[Table_Title] 证券研究报告 / 公司动态报告 风险提示：电子业务进展不及预期；盈利预测与估值判断不及预期 | [Table_Finance] 财务摘要（百万元） | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 1,559 | 1,885 | 2,285 | 2,626 | 3,055 | | (+/-)% | 10.23% | 20.94% | 21.22% | 14.93% | 16.31% | | 归属母公司净利润 | 57 | 67 | 82 | 103 | 123 | | (+/-)% | 872.76% | 18.50% | 22.96% | 24.43% | 19.56% | | 每股收益（元） | 0.24 | 0.26 | 0.28 | 0.35 | 0.42 | | 市盈率 | 46.92 | 34.77 | 57.47 | 46.18 | 38.63 | | 市净率 | 2.27 | 1.78 | 2.95 | 2.74 | 2.56 | | 净资 ...

Core Viewpoint - Daoshengtianhe Material Technology (Shanghai) Co., Ltd. has successfully passed the IPO review on the Shanghai Stock Exchange, aiming to raise funds for debt repayment despite having substantial cash reserves [1][3][31]. Company Overview - Daoshengtianhe focuses on the research, production, and sales of new materials, with three main product lines: materials for wind turbine blades, resins for new composite materials, and adhesives for electric vehicles and industrial applications [2][6]. Financial Position - As of the end of 2024, the company reported cash reserves of 856 million yuan and short-term loans of 196 million yuan, yet plans to use 135 million yuan from the IPO proceeds to repay bank loans [3][29]. - The company’s revenue for the years 2022 to 2024 was 3.436 billion yuan, 3.202 billion yuan, and 3.238 billion yuan, with year-on-year growth rates of 9.89%, -6.81%, and 1.13% respectively [15][17]. - Net profit attributable to the parent company for the same period was 110 million yuan, 155 million yuan, and 155 million yuan, with growth rates of 30.08%, 40.12%, and 0.01% respectively [16][17]. Ownership and Control - The controlling shareholder is Yicheng Industrial, holding 47.55% of the shares, while the actual controllers are the couple Ji Gang and Zhang Ting, who collectively control 60.47% of the shares [7][10]. Legal and Compliance Issues - The company has faced litigation due to equity holding disputes, which raises concerns about the stability of its ownership structure [4][13]. - There are ongoing questions regarding the compliance of related-party transactions, particularly concerning significant financial support received by Ji Gang from his mother [11][14]. Research and Development - Daoshengtianhe's R&D expenses for 2022, 2023, and 2024 were 94.07 million yuan, 102 million yuan, and 87.69 million yuan, representing 2.74%, 3.18%, and 2.71% of revenue, respectively [19][20]. - The company holds 63 patents, including 32 invention patents, but the innovation level is questioned due to the reliance on acquired patents [20][21]. Customer and Credit Policy - Major clients include China National Materials, Times New Materials, and Sany Wind Power, with accounts receivable levels of 1.257 billion yuan, 1.030 billion yuan, and 1.109 billion yuan, accounting for 36.60%, 32.18%, and 34.24% of revenue [21][23]. - The company has applied for exemptions on disclosing credit terms for accounts receivable, which raises concerns about its credit policy compared to peers [21][22]. Cash Flow and Dividends - The company reported negative operating cash flow for 2022 and 2023, with net cash flows of -355 million yuan and -37.73 million yuan, respectively [23][24]. - Despite cash flow issues, significant dividends were distributed to the controlling shareholders, totaling 90 million yuan in 2022 and 2023 [26][31].

Core Viewpoint - Daoshengtianhe Materials Technology (Shanghai) Co., Ltd. has successfully passed its IPO review and plans to raise 694 million yuan by issuing up to 58.62 million shares, despite facing financial and governance concerns [3][4]. Financial Performance - Daoshengtianhe's revenue from 2022 to 2024 is projected to be 34.36 billion yuan, 32.02 billion yuan, and 32.38 billion yuan, indicating a slight downward trend, while net profit is expected to rise from 1.08 billion yuan to 1.55 billion yuan, showing a growth of 40.74% from 2022 to 2023 [7][9]. - In the first quarter of 2025, the company reported a revenue of 8.35 billion yuan, a significant increase from 5.01 billion yuan in the same period of 2024, with a net profit of 299.84 million yuan, up 93.5% year-on-year [8][9]. Product and Market Position - Daoshengtianhe specializes in high-performance thermosetting resins and composite materials, with its main products including epoxy resins for wind turbine blades, which accounted for 65.62% of total revenue in 2024 [4][5]. - The company holds a leading position in the epoxy resin market for wind turbine blades, ranking first globally in sales for three consecutive years [4][5]. Governance and Cash Flow Issues - The company has faced scrutiny over its "clearing-style" dividends, having distributed a total of 310 million yuan in dividends from 2020 to 2023, despite negative operating cash flows totaling nearly 800 million yuan during the same period [9][10]. - Daoshengtianhe's accounts receivable were significant, amounting to 1.107 billion yuan, 978 million yuan, and 1.046 billion yuan from 2022 to 2024, raising concerns about cash flow management [10][11]. Customer and Supplier Concentration - The company has a high concentration of sales to its top five customers, which accounted for 71.94%, 68.44%, and 68.19% of total revenue from 2022 to 2024 [11][12]. - Similarly, purchases from the top five suppliers represented 69.60%, 60.84%, and 50.61% of total raw material procurement during the same period [11][12].

