道生天合IPO：乘新能源东风，铸高性能材料全球领先地位

Core Viewpoint - Daoshengtianhe Materials Technology (Shanghai) Co., Ltd. is set to list on the Shanghai Stock Exchange, marking a significant milestone in its development and reflecting the capital market's recognition of the potential of high-performance new materials in the clean energy sector [1] Group 1: Business Overview - Daoshengtianhe has focused on the research, production, and sales of new materials since its establishment in June 2015, with products including epoxy resins, polyurethanes, acrylics, and organic silicones [2] - The company has developed three main product lines: materials for wind turbine blades, resins for new composite materials, and adhesives for new energy vehicles and industrial applications [2] - Its high-performance materials are widely used in green energy sectors such as wind power, new energy vehicles, energy storage, and hydrogen energy, as well as in critical industrial fields like aviation and oil extraction [2] Group 2: Financial Performance - The company's revenue for 2022, 2023, and 2024 is reported at 3.44 billion yuan, 3.20 billion yuan, and 3.24 billion yuan respectively, with net profits of 110.48 million yuan, 154.81 million yuan, and 154.83 million yuan during the same period [2] - The net profit attributable to the parent company, excluding non-recurring gains and losses, also shows steady growth, with figures of 103.97 million yuan, 132.81 million yuan, and 135.75 million yuan [2] Group 3: Future Growth Expectations - For the first nine months of 2025, the company anticipates a significant increase in operating performance, with projected revenue growth of 22.32% to 27.03% and net profit growth of 48.21% to 58.43% [3] - This expected growth is attributed to strong production and sales during that period, indicating a competitive advantage in the new energy application materials market [3] Group 4: Technological Innovation - As a national high-tech enterprise, Daoshengtianhe's core competitiveness lies in its continuous investment in research and development, having obtained 69 patents, including 38 invention patents [4] - The company holds a prominent market position in wind turbine blade materials, with its products significantly outperforming domestic competitors [4] - Daoshengtianhe is the only Chinese company supplying both epoxy resins and structural adhesives to the international wind turbine giant Vestas, showcasing its influence in the global wind energy market [4] Group 5: Expansion and Investment Plans - The IPO proceeds will be invested in key projects, including a high-end adhesive and composite materials resin system project with an annual production capacity of 56,000 tons [6] - This project is expected to generate an average annual revenue of 1.25 billion yuan and a net profit of 170.72 million yuan, with an internal rate of return of 19.24% [6] - The successful implementation of these projects is anticipated to enhance the company's production capacity, optimize product structure, and strengthen its core competitiveness [7] Group 6: Strategic Vision - Daoshengtianhe aims to continue its globalization strategy, focusing on technological innovation in key areas such as adhesives for new energy vehicles and materials for wind and solar applications [7] - The company plans to expand its market presence in sectors like photovoltaics, consumer electronics, semiconductors, and 5G communications, while establishing a global marketing network [7] - The successful IPO is expected to significantly support the company's goal of becoming a leading global comprehensive new materials enterprise [7]