2 1 Shi Ji Jing Ji Bao Dao·2025-09-28 23:11Core Viewpoint - The company Daoshengtianhe (601026.SH) is a leading player in the global wind turbine blade material market, focusing on the research, production, and sales of advanced materials such as epoxy resin, polyurethane, acrylic, and silicone [1][5]. Company Overview - Daoshengtianhe is recognized as a national high-tech enterprise and is the largest producer of epoxy resin for wind turbine 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, 32.02 billion yuan, and 32.38 billion yuan for the years 2022 to 2024, with year-on-year growth rates of 9.89%, -6.81%, and 1.13% respectively [6]. - The net profit attributable to shareholders for the same period was 1.10 billion yuan, 1.55 billion yuan, and 1.55 billion yuan, with growth rates of 30.08%, 40.12%, and 0.01% respectively [6]. IPO 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 aims to raise 5.59 billion yuan, with 80.53% allocated to the production of high-end adhesives and composite materials for new energy and power batteries [3]. Industry Position - Daoshengtianhe's epoxy resin series for wind turbine blades has ranked first in global sales from 2022 to 2024, while its structural adhesive for wind turbine blades ranked second domestically and third globally [5]. - The company is the only Chinese enterprise supplying both epoxy resin and structural adhesives to Vestas, a major player in the wind energy sector [5].