证券研究报告 | 公司深度报告 2025 年 08 月 26 日 道恩股份（002838.SZ） DVA 成功在即，机器人仿真皮肤弹性体技术突破 周期/化工 强烈推荐（维持） 公司发布 2025 年半年报，2025 年上半年实现营业收入 28.81 亿元，同比增长 24.08%；实现归属于上市公司股东的净利润 8404.47 万元，同比增长 25.80%； 实现归属于上市公司股东的扣除非经常性损益的净利润 7936.58 万元，同比增 长 41.69%。 目标估值：NA 当前股价：28.2 元 基础数据 | 总股本（百万股） | 478 | | --- | --- | | 已上市流通股（百万股） | 421 | | 总市值（十亿元） | 13.5 | | 流通市值（十亿元） | 11.9 | | 每股净资产（MRQ） | 7.4 | | ROE（TTM） | 4.5 | | 资产负债率 | 45.0% | | 主要股东 | 道恩集团有限公司 | | 主要股东持股比例 | 41.4% | 股价表现 % 1m 6m 12m 绝对表现 25 120 245 相对表现 18 110 213 资料来源：公司数据、招商证 ...

Core Viewpoint - Daon Co., Ltd. has reported a recent decline in stock price and has completed tax payments that will impact its future net profit, while the company continues to show growth in its half-year earnings forecast [1] Group 1: Company Overview - Daon Co., Ltd. specializes in the production of modified plastics, thermoplastic elastomers, and color masterbatches, headquartered in Longkou City, Shandong Province [1] - The company was established in 2002, with its products primarily used in industries such as new energy vehicles, home appliances, and electronics [1] Group 2: Financial Performance - As of August 5, 2025, Daon Co., Ltd.'s stock price was reported at 23.83 yuan, reflecting a decrease of 0.17% from the previous trading day [1] - The trading volume for the day was 74,722 lots, with a transaction amount of 178 million yuan, and a price fluctuation of 2.68% [1] - The company announced the completion of a tax payment of 16.1476 million yuan, which is expected to affect the net profit attributable to shareholders for the year 2025 by the same amount [1] - The previously released half-year earnings forecast for 2025 indicated an expected net profit attributable to shareholders ranging from 78.1682 million yuan to 90.194 million yuan, representing a year-on-year growth of 17% to 35% [1] Group 3: Capital Flow - On August 5, 2025, the net outflow of main funds for Daon Co., Ltd. was 13.6761 million yuan, with a cumulative net outflow of 45.5614 million yuan over the past five days [1]

Steel Industry - The average daily crude steel output of key steel enterprises reached a four-month low in late May 2025, indicating a potential recovery in profitability to historical average levels due to the revised "Steel Industry Normative Conditions" by the Ministry of Industry and Information Technology [4] Copper Industry - COMEX copper inventory hit a new high since September 2018, while LME copper inventory reached a near 12-month low; trade conflicts have eased, leading to a rebound in copper prices, but demand risks remain as the market enters a seasonal lull [5] Basic Chemicals - The rise of the trendy toy industry is driving new consumer demand, with the market size of China's pan-entertainment toy market surpassing 100 billion yuan, expected to reach 212.1 billion yuan by 2029; this growth will benefit the color masterbatch and pigment industries [6] Public REITs - The total market value of public REITs surpassed 200 billion yuan for the first time, with a market value index of 113.91 as of June 6, 2025, reflecting a 19% increase since the end of 2024; the market is expected to continue growing steadily [8] New Energy and Environmental Protection - Recent policies related to the new power system are expected to lead to breakthrough developments, addressing renewable energy consumption issues through market-based pricing mechanisms and innovative supply models [9] Digital Currency and Web3 - The passage of the GENIUS Act in the U.S. Senate and the approval of the stablecoin regulation draft in Hong Kong are expected to catalyze the application of Real World Assets (RWA), creating new pathways for traditional finance to integrate into the digital economy [9] Sunac Services - Sunac Services is expected to experience stable growth as the impact from real estate associations diminishes, with a significant increase in sales amounting to 4.9 billion yuan in May 2025, a year-on-year increase of 128% [10]

