道生天合即将上会，聚焦风电叶片用材料，应收款项金额较大

Company Overview - Daosheng Tianhe is one of the largest producers of epoxy resin for wind turbine blades globally, with projected revenue exceeding 3.2 billion yuan in 2024 [1][8] - The company has a high concentration of customers and significant accounts receivable, raising operational concerns [1][22] Financial Performance - Daosheng Tianhe has distributed a total of 250 million yuan in cash dividends over the past three years, while also planning to raise funds for bank loan repayment [8][9] - The company's revenue for 2022, 2023, and 2024 is approximately 3.436 billion yuan, 3.202 billion yuan, and 3.238 billion yuan respectively, with net profits of about 108 million yuan, 152 million yuan, and 155 million yuan [20][21] Product and Market Position - Over 70% of the company's revenue comes from materials used in wind turbine blades, with a high supplier concentration [11][18] - Daosheng Tianhe's products include epoxy resin, polyurethane, and other high-performance thermosetting resin materials, primarily serving the wind power and new energy vehicle sectors [12][15] Industry Context - The global wind power industry has seen significant growth, with a compound annual growth rate of 7.83% from 2015 to 2023, and is expected to maintain a 9.4% growth rate from 2024 to 2028 [26][28] - China and the United States are the largest markets for wind power installations, accounting for over 60% of global new installations in 2023 [28] Competitive Landscape - Daosheng Tianhe has been the top seller of wind turbine blade epoxy resin globally for three consecutive years, but faces intense competition from both domestic and international players [32] - The company’s gross margin has fluctuated due to increased price competition in the domestic market [32]