12月19日，道生天合涨0.99%，成交额7613.79万元。两融数据显示，当日道生天合获融资买入额695.43 万元，融资偿还1123.98万元，融资净买入-428.56万元。截至12月19日，道生天合融资融券余额合计 1.65亿元。 融资方面，道生天合当日融资买入695.43万元。当前融资余额1.65亿元，占流通市值的7.91%。 责任编辑：小浪快报 截至10月17日，道生天合股东户数15.12万，较上期增加840111.11%；人均流通股708股，较上期增加 0.00%。2025年1月-9月，道生天合实现营业收入26.98亿元，同比增长26.92%；归母净利润1.53亿元，同 比增长56.89%。 分红方面，道生天合A股上市后累计派现9891.00万元。 融券方面，道生天合12月19日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00 元；融券余量0.00股，融券余额0.00元。 资料显示，道生天合材料科技(上海)股份有限公司位于中国(上海)自由贸易试验区临港新片区平达路308 号1-3幢，成立日期2015年6月11日，上市日期2025年10月17日，公司主营业务涉及新材料的研发 ...

资料显示，道生天合材料科技(上海)股份有限公司位于中国(上海)自由贸易试验区临港新片区平达路308 号1-3幢，成立日期2015年6月11日，上市日期2025年10月17日，公司主营业务涉及新材料的研发、生产 和销售。主营业务收入构成为：风电叶片用环氧树脂68.56%，新型复合材料用树脂12.48%，高性能风 电结构胶12.01%，新能源汽车及工业胶粘剂5.35%，结构芯材1.06%，其他0.54%。 截至10月17日，道生天合股东户数15.12万，较上期增加840111.11%；人均流通股708股，较上期增加 0.00%。2025年1月-9月，道生天合实现营业收入26.98亿元，同比增长26.92%；归母净利润1.53亿元，同 比增长56.89%。 12月18日，道生天合跌0.72%，成交额6566.13万元。两融数据显示，当日道生天合获融资买入额950.89 万元，融资偿还856.29万元，融资净买入94.60万元。截至12月18日，道生天合融资融券余额合计1.69亿 元。 融资方面，道生天合当日融资买入950.89万元。当前融资余额1.69亿元，占流通市值的8.19%。 融券方面，道生天合12月18日融 ...

Group 1 - The core viewpoint of the news highlights the financial performance and market activity of Dao Sheng Tian He, including stock price changes and financing details [1][2] - On December 1, Dao Sheng Tian He experienced a stock price increase of 1.24%, with a trading volume of 119 million yuan [1] - The financing data for December 1 indicates a financing buy-in amount of 10.89 million yuan and a net financing buy of 939,100 yuan, with a total financing and securities balance of 181 million yuan [1] - The current financing balance of 181 million yuan accounts for 8.29% of the circulating market value [1] Group 2 - As of October 17, the number of shareholders for Dao Sheng Tian He reached 151,200, reflecting a significant increase of 840,111.11% [2] - For the period from January to September 2025, Dao Sheng Tian He reported a revenue of 2.698 billion yuan and a net profit attributable to shareholders of 153 million yuan, marking a year-on-year growth of 56.89% [2] - Since its A-share listing, Dao Sheng Tian He has distributed a total of 98.91 million yuan in dividends [3]

Company Overview - Daosheng Tianhe (SH 601026) announced the convening of its 25th meeting of the second board of directors on November 6, 2025, to discuss the profit distribution plan for the first three quarters of 2025 [1] Revenue Composition - For the first half of 2025, the revenue composition of Daosheng Tianhe is as follows: - Epoxy resin for wind turbine blades: 68.55% - Resin for new composite materials: 12.42% - High-performance wind power structural adhesive: 12.01% - Adhesives for new energy vehicles and industrial applications: 5.35% - Structural core materials: 0.93% [1] Market Capitalization - As of the report date, Daosheng Tianhe has a market capitalization of 14.9 billion yuan [1]

