The proportion of high-power wind turbine models (7+ MW) is expected to exceed 40%, driving the shifts of main bearing type from the traditional SRB (Spherical Roller Bearing) to TRB+TRB (Tapered Roller Bearings in tandem)

Industry recovery drives surge in demand, TRB main bearings become the focus

In 2025, the wind power industry will usher in a new five-year cycle. It is expected that the total demand for domestic wind turbines will reach 124GW, a year-on-year increase of 34%, and the number of installed units will be about 17,000. Against the background of easing competition in the industrial chain, the parts field is expected to achieve both volume and price increases. In particular, the proportion of high-power models (7+MW) is expected to exceed 40%, driving the transmission chain structure from "three-point support" to "front integration", and the main bearing type will gradually shift from traditional "SRB" to "TRB+TRB". Under this trend, the domestic demand for TRB main bearings in 2025 may reach 14,800, a significant year-on-year increase of 137%. As an industry leader, LYCQL has significantly improved production efficiency and reduced costs with its leading tapered roller bearing production capacity and innovative soft-belt-free induction quenching technology, laying the foundation for the company's competitive advantage in this field.

The expansion cycle is coming to an end, and the performance turning point may be coming

Since its listing on the ChiNext in 2020, LYCQL has achieved a comprehensive layout of the upstream and downstream of the industrial chain through multiple rounds of financing, including upstream links such as forgings and rolling elements, and downstream businesses such as precision bearings. The company's fixed asset scale has rapidly increased from 480 million yuan at the end of 2020 to 3.19 billion yuan at the end of the third quarter of 2024. However, due to the rapid advancement of the wind power parity era and the acceleration of model iteration, the release of production capacity was once restricted, and high depreciation put certain pressure on the company's short-term profitability. However, as industry demand picks up and the expansion cycle draws to a close, the company is expected to usher in a performance reversal in 2025, and it is expected that the main bearing business revenue will reach 860 million yuan that year, a year-on-year increase of 224%.

Precision bearing project landed, expanding new growth space

LYCQL launched the gearbox bearing and precision parts project in 2022, marking the company's official entry into the field of precision bearings. The project is scheduled to be completed and put into operation by the end of June 2025, with initial production capacity covering the needs of 2,000 wind turbines. Benefiting from the overall recovery of the wind power industry, the decline in the proportion of direct-drive models, and the acceleration of domestic substitution, the company's gearbox bearing business is expected to achieve revenues of 240 million yuan and 600 million yuan in 2025 and 2026, respectively. In addition, the company will also rely on the technical accumulation of gearbox bearings to further explore more precision bearing application scenarios and open up new growth points for the company.

The advantages of industrial chain integration are highlighted, and collaborative development helps take-off

At present, LYCQL has built a complete industrial chain system covering upstream raw material supply, midstream core parts manufacturing, and downstream energy applications. This integrated layout not only enhances the synergy between various business segments, but also effectively improves the company's risk resistance and market competitiveness. As the prosperity of the wind power industry continues to recover, the company's various business segments are expected to form a joint force to jointly promote the rapid growth of overall performance. In the future, LYCQL will continue to rely on its technological advantages and industrial chain integration capabilities to occupy a larger market share in the field of wind power bearings and precision components and achieve long-term and stable development.