Core Viewpoint - Daoshengtianhe Materials Technology (Shanghai) Co., Ltd. aims to become a global leader in new material solutions, focusing on technology innovation and market expansion while supporting China's "dual carbon" strategy [2][8]. Company Overview - Established in 2015, Daoshengtianhe specializes in the research, production, and sales of new materials, particularly high-performance thermosetting resin materials such as epoxy resin, polyurethane, acrylic ester, and organic silicon [4]. - The company offers three main product series: materials for wind turbine blades, resins for new composite materials, and adhesives for electric vehicles and industrial applications [4]. Market Position - Daoshengtianhe's epoxy resin products for wind turbine blades have achieved full coverage of mainstream wind turbine blade designs, with sales of 143,100 tons in 2024, making it the global leader in this category from 2022 to 2024 [4]. - The company's structural adhesives for wind turbine blades ranked second in China and third globally [4]. Product Development - The company continuously develops new products and expands their application fields, including new composite materials for various industries such as rail transportation and construction [5]. - Their adhesives for electric vehicles are widely used in critical components like motors, batteries, and electronic systems, with notable clients including BYD, GAC Group, and Geely [5]. Investment and Support - Daoshengtianhe has received significant investment from prominent firms such as Jingwei Venture Capital and Junlian Capital, which believe in the company's potential to become a global leader in the new materials sector [6][7]. - The company is recognized for breaking international monopolies in wind power materials and is expected to continue leading industry innovation and development [7][8].

Core Viewpoint - Daoshengtianhe has established itself as a leading global producer of epoxy resin for wind turbine blades, while also making significant strides in sectors such as new energy vehicles, energy storage, hydrogen energy, aviation, and electricity [1][2]. Company Overview - Founded in 2015, Daoshengtianhe is a national high-tech enterprise focused on the research, production, and sales of high-performance thermosetting resin materials, primarily based on epoxy resin, polyurethane, acrylic, and organic silicon [1][2]. Market Position - Daoshengtianhe is recognized as one of the largest producers of epoxy resin for wind turbine blades globally, with its "wind turbine blade epoxy resin series" sales ranking first worldwide from 2022 to 2024 [2]. - The company has also achieved second place domestically and third place globally in the sales of "wind turbine blade structural adhesives" during the same period [2]. Financial Performance - The company's revenue figures for 2022, 2023, 2024, and the first half of 2025 are 3.436 billion, 3.202 billion, 3.238 billion, and 1.785 billion yuan respectively, with self-produced wind turbine blade epoxy resin contributing 2.436 billion, 2.144 billion, 2.120 billion, and 1.223 billion yuan [3]. Technological Innovation - Daoshengtianhe emphasizes research and development, having accumulated significant technical expertise in modified epoxy resin products and expanding into new composite materials and industrial adhesives [3][4]. - The company holds 69 patents, including 38 invention patents, and has consistently increased its R&D investment over the years [4]. Diversification Strategy - The company has rapidly entered the new energy vehicle sector, achieving sales growth rates of 145.80% and 240.65% for its new energy vehicle and industrial adhesive products in 2022 and 2023 respectively [5]. - Daoshengtianhe aims to diversify its product offerings across various sectors, including photovoltaic, electricity, hydrogen energy, and energy storage, enhancing its profitability and market reach [5][6]. Future Development Plans - The funds raised from the upcoming IPO will be allocated to projects such as the annual production of 56,000 tons of high-end adhesives and high-performance composite resin systems, as well as repaying bank loans [6]. - The company anticipates that the IPO will broaden financing channels, enhance brand influence, and improve governance structures, thereby attracting high-end talent [6][7].

Company Overview - The company, Daoshengtianhe, is a leading supplier in the global wind turbine blade material sector, with its epoxy resin and structural adhesive for wind blades holding the first and third largest market shares globally in 2024 respectively [2] - The company has achieved full coverage of mainstream wind turbine blade types with its epoxy resin products, effectively replacing imports and expanding into new application areas such as photovoltaics, consumer electronics, and semiconductors [2] - In the new energy vehicle and industrial adhesive sectors, the company has received certifications from major clients like BYD and FAW-Volkswagen, and is actively pursuing certifications from Tesla and CATL [2] Financial Performance - The company reported revenues of 3.436 billion yuan, 3.202 billion yuan, and 3.238 billion yuan for the years 2022, 2023, and 2024 respectively, with year-on-year growth rates of 9.89%, -6.81%, and 1.13% [3] - The net profit attributable to shareholders for the same years was 110 million yuan, 155 million yuan, and 155 million yuan, with growth rates of 30.08%, 40.12%, and 0.01% [3] - For the first three quarters of 2025, the company achieved a revenue of 2.698 billion yuan, a year-on-year increase of 26.92%, and a net profit of 153 million yuan, up 56.89% from the previous year [3] IPO Details - The company’s IPO involves an initial issuance of 13.188 million shares, raising approximately 789 million yuan [4] - The raised funds will be allocated to a project for producing high-end adhesives and composite resin systems, with a total investment of 571 million yuan, and 135 million yuan will be used to repay bank loans [4] Market Outlook - The wind power industry in China is expected to see a record high of 79.82 GW in new installed capacity in 2024, with a forecasted doubling of new installations in the first half of 2025 compared to the same period in 2024 [3] - The global market for wind blade epoxy resin is projected to maintain a long-term growth trend, with compound annual growth rates of 6.56% globally and 6.45% in China from 2024 to 2030 [3] Valuation and Pricing - The company has a dynamic price-to-earnings ratio of 20.88, significantly lower than the average of 66.16 for comparable companies [5] - The IPO price is set at 5.98 yuan per share, which is among the lowest for main board IPOs this year, with only two other new stocks priced lower [6] - If the company achieves the average first-day performance of recent IPOs, the expected price increase could range from 206.3% to 222.4% [5][6]