Group 1 - The core viewpoint of the news is that Daosheng Tianhe has experienced fluctuations in stock price and trading volume, with a notable decline in stock price this year [1][2] - As of November 5, Daosheng Tianhe's stock price increased by 2.01% to 22.89 CNY per share, with a total market capitalization of 15.094 billion CNY [1] - The company has seen a net inflow of main funds amounting to 2.2073 million CNY, with significant buying and selling activities recorded [1] Group 2 - Daosheng Tianhe Materials Technology (Shanghai) Co., Ltd. was established on June 11, 2015, and is located in the China (Shanghai) Pilot Free Trade Zone [2] - The company's main business involves the research, production, and sales of new materials, with a revenue composition that includes 68.56% from epoxy resin for wind turbine blades [2] - For the period from January to September 2025, Daosheng Tianhe achieved an operating income of 2.698 billion CNY and a net profit attributable to the parent company of 153 million CNY, reflecting a year-on-year growth of 56.89% [2]

Group 1 - The core viewpoint of the news is that Daosheng Tianhe's stock has experienced a decline, with a year-to-date drop of 24.33% and a recent 5-day drop of 4.30% [1] - As of November 4, Daosheng Tianhe's stock price is 22.46 yuan per share, with a market capitalization of 14.81 billion yuan [1] - The company has seen a net outflow of main funds amounting to 14.60 million yuan, with significant selling pressure from large orders [1] Group 2 - Daosheng Tianhe Materials Technology (Shanghai) Co., Ltd. was established on June 11, 2015, and is located in the China (Shanghai) Pilot Free Trade Zone [2] - The company's main business involves the research, production, and sales of new materials, with a revenue composition primarily from epoxy resin for wind turbine blades (68.56%) [2] - For the period from January to September 2025, Daosheng Tianhe achieved operating revenue of 2.698 billion yuan and a net profit attributable to the parent company of 153 million yuan, reflecting a year-on-year growth of 56.89% [2]

Core Viewpoint - Daosheng Tianhe's stock price has shown volatility, with a year-to-date decline of 19.27% but a recent uptick of 1.27% over the last five trading days, indicating potential market interest despite recent challenges [1][2]. Financial Performance - For the period from January to September 2025, Daosheng Tianhe reported a revenue of 2.698 billion yuan and a net profit attributable to shareholders of 153 million yuan, reflecting a year-on-year growth of 56.89% [2]. Stock Market Activity - As of October 29, Daosheng Tianhe's stock was trading at 23.96 yuan per share, with a market capitalization of 15.799 billion yuan. The stock experienced a trading volume of 413 million yuan and a turnover rate of 16.42% [1]. - The company has appeared on the "龙虎榜" (Dragon and Tiger List) four times this year, with the most recent appearance on October 28, where it recorded a net buy of -12.9573 million yuan [1]. Shareholder Information - As of October 17, Daosheng Tianhe had 151,200 shareholders, a significant increase of 840,111.11% compared to the previous period, with an average of 708 circulating shares per shareholder [2]. Business Overview - Daosheng Tianhe, established on June 11, 2015, specializes in the research, production, and sales of new materials, with a primary revenue composition that includes 68.56% from epoxy resin for wind turbine blades [2]. - The company operates within the basic chemical industry, specifically in plastics and synthetic resins, and is associated with several concept sectors including new materials and hydrogen energy [2].

