通裕重工(300185) - 通裕重工调研活动信息

Group 1: Company Overview and Product Offerings - Tongyu Heavy Industry Co., Ltd. is one of the few domestic companies with a large comprehensive R&D and manufacturing platform, capable of supplying forged, cast, and structural components in bulk [2] - The company focuses on wind power products, providing various components such as wind turbine main shafts, hubs, frames, and bearings [2][3] - The company has expanded into modular wind power equipment, supplying modular products to wind turbine manufacturers, which reduces transportation costs and assembly workload for clients [3] Group 2: Production Capacity and Expansion Plans - The current forging capacity is approximately 220,000 tons, with casting capacity around 160,000 tons, of which over 90% is for wind power products [3][4] - The company plans to enhance its forging technology and production efficiency through a new project that will increase overall forging capacity by 100,000 tons [4] - A convertible bond project is underway to fund two investment projects, including one aimed at upgrading energy-saving and material-saving processes for high-end equipment core components [3][4] Group 3: Market Performance and Financial Metrics - In 2020, the company experienced a surge in wind turbine main shaft orders due to a "rush installation" trend, with production exceeding 150,000 tons, accounting for about 60% of total forging capacity [4] - However, in the first three quarters of 2021, orders for wind turbine main shafts decreased year-on-year, leading to a decline in production [4] - The overall gross margin dropped from 23.78% in 2020 to 18.35% in the first nine months of 2021, with main shaft gross margin at 29.36% and casting gross margin at 16.82% [5] Group 4: Future Outlook and Strategic Initiatives - The company anticipates continued growth in the offshore wind power sector, with significant policy support and a growing market presence [5] - A new project in Qingdao aims to enhance the production capacity for large offshore wind power components, targeting an annual output of 360 sets of large offshore wind structural components [5]