春，江苏大地年味正浓，全省各地重点项目建设现场一片繁忙景象，建设者、劳动者们正以热火 朝天的实干，全力拉满发展"进度条"，奋力冲刺一季度目标任务，为新一年江苏高质量发展注入强劲动 能。 项目建设擂响"奋进鼓" 走进项目现场，吊臂林立、焊花飞溅，工人们正加紧进行设备安装与调试。截至目前，项目一号机透平 发电机组所有模块已完成初步找正，正在进行本体管道、管件安装。"主体工程已进入安装调试高峰 期。"华能金坛公司工程部机务专工杨清格勒介绍，两台机组年中可实现整套启动并网。投入使用后， 一次充电可储存电量280万千瓦时，年预计充放电330次，相当于节约标准煤27万吨、减少二氧化碳排放 52万吨。 在位于南通市崇川区的华能南通燃气轮机创新发展示范项目施工现场，工作人员争分夺秒全力推进设备 安装与调试工作。目前2号机组完成主厂房封顶、厂用电受电、水压试验、汽轮机扣缸等关键环节，并 进入系统调试冲刺阶段。"这是国家能源局第一批燃气轮机创新示范项目。"华能南通电厂工程部主任张 伟伟说，项目建成后，两台745兆瓦燃气 ...

新春伊始，一批批"新意澎湃""绿意盎然"的重大项目正以"满格"状态冲刺，用实干勾勒出产业向 新、发展向绿的生动图景。 在常州市金坛区薛埠镇的地下百米深处，一个庞大的"城市充电宝"正迎来关键建设期。省重大项 目、华能金坛盐穴压缩空气储能发电二期项目规划建设两套350兆瓦非补燃式压缩空气储能机组。待两 台机组于今年年中实现整套启动并网，这里将成为全球单机功率最大、总容量最大、综合效率最高的压 缩空气储能电站。 马年新春，江苏大地年味正浓，全省各地重点项目建设现场一片繁忙景象，建设者、劳动者们正以 热火朝天的实干，全力拉满发展"进度条"，奋力冲刺一季度目标任务，为新一年江苏高质量发展注入强 劲动能。 逐绿逐新，项目建设擂响"奋进鼓" 走进项目现场，吊臂林立、焊花飞溅，工人们正加紧进行设备安装与调试。截至目前，项目一号机 透平发电机组所有模块已完成初步找正，正在进行本体管道、管件安装。"主体工程已进入安装调试高 峰期。"华能金坛公司工程部机务专工杨清格勒介绍，两台机组年中可实现整套启动并网。投入使用 后，一次充电可储存电量280万千瓦时，年预计充放电330次，相当于节约标准煤27万吨、减少二氧化碳 排放52万吨。 在 ...

Core Viewpoint - Delijia (603092) has achieved rapid development since its establishment in 2017, becoming a leading player in the domestic wind power gearbox industry, with a projected net profit of 816 million yuan in 2025, representing a year-on-year growth of approximately 52.8% [1] Group 1: Company Development and Strategy - Delijia's growth is attributed to its strategic partnerships with major clients like Sany Heavy Energy and Envision Energy, and its ability to capitalize on the "installation rush" in 2020 [2] - The company has established collaborations with several leading manufacturers, including Dongfang Electric and Mingyang Smart Energy, solidifying its market position as the second-largest player in the domestic market [2] - Delijia has invested heavily in R&D, holding over 60 authorized patents, including more than 20 invention patents, and has developed a high-power density and high-reliability product technology system [2][3] Group 2: Product Quality and Reliability - The company’s products exceed industry standards in design safety and operational performance, supported by a comprehensive preventive quality management system [3] - Delijia's products have received multiple international certifications, enhancing customer trust and long-term relationships with major clients [3] Group 3: Market Trends and Future Outlook - The wind power gearbox market is expected to maintain a strong supply-demand balance, with domestic new installations projected to exceed 120 GW in 2026, driven by global energy transition [4] - The company anticipates a steady growth in the replacement market, with an estimated annual demand of 15 GW to 20 GW during the 14th Five-Year Plan period, providing a stable growth opportunity [5] - Delijia is expanding its offshore large megawatt gearbox business, with ongoing projects in Shantou and Wuxi to enhance production capacity [5][6] Group 4: International Expansion - Delijia is actively pursuing overseas market opportunities, having established technical exchanges and collaborations with multiple international clients [6] - The company’s products are gradually gaining recognition in overseas markets, with a focus on achieving stable export volumes as its capabilities in large megawatt and offshore products improve [6]

