Core Viewpoint - Daoshengtianhe Materials Technology (Shanghai) Co., Ltd. has received approval for its IPO, aiming to raise 694 million yuan, down from the initially planned 800 million yuan [1][4]. Group 1: IPO Details - The company plans to use the raised funds primarily for expanding production capacity in new energy adhesives and for repaying bank loans [8][10]. - The updated project scope includes a reduction in the planned production capacity for new energy adhesives from 48,000 tons to 37,000 tons, while increasing the capacity for high-performance composite resin systems from 20,000 tons to 19,000 tons [10][11]. Group 2: Financial Performance - The company reported fluctuating revenues from 2020 to 2024, with total revenues of 3.332 billion yuan in 2020, 3.127 billion yuan in 2021, 3.436 billion yuan in 2022, 3.212 billion yuan in 2023, and 3.238 billion yuan in 2024 [12][13]. - The net profit showed a decline in 2021 but has since increased, with a notable slowdown in growth for 2024 [12][13]. Group 3: Product Segmentation and Market Focus - The company specializes in high-performance thermosetting resin materials, with a significant focus on wind power and new energy vehicles [6][9]. - In 2022, products for wind turbine blades accounted for approximately 80% of the main business revenue, while new energy vehicle adhesives increased from less than 2% in 2021 to 6.20% in 2024 [6][9]. Group 4: Regulatory Scrutiny and Risks - The company faced multiple inquiries from regulators regarding the stability of its financial performance, particularly concerning the declining gross margins of its main products [5][19]. - Concerns were raised about the execution of historical settlement agreements involving the company's actual controller, which could impact governance and operational stability [20][21].
沪主板IPO过会!多次调整募投项目规划及拟募资金额;业绩稳定性受到多轮问询
Sou Hu Cai Jing·2025-06-13 13:50