伴随风电行业向高端化、深远海加速迭代，惠柏新材（301555）作为国内风电叶片环氧树脂龙头，以其 深厚的技术和丰富产品线为发展赋能，在上半年复杂市场中依然实现了营收与净利的稳健双增长。 8月26日晚，惠柏新材(股票代码：301555.SZ)正式发布2025年半年度业绩报告。今年上半年，惠柏新材 实现营业收入10.15亿元，同比增长98.18%；实现归属于上市公司股东的净利润3320.47万元，同比大幅 增长844.33%；扣非后归母净利润达3097.82万元，同比增长546.94%。继一季度强势开局后，公司再度 交出营收与净利润双双高增长的成绩单，显示出强劲的经营韧性和成长动能。 业绩高增长主要源于主营业务产品销量的全面提升。其中，风电叶片用环氧树脂持续贡献核心增量，上 半年实现销售收入8.31亿元，同比增长超124%，继续保持行业领先地位；新型复合材料用环氧树脂实 现营收1.40亿元，同比增长逾41%。上述两大业务板块协同发力，共同推动公司整体规模与盈利水平迈 上新台阶。 聚焦风电高端化与深远海趋势，龙头地位持续巩固 2025年以来，国内风电行业在经历价格竞争与结构优化后，持续向高端化、大型化和深远海方向发 ...

格隆汇8月26日丨惠柏新材(301555.SZ)公布半年度报告，报告期内，公司实现主营业务收入101,243.68 万元，同比增长98.42%，实现归属上市公司股东净利润3,320.47万元，同比增长844.33%。报告期内， 公司业绩增长的主要原因为：风电叶片用环氧树脂实现营业收入83,122.19万元，同比增加124.81%、新 型复合材料用环氧树脂实现营业收入13,950.34万元，同比增长41.89%。 ...

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 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].

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 Material Technology (Shanghai) Co., Ltd. is set to undergo a crucial IPO review on June 13, aiming to raise 694 million yuan for high-end adhesive and resin systems production, as well as debt repayment [1] Group 1: Company Overview - Established in 2015, Daoshengtianhe focuses on high-performance thermosetting resin materials, with three main product lines: wind turbine blade materials, new composite materials, and adhesives for electric vehicles and industrial applications [2] - The wind turbine blade materials series is the primary revenue source, contributing nearly 80% of revenue in 2024, with epoxy resin for wind turbine blades accounting for 65.62% of total revenue [2][3] Group 2: Market Position and Competition - Daoshengtianhe is one of the largest global producers of epoxy resin for wind turbine blades, leading in sales for three consecutive years from 2022 to 2024, while ranking second in domestic sales of structural adhesives [8] - The company has a high customer concentration, with the top five customers accounting for 71.94%, 68.44%, and 68.19% of total revenue from 2022 to 2024 [8][11] Group 3: Financial Performance - Revenue figures for Daoshengtianhe from 2022 to 2024 are 3.436 billion yuan, 3.202 billion yuan, and 3.238 billion yuan, respectively, with net profits of 110 million yuan, 155 million yuan, and 155 million yuan [12] - The average selling price of wind turbine blade epoxy resin has decreased from 25,340.22 yuan/ton in 2022 to 14,818.79 yuan/ton in 2024, with a significant drop of 32.52% in 2023 [15][17] Group 4: Future Prospects - The company plans to utilize 559 million yuan of the IPO proceeds to establish a production capacity of 56,000 tons for high-end adhesives and resin systems, targeting growth in wind energy and electric vehicle sectors [17] - Despite current underutilization in the electric vehicle adhesive segment, with a capacity utilization rate of 78.65% in 2024, the company anticipates benefiting from the global wind energy market growth and expanding its overseas market share [18]

Group 1: Research Basic Information - Research object: Huibo New Materials [17] - Industry: Not specified - Reception time: May 15, 2025 [17] - Company reception staff: Director and General Manager Kang Yaolun, Director, Deputy General Manager and Board Secretary Shen Fei, Independent Director Shen Jinxia, Financial Controller Xu Hui, and Sponsor Representative Zhang Yu [17] Group 2: Detailed Research Institutions - Institutions: Investors participating in the company's 2024 online performance briefing [20] Group 3: Main Content Company's Financial Performance - In Q1 2025, the company achieved an operating income of 493 million yuan, a year - on - year increase of 148.09%, and a net profit attributable to the parent of 8.8192 million yuan, a year - on - year increase of 283.16% [24][34] - In 2024, the company's operating income was 1.4200436 billion yuan, a year - on - year increase of 3.04%. Among them, the operating income of epoxy resin for wind turbine blades was 1.0958113 billion yuan, a year - on - year decrease of 2.39%; the operating income of epoxy resin for new composite materials was 234.3679 million yuan, a year - on - year increase of 32.84%; the operating income of epoxy resin for electronic and electrical insulation encapsulation was 86.4191 million yuan, a year - on - year increase of 13.96%. The sales volume of all three major product categories increased [30] Company's Market Position - The company has a certain brand reputation in the special formula modified epoxy resin industry, especially in the wind turbine blade field, and has long provided products for many large wind power manufacturers [28] Product Application - The company's new composite material epoxy resin products can be applied to various sports equipment, robot arms, drones, automotive lightweight materials and other fields. The company is actively developing new products, new customers and new markets, and expanding new application scenarios and fields for new composite material products [29] Project and Capacity - The company's Zhuhai project was capped in September 2024. After completion, it is expected to form an annual production capacity of 82,000 tons of new electronic special materials, and the annual output after the first - phase production is 60,200 tons. The project also layouts new products such as high - end LED packaging materials, electronic - grade resin products, and functional high - purity solid epoxy resin [31] Technology and Patents - As of the end of 2024, the company had 90 patent certificates, including 26 invention patents and 64 utility model patents [39][40] Industry Outlook - Driven by the "carbon neutrality" goal and the global trend of far - reaching sea wind power development, the long - term development trend of the wind power industry is positive, and there is still broad market space in the future [26][37] Company's Response to Industry Changes - The company is actively developing new products, new customers and new markets, expanding new application scenarios and fields for new composite material products, continuously improving the performance of epoxy resin products for electronic and electrical insulation encapsulation, researching and developing other product series formulas, and actively deploying and developing overseas markets [37] Market Value Management - The company attaches great importance to market value management. In the future, it will continue to focus on its main business, improve its operating level and profitability, do a good job in investor relations management, enhance the quality and transparency of information disclosure, and continuously improve enterprise value and shareholder returns [38]