Core Viewpoint - Delijia has achieved rapid growth since its establishment in 2017, becoming a leading player in the domestic wind power gearbox industry, with a projected net profit of 816 million yuan in 2025, representing a year-on-year increase of approximately 52.8% [1] Group 1: Company Development and Strategy - Delijia plans to invest 5 billion yuan in a research and manufacturing project for wind power gearboxes over 10 megawatts in Wuxi, aimed at supporting its business development in high-performance wind power gearboxes [3] - The company has established strong partnerships with major clients such as Sany Heavy Energy and Envision Energy, which has helped it secure a solid market position [1][2] - Delijia is focusing on optimizing its customer structure and expanding its business in offshore wind power and overseas markets to contribute to the high-quality development of the wind power industry [1][3] Group 2: Technological and Quality Advantages - Delijia has built a strong technological and quality moat, with over 60 authorized patents, including more than 20 invention patents, and a research team with over 70% holding master's degrees or higher [2] - The company’s self-developed 10MW-12MW offshore gearbox has been recognized as a major technological equipment project by the National Energy Administration, achieving breakthroughs in key technologies such as torque density and transmission efficiency [2] - Delijia's products have a reliability and quality control standard that exceeds industry norms, earning long-term trust from major clients through a comprehensive preventive quality management system [2] Group 3: Market Trends and Future Outlook - The wind power gearbox market is expected to maintain a strong supply-demand balance in 2026, with domestic new installations projected to exceed 120GW and overseas markets experiencing accelerated growth due to global energy transformation [3][4] - The replacement demand in the existing market is estimated to be between 15GW and 20GW annually during the 14th Five-Year Plan period, providing a stable growth opportunity for Delijia [4] - Delijia is actively expanding its offshore large-megawatt gearbox business, with ongoing projects in Shantou and Wuxi to enhance production capacity and support rapid growth in this segment [5][6] Group 4: International Expansion - Delijia is making strides in overseas market layouts, having engaged in technical exchanges and collaborations with multiple international clients, laying a solid foundation for entering global supply chains [5][6] - The company’s products are increasingly recognized by overseas customers, with a focus on validating and achieving bulk deliveries, indicating a promising future for international business growth [6]

本期业绩变动的主要原因如下：1、风电行业市场竞争态势持续活跃，行业成本压力逐步向上游传导， 公司风电齿轮箱产品售价面临进一步承压，对公司整体盈利水平及利润空间造成一定程度影响；2、公 司积极调整经营发展战略，报告期内营业收入实现同比大幅增长。但为保障增速器智慧工厂(一期)项目 快速达成产能目标，公司加大人员及产能投入力度，致使职工薪酬、社会保险及福利费支出显著增加， 叠加费用化利息同比大幅上升，公司整体利润空间相应承压。3、报告期内，公司非经常性损益同比大 幅缩减，预计减少净利润2000-2500万，主要原因系与收益相关的政府补助显著下降，叠加交易性金融 资产处置产生损失所致。 格隆汇1月28日丨威力传动(300904.SZ)公布，预计2025年1月1日至2025年12月31日归属于上市公司股东 的净利润亏损1.15亿元-8500万元；扣除非经常性损益后的净利润亏损1.37亿元-1.07亿元。 ...

