2 1 Shi Ji Jing Ji Bao Dao·2025-09-28 23:05Core Viewpoint - The company Daosheng Tianhe (601026.SH) is a leading player in the new materials sector, focusing on the research, production, and sales of high-performance thermosetting resin materials, particularly for wind power blades and new energy vehicles [1][5]. Company Overview - Daosheng Tianhe is recognized as a national high-tech enterprise and is the largest producer of epoxy resin for wind power blades globally [5][6]. - The company has established stable partnerships with major industry players, including Vestas, BYD, and GAC Group, enhancing its influence in both domestic and international markets [5][6]. Financial Performance - The company reported revenues of 34.36 billion yuan in 2022, with a slight decline to 32.02 billion yuan in 2023, and a marginal increase to 32.38 billion yuan in 2024, reflecting a growth rate of 9.89%, -6.81%, and 1.13% respectively [6]. - The net profit attributable to shareholders was 1.10 billion yuan in 2022, increasing to 1.55 billion yuan in both 2023 and 2024, with growth rates of 30.08%, 40.12%, and 0.01% respectively [6]. Market Position - The company is the only Chinese enterprise supplying both epoxy resin and structural adhesives to international wind power giants like Vestas, which strengthens its market position [5]. - Daosheng Tianhe has been recognized as a "little giant" enterprise and holds 69 patents, including 38 invention patents, showcasing its innovation capabilities [6]. Investment Details - The IPO price is set at 5.98 yuan per share, with an institutional offering price of 6.32 yuan per share, and a market capitalization of 31.55 billion yuan [3]. - The company plans to allocate 80.53% of the raised funds (5.59 billion yuan) towards the production of high-end adhesives and high-performance composite materials [3].