【DT新材料】 获 悉 ，11月18日， 道恩股份 连发两条公告，成立一家新公司，转让一家公司。 首先是 ，公司将以246万元的价格将控股子公司 道恩万亿（河北）高分子材料有限公司 （下称"道恩万亿"）51%股权转让给 河北万亿特种新材 料制造有限公司 （下称"河北万亿"）。交易完成后，道恩股份将不再持有道恩万亿的股权。 资料显示， 道恩万亿 成立于2020年， 当时正值疫情特殊时期，口罩销量暴涨，导致 口罩中起关键过滤作用的M层的原材料 熔喷料供不应求 。 道恩股份在熔喷料领域深耕近20年，是《聚丙烯（PP）熔喷专用料》国家标准的编制单位。为了 做强做大熔喷料业务的需要，于是道恩 出资 1530万元， 参股51%，成立了这家公司，开展熔喷料等高分子新材料业务。 现在疫情已过，这家公司也完成历史任务，从营收来看，近两年处于停滞状态。 | 项目 | 2025 年 1-9 月 | 2024 年度 | | --- | --- | --- | | 营业收入 | 5.18 | 0 | | 营业利润 | -36. 64 | -49.71 | | 净利润 | -36. 64 | -49.71 | | 经营活动产生的现金流量 ...

Core Viewpoint - The company held a successful Q3 2025 earnings conference, engaging with investors and addressing various inquiries regarding its operations and future strategies [1]. Group 1: Company Performance - In Q3 2025, the company achieved a revenue of 4.456 billion yuan, representing an 18.23% year-on-year increase, while net profit rose by 32.96% to 131 million yuan [46]. - The company reported a basic earnings per share of 0.28 yuan for the first three quarters of 2025 [46]. Group 2: Product Development and Strategy - The company is constructing a 20,000-ton DVA production line, with an estimated completion time of around 12 months [10][32]. - The company has developed several advanced materials for robotics, including ultra-soft artificial muscle TPE and artificial skin SiTPV, which are expected to enhance the performance and cost-effectiveness of robots [4][8]. - The company is actively pursuing partnerships in the robotics sector, including potential collaborations with Xiaopeng Motors [12][33]. Group 3: Market Position and Challenges - Despite positive developments, the company's stock price has faced downward pressure, attributed to various market factors [5][15]. - The company is focused on enhancing its market presence and investor confidence through improved communication and transparency regarding product developments and market strategies [41][55]. Group 4: Research and Development - The company has established a robust R&D framework, including multiple national-level research platforms, to drive innovation in thermoplastic elastomers and modified plastics [7]. - The company is committed to sustainable development, actively engaging in the recycling and development of eco-friendly materials [17].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report The report focuses on the in - depth research of Dawn Co., Ltd., a high - tech enterprise in the plastics products industry. It details the company's business scope, production capacity, R & D achievements, financial performance, and future development strategies, as well as the progress of product testing, production line construction, and mergers and acquisitions [22][23]. 3. Summary by Related Catalogs 3.1 Research Basic Situation - Research object: Dawn Co., Ltd. [16] - Industry: Plastics products [16] - Reception time: October 30, 2025 [16] - Reception personnel: Deputy General Manager and Secretary of the Board Wang Youqing, Securities Affairs Specialist Chen Hao [16] 3.2 Detailed Research Institutions - Insurance company: Heng'an Standard Life [17] - Other: Shencai Fund [17] - Insurance asset management company: Xinhua Asset [17] - Asset management company: Qingdao Dehengui, Zhongtai Asset Management [17] - Fund management company: Huaxia Fund [17] - Securities company: Tianfeng Securities [17] - Investment company: Yude Investment [17] 3.3 Research Institution Proportion No relevant information provided. 3.4 Main Content Data - **Company Introduction**: Established in 2002, it is a high - tech enterprise focusing on R & D, production, and sales of functional polymer composite materials. It has a complete R & D system and rich R & D achievements, with products widely used in multiple fields. The company has certain production capacities in various products and is committed to R & D innovation and business expansion [22]. - **Financial Performance**: In the first three quarters of 2025, the company achieved an operating income of 4.456 billion yuan, a year - on - year increase of 18.23%; the net profit attributable to the parent was 131 million yuan, a year - on - year increase of 32.96%; the net profit attributable to the parent after deducting non - recurring gains and losses was 122 million yuan, a year - on - year increase of 46.07% [24][25]. - **Product Testing**: The DVA product started batch road - running tests in the first quarter of this year, and the test data met the expected results [25]. - **Production Capacity**: The DVA has a 5,000 - ton pilot line and is building a 20,000 - ton dedicated production line. The 20,000 - ton PCTG production line of copolyester materials is under construction, and the PETG has completed flexible transformation [25][27]. - **Mergers and Acquisitions**: The company plans to acquire Dawn Titanium Industry. The two companies belong to the chemical new materials field and have good synergy. The audit benchmark date has been updated to June 30, 2025 [25][26]. - **Product Application Fields**: HNBR products are widely used in aerospace, petroleum exploration, automobiles, and new energy fields. The company has developed products for the robot field, such as super - soft artificial muscle TPE, artificial skin SiTPV, and modified materials for robot manufacturing [27][28]. - **Recycling Business**: The company's subsidiary, Qingdao Haier Environmental Protection Materials Technology Co., Ltd., is engaged in the R & D, production, and sales of PCR plastic recycling materials [27].