Group 1: Hotel Industry Insights - The hotel industry is entering a new phase characterized by non-linear growth among leading players, driven by expectations of cyclical turning points and capital consolidation, with a long-term focus on scale and efficiency [17][18] - The valuation of hotels follows a three-dimensional framework: macro supply-demand mismatches determine valuation turning points, structural upgrades amplify volatility, and individual company cycles provide alpha opportunities [17] - The current cycle's bottom is marked by increased differentiation within the industry, with leading hotels expected to see RevPAR (Revenue per Available Room) recover as supply stabilizes and demand rebounds, particularly in leisure travel [17][18] Group 2: Social Services Sector - The social services sector has seen a 1.52% increase during the reporting period, outperforming the broader market by 2.71 percentage points, with notable stocks including Tongdao Liepin and Keri International [19][20] - The sector is actively responding to the silver economy, with policies promoting the development of elderly care services and companies like New Oriental launching local interest courses for retirees [21] - The Spring Festival is expected to drive significant travel demand, with predictions of approximately 95 million air passengers during the holiday period, indicating a strong recovery in travel-related services [21] Group 3: Food and Beverage Sector - The food and beverage sector has experienced a decline of 1.37%, with A-share food and beverage indices falling by 1.57%, while H-share indices showed a slight increase [26] - The sector is characterized by differentiated performance, with alcoholic beverages, particularly baijiu, showing stable prices and a focus on demand recovery during the Spring Festival [27] - Recommendations include leading companies in various categories, such as Moutai for baijiu, Yili for dairy, and Nongfu Spring for beverages, highlighting their strong growth potential and market positioning [27][28] Group 4: Pharmaceutical Industry - The pharmaceutical industry is witnessing a robust outflow of innovative drugs and a recovery in the CXO sector, driven by favorable clinical data and supportive policies [33][34] - The domestic supply-demand landscape remains stable, with a focus on innovative drug forms and technologies such as AI in healthcare and brain-machine interfaces, which are expected to see significant growth [35] - Investment recommendations include companies with strong competitive advantages in innovation and cost control, such as Mindray Medical and WuXi AppTec [35][36]

Investment Rating - The industry investment rating is "Overweight" (maintained) [5] Core Insights - The report highlights that Deleja has signed a cooperation agreement for a 10MW wind gearbox R&D and manufacturing project with a total investment of 5 billion yuan, which will enhance the company's production scale and delivery capacity, solidifying its market competitiveness in the wind gearbox sector [5] - The global wind power installed capacity is experiencing a significant increase, with 86% of new installations concentrated in China, the United States, and Europe. In 2024, the global wind power installed capacity is expected to reach 117GW, a year-on-year growth of approximately 10% [7] - The report emphasizes the trend of wind turbine large-scale development, with the average capacity of newly installed onshore and offshore wind turbines in China increasing significantly from 1.8MW and 3.9MW in 2014 to 5.9MW and 10MW in 2024, respectively [7] Summary by Sections Industry Performance - Over the past 12 months, the industry has shown strong performance with relative returns of 25.83% over one month, 23.59% over three months, and 59.62% over twelve months compared to the CSI 300 index [3] Investment Highlights - The report suggests focusing on companies benefiting from the acceleration of offshore wind power and the large-scale development of wind turbines, including Deleja, Weili Transmission, and China High-Speed Transmission [7] - The global market for wind gearboxes is projected to grow rapidly, with an estimated market size of approximately 5.827 billion USD in 2024, expected to reach 8.370 billion USD by 2030 [7]

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2][3] Core Views - The company is expanding its production capacity to solidify its growth prospects, particularly in the wind power gearbox sector, aligning with the industry's trend towards larger and offshore wind power systems [3][4] - The company has a robust order backlog, with nearly 2,000 units valued at 3.037 billion yuan as of the end of 2024, representing a year-on-year increase of 100% [4][5] - The company is expected to achieve significant revenue growth, with profit forecasts for 2025-2027 at 827 million, 1.066 billion, and 1.328 billion yuan, reflecting year-on-year growth rates of 55.0%, 28.9%, and 24.5% respectively [3][6] Summary by Sections Company Overview - The company signed an investment cooperation agreement for a 10 MW wind power gearbox project, with a total investment of 5 billion yuan, aimed at meeting the demand for high-power wind turbines [3][6] - The company is actively expanding its production capacity to meet the increasing demand from downstream customers, with projects including an annual production of 1,000 units of 8 MW and 800 units of offshore wind gearboxes [6][7] Order Backlog - The company has secured framework agreements with major clients such as Goldwind Technology and Electric Wind Power, ensuring stable sales of its products [4][5] - As of May 2025, the company’s order backlog exceeded 2,800 units, setting a new record [4] Financial Projections - The company’s projected earnings for 2025-2027 are 827 million, 1.066 billion, and 1.328 billion yuan, with corresponding price-to-earnings ratios of 34.8, 27.0, and 21.7 times [3][6] - The company is expected to maintain a strong revenue growth trajectory, with a forecasted revenue of 5.489 billion yuan in 2025, up from 4.442 billion yuan in 2023 [10]