Company Overview - The company, DaoSheng TianHe, 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 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 composite materials sector, the company is exploring domestic alternatives for key materials through joint ventures, including carbon fiber raw materials and lithium battery metal casing solutions [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 plans to issue 13.188 million shares in its IPO, raising approximately 789 million yuan, which will be allocated to one project and to repay bank loans [4] - The main project involves an annual production capacity of 56,000 tons of high-end adhesives and high-performance composite resin systems, with a total investment of 571 million yuan [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 projected 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 anticipated 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 Performance Expectations - DaoSheng TianHe 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 new listings on the main board this year, with only two other stocks priced lower [5] - Based on recent trends, the company is expected to have a strong debut, with potential first-day gains in the range of 206.3% to 222.4% [4][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？