Company Overview - Daon High Polymer Materials Co., Ltd. was established in 2002, focusing on the R&D, production, and sales of high-performance thermoplastic elastomers, modified plastics, color masterbatches, and polyester materials [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 developed the first domestically-owned TPV production line in 2006, breaking international technology monopolies and winning the National Science and Technology Award [2] Financial Performance - In the first three quarters of 2025, the company achieved a revenue of CNY 4.456 billion, a year-on-year increase of 18.23% [3] - The net profit attributable to shareholders reached CNY 131 million, up 32.96% year-on-year [3] - The net profit after deducting non-recurring gains and losses was CNY 122 million, reflecting a growth of 46.07% [3] Product Development and Capacity - DVA has a current pilot production line of 5,000 tons and is constructing a dedicated production line of 20,000 tons to meet future demand [5] - The copolyester materials, including PCT, PETG, and PCTG, have filled domestic gaps, with a 20,000-ton PCTG production line under construction [9] - HNBR products are widely applicable in aerospace, oil exploration, automotive, and new energy sectors, achieving import substitution [8] Mergers and Acquisitions - The acquisition of Daon Titanium Industry is aimed at enhancing synergy in the chemical new materials sector, focusing on high-end lithium battery materials and photovoltaic new materials [6] - The board meeting held recently updated the audit benchmark date to June 30, 2025, indicating progress in the acquisition process [7] Collaboration and Innovation - Daon is actively involved in recycling materials through its subsidiary, Qingdao Haier New Materials R&D Co., Ltd., which produces modified plastics for Haier appliances [10] - The company is developing products for robotics, including ultra-soft artificial muscles and modified materials for robotic arms, aligning with industry advancements [10]

Core Viewpoint - The company reported strong financial performance for the first three quarters of 2025, with significant year-on-year growth in revenue and net profit, indicating robust operational stability and market demand [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 4.46 billion yuan, a year-on-year increase of 18.2%, and a net profit attributable to shareholders of 130 million yuan, up 33.0% year-on-year [1]. - In Q3 alone, the company generated revenue of 1.57 billion yuan, reflecting an 8.8% year-on-year growth but a slight decline of 1.3% quarter-on-quarter. The net profit for Q3 was 50 million yuan, marking a 48.2% increase year-on-year and a 17.1% increase quarter-on-quarter [1]. Industry Position and Growth Drivers - The company is a leading player in China's rubber and plastic industry, focusing on modified plastics and thermoplastic elastomers, with applications across various sectors including automotive, home appliances, and new energy [2]. - The growth in downstream demand, particularly from home appliance subsidies and the rapid increase in new energy vehicle production, has positively impacted the company's sales and profit margins [2]. Cost Management and R&D Investment - The company has successfully reduced financial expenses, leading to a decrease in the expense ratio. The financial expenses for the first three quarters of 2025 were 2 million yuan, down 40.1% year-on-year [2]. - The R&D expense ratio remained high at 4.2%, reflecting the company's commitment to innovation and maintaining its leadership in the thermoplastic elastomer and modified plastic sectors [2]. Innovation and Future Opportunities - The company has made significant progress in developing DVA, a new gas barrier material, which is expected to be commercialized soon, positioning the company at the forefront of DVA research globally [3]. - Recent strategic moves include acquisitions and technological advancements in various fields, such as high polymer cables and new materials for robotics, which are anticipated to create new growth opportunities [3][4]. Profit Forecast - The company is projected to achieve net profits of 183 million yuan, 387 million yuan, and 751 million yuan for the years 2025, 2026, and 2027, respectively, indicating strong future growth potential [4].

