Investment Rating - The report does not explicitly state an investment rating for the company Core Insights - The company, Dao Sheng Tian He, is positioned as a leading enterprise in the new materials segment of the renewable energy industry, focusing on high-performance thermosetting resin systems [2] - The company has experienced a decline in performance, with a compound annual growth rate (CAGR) of -1.3% in revenue from 2020 to 2023, and a projected revenue of 3.2 billion in 2023 [21][24] - The company plans to raise approximately 560 million for projects related to high-end adhesives for power batteries and high-performance composite resin systems [48] Summary by Sections Company Overview - Dao Sheng Tian He was established in 2015, with its development history tracing back to 2012 through its main subsidiary, Yi Cheng New Materials [4] - The actual controllers of the company, Ji Gang and Zhang Ting, hold a combined 60.47% of the shares [4] Market Position - The company claims to be a leader in the new materials sub-sector of the renewable energy industry [2] - The company has a significant market share in the domestic wind turbine blade resin market, with a 26% market share in 2022-2023 [18] Financial Performance - The company's revenue has shown a declining trend, with a CAGR of -1.3% from 2020 to 2023, and a revenue of 3.2 billion in 2023 [21][24] - The net profit excluding non-recurring items has also declined, with a CAGR of -5.6% from 2020 to 2023, resulting in a net profit of only 48 million in the first half of 2023 [24] Product Segmentation - The company categorizes its products into three series: wind turbine blade materials, new composite materials, and adhesives for electric vehicles [11][12][13] - The wind turbine blade materials series accounts for nearly 80% of the company's revenue, with three main products: epoxy resin, high-performance structural adhesive, and structural core materials [14] Competitive Landscape - The company faces intense competition in the wind turbine blade resin market, with several competitors such as Dongshu New Materials and Huibei New Materials [18] - The company has been unable to increase prices due to competitive pressures, leading to a decline in sales prices for its products [27][41] Future Outlook - The company is expanding into new business segments, including high-end adhesives for power batteries, but faces challenges due to late entry into the rapidly growing electric vehicle market [55] - The global and Chinese markets for wind turbine blade epoxy resin are expected to grow at a CAGR of approximately 6.5% from 2024 to 2030 [44][47]
道生天合：清仓式借钱分红，老司机再闯A股，施展IPO绝技！道声天合：风电装机增量见顶，业绩走下坡路
市值风云·2024-12-12 12:23