Core Viewpoint - Daoshengtianhe Materials Technology (Shanghai) Co., Ltd. is approaching a critical milestone for its IPO on the Shanghai Stock Exchange, despite facing challenges such as stagnant profit growth and high customer and supplier concentration [1][3]. Financial Performance - In 2022, Daoshengtianhe reported revenues of 3.436 billion yuan, with net profits of 108 million yuan, while in 2023, revenues slightly decreased to 3.202 billion yuan, and net profits increased to 152 million yuan [4]. - The company’s projected revenues for 2024 are 3.238 billion yuan, with net profits expected to be 155 million yuan, indicating a growth of less than 5% compared to the previous year [5]. - The company’s total assets as of December 31, 2024, are projected to be approximately 3.878 billion yuan, with a debt-to-asset ratio of 44.63% [5]. IPO and Fundraising - The IPO plan has been revised, reducing the fundraising target from 800 million yuan to 694 million yuan, with all proceeds now allocated to repaying bank loans [3]. - The company has committed not to distribute cash dividends during the IPO review period, despite having distributed 250 million yuan in dividends from 2020 to 2022 [7]. Industry Context - Daoshengtianhe operates in a high-energy consumption and high-emission industry, with a significant portion of its products classified as high-pollution according to environmental regulations [3]. - The company’s primary revenue source is epoxy resin for wind turbine blades, accounting for approximately 70% of its income, with total revenue from wind energy-related products reaching around 80% [4]. Future Outlook - The company anticipates benefiting from the growth of the global wind energy market and aims to increase its market share overseas in the coming years [5]. - In the first quarter of 2025, Daoshengtianhe reported significant increases in revenue and profit compared to the same period in 2024, attributed to strong production and sales [6].

Group 1: Business Overview - The company operates in three main business segments: adhesives and specialty resins, electronic information materials, and electronic technology [2] - The adhesive segment is a major revenue source, particularly in the wind power blade materials sector, with a comprehensive supply system established [2][3] Group 2: Market Performance - In 2024, the total sales volume of wind power epoxy structural adhesives and infusion resins reached nearly 10,000 tons [2] - The company maintains a leading market share in wind power structural adhesives as of Q1 2025 [2] Group 3: International Expansion - The company is expanding its overseas market presence, with certifications completed for products under LM Windpower and GE [4] - A new adhesive materials production base is being established in Thailand to better serve international clients [4] Group 4: Subsidiary Developments - Saiying Technology focuses on microwave technology and has developed products for radar and communication systems, with a shift towards civilian applications [5] - The company’s subsidiary, Dalian Qihua, specializes in high-quality epoxy resins, with an annual production capacity of 80,000 tons planned for expansion [6] Group 5: Production Capacity and Projects - The Fujian production base has entered formal production, with capacity to be gradually released based on market conditions [6] - The Tangshan production project is in the acceptance phase, with trial operations and formal production to follow [6]

【全新修订】：2025年5月 全球与中国光固化灌封胶市场规划建议及未来动向前瞻报告2025-2031年 【出版机构】：中智信投研究网 【内容部分有删减·详细可参中智信投研究网出版完整信息！】 【免费售后 服务一年，具体内容及订购流程欢迎咨询客服人员 】 报告目录 1 光固化灌封胶市场概述 1.1 产品定义及统计范围 1.2 按照不同产品类型，光固化灌封胶主要可以分为如下几个类别 1.2.1 全球不同产品类型光固化灌封胶销售额增长趋势2020 VS 2024 VS 2031 1.2.2 环氧树脂灌封胶 1.2.3 有机硅树脂灌封胶 1.2.4 聚氨酯灌封胶 1.2.5 其他 1.3 从不同应用，光固化灌封胶主要包括如下几个方面 1.3.1 全球不同应用光固化灌封胶销售额增长趋势2020 VS 2024 VS 2031 2 全球光固化灌封胶总体规模分析 2.1 全球光固化灌封胶供需现状及预测（2020-2031） 1.3.2 电子领域 1.3.3 半导体领域 1.3.4 其他 1.4 光固化灌封胶行业背景、发展历史、现状及趋势 1.4.1 光固化灌封胶行业目前现状分析 1.4.2 光固化灌封胶发展趋势 2.1.1 ...

