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披露二轮回复,道生天合IPO要闯“三重门”
3 6 Ke·2025-05-30 02:14

Core Viewpoint - The company, Dao Sheng Tian He, is facing significant challenges in its IPO journey due to concerns over profitability, governance, and research and development capabilities, despite holding a leading position in the wind power blade epoxy resin market globally [1][9]. Financial Performance - The company's revenue from 2022 to 2024 shows fluctuations, with figures of 3.436 billion, 3.202 billion, and 3.238 billion yuan respectively, while net profits were 108 million, 152 million, and 155 million yuan [2][3]. - The operating income for 2024 is projected at 3.238 billion yuan, with a net profit of 155 million yuan, indicating a stagnation in profit growth despite revenue increases [3][9]. - The company has a high dependency on government subsidies, which accounted for 5.74%, 11.95%, and 11.75% of total profits from 2022 to 2024, raising concerns about the sustainability of its profitability [4]. Customer and Supplier Concentration - Dao Sheng Tian He has a high customer concentration, with the top five customers accounting for 68.19% to 72% of sales from 2022 to 2024, which poses risks to long-term stability [10][11]. - The company also relies heavily on a few suppliers, with the top five suppliers making up 50.61% to 69.60% of total procurement, indicating a lack of bargaining power [10][12]. Research and Development - The company's R&D expenditures from 2022 to 2024 were 94.07 million, 102 million, and 87.69 million yuan, with R&D as a percentage of revenue decreasing from 3.18% to 2.71%, suggesting insufficient investment in innovation [8][9]. Governance and Compliance Issues - Dao Sheng Tian He has faced internal governance challenges, including disputes over shareholding and compliance with disclosure regulations, which could hinder its IPO process [17][21]. - The company has been involved in litigation related to its operations, which raises concerns about its operational stability and transparency [18][19]. Market Position and Future Outlook - Despite its current challenges, the company is positioned to benefit from the government's focus on green and low-carbon development initiatives, which could provide new opportunities for growth in the renewable energy sector [22].