603092 · SSE · China
dljtransmission.comFinancials as of FY2025
Makes the precision gearboxes that sit inside offshore wind turbines built by China's biggest turbine manufacturers.
What this company is and how it runs — written from structure, not news.
Delijia builds wind turbine gearboxes for China's major turbine makers — Goldwind, Envision, Mingyang, and Sany — cutting large steel ring gears to micron tolerances at its Jiangsu facilities against each OEM's proprietary nacelle geometry, vibration load profiles, and thermal specifications. Because each OEM's nacelle design is different, the gear programmes and metallurgical specifications Delijia develops are platform-specific, and accumulating them requires years of co-engineering access that the OEM only grants to a supplier already inside its development cycle. Once those specifications are embedded in active gear programmes and field-validated for offshore exposure, the OEM cannot swap in a new supplier without triggering a fresh multi-year turbine type certification, which means the relationship on both sides is hard to exit. The main risk is that if one of those four OEMs decided to make its own gearboxes or qualify a second supplier, it would stop sharing updated nacelle drawings, and without that current interface data the existing gear programmes would quietly become obsolete as the nacelle architecture evolved.
How does this company make money?
The company sells gearboxes directly to wind turbine manufacturers on a per-unit basis. Prices are set through annual supply agreements tied to each OEM's turbine production forecast, meaning revenue comes in large, planned contracts with Goldwind, Envision, Mingyang, and Sany rather than through one-off sales.
What makes this company hard to replace?
Wind turbine type certification rules require any new gearbox supplier to complete extensive field testing before an OEM can approve them — that process takes years. Switching also means a new supplier must redesign its gearbox around each OEM's proprietary nacelle mounting specifications, which requires the OEM to share drawings it only shares with already-qualified partners. For offshore wind applications specifically, where a gearbox failure can idle a turbine for months at sea, OEMs face enormous financial pressure not to introduce unproven suppliers into the chain.
What limits this company?
The large ring gears at the heart of each gearbox must be cut on specialist machining centres that are configured specifically for wind turbine load patterns. Buying more machines is not enough — each one also requires operators who have built up deep experience programming them against wind-specific tolerances. That expertise cannot be hired off a shelf or transferred quickly, so adding capacity means rebuilding that knowledge from scratch alongside every new machine.
What does this company depend on?
The company cannot operate without specialized wind-grade steel alloys that meet offshore corrosion standards, precision large-diameter gear cutting machinery, heat treatment facilities for wind gearbox metallurgy, quality certification from OEMs including Goldwind and Envision, and the heavy transport infrastructure in Jiangsu Province needed to move oversized gearbox shipments.
Who depends on this company?
Goldwind Technology's turbine assembly lines depend on these gearboxes as critical-path components with six to twelve month lead times — a disruption would directly stall production. Offshore wind farm developers using Envision and Mingyang turbines would face project delays because any replacement gearbox supplier would need extensive requalification before being approved. Chinese wind farm operators broadly would face higher maintenance costs if the domestic gearbox supply base shrank and competition fell.
How does this company scale?
Once a gearbox design is engineered and validated for a specific turbine platform, the cutting programmes and metallurgical specifications can be run repeatedly across every unit in that model range, spreading the original engineering cost over higher volumes at low additional cost. What does not scale easily is the machining capacity itself — each new large-format cutting centre requires both significant capital and a team with accumulated wind-specific expertise, so production throughput grows slowly even when demand grows fast.
What external forces can significantly affect this company?
Chinese government targets for renewable energy capacity push wind farm developers to compress their build timelines, which squeezes the delivery schedules the company must meet. Global steel price swings directly affect the cost of the specialized offshore-rated alloys used in every gearbox. U.S. and European trade restrictions on Chinese wind components could close off export markets, keeping the company's revenue concentrated inside China.
Where is this company structurally vulnerable?
If Goldwind, Envision, Mingyang, or Sany decided to make its own gearboxes internally, or chose a different qualified supplier, it would stop sharing updated nacelle design specifications. Without that current data, the existing gear programmes become outdated as each turbine platform evolves. Once that relationship is broken, the only way back is to restart the full multi-year certification and co-development process from the beginning.
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