Core Viewpoint - Daoshengtianhe Material Technology (Shanghai) Co., Ltd. is set to raise 694 million yuan through its IPO, focusing on the development, production, and sales of new materials, particularly in the renewable energy sector [1]. Group 1: Company Overview - Daoshengtianhe is a national high-tech enterprise specializing in high-performance thermosetting resin materials, including epoxy resin, polyurethane, acrylic, and organic silicon [1]. - The company offers a comprehensive range of differentiated new material solutions for various sectors, including wind energy, new energy vehicles, and industrial adhesives [1]. Group 2: Product Development and Applications - The company has developed new composite resin materials applicable in various fields such as rail transportation and construction, serving clients like BYD, GAC Group, and Geely [2]. - The product lines include wind turbine blade epoxy resins and structural adhesives, with significant market positions, ranking first globally in wind blade epoxy resin sales from 2022 to 2024 [1][2]. Group 3: Financial Performance - Revenue figures for Daoshengtianhe are projected at approximately 3.436 billion yuan for 2022, 3.202 billion yuan for 2023, and 3.238 billion yuan for 2024, with net profits of about 108 million yuan, 152 million yuan, and 155 million yuan respectively [2]. - As of December 31, 2024, total assets are expected to reach approximately 3.878 billion yuan, with a debt-to-asset ratio of 44.63% [3]. Group 4: Research and Development - The company invests around 2.71% of its revenue in research and development, indicating a commitment to innovation and product development [3].

Core Viewpoint - Daoshengtianhe Materials Technology (Shanghai) Co., Ltd. has received approval for its IPO, aiming to raise 694 million yuan, down from the initially planned 800 million yuan [1][4]. Group 1: IPO Details - The company plans to use the raised funds primarily for expanding production capacity in new energy adhesives and for repaying bank loans [8][10]. - The updated project scope includes a reduction in the planned production capacity for new energy adhesives from 48,000 tons to 37,000 tons, while increasing the capacity for high-performance composite resin systems from 20,000 tons to 19,000 tons [10][11]. Group 2: Financial Performance - The company reported fluctuating revenues from 2020 to 2024, with total revenues of 3.332 billion yuan in 2020, 3.127 billion yuan in 2021, 3.436 billion yuan in 2022, 3.212 billion yuan in 2023, and 3.238 billion yuan in 2024 [12][13]. - The net profit showed a decline in 2021 but has since increased, with a notable slowdown in growth for 2024 [12][13]. Group 3: Product Segmentation and Market Focus - The company specializes in high-performance thermosetting resin materials, with a significant focus on wind power and new energy vehicles [6][9]. - In 2022, products for wind turbine blades accounted for approximately 80% of the main business revenue, while new energy vehicle adhesives increased from less than 2% in 2021 to 6.20% in 2024 [6][9]. Group 4: Regulatory Scrutiny and Risks - The company faced multiple inquiries from regulators regarding the stability of its financial performance, particularly concerning the declining gross margins of its main products [5][19]. - Concerns were raised about the execution of historical settlement agreements involving the company's actual controller, which could impact governance and operational stability [20][21].

Core Viewpoint - Daoshengtianhe Material Technology (Shanghai) Co., Ltd. has successfully passed the IPO review, focusing on high-performance thermosetting resin materials, particularly in the renewable energy sector [1][4]. Company Overview - Daoshengtianhe is a national high-tech enterprise dedicated to the research, production, and sales of new materials, with a product range including epoxy resins, polyurethanes, acrylics, and organosilicon [4]. - The company offers differentiated and refined solutions for various sectors, including wind energy, new energy vehicles, energy storage, hydrogen energy, aerospace, oil and gas extraction, and power generation [4]. Market Position - In the global wind blade material market, Daoshengtianhe competes with major players such as Vestas, Hexion, and others, and is gradually increasing its market share internationally while leading in domestic sales [4]. - The company ranks first globally in the sales volume of wind blade epoxy resin series from 2022 to 2024, with a sales volume of 143,100 tons in 2024 [5]. Product Development - Daoshengtianhe has achieved full coverage of mainstream wind turbine blade types with its epoxy resin products and is expanding its product applications into various fields, including rail transportation and construction materials [5][6]. - The company is also focusing on high-performance industrial adhesives, leveraging its entry into the new energy vehicle adhesive market to enhance its competitive edge [4]. Financial Performance - The company reported revenues of 3.202 billion yuan, 3.238 billion yuan, and 835 million yuan for the years 2023, 2024, and the first quarter of 2025, respectively, with net profits of 155 million yuan, 155 million yuan, and 31.08 million yuan [6]. IPO Details - Daoshengtianhe plans to raise 694 million yuan through its IPO to fund a project for producing 56,000 tons of high-end adhesives and high-performance composite resin systems, as well as to repay bank loans [7].

