威力传动(300904) - 2026年1月14日投资者关系活动记录表

Group 1: Company Overview and Growth - The company has invested a total of 1,321.11 million CNY in the wind power gearbox smart factory as of October 31, 2025, with the project entering a critical phase of construction [1] - The smart factory is expected to significantly enhance the gross margin of gearboxes due to increased product value and cost reduction from economies of scale [1][2] Group 2: Market Outlook - The global and Chinese wind power installation capacity is continuously expanding, with a projected addition of 981 GW globally from 2025 to 2030, averaging 164 GW per year [2] - In China, the newly installed wind power capacity reached 82.5 GW from January to November 2025, a year-on-year increase of 59.5%, with a cumulative capacity of 600 million KW, marking a 22.4% increase [3] Group 3: Industry Barriers - Key barriers in the wind power gearbox industry include high technical requirements, significant capital investment, stringent supplier qualification processes, and the need for brand reputation [3][4] Group 4: Competitive Advantages of the Smart Factory - The smart factory will enhance market adaptability, operational efficiency, and financial performance, positioning the company to transition from following industry trends to leading the market [4] - The factory's capabilities will address the supply gap for high-power gearboxes and improve responsiveness to customer customization needs [4] Group 5: Manufacturing Process Advantages - The company has established a robust quality control system, ensuring a product lifespan of up to 20 years and a warranty period of 5 years, meeting stringent customer requirements [5] - Advanced manufacturing techniques, including five-axis CNC machining, enhance the precision and quality of gearbox components, ensuring compliance with GB6 grade accuracy standards [5]