Company Overview - The company, DaoSheng TianHe, is a leading supplier in the global wind turbine blade material sector, with its epoxy resin and structural adhesive for wind blades holding the first and third market shares globally in 2024 respectively [2] - The company has achieved full coverage of mainstream wind turbine blade types with its epoxy resin products, effectively replacing imports and expanding into new application areas such as photovoltaics, consumer electronics, and semiconductors [2] - In the new composite materials sector, the company is exploring domestic alternatives for key materials through joint ventures, including carbon fiber raw materials and lithium battery metal casing solutions [2] Financial Performance - The company reported revenues of 3.436 billion yuan, 3.202 billion yuan, and 3.238 billion yuan for the years 2022, 2023, and 2024 respectively, with year-on-year growth rates of 9.89%, -6.81%, and 1.13% [3] - The net profit attributable to shareholders for the same years was 110 million yuan, 155 million yuan, and 155 million yuan, with growth rates of 30.08%, 40.12%, and 0.01% [3] - For the first three quarters of 2025, the company achieved a revenue of 2.698 billion yuan, a year-on-year increase of 26.92%, and a net profit of 153 million yuan, up 56.89% from the previous year [3] IPO Details - The company plans to issue 13.188 million shares in its IPO, raising approximately 789 million yuan, which will be allocated to one project and to repay bank loans [4] - The main project involves an annual production capacity of 56,000 tons of high-end adhesives and high-performance composite resin systems, with a total investment of 571 million yuan [4] Market Outlook - The wind power industry in China is expected to see a record high of 79.82 GW in new installed capacity in 2024, with a projected doubling of new installations in the first half of 2025 compared to the same period in 2024 [3] - The global market for wind blade epoxy resin is anticipated to maintain a long-term growth trend, with compound annual growth rates of 6.56% globally and 6.45% in China from 2024 to 2030 [3] Valuation and Performance Expectations - DaoSheng TianHe has a dynamic price-to-earnings ratio of 20.88, significantly lower than the average of 66.16 for comparable companies [5] - The IPO price is set at 5.98 yuan per share, which is among the lowest for new listings on the main board this year, with only two other stocks priced lower [5] - Based on recent trends, the company is expected to have a strong debut, with potential first-day gains in the range of 206.3% to 222.4% [4][6]

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].

Core Viewpoint - Daosheng Tianhe (601026.SH) has initiated its subscription on September 29, with an issue price of 5.98 yuan per share and a price-to-earnings ratio of 29.05 times, focusing on the development, production, and sales of new materials, particularly in the renewable energy sector [1] Company Overview - Daosheng Tianhe is a national high-tech enterprise specializing in the research and development of new materials, with products centered around epoxy resins, polyurethanes, acrylics, and organic silicon [1] - The company offers comprehensive solutions in three main product series: materials for wind turbine blades, new composite materials, and adhesives for electric vehicles and industrial applications [1][2] Market Position - The company has achieved a leading position in the global market for wind turbine blade epoxy resin, with projected sales of 143,100 tons in 2024, and ranks second domestically and third globally in wind turbine structural adhesives [1] Product Applications - New composite materials are applicable in various fields, including rail transportation and construction, serving clients such as Chongqing Wind Crossing and Taishan Glass Fiber [2] - Adhesives for electric vehicles are utilized in critical components like motors and batteries, with major clients including BYD Group and Geely Group [2] Fundraising and Financials - The fundraising will be allocated to projects including the production of high-end adhesives and composite resin systems, with a total investment of approximately 57.07 million yuan [3] - Financial performance shows projected revenues of approximately 3.436 billion yuan, 3.202 billion yuan, and 3.238 billion yuan for 2022, 2023, and 2024 respectively, with net profits of about 108 million yuan, 152 million yuan, and 155 million yuan [3] Financial Metrics - Total assets are projected to reach approximately 3.878 billion yuan by the end of 2024, with a debt-to-asset ratio of 44.63% [4] - The company expects a net profit of approximately 155.47 million yuan for 2024, with a basic earnings per share of 0.29 yuan [4]

