A-share subscription | Leading enterprise in wind power main gearbox field, Delixi (603092.SH) starts subscription, production and sales rate maintain high level.

On October 28th, Delixia (603092.SH) started its IPO subscription with an issuing price of 46.68 yuan per share and a maximum subscription limit of 0.95 million shares. It is listed on the Shanghai Stock Exchange with a P/E ratio of 34.98 times, and Huatai United Securities is its sponsor. The prospectus revealed that Delixia mainly engages in the research, development, production, and sales of high-speed heavy-duty precision gear transmission products, with the main downstream application field currently being wind turbine generators, and its core product being wind turbine main gearboxes. The company has established good cooperation relationships with leading enterprises in the wind turbine industry such as Goldwind Science & Technology, Far East Energy, Ming Yang Smart Energy, and Sany Renewable Energy. According to QY Research statistics, by 2024, the company's global market share will be 10.36%, ranking third globally, and its market share in China will be 16.22%, ranking second in China. According to a report released by CWEA, from 2014 to 2024, China's annual compound growth rate of newly added wind power installed capacity exceeds 14%. By the end of 2024, China's cumulative installed wind capacity will reach 561.3GW, up 18.26% compared to the same period in 2023. During the reporting period, the overall production and sales volume of Delixia's main products showed a rapid growth trend, with the production-sales ratio maintained at a high level. The company's main business income in 2024 declined mainly due to a decrease in product prices and the impact of Far East Energy's self-produced gearboxes. The overall gross profit margin of the main business remained relatively stable, mainly due to the effective cost control measures implemented as part of the continuous "reduction of costs and increase of efficiency" initiative. Financially, in 2022, 2023, and 2024, the company achieved operating income of approximately 3.108 billion yuan, 4.442 billion yuan, and 3.715 billion yuan, respectively, with net profits of approximately 0.54 billion yuan, 0.634 billion yuan, and 0.534 billion yuan, respectively.