Company Overview - The company, Daoshengtianhe, is a leading supplier in the global wind turbine blade material sector, with its epoxy resin and structural adhesive for wind blades holding the first and third largest market shares globally in 2024 respectively [2] - The company has achieved full coverage of mainstream wind turbine blade types with its epoxy resin products, effectively replacing imports and expanding into new application areas such as photovoltaics, consumer electronics, and semiconductors [2] - In the new energy vehicle and industrial adhesive sectors, the company has received certifications from major clients like BYD and FAW-Volkswagen, and is actively pursuing certifications from Tesla and CATL [2] Financial Performance - The company reported revenues of 3.436 billion yuan, 3.202 billion yuan, and 3.238 billion yuan for the years 2022, 2023, and 2024 respectively, with year-on-year growth rates of 9.89%, -6.81%, and 1.13% [3] - The net profit attributable to shareholders for the same years was 110 million yuan, 155 million yuan, and 155 million yuan, with growth rates of 30.08%, 40.12%, and 0.01% [3] - For the first three quarters of 2025, the company achieved a revenue of 2.698 billion yuan, a year-on-year increase of 26.92%, and a net profit of 153 million yuan, up 56.89% from the previous year [3] IPO Details - The company’s IPO involves an initial issuance of 13.188 million shares, raising approximately 789 million yuan [4] - The raised funds will be allocated to a project for producing high-end adhesives and composite resin systems, with a total investment of 571 million yuan, and 135 million yuan will be used to repay bank loans [4] Market Outlook - The wind power industry in China is expected to see a record high of 79.82 GW in new installed capacity in 2024, with a forecasted doubling of new installations in the first half of 2025 compared to the same period in 2024 [3] - The global market for wind blade epoxy resin is projected to maintain a long-term growth trend, with compound annual growth rates of 6.56% globally and 6.45% in China from 2024 to 2030 [3] Valuation and Pricing - The company has a dynamic price-to-earnings ratio of 20.88, significantly lower than the average of 66.16 for comparable companies [5] - The IPO price is set at 5.98 yuan per share, which is among the lowest for main board IPOs this year, with only two other new stocks priced lower [6] - If the company achieves the average first-day performance of recent IPOs, the expected price increase could range from 206.3% to 222.4% [5][6]
主板低价新股来了！风电叶片材料全球龙头 道生天合明日上市潜力几何？