Core Viewpoint - The company Daoshengtianhe (601026.SH) is a leading player in the global wind turbine blade material market, focusing on the research, production, and sales of advanced materials such as epoxy resin, polyurethane, acrylic, and silicone [1][5]. Company Overview - Daoshengtianhe is recognized as a national high-tech enterprise and is the largest producer of epoxy resin for wind turbine blades globally [5][6]. - The company has established stable partnerships with major industry players, including Vestas, BYD, and GAC Group, enhancing its influence in both domestic and international markets [5][6]. Financial Performance - The company reported revenues of 34.36 billion yuan, 32.02 billion yuan, and 32.38 billion yuan for the years 2022 to 2024, with year-on-year growth rates of 9.89%, -6.81%, and 1.13% respectively [6]. - The net profit attributable to shareholders for the same period was 1.10 billion yuan, 1.55 billion yuan, and 1.55 billion yuan, with growth rates of 30.08%, 40.12%, and 0.01% respectively [6]. IPO Details - The IPO price is set at 5.98 yuan per share, with an institutional offering price of 6.32 yuan per share, and a market capitalization of 31.55 billion yuan [3]. - The company aims to raise 5.59 billion yuan, with 80.53% allocated to the production of high-end adhesives and composite materials for new energy and power batteries [3]. Industry Position - Daoshengtianhe's epoxy resin series for wind turbine blades has ranked first in global sales from 2022 to 2024, while its structural adhesive for wind turbine blades ranked second domestically and third globally [5]. - The company is the only Chinese enterprise supplying both epoxy resin and structural adhesives to Vestas, a major player in the wind energy sector [5].

Core Viewpoint - The company Daosheng Tianhe (601026.SH) is a leading player in the new materials sector, focusing on the research, production, and sales of high-performance thermosetting resin materials, particularly for wind power blades and new energy vehicles [1][5]. Company Overview - Daosheng Tianhe is recognized as a national high-tech enterprise and is the largest producer of epoxy resin for wind power blades globally [5][6]. - The company has established stable partnerships with major industry players, including Vestas, BYD, and GAC Group, enhancing its influence in both domestic and international markets [5][6]. Financial Performance - The company reported revenues of 34.36 billion yuan in 2022, with a slight decline to 32.02 billion yuan in 2023, and a marginal increase to 32.38 billion yuan in 2024, reflecting a growth rate of 9.89%, -6.81%, and 1.13% respectively [6]. - The net profit attributable to shareholders was 1.10 billion yuan in 2022, increasing to 1.55 billion yuan in both 2023 and 2024, with growth rates of 30.08%, 40.12%, and 0.01% respectively [6]. Market Position - The company is the only Chinese enterprise supplying both epoxy resin and structural adhesives to international wind power giants like Vestas, which strengthens its market position [5]. - Daosheng Tianhe has been recognized as a "little giant" enterprise and holds 69 patents, including 38 invention patents, showcasing its innovation capabilities [6]. Investment Details - The IPO price is set at 5.98 yuan per share, with an institutional offering price of 6.32 yuan per share, and a market capitalization of 31.55 billion yuan [3]. - The company plans to allocate 80.53% of the raised funds (5.59 billion yuan) towards the production of high-end adhesives and high-performance composite materials [3].

Core Viewpoint - The company, Dao Sheng Tian He, is a leading supplier in the global wind turbine blade materials sector, particularly excelling in the production and sales of epoxy resin and structural adhesives for wind turbine blades [1] Group 1: Company Overview - The company is listed on the Shanghai Stock Exchange with the stock code 601026 [1] - The total market capitalization of the company is 3.155 billion [1] - The company's issuance price-to-earnings ratio is 29.05, compared to the industry average of 27.9 [1] Group 2: Industry Position - The company is recognized as a leader in the production of materials for wind turbine blades, indicating a strong competitive position within the industry [1] - Comparable companies in the same sector include Kangda New Materials and Huibei New Materials [1]

Core Viewpoint - Daosheng Tianhe has officially initiated its IPO process, planning to conduct preliminary inquiries on September 24, 2025, and commence subscriptions on September 29, 2025 [1] Company Overview - Daosheng Tianhe is a national high-tech enterprise focused on the research, production, and sales of new materials, headquartered in the Shanghai Free Trade Zone [1] - The company's core products include high-performance thermosetting resin materials such as epoxy resin, polyurethane, acrylic, and organic silicon, which are applied in various industrial fields including wind power blades, new energy vehicles, energy storage, hydrogen energy, aviation, and electricity [1] Market Position - According to the China Petroleum and Chemical Industry Federation, Daosheng Tianhe's "epoxy resin series for wind power blades" has ranked first in global sales for three consecutive years from 2022 to 2024, while its "structural adhesive for wind power blades" ranks second domestically and third globally [1] - Daosheng Tianhe is the only Chinese company supplying both epoxy resin and structural adhesive to the international wind power giant Vestas Wind Technology Group, and maintains long-term cooperation with renowned companies such as Germany's Ender Company and China National Materials Technology [1] Financial Performance - Financial data shows that Daosheng Tianhe's operating revenues from 2022 to the first half of 2025 were 3.436 billion, 3.202 billion, 3.238 billion, and 1.785 billion respectively, with net profits of 108 million, 152 million, 155 million, and 85 million respectively [2] - The company expects its net profit attributable to shareholders for the period from January to September 2025 to be between 145 million and 155 million, representing a year-on-year growth of 48.21% to 58.43% [2]