道恩股份分析师会议-20251030

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report The report focuses on the in - depth research of Dawn Co., Ltd., a high - tech enterprise in the plastics products industry. It details the company's business scope, production capacity, R & D achievements, financial performance, and future development strategies, as well as the progress of product testing, production line construction, and mergers and acquisitions [22][23]. 3. Summary by Related Catalogs 3.1 Research Basic Situation - Research object: Dawn Co., Ltd. [16] - Industry: Plastics products [16] - Reception time: October 30, 2025 [16] - Reception personnel: Deputy General Manager and Secretary of the Board Wang Youqing, Securities Affairs Specialist Chen Hao [16] 3.2 Detailed Research Institutions - Insurance company: Heng'an Standard Life [17] - Other: Shencai Fund [17] - Insurance asset management company: Xinhua Asset [17] - Asset management company: Qingdao Dehengui, Zhongtai Asset Management [17] - Fund management company: Huaxia Fund [17] - Securities company: Tianfeng Securities [17] - Investment company: Yude Investment [17] 3.3 Research Institution Proportion No relevant information provided. 3.4 Main Content Data - Company Introduction: Established in 2002, it is a high - tech enterprise focusing on R & D, production, and sales of functional polymer composite materials. It has a complete R & D system and rich R & D achievements, with products widely used in multiple fields. The company has certain production capacities in various products and is committed to R & D innovation and business expansion [22]. - Financial Performance: In the first three quarters of 2025, the company achieved an operating income of 4.456 billion yuan, a year - on - year increase of 18.23%; the net profit attributable to the parent was 131 million yuan, a year - on - year increase of 32.96%; the net profit attributable to the parent after deducting non - recurring gains and losses was 122 million yuan, a year - on - year increase of 46.07% [24][25]. - Product Testing: The DVA product started batch road - running tests in the first quarter of this year, and the test data met the expected results [25]. - Production Capacity: The DVA has a 5,000 - ton pilot line and is building a 20,000 - ton dedicated production line. The 20,000 - ton PCTG production line of copolyester materials is under construction, and the PETG has completed flexible transformation [25][27]. - Mergers and Acquisitions: The company plans to acquire Dawn Titanium Industry. The two companies belong to the chemical new materials field and have good synergy. The audit benchmark date has been updated to June 30, 2025 [25][26]. - Product Application Fields: HNBR products are widely used in aerospace, petroleum exploration, automobiles, and new energy fields. The company has developed products for the robot field, such as super - soft artificial muscle TPE, artificial skin SiTPV, and modified materials for robot manufacturing [27][28]. - Recycling Business: The company's subsidiary, Qingdao Haier Environmental Protection Materials Technology Co., Ltd., is engaged in the R & D, production, and sales of PCR plastic recycling materials [27].