巴斯夫客户，比亚迪供应商，化工新材料龙头，上市！

Core Viewpoint - The article discusses the IPO of Daosheng Tianhe, a leading manufacturer of wind power resin materials, highlighting its financial details, production capacity, and market position in the renewable energy sector [2][4]. Company Overview - Daosheng Tianhe was established in 2015 and is headquartered in Shanghai, initially starting as an agent for imported wind turbine blade materials before transitioning to self-research and production [4]. - The company is recognized as a national high-tech enterprise and a "little giant" enterprise specializing in specific fields [4]. - It operates seven wholly-owned subsidiaries and three equity investees, focusing on high-performance thermosetting resin materials [4]. IPO Details - The company officially opened its IPO subscription on September 29, with an issue price of 5.98 yuan per share and a price-to-earnings ratio of 29.05 [2]. - The total fundraising amount is 70,570.20 million yuan, with 55,855.00 million yuan (80.5% of the total) allocated for a project to produce high-end adhesives and resin systems for new energy and power batteries [2][3]. Production Capacity - The project aims for an annual production capacity of 56,000 tons of high-end adhesives and 19,000 tons of high-performance composite resin systems, primarily used in wind power generation and new energy vehicles [2][3]. Market Position - Daosheng Tianhe is one of the largest producers of epoxy resin for wind turbine blades globally, with sales of 143,100 tons in 2024 [5]. - The company has ranked first in global sales of epoxy resin for wind turbine blades from 2022 to 2024 and second in domestic sales of structural adhesives [5]. Financial Performance - The company reported revenues of 3.436 billion yuan, 3.202 billion yuan, and 3.238 billion yuan for the years 2022 to 2024, with net profits of 110 million yuan, 155 million yuan, and 155 million yuan respectively [6]. - For the first half of 2025, the company achieved revenues of 1.785 billion yuan and a net profit of 86 million yuan, with projected net profits for the first three quarters of 2025 expected to be between 145 million yuan and 155 million yuan, representing a year-on-year growth of 48.21% to 58.43% [6][7].