通裕重工(300185) - 通裕重工调研活动信息

Group 1: Wind Power Main Shaft Production - The production capacity of wind power main shafts has been increasing annually due to the rapid development of the wind power industry and optimization of manufacturing processes [2] - In 2020, the production of wind power main shafts exceeded 15,000 units, but in 2021, production decreased due to a decline in demand from downstream wind turbine manufacturers [2][3] - The company has established a customer base that includes major international and domestic wind turbine manufacturers such as GE, Vestas, and Shanghai Electric [2] Group 2: Casting Production and Market Trends - The company began mass production of wind power castings in 2017, achieving nearly 10,000 tons in 2020, with a significant portion dedicated to wind power products [3] - In 2021, casting production decreased due to subsidy reductions and rising raw material prices, indicating a need for continuous improvement in technology and production processes [3] - The company is currently producing cast main shafts for some clients, but their proportion in overall production remains small [3] Group 3: Forging Capacity Expansion Plans - Forging products are crucial for the company, with plans to enhance production efficiency and reduce costs through a convertible bond issuance for a new energy-saving project [3] - The project aims to upgrade the manufacturing process from free forging to die forging, which will significantly improve material utilization rates from 50%-70% to higher levels [3] - The expected construction period for this project is 2 years, after which existing forging machines can be utilized for other products, enhancing overall capacity [3] Group 4: Profit Margin and Market Challenges - The gross margin for wind power main shafts has remained stable, but there has been a decline in orders and margins in 2021 due to various market pressures [4] - Factors such as the decline in demand from the "rush installation" trend and rising raw material costs have negatively impacted production costs and profitability [4] - The company is actively implementing measures to improve product quality and reduce costs to enhance market competitiveness [4] Group 5: Offshore Wind Power Market Preparation - The company's revenue from offshore wind power products is currently limited, but there is significant potential for growth as the market matures [4] - The company has initiated a project to enhance production capabilities for large offshore wind components, addressing transportation challenges and reducing costs [4] - Future revenue from offshore wind power products is expected to increase significantly as the market develops [4]