Financial Performance - In the first half of 2025, the company achieved operating revenue of 288,130.14 million CNY, a year-on-year increase of 24.08% [3] - Net profit attributable to shareholders was 8,404.47 million CNY, up 25.80% year-on-year [3] - The basic earnings per share reached 0.19 CNY, reflecting a growth of 26.67% [3] - Total assets amounted to 679,521.55 million CNY, a 7.22% increase from the previous year [3] Product Development and Capacity Expansion - The company has a current pilot production line for DVA with a capacity of 5,000 tons and is constructing a dedicated production line of 20,000 tons to meet future demand [3][22] - DVA is positioned as a disruptive technology in the tire industry, with significant testing and validation underway [4][22] - The company is expanding its production capacity for TPU and high-temperature copolyester materials, with a new project in Longkou, Shandong, aiming for 100,000 tons of TPU and 60,000 tons of copolyester [6] Market Position and Strategic Initiatives - The company is the only domestic entity with the technology and R&D platform for DVA, which is expected to have a market demand of 500,000 tons in China [8][22] - The modified plastics segment generated revenue of 212,875.54 million CNY, growing 22.35% year-on-year, and is the highest revenue-generating business segment [7] - The company is actively pursuing digital and green transformation initiatives, including the establishment of smart factories and the development of recyclable and biodegradable materials [17] Research and Innovation - R&D investment reached 11,411.79 million CNY, a 17.98% increase, with 273 valid patents held [12] - Significant breakthroughs in core product technologies include the development of high-performance TPV products and biodegradable polyester materials [4][12] - The company is focusing on collaborative innovation in high-end materials and has established partnerships with universities for advanced research projects [12] Investor Relations and Market Confidence - The company emphasizes its commitment to shareholder value and has implemented a dynamic profit distribution strategy, with cash dividends amounting to 4,613.61 million CNY, representing 32.73% of the net profit for 2024 [11] - The management acknowledges the impact of various factors on stock price performance and is committed to improving operational efficiency and market communication [11][9]

Group 1 - The core viewpoint of the article highlights that Pacific Securities has given a "buy" rating for Dawn Holdings (002838.SZ) with a latest price of 26.25 yuan [1] - The reasons for the rating include the company's stable performance growth and breakthroughs in new businesses such as DVA and robotic materials [1] Group 2 - The article mentions that this is the first time in 29 years that global central bank gold reserves have surpassed U.S. Treasury bonds, indicating a potential shift in the dominance of the U.S. dollar [1] - It suggests that major players believe the U.S. Treasury may face its "worst decade" ahead [1]

Core Viewpoint - The company, Daon Co., claims that its DVA technology, which is used in tire gas barrier layers, has significant market potential, particularly in China, where the rubber tire production is projected to reach 1.187 billion units in 2024 [1] Group 1: Market Potential - The DVA technology is described as a disruptive technology with a vast market space, estimated to exceed 20 billion in the domestic market alone [1] - Currently, only Daon Co. possesses the relevant technology and research platform in China, making it a unique player in this sector [1] Group 2: Industry Context - China is recognized as a major producer of tires, with the latest data from the National Bureau of Statistics indicating a substantial production volume [1] - Globally, only ExxonMobil in the United States has the preparation technology for DVA, highlighting the competitive advantage of Daon Co. in the domestic market [1]

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [2][6]. Core Insights - The company achieved significant growth in its main business, with a 41.69% year-on-year increase in net profit attributable to shareholders after excluding non-recurring gains and losses [5][10]. - The DVA technology is nearing successful implementation, with a vast future market potential, as it significantly improves tire performance metrics compared to traditional materials [5][17]. - Breakthroughs in robotic simulation skin elastomer materials have been achieved, enhancing the company's position in the emerging robotics field [5][20]. - The TPV business is expected to accelerate growth due to rising product prices and expanding application areas [5][24]. - The company forecasts substantial revenue growth in the coming years, with projected revenues of 61.3 billion, 69.4 billion, and 77.1 billion yuan for 2025, 2026, and