Core Viewpoint - The rise of the潮玩 (trendy toys) industry in China is driving new consumer demand, benefiting the color masterbatch and pigment industries in the long term [2] Group 1:潮玩 Industry Growth - The潮玩 industry has seen significant growth, with the Chinese pan-entertainment toy market surpassing 100 billion yuan, projected to reach 101.8 billion yuan in 2024 and exceed 200 billion yuan by 2029, reaching 212.1 billion yuan [2] - The production of潮玩 products primarily involves plastic materials, where color masterbatches and pigments play a crucial role in coloring [2] Group 2: Color Masterbatch Market - Color masterbatch is a new type of polymer composite coloring material, with the global market size reaching 94.686 billion yuan in 2023, and China's market size at 37.041 billion yuan [3] - The global color masterbatch market is expected to grow to 129.834 billion yuan by 2029, with a CAGR of 5.21% from 2023 to 2029 [3] - The international color masterbatch market is characterized by monopolistic competition, with major players like Cabot Corporation and Clariant dominating the market [3] - China has become the largest producer of color masterbatches in Asia, with a low industry concentration and many small-scale enterprises [3] - As internationalization progresses, larger Chinese companies are beginning to compete in the global color masterbatch market, with recommendations to focus on Meilian New Materials and Baolidi [3] Group 3: Organic Pigment Market - The plastic industry is one of the three main application areas for organic pigments, with stable global production growth and a significant market share held by China [4] - The market for organic pigments is promising due to rigid downstream demand, but the capacity for classic organic pigments is nearing saturation, leading to price and margin declines [4] - High-performance organic pigments are emerging as a new trend in the industry, with a high technical barrier and dominated by global chemical giants like BASF and Clariant [4] - Domestic companies such as Qicai Chemical and Baihehua are among the few that possess core production technologies [4] - The tightening of environmental policies and the oversupply of classic organic pigments favor the development of high-performance organic pigments, benefiting industry leaders [4]

Investment Rating - The report maintains an "Overweight" rating for the basic chemical industry [4] Core Insights - The rise of the trendy toy industry in China is driving new consumer demand, benefiting the color masterbatch and pigment industries in the long term. The market for pan-entertainment toys has surpassed 100 billion yuan, expected to reach 101.8 billion yuan in 2024 and exceed 200 billion yuan by 2029, reaching 212.1 billion yuan [1][20] - The global color masterbatch market is projected to grow from 94.686 billion yuan in 2023 to 129.834 billion yuan by 2029, with a CAGR of 5.21% from 2023 to 2029. In 2023, China's color masterbatch market size reached 37.041 billion yuan [1][26][27] - The high-performance organic pigment market is expected to grow due to stricter environmental regulations and the saturation of classic organic pigment production capacity, with leading companies like BASF and Clariant dominating the international market [2][40] Summary by Sections Trendy Toy Industry - The trendy toy industry is emerging in China, leading to increased consumer demand and growth in the color masterbatch and pigment sectors. The market for pan-entertainment toys is projected to exceed 200 billion yuan by 2029 [1][20] Color Masterbatch - Color masterbatch is a new type of polymer composite coloring material, essential in the production of plastic products. The global market for color masterbatch is expected to grow significantly, with China becoming the largest producer in Asia [1][26][27] - The market is characterized by a low concentration of producers, with around 4,500 companies in China, and major players like Meilian New Materials and Baolidi are recommended for investment [27][28] Organic Pigments - The organic pigment market is expanding, particularly in high-performance pigments, which are gaining traction due to their superior properties and environmental compliance. The market is dominated by a few global leaders, while domestic companies like Baihehua and Qicai Chemical are positioned well for growth [2][39][40][45][46] - The demand for organic pigments is driven by the growth in downstream industries such as inks, coatings, and plastics, with a significant market share expected in the coming years [44]