Financial Performance - In Q1 2025, the company achieved a revenue of 493 million CNY, representing a year-on-year increase of 148.09% [9] - The net profit attributable to shareholders for Q1 2025 was 8.82 million CNY, showing a significant growth of 283.16% compared to the previous year [9] - For the full year 2024, the company reported a total revenue of 1.42 billion CNY, with a year-on-year growth of 3.04% [6] Product Performance - Revenue from wind turbine blade epoxy resin in 2024 was 1.10 billion CNY, a decrease of 2.39% year-on-year [6] - Revenue from new composite material epoxy resin reached 234 million CNY, increasing by 32.84% year-on-year [6] - Revenue from electronic insulation packaging epoxy resin was 86.42 million CNY, with a year-on-year increase of 13.96% [6] Market Position and Strategy - The company has established a strong brand presence in the specialty modified epoxy resin industry, particularly in the wind turbine blade sector [4] - The company is actively developing new products and exploring new markets to expand the application of composite materials [5] - The Zhuhai factory project is expected to achieve an annual production capacity of 82,000 tons of new electronic materials, with an initial output of 60,200 tons [8] Industry Outlook - The wind power industry is expected to continue its growth trajectory driven by carbon neutrality goals, with significant global installation capacity anticipated [3] - The company is focusing on the development of high-end LED packaging materials and functional high-purity solid epoxy resins to enhance its product portfolio [7] Challenges and Responses - The company acknowledges that stock price fluctuations are influenced by various factors, including macroeconomic conditions and industry policies [8] - The company is committed to improving operational management and enhancing investor relations to address market volatility [12] Innovation and Technology - As of the end of 2024, the company holds 90 patent certificates, including 26 invention patents and 64 utility model patents [12]

Core Viewpoint - The company, Huibei New Materials, reported a significant increase in revenue and profit in both its 2024 annual report and 2025 Q1 report, driven by strong market demand for its epoxy resin products, particularly in the wind power sector [1][2][3]. Financial Performance - In 2024, the company achieved a revenue of 1.42 billion yuan, a year-on-year increase of 3.04% [1] - The revenue from epoxy resin for wind turbine blades was 1.096 billion yuan, while new composite materials and electronic insulation epoxy resin generated revenues of 234 million yuan and 86 million yuan, reflecting increases of 32.84% and 13.96% respectively [1] - In Q1 2025, the company reported a revenue of 493 million yuan, a remarkable year-on-year growth of 148%, and a net profit of 8.82 million yuan, marking a turnaround from losses [1][3]. Market Position and Product Development - Huibei New Materials is a leading player in the specialty modified epoxy resin sector, with a strong focus on wind power applications [2] - The company has established a solid customer base, including major domestic wind turbine manufacturers, and has received positive feedback for its products [2] - The company has expanded its product line to include various types of epoxy resins, which has contributed to steady revenue growth [3]. Industry Trends - The deep-sea wind power sector is expected to become a key growth area, with government initiatives promoting floating offshore wind projects [4] - China is projected to maintain its leadership in offshore wind power, with new installed capacity expected to exceed 4 GW in 2024, accounting for over 50% of the global market share [4] - The domestic wind power market is anticipated to reach new highs, with new installations expected to hit 110 GW to 120 GW in 2025 [4]. Capacity Expansion - The company is accelerating its capacity expansion to meet rising market demand, with a new factory in Zhuhai set to produce 82,000 tons of new electronic materials annually [5] - The Zhuhai project, with an investment of approximately 400 million yuan, will also introduce high-end LED packaging materials and functional high-purity solid epoxy resins [5] - The growth in demand for core products in wind power, electronic components, and transportation is expected to further enhance the company's growth potential [5].

惠柏新材料科技（上海）股份有限公司 首次公开发行股票并在创业板上市发行公告 保荐人（主承销商）：东兴证券股份有限公司 特别提示 惠柏新材料科技（上海）股份有限公司（以下简称"惠柏新材"、"发行人"或 "公司"）根据中国证券监督管理委员会（以下简称"中国证监会"）颁布的《证 券发行与承销管理办法》（证监会令[第 208 号]）（以下简称"《管理办法》"）、 《首次公开发行股票注册管理办法》（证监会令[第 205 号]），深圳证券交易所 （以下简称"深交所"）发布的《深圳证券交易所首次公开发行证券发行与承销业 务实施细则》（深证上[2023]100 号）（以下简称"《业务实施细则》"）、《深 圳市场首次公开发行股票网上发行实施细则》（深证上[2018]279 号）（以下简 称"《网上发行实施细则》"）、《深圳市场首次公开发行股票网下发行实施细则 （2023 年修订）》（深证上[2023]110 号）（以下简称"《网下发行实施细则》"）， 中国证券业协会（以下简称"证券业协会"）发布的《首次公开发行证券承销业务 规则》（中证协发[2023]18 号）、《首次公开发行证券网下投资者管理规则》（中 证协发[2023]1 ...