Group 1: Product Development and Market Positioning - The company has developed a polyurethane foam product (F6354X) suitable for lightweight portable drones, enhancing battery pack safety and performance [3] - The company focuses on water-based coatings for steel structures, aligning with national environmental policies, and has established a leading position in the water-based paint market, with over 90% of Sinopec's refining enterprises using its products [3][4] - The company has introduced zero VOCs, zero solvent, and ultra-weather-resistant powder coatings for containers, aiming to lead in the powder coating sector [4] Group 2: Market Strategy and Financial Management - The company has implemented a share buyback program, repurchasing 13,954,719 shares for a total of 59.89 million RMB, with 8,845,123 shares subsequently canceled [5] - The company has completed two rounds of private placements, raising 431 million RMB, with projects expected to be completed by December 2025 [10] - The company has a stable cash dividend policy, distributing 1.00 RMB per 10 shares in 2024, totaling 38.61 million RMB, marking the eighth consecutive year of cash dividends [5] Group 3: Strategic Investments and Collaborations - The company has made strategic investments in Zhuhai Grelly and Nankai Purisen, with investments of 48.60 million RMB and 25 million RMB respectively, enhancing its position in the automotive supply chain [6][7] - A new subsidiary, Guangzhou Jitian New Materials Co., Ltd., has been established to develop and produce adhesives for aircraft windshields, aiming to meet domestic market demands and break international monopolies [13] Group 4: Future Growth and Market Opportunities - The company anticipates significant growth in the electric two-wheeler adhesive market, with an estimated 50 million units sold in China in 2024, driven by new safety standards and consumer demand [8] - The company plans to focus on high-growth sectors such as new energy vehicles, energy storage, and home decoration, while maintaining its traditional strengths in construction and container coatings [11]

Group 1: Production and Cost Analysis - The production costs of the Guangzhou headquarters factory differ from those of the Poland factory, with the latter being higher due to factors like location and customer positioning [1] - The company maintains a structural cost advantage over competitors through continuous R&D and collaboration with domestic suppliers [1] Group 2: New Product Development - New products such as wet-strength adhesive, next-generation urine-visible adhesive, high-performance multipurpose adhesive, and medical adhesives have been commercialized [2] - Other new products like next-generation soft adhesive, biodegradable hot melt adhesive, bio-based hot melt adhesive, and S rubber special reinforced adhesive are in trial stages with some customers, ready for commercialization [2] Group 3: Market Expansion and Partnerships - The company has established partnerships with Kao and Procter & Gamble, but still has low market share in these collaborations, indicating significant growth potential [3] - The domestic market share in the hot melt adhesive sector is relatively high, but overseas market share remains small, presenting opportunities for expansion [4] Group 4: Strategic Focus and Future Directions - The company aims to enhance brand building and increase its global market influence while expanding market share, particularly in overseas markets [4] - The application fields for hot melt adhesives are extensive, covering various industries, and the company is exploring new application areas to create a second growth curve [4] Group 5: Shareholder Information - The major shareholder, Zibo Fufeng Hongjin Investment Partnership, has not expressed any intention to reduce their holdings, indicating trust in the company [6]