Investment Rating - The report maintains an "Accumulate" rating for the basic chemical industry [4] Core Insights - The rise of the trendy toy industry in China is driving new consumer demand, benefiting the color masterbatch and pigment industries in the long term. The market for pan-entertainment toys has surpassed 100 billion yuan, expected to reach 101.8 billion yuan in 2024 and exceed 200 billion yuan by 2029 [1][20] - The global color masterbatch market is projected to grow from 94.686 billion yuan in 2023 to 129.834 billion yuan by 2029, with a CAGR of 5.21% from 2023 to 2029 [1][26] - High-performance organic pigments are becoming a new trend in the industry due to their superior properties and high technical barriers, with leading companies like BASF and Clariant dominating the international market [2][40] Summary by Sections Trendy Toy Industry - The trendy toy industry in China is experiencing significant growth, leading to increased demand for color masterbatches and pigments. The market is expected to grow from 101.8 billion yuan in 2024 to 212.1 billion yuan by 2029 [1][20] Color Masterbatch Industry - Color masterbatches are a new type of polymer composite coloring material, crucial for the production of plastic products. The global market for color masterbatches reached 94.686 billion yuan in 2023, with China accounting for 37.041 billion yuan [1][26] - The industry is characterized by a low concentration of firms, with around 4,500 companies in China, and major players like Meilian New Materials and Baolidi are gradually entering the international market [27][28] Organic Pigment Industry - The organic pigment market is expanding, with high-performance organic pigments gaining traction due to their superior durability and environmental compliance. The market is expected to benefit from stricter environmental regulations and the exit of smaller players [2][39] - Major domestic companies in the organic pigment sector include Baihehua and Qicai Chemical, which are focusing on high-performance products to capture market share [45][46]

Company Overview - Founded in 2002, Daon Co., Ltd. specializes in high-performance thermoplastic elastomers, modified plastics, color masterbatches, and polyester materials, with a focus on R&D, production, sales, and service [2] - The company has an annual production capacity of 500,000 tons for modified plastics, 90,000 tons for thermoplastic elastomers, 30,000 tons for color masterbatches, and 60,000 tons for copolyester materials [2] - Daon has established a comprehensive R&D system with four major platforms and nine production R&D bases, emphasizing innovation and collaboration with academia [2] Performance Growth Factors - The company's first-quarter performance growth was driven by a decrease in raw material prices, leading to lower production costs [3] - Strong growth in the automotive, home appliance, and electronics sectors, supported by government policies promoting product upgrades, contributed to record sales volumes [3] Acquisition Strategy - The acquisition of Daon Titanium Industry is aimed at enhancing synergy between the two companies, leveraging Daon Titanium's products in the inorganic chemical sector to complement Daon's polymer materials business [4] - The integration of high polymer new materials and titanium industries is expected to improve management efficiency and extend the industrial chain [4] Acquisition Progress - On April 28, the board approved the asset purchase and fundraising plan for the acquisition of Daon Titanium, with a shareholder meeting scheduled for May 16 to review the matter [5] Product Applications - Daon’s modified materials are utilized in robotics, including nylon and alloy materials for robotic arms, and elastic materials for bionic robots [6] - The company is actively developing high polymer composite materials for the robotics sector [6] Expansion Plans - Daon plans to expand its TPU and polyol projects, anticipating a growing market demand, with the domestic TPU market accounting for over 70% of global capacity [7] - The company aims to establish a phased production capacity of 100,000 tons of TPU and 60,000 tons of polyol to enhance its product chain and meet future market needs [7]

