Core Viewpoint - Daosheng Tianhe, a leading global manufacturer of epoxy resin for wind turbine blades, successfully went public on the Shanghai Stock Exchange, marking a new chapter in its growth amid the "dual carbon" strategy [2] Company Overview - Established in 2015 and headquartered in the Shanghai Free Trade Zone, Daosheng Tianhe is a national high-tech enterprise focused on the R&D, production, and sales of new materials [2] - The company specializes in high-performance thermosetting resin materials, including epoxy resin, polyurethane, acrylic, and organic silicon, with products serving the wind power, new energy vehicles, energy storage, hydrogen energy, and other sectors [2] Market Position and Performance - Daosheng Tianhe is recognized as a "hidden champion" in the domestic market and has demonstrated strong capabilities in global competition [3] - The company has achieved full coverage of mainstream wind turbine blade designs with its epoxy resin products, projecting sales of 143,100 tons for 2024 in this category, making it the global leader [3] - In the new energy vehicle adhesive sector, Daosheng Tianhe has successfully entered the supply chains of major automakers and battery manufacturers, showcasing strong customer loyalty and market expansion potential [3] Industry Growth Potential - The global energy transition and electric vehicle trends are driving high growth in Daosheng Tianhe's market segments [4] - The Global Wind Energy Council forecasts a compound annual growth rate of 9.4% for new wind power installations from 2024 to 2028, with China planning to add over 50 GW annually during the 14th Five-Year Plan [4] - The penetration rate of new energy vehicles in China has surpassed 40%, leading to a surge in demand for adhesives and lightweight composite materials [4] Financial Performance - Daosheng Tianhe has shown steady financial performance, with revenues of 3.202 billion yuan, 3.238 billion yuan, and 835 million yuan for 2023, 2024 Q1, and 2025 Q1 respectively, alongside net profits of 155 million yuan, 155 million yuan, and 31.08 million yuan [4] - The company anticipates a year-on-year revenue growth of 22.32% to 27.03% and a net profit growth of 48.21% to 58.43% for the first three quarters of 2025, indicating strong profitability and growth potential [4] IPO and Future Plans - The IPO raised funds to support the annual production of 56,000 tons of high-end adhesives for new energy and power batteries, as well as high-performance composite resin systems, which will enhance the company's capacity and competitiveness in these sectors [4]
道生天合正式登陆A股 新材料龙头领航“双碳”时代