Summary of Key Points from Conference Call Records Company and Industry Overview - **Company**: 康达新材 (Kangda New Materials) - **Industry**: Adhesives and New Materials, Military Technology, Aerospace Core Insights and Arguments 1. 康达新材's military technology products are primarily applied in aerospace, with a focus on developing new materials that meet urgent demands for new equipment, filling domestic gaps in the military sector [2] 2. The company is actively expanding its strategic layout and business development in the military field, with its military platform managed by 康达冠璟, which oversees subsidiaries like 必控科技 and 力源兴达 [2] 3. 康达新材's power series products are undergoing strategic upgrades to meet customer application needs, aiming to enhance technical foundations and promote innovation in high-end manufacturing [2] 4. The company has received recognition from the China Astronaut Research and Training Center for its high-purity, electronic-grade epoxy resins used in aerospace applications [3] 5. 康达新材 is also involved in the development of advanced composite materials, including thermoplastic carbon fiber, targeting applications in the medical and automotive sectors [3] Additional Important Information 1. 康达新材 has a diverse product range in the adhesive sector, including epoxy, polyurethane, and acrylic adhesives, with nearly 180 product models tailored for consumer electronics [4] 2. The company is a state-owned enterprise, ultimately controlled by the Tangshan Municipal Government's State-owned Assets Supervision and Administration Commission [1] 3. 康达新材's products are being used in various high-profile projects, including applications in unmanned vehicles and robotics [2] 4. The company is positioned as a leading player in the domestic adhesive industry, focusing on R&D, production, and sales of electronic products related to electromagnetic compatibility [1] Conclusion 康达新材 is strategically positioned in the military and aerospace sectors, with ongoing efforts to innovate and expand its product offerings. The company's focus on high-tech materials and applications in emerging markets such as robotics and consumer electronics highlights its potential for growth and investment opportunities.

Group 1: Financial Performance - The company expects a revenue growth of over 10% in 2025 compared to 2024 [9] - In 2024, the company maintained a revenue growth rate of over 20%, but net profit saw a significant decline due to rising raw material prices and international shipping costs [1] - The first quarter of 2025 showed a recovery in gross margin and net profit margin, attributed to a decrease in raw material prices and international shipping costs [2] Group 2: Market Conditions - Raw material prices have been on an upward trend since Q4 2023, with expectations of stabilization and decline by Q4 2024 [3] - International shipping costs surged from Q2 2024 but have started to decline, although they have not yet returned to the levels of the previous year [3] - The company faces risks of fluctuating raw material and shipping prices due to international political and economic conditions [3] Group 3: Strategic Planning - The company has a long-term plan to expand into the North American market, supported by its production base in Poland and ongoing construction in Malaysia [4] - The company is enhancing its global supply chain to improve its ability to respond to international trade barriers [4] - The company has implemented measures to improve cash flow, resulting in a positive cash flow in Q1 2025 [5] Group 4: Market Opportunities - The market for hygiene hot melt adhesives is expected to grow significantly, particularly in emerging markets with low penetration rates [6] - The company holds a strong market share domestically but has substantial growth potential in overseas markets, especially among the top ten global hygiene product manufacturers [6] Group 5: Production Capacity - Current production capacities include 120,000 tons at the Guangzhou headquarters, 87,500 tons at the Xian Village factory, and 61,000 tons in Poland, with a planned capacity of 60,000 tons in Malaysia [7][8] - The company is strategically managing production across its global facilities rather than focusing solely on individual factory utilization rates [8] Group 6: Shareholder Returns - The company is committed to enhancing its governance structure and ensuring shareholder rights while implementing a profit distribution policy based on operational performance [10]

Core Viewpoint - The company is optimistic about the growth potential in the photovoltaic adhesive sector despite facing challenges in the first quarter, and it is implementing strategies to enhance product performance and cost competitiveness [1] Group 1: Company Performance - The company reported that its photovoltaic adhesive business continues to grow, with ongoing optimization of product structure and R&D upgrades [1] - In the first quarter, the company experienced a recovery in the profitability of its silicone adhesive business due to price adjustments in response to rising raw material costs [1] Group 2: Industry Outlook - The company anticipates that if the prices of upstream silicone stabilize and recover, the gross margin and profits from its photovoltaic business may continue to improve throughout the year [1] - The photovoltaic industry is currently facing challenges such as cyclical fluctuations in raw material prices, export limitations, and increased competition, which are compressing profit margins [1] Group 3: Strategic Measures - The company plans to implement cost reduction and efficiency enhancement measures, closely monitor raw material price trends, and adjust procurement cycles to mitigate risks associated with price fluctuations [1] - The company aims to maintain its market share and leadership position by leveraging its stable supply capabilities, strong brand influence, and comprehensive service capabilities [1] - The company will also strengthen its management of receivables to reduce credit risk [1]

