道生天合募投项目定位前后矛盾，或夸大项目预计效益

Core Viewpoint - Daoshengtianhe Material Technology (Shanghai) Co., Ltd. is focused on the research, production, and sales of new materials, particularly high-performance thermosetting resin materials for the wind power, new energy vehicles, and industrial adhesive sectors, and is currently applying for an IPO [1] Group 1: Company Overview - The company specializes in epoxy resins, polyurethanes, acrylics, and organosilicon materials, forming three main product lines: materials for wind turbine blades, new composite resin materials, and adhesives for new energy vehicles and industrial applications [1] - The primary project for the IPO is the "annual production of 56,000 tons of high-end adhesives and high-performance composite resin systems for new energy and power batteries," which aligns with the company's main business and relies on existing production processes and core technologies [1][2] Group 2: Financial and Production Details - The total investment for the new project is approximately 57.07 million, with 55.86 million expected to be raised through the IPO [3] - The project aims for a full production capacity of 56,000 tons per year, with specific capacities of 19,000 tons for high-performance composite resin systems and 37,000 tons for high-end adhesives for power batteries [4] - The projected annual revenue from the full capacity of the project is estimated at 1.249 billion [4] Group 3: Market Trends and Pricing - The sales prices for resin products are projected to decline, with 2024 prices estimated at 15,000 per ton for resin and 25,000 per ton for adhesives, indicating a downward trend in pricing [4][5] - Even with the projected sales prices, the combined expected revenue from the new production capacities does not meet the anticipated 1.25 billion, raising concerns about the financial viability of the project [4]