道生天合冲刺沪市主板：年入超30亿元，前五大客户贡献近7成营收

Core Viewpoint - Daoshengtianhe Material Technology (Shanghai) Co., Ltd. is set to undergo a crucial IPO review on June 13, aiming to raise 694 million yuan for high-end adhesive and resin systems production, as well as debt repayment [1] Group 1: Company Overview - Established in 2015, Daoshengtianhe focuses on high-performance thermosetting resin materials, with three main product lines: wind turbine blade materials, new composite materials, and adhesives for electric vehicles and industrial applications [2] - The wind turbine blade materials series is the primary revenue source, contributing nearly 80% of revenue in 2024, with epoxy resin for wind turbine blades accounting for 65.62% of total revenue [2][3] Group 2: Market Position and Competition - Daoshengtianhe is one of the largest global producers of epoxy resin for wind turbine blades, leading in sales for three consecutive years from 2022 to 2024, while ranking second in domestic sales of structural adhesives [8] - The company has a high customer concentration, with the top five customers accounting for 71.94%, 68.44%, and 68.19% of total revenue from 2022 to 2024 [8][11] Group 3: Financial Performance - Revenue figures for Daoshengtianhe from 2022 to 2024 are 3.436 billion yuan, 3.202 billion yuan, and 3.238 billion yuan, respectively, with net profits of 110 million yuan, 155 million yuan, and 155 million yuan [12] - The average selling price of wind turbine blade epoxy resin has decreased from 25,340.22 yuan/ton in 2022 to 14,818.79 yuan/ton in 2024, with a significant drop of 32.52% in 2023 [15][17] Group 4: Future Prospects - The company plans to utilize 559 million yuan of the IPO proceeds to establish a production capacity of 56,000 tons for high-end adhesives and resin systems, targeting growth in wind energy and electric vehicle sectors [17] - Despite current underutilization in the electric vehicle adhesive segment, with a capacity utilization rate of 78.65% in 2024, the company anticipates benefiting from the global wind energy market growth and expanding its overseas market share [18]