Here is what a full working one looks like....
It looks like the slotted wheel that interrupts the beam got out of alignment and destroyed the IR module (emitter/detector pair) that creates a pulse every time a slot passes from the slotted wheel (the slotted wheel may also be a disk of clear plastic with "spokes" printed on it to interrupt the IR beam).
The slotted wheel fits where the dotted line is...
The IR emitter LED is where the E and phototransistor is at D.
Your pieces are here...
And here...
You can order virtually any IR beam interrupt module to replace it. It will pulse when you turn the wheel and your trainer should work again.
Just try to desolder what you have...
Find a new unit with the same pin positions and spacing as the one you have.
Worst case, you can just buy individual components, aim them at each other and stabilize them with epoxy. It may take some effort to align them perfectly but a drinking straw can help stabilize everything (stick the emitter 5mm LED in one end of a short piece of straw and the detector phototransistor in the other, epoxy, let dry, cut the straw so you slotted disk fits in the gap).
You'll just have to be sure the polarity of the unit you pick matches your unit because current has to flow the correct direction.
Optical Sensors - Photointerrupters - Slot Type - Transistor Output are in stock at DigiKey. Order Now! Sensors, Transducers ship same day
Life is easy.