Group 1 - The core point of the news is that Daosheng Tianhe experienced a significant stock price increase of 396.32% on October 17, with a trading volume of 2.301 billion yuan [1] - On the same day, Daosheng Tianhe had a financing buy-in amount of 86.96 million yuan and a net financing purchase of 67.35 million yuan, with a total financing and securities balance of 67.35 million yuan [1] - The company is primarily engaged in the research, production, and sales of new materials, with its main revenue sources being epoxy resin for wind turbine blades (68.56%), resin for new composite materials (12.48%), and high-performance structural adhesives for wind energy (12.01%) [1] Group 2 - As of October 17, Daosheng Tianhe had 151,200 shareholders, an increase of 840,111.11% compared to the previous period, with an average of 708 circulating shares per person [2] - For the period from January to September 2025, Daosheng Tianhe achieved an operating income of 2.698 billion yuan and a net profit attributable to the parent company of 153 million yuan, representing a year-on-year growth of 56.89% [2]

Core Viewpoint - The company is a leading supplier in the global wind turbine blade materials sector, with strong performance in structural adhesives and a growing presence in the new energy vehicle and industrial adhesive markets [2][3]. Summary by Categories Company Overview - The company has a total market capitalization of 3.155 billion yuan and an issuance price of 5.98 yuan per share, with a price-to-earnings ratio of 29.05 [2]. - The company is recognized for its leading position in the wind turbine blade materials market, supplying major clients such as Goldwind and Vestas [2][3]. Business Highlights - The company has successfully expanded into overseas markets, achieving supply agreements with Vestas, making it the only supplier to provide wind turbine blade materials to them [2]. - The company’s new energy vehicle and industrial adhesive business is experiencing rapid growth, with key clients including Geely Group, Tyco Electronics, and others [3]. Financial Performance - The company reported revenues of 3.236 billion yuan in 2024 (projected, +1.13%), 3.202 billion yuan in 2023 (down 6.81%), and 3.436 billion yuan in 2022 (up 9.89%) [3]. - The funds raised will be directed towards the annual production of 56,000 tons of high-end adhesives for new energy and power batteries, along with bank loans [3].

Investment Rating - The investment rating for the company is positioned in the middle to upper range of the AHP model, with scores of 2.23 and 2.38, corresponding to the 30.2% and 40.6% percentiles respectively [2][5]. Core Insights - The company is a leading player in the wind power resin materials sector, achieving significant market share in both domestic and international markets, with a focus on wind turbine blade materials and new composite materials [6][7]. - The company has successfully replaced imports with domestic products in the wind power resin market, ranking first globally in wind power epoxy resin and third in high-performance structural adhesives as of 2024 [6][8]. - The demand for wind power and lithium battery adhesives is expected to grow significantly, driven by both new installations and upgrades of existing wind farms, as well as the increasing production of electric vehicles [15][16]. Summary by Sections AHP Score and Expected Allocation Ratio - The AHP score for the company, after excluding liquidity premium factors, is 2.23, placing it in the 30.2% percentile of the non-Science and Technology Innovation Board AHP model [5][6]. - The expected allocation ratios for offline investors are 0.0197% for Class A and 0.0170% for Class B under a neutral scenario [5][6]. Company Highlights and Features - The company has transitioned from being a distributor of imported wind power materials to a manufacturer, achieving significant market penetration in wind turbine blade materials [7][8]. - The company is actively involved in the domestic production of new composite materials and has accelerated the certification of high-margin industrial adhesives for electric vehicles [12][14]. - The company has established partnerships to explore domestic alternatives for key new composite materials, including carbon fiber and lithium battery casing solutions [12][14]. Financial Comparison with Peers - The company has a leading revenue scale compared to its peers, with a projected revenue growth of 22.32% to 27.03% for the first nine months of 2025 [20][19]. - The average price-to-earnings ratio for comparable companies is 65.32X, while the company's industry has a static P/E ratio of 27.91X [19][20]. - The company's gross margin has improved due to a higher proportion of high-margin products and price adjustments in response to strong demand [23][19]. Fundraising Projects and Development Vision - The company plans to raise funds through the issuance of up to 13,188,000 shares, with proceeds allocated to high-end adhesives and composite materials projects [30][32]. - The investment will enhance production capacity for high-performance composite materials and adhesives, targeting applications in wind power and electric vehicles [30][32].