Tongyu Heavy(300185)2023-11-16 09:17Group 1: Company Overview and Market Position - Tongyu Heavy Industry Co., Ltd. specializes in the research and production of large castings and forgings, particularly in the wind power sector, achieving a stable growth trend in sales of forged main shafts [2] - The company has successfully industrialized the 9MW forged main shaft, which is recognized as a "manufacturing single champion product" by the Ministry of Industry and Information Technology of China [2] - In 2022, the world's first 9MW forged main shaft was successfully delivered by the company, showcasing its technological advancements [2] Group 2: Production and Sales Performance - In the first three quarters of 2023, the sales volume of forged main shafts exceeded that of cast main shafts, indicating a strong market demand [2] - The company reported a stable growth trend in the production and sales of other forged products, including marine forgings and pumped storage forgings [3] - However, the production and sales of cast products experienced a decline in the third quarter of 2023 due to intensified market competition [3] Group 3: Future Prospects and Market Strategy - The company is enhancing its capabilities to produce large offshore wind power components, aiming to meet the growing market demand [3] - Although the current revenue share from offshore wind power products is small, there is significant potential for growth as the global offshore wind market expands [3] - The company plans to leverage its comprehensive R&D and manufacturing platform to actively explore the market for cast iron and cast steel products [3]