Core Viewpoint - The company, Huaitian New Materials, has established a strong competitive barrier over 40 years in the adhesive industry, maintaining leadership in four key sectors: automotive, electronics, photovoltaics, and packaging, while actively pursuing high-end and green transformation for future growth [1][2]. Group 1: Industry Leadership and Competitive Advantages - Huaitian New Materials is the largest domestic enterprise in the engineering adhesive industry, with a rich variety of products and extensive application fields [2]. - The company has invested CNY 196 million in R&D for 2024, a 9.3% increase year-on-year, with 49 key projects underway and an 80% project completion rate [2]. - The company holds 215 authorized patents, including 163 invention patents, and has participated in drafting numerous national and industry standards [2][3]. Group 2: Business Performance and Growth - The company has maintained a strong market position in the photovoltaic sector, with a supply share of over 40% among core customers and a 16% year-on-year increase in photovoltaic silicone sales [5]. - In the electronics sector, the company achieved a sales revenue of CNY 600 million in 2024, a 9.54% increase, with significant growth in automotive electronics sales, which rose by approximately 70% [6]. - The automotive sector saw sales revenue of CNY 990 million, a 36.73% increase, with over 50% growth in sales volume [7]. - The packaging business generated approximately CNY 388 million in revenue, a 21.87% increase, with a 3.8 percentage point rise in gross margin [7]. Group 3: Future Growth and Strategic Initiatives - The adhesive industry in China is expected to continue growing, driven by demand in emerging sectors like new energy vehicles and photovoltaics, as well as the upgrade of traditional sectors [9]. - The company is focusing on digital transformation and green upgrades to enhance operational efficiency and reduce environmental impact [10]. - Huaitian New Materials is also pursuing investment and acquisition opportunities to strengthen its competitive position and expand its product offerings [10].

Group 1: Company Performance Overview - In 2024, the company achieved a revenue of CNY 3.989 billion, a year-on-year increase of 2.23%, with a net profit of CNY 659.1 million, reflecting a decline due to intensified competition in the photovoltaic industry [1] - In Q1 2025, the company reported a revenue of CNY 1.071 billion, a year-on-year growth of 10.49%, and a net profit of CNY 81.54 million, up 2.73% [2] Group 2: Business Segment Performance - The electronic adhesive business saw significant growth, particularly in consumer and automotive electronics, contributing to overall revenue increases [2] - The photovoltaic silicone sales improved, with a recovery in gross margin, leading the industry [2] Group 3: Challenges and Responses - The decline in net profit in 2024 was primarily due to increased competition and a 58% year-on-year drop in sales of photovoltaic backsheet products, alongside a CNY 39.92 million impairment on related assets [3] - The company plans to enhance cost efficiency and closely monitor raw material price fluctuations to mitigate risks [5] Group 4: Future Outlook and Strategies - The company aims to increase R&D investment and digital transformation efforts to strengthen core competitiveness and achieve 2025 operational goals [2] - The transportation sector's growth is driven by the surge in demand for electric vehicles and new product breakthroughs, with stable growth expected in the coming years [6] Group 5: Capital Expenditure and Production Capacity - Major capital expenditure projects include the lithium battery negative electrode glue phase II project and the construction of an intelligent warehouse in Xiangyang [7] - The Guangzhou factory has a production capacity of approximately 39,300 tons per year, with a utilization rate expected to remain high at around 75% in 2025 [8]