Large-scale wind power accelerates, Wuzhou Xinchun (603667) roller bearing leader captures offshore wind growth opportunities

Under the dual pressures of cost reduction and market competition, the trend toward larger wind turbines has accelerated significantly, demanding higher technical thresholds and scale effects for core components. As an invisible champion in the wind turbine roller field, Wuzhou Xin Chun (603667.SH), leveraging early technological accumulation and a global customer base, has become one of the beneficiaries in this industry’s upward cycle.

A New Wave of Offshore Wind Power Is Coming

According to GWEC data, the total global offshore wind auction volume in 2024 will reach 56.3GW, a record high, with Europe contributing 23.2GW, accounting for over 40%. GWEC expects an additional 100GW of auction capacity worldwide over the next two years, and from 2025 to 2034, Europe’s offshore wind installations are projected to reach 126GW, averaging 12.6GW annually—more than four times the average annual installations of the past five years.

The Large-Scale Trend Is Confirmed, and Roller Bearings’ Load Capacity Is Rising

The large-scale development of wind turbines is becoming a core path for cost reduction in the industry. According to CWEA statistics, the average single-unit capacity of newly installed onshore and offshore wind turbines in China has increased from 1.8MW and 3.9MW in 2014 to 5.9MW and 10MW in 2024, respectively, with both onshore and offshore capacities continuously growing. Guosheng Securities pointed out that 2025 will be a critical year for turbine scaling—onshore wind turbines of 7+MW are expected to become main models, with 10+MW models delivered in large quantities, and offshore turbines generally reaching over 10MW.

The increase in single-unit capacity directly raises the load capacity requirements for wind turbine bearings. As a key transmission component connecting the rotor and generator, main gearboxes require bearings with higher torque density and longer fatigue life. The penetration rate of higher-capacity wind turbine roller bearings is expected to further increase, coupled with the gradual domestication of main shaft bearings and gearbox bearings, opening long-term growth space for domestic specialized wind turbine roller manufacturers.

Early Technological Advantage Builds Barriers, Full Product Series Matrix Takes Shape

Wuzhou Xin Chun successfully developed wind turbine roller products as early as 2019, achieving precision levels of Grade I and Grade II, demonstrating a significant technological first-mover advantage. The company offers a full series of products including wind turbine pitch bearings, main shaft bearings, gearbox bearings, and offshore megawatt wind turbine bearings, forming scale advantages and technological moats. Amid the accelerating trend of turbine large-scale development, demand for high-capacity roller products from Wuzhou Xin Chun is expected to surge.

In terms of market space, QYResearch data shows that the global main gearbox market for wind power was approximately $5.827 billion in 2024, with an expected reach of $8.37 billion by 2030. As 2026 becomes a peak year for European offshore wind orders, related industry chain companies are expected to see high growth from 2027 to 2030. As a core component supplier, Wuzhou Xin Chun is likely to benefit simultaneously.

Global Customer Layout, Driven by Both Domestic and International Markets

Wuzhou Xin Chun’s customer structure features globalization and leadership. The company supplies directly to five factories under ThyssenKrupp in Germany, including DeFonda and Rotheide, as well as facilities in Austria and Brazil, with end customers including the world’s leading wind turbine manufacturer Vestas. It also supplies to global bearing leader SKF and has strategic cooperation with Envision Energy, providing roller components to major domestic bearing companies such as Xinqianglian, Yantai Tiansheng, Wazhou, and Luozhou, covering most major domestic and international manufacturers.