二、控股股东、实际控股人 公司控股股东为易成实业，实际控制人为季刚、张婷夫妻二人。易成实业直接持有公司47.55%的股份，季 刚、张婷通过易成实业间接控制公司47.55%的股份，季刚通过上海桐梵、上海桐元、衢州桐新分别控制公 司5.69%、4.96%、2.27%的股份，季刚、张婷合计控制公司60.47%的股份。 三、报告期业绩 文/梧桐数据中心 6月13日，道生天合材料科技（上海）股份有限公司主板IPO申请获得上交所上市委审核通过。 单位：万元 道生天合 是一家致力于新材料的研发、生产和销售的国家级高新技术企业，公司产品围绕环氧树脂、聚氨 酯、丙烯酸酯和有机硅等高性能热固性树脂材料，形成了风电叶片用材料、新型复合材料用树脂和新能源 汽车及工业胶粘剂三大系列产品。公司控股股东为易成实业，直接持有公司47.55%的股份；季刚、张婷夫 妻二人合计控制公司60.47%的股份，为公司实际控制人。报告期内，公司营业收入分别为343,562.26万元、 320,170.27万元和323,800.31万元，扣非归母净利润分别为10,397.12万元、13,281.05万元和13,575.37万元。 一、基本信息 公司是一家致 ...

Company Overview - Daosheng Tianhe is one of the largest producers of epoxy resin for wind turbine blades globally, with projected revenue exceeding 3.2 billion yuan in 2024 [1][8] - The company has a high concentration of customers and significant accounts receivable, raising operational concerns [1][22] Financial Performance - Daosheng Tianhe has distributed a total of 250 million yuan in cash dividends over the past three years, while also planning to raise funds for bank loan repayment [8][9] - The company's revenue for 2022, 2023, and 2024 is approximately 3.436 billion yuan, 3.202 billion yuan, and 3.238 billion yuan respectively, with net profits of about 108 million yuan, 152 million yuan, and 155 million yuan [20][21] Product and Market Position - Over 70% of the company's revenue comes from materials used in wind turbine blades, with a high supplier concentration [11][18] - Daosheng Tianhe's products include epoxy resin, polyurethane, and other high-performance thermosetting resin materials, primarily serving the wind power and new energy vehicle sectors [12][15] Industry Context - The global wind power industry has seen significant growth, with a compound annual growth rate of 7.83% from 2015 to 2023, and is expected to maintain a 9.4% growth rate from 2024 to 2028 [26][28] - China and the United States are the largest markets for wind power installations, accounting for over 60% of global new installations in 2023 [28] Competitive Landscape - Daosheng Tianhe has been the top seller of wind turbine blade epoxy resin globally for three consecutive years, but faces intense competition from both domestic and international players [32] - The company’s gross margin has fluctuated due to increased price competition in the domestic market [32]

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].

Core Viewpoint - Daoshengtianhe Materials Technology (Shanghai) Co., Ltd. is set to go public on June 13, aiming to raise 694 million yuan for projects related to high-end adhesives and composite materials for new energy and power batteries, as well as to repay bank loans [1] Group 1: Company Overview - Established in 2015, Daoshengtianhe initially focused on importing wind turbine blade materials but has since transitioned to self-research and development, specializing in high-performance thermosetting resin materials [2] - The company has achieved a 99.96% self-produced product ratio, with its core wind power products covering key raw materials for blade manufacturing, which account for over 56% of the wind turbine blade cost [2][3] - Daoshengtianhe has become one of the largest producers of epoxy resin for wind turbine blades globally, with its products recognized for quality and performance [3] Group 2: Financial Performance - The company reported revenues of 3.436 billion yuan in 2022, 3.202 billion yuan in 2023, and 3.238 billion yuan in 2024, with a notable increase in revenue from the new energy vehicle and industrial adhesive business, growing from 58.63 million yuan in 2022 to 200.22 million yuan in 2024 [4] - The gross profit margin improved from 10.77% in 2022 to 11.58% in 2024, indicating enhanced profitability, with net profits of 108 million yuan, 152 million yuan, and 155 million yuan during the same period [4] Group 3: Customer and Market Strategy - Daoshengtianhe has established strong partnerships with leading companies in the wind power sector, including major turbine manufacturers, ensuring a diversified customer base [5][6] - The company is expanding its market presence internationally, having achieved supplier certification with major global wind turbine manufacturers and actively pursuing opportunities in the Indian market [7] Group 4: Industry Trends and Policy Support - The Chinese wind power industry is experiencing rapid growth, with new installed capacity reaching 79.82 GW in 2024, representing 65.66% of global additions, supported by favorable green finance policies [8] - The government's long-term support for renewable energy development provides a solid foundation for the industry, with clear targets set for future wind power capacity [8] Group 5: Technological Advancements - Daoshengtianhe is focused on overcoming technological bottlenecks in high-performance polymer materials, particularly in carbon fiber applications, which are critical for the wind power and aerospace sectors [10] - The company has made significant progress in producing high-performance pultrusion resins for carbon fiber, supporting the trend towards larger wind turbines and achieving aviation-grade certification for its carbon fiber prepreg products [10]