Core Insights - The color masterbatch market in Anhui is characterized by a balance of supply and demand, stable price increases, and technological innovation [2][3] Supply and Demand - Anhui, with its large population, has a high demand for various plastic products, leading to strong market demand for color masterbatches as additives [2] - The presence of numerous plastic product companies in Anhui further drives the demand for color masterbatches, contributing to market equilibrium [2] - A relatively low number of suppliers results in slight supply shortages, helping to maintain stable market prices [2] Price Trends - Recent years have seen a price increase in color masterbatches due to rising raw material and transportation costs [2] - Despite price hikes, strong market demand continues to expand the market size [2] - Anhui's lower production costs provide a competitive advantage compared to more developed regions, attracting more buyers and suppliers [2] Technological Innovation - Technological advancements have positively impacted the color masterbatch market, optimizing production processes and formulations [2] - The Anhui market has progressed from traditional single-color masterbatch products to multifunctional, high-value-added products, catering to diverse market needs [2] Future Outlook - The color masterbatch market in Anhui is expected to continue steady growth with the ongoing economic development in the region [3] - Increased market competition will drive suppliers to enhance technological innovation and develop more competitive products [3] - The continuous push from market demand is anticipated to lead to a brighter future for the Anhui color masterbatch market [3]

Group 1: Company Overview and Strategic Projects - The company is investing a total of 3 billion CNY in the first phase of the new energy and polymer materials industrialization project, which aims to produce 300,000 tons of color masterbatch, 600,000 tons of ferrous sulfate, 100,000 tons of water treatment agents, and 800,000 tons of sulfuric acid annually [3] - The project is strategically located in resource-rich areas, leveraging local cost advantages to create a circular economy system, thereby reducing overall production costs [3] - The project is expected to be completed by June 2026, enhancing the company's market competitiveness and profitability [3] Group 2: Product Development and Capacity - The company has established an annual production capacity of 200 tons for EX electronic materials, which are used in high-frequency copper-clad laminates for various advanced applications [3] - The company plans to expand its production capacity of sodium-ion battery materials, with a current capacity of 1,000 tons and an expected increase to 5,500 tons by the end of the year [5] - The company’s color masterbatch production capacity is approximately 130,000 tons, with a total capacity of 90,000 tons for melamine [8] Group 3: Market Growth and Industry Trends - The global market for melamine is projected to grow from 4.222 billion CNY in 2023 to 7.479 billion CNY by 2029, with a compound annual growth rate (CAGR) of 9.90% [6] - The global color masterbatch market is expected to increase from 94.686 billion CNY in 2023 to 129.834 billion CNY by 2029, reflecting a CAGR of 5.21% [6] - The sodium-ion battery market is anticipated to grow from approximately 500 million USD in 2023 to 610 million USD in 2024, with a five-year CAGR of 21.42% [6] Group 4: Competitive Advantages - The company has a complete investment layout across the sodium-ion battery supply chain, including cathode materials, separators, and battery systems, which enhances its competitive edge [5] - The company serves over 4,000 customers globally, covering more than 40 countries and 20 provinces in China, indicating a strong market presence [7] - The company has multiple national invention patents and high-tech products, continuously increasing R&D efforts to meet diverse customer needs [7]

Core Viewpoint - The launch of a new stock in the A-share market for color masterbatch companies signifies a major milestone for the industry and highlights its immense potential and prospects [2][4]. Industry Overview - Color masterbatch is a crucial plastic additive that incorporates pigments into resin, widely used in the production of plastic products to provide vibrant colors [2]. - The introduction of the new stock is expected to enhance the visibility and brand image of the color masterbatch industry, attracting more investor attention and funding [2][3]. Impact on Innovation - The new listing will provide a broader platform for technological innovation within the color masterbatch industry, attracting talent and promoting technological upgrades and transformations [2][3]. Competitive Landscape - The launch of the new stock will increase competition within the industry, as the strong financial and resource advantages of the listed company will encourage better competition and innovation among existing firms [3]. - This competitive environment is anticipated to make domestic color masterbatch products more popular and expand market share [3]. Investment Opportunities - The color masterbatch industry is viewed as an emerging sector with promising market prospects, providing investors with diverse options and opportunities to participate in industry development [3]. Challenges and Considerations - The industry faces challenges such as intense competition and price wars, necessitating companies to enhance innovation and market expansion to maintain competitive positions [3]. - Environmental sustainability and resource efficiency are critical issues that the industry must address, emphasizing the need for companies to incorporate sustainable practices in their operations [3].