Nanjing Develop Advanced Manufacturing Co., Ltd.
688377.SS · SHH
Company research
Nanjing Develop Advanced Manufacturing Co., Ltd. (688377.SS) is a China-based company incorporated in 2009 and listed on the Shanghai Stock Exchange, primarily engaged in the research, development, production, and sale of specialized components for the oil and gas equipment industry. The company offers four major product series encompassing special parts for wellheads and Christmas trees, deep-sea equipment, fracturing equipment, and drilling and production equipment, including casing heads, tubing heads, spools, fracturing pump cylinders, Blowout Preventers (BOPs), and various pipeline valves. Its products serve a broad range of applications such as onshore wellheads, deep water subsea drilling and production, shale gas fracturing, and high-pressure fluid transportation systems, with exports reaching the United States, Canada, Europe, Brazil, Singapore, the Middle East, and Southeast Asia. Headquartered in Nanjing, Jiangsu Province, and led by CEO Li Zhang, the company employs approximately 1,013 staff and has established itself as one of the largest and most advanced oil and gas component manufacturers in China, with fully integrated manufacturing processes spanning forging, heat treatment, CNC machining, cladding, and testing.
Research reports
Annual report review highlighting 2025 revenue growth of about 7% and a roughly 39% rise in net profit, driven by a higher mix of high-margin overseas and deep-sea orders and improved profitability. The analysts stress multi-directional forging, deep-sea and gas-turbine components as long-term growth engines, maintain an “accumulate/增持” recommendation, and project strong earnings expansion through 2028 while noting customer concentration, commodity price, FX, and competition risks.
Dongwu Securities (东吴证券) · September 1, 2025迪威尔（688377）2025 年中报点评：Q2 归母净利润同比+12%，盈利能力持续修复Interim report noting that Q2 2025 revenue and net profit returned to year-on-year growth, with margin improvement from tighter cost control even as intensified competition in wellhead equipment depressed orders and pricing. The report expects earnings recovery as deep-sea orders are delivered and the “oil & gas equipment key components precision manufacturing” project ramps up, maintaining an “accumulate/增持” stance but highlighting risks from market competition, raw-material and FX volatility, and macro conditions.
Dongwu Securities (东吴证券) · November 1, 2025迪威尔（688377）2025 年三季报点评：Q3 营收同比增长34%，拟发行可转债加码深海+燃气轮机零部件Third-quarter review reporting 34% year-on-year revenue growth and a 360% jump in net profit, driven by the realization of high-margin deep-sea orders that significantly lifted gross and net margins while scale effects lowered expense ratios. The analysts view the planned convertible bond issue to expand deep-sea and industrial gas-turbine component capacity as reinforcing the growth trajectory and retain an “accumulate/增持” rating, subject to execution, customer, raw-material, FX, and competitive risks.