道生天合（601026）：注册制新股纵览：风电树脂材料龙头企业

Investment Rating - The investment rating for the company is positioned in the middle to upper range of the AHP model, with scores of 2.23 and 2.38, corresponding to the 30.2% and 40.6% percentiles respectively [2][7]. Core Insights - The company is a leading player in the wind power resin materials sector, achieving significant market share in both domestic and international markets, with a focus on replacing imports and surpassing foreign competitors [2][11]. - The company has successfully established a product portfolio that includes wind turbine blade materials, new composite materials, and adhesives for electric vehicles, with a notable increase in sales and profitability driven by high-margin products [2][15]. - The demand for wind power and electric vehicle adhesives is expected to grow significantly, supported by increasing installation capacities and the strong growth of lithium battery shipments [2][18]. Summary by Sections AHP Score and Expected Allocation Ratio - The company achieved an AHP score of 2.23, indicating a competitive position in the market, with expected allocation ratios for different investor classes set at 0.0197% and 0.0170% under neutral conditions [7][8]. Company Highlights and Features - The company is recognized as a leader in wind power resin materials, with a global market share ranking of first and third in wind epoxy resin and high-performance structural adhesives respectively for 2024 [2][11]. - The company is actively promoting the domestic production of new composite materials and has accelerated the certification of adhesives for electric vehicles, achieving significant sales growth in this segment [2][15]. - The anticipated growth in wind power installations and the demand for electric vehicle adhesives is projected to drive the company's revenue growth, with expectations of 105-115 GW of new wind installations in 2025 [2][18]. Comparable Company Financial Metrics - The company has a leading revenue scale compared to its peers, with a projected revenue growth of 22.32%-27.03% for the first nine months of 2025, driven by increased demand and price adjustments [22][23]. - The company's gross margin has improved due to a higher proportion of high-margin products, with a notable increase in sales of electric vehicle adhesives [22][26]. - The company’s cash collection ratio is lower than that of comparable companies, and its debt ratio is higher, although it shows a declining trend [22][28]. Fundraising Projects and Development Vision - The company plans to raise funds through the issuance of new shares to support the production of high-end adhesives and composite materials, with a total investment of approximately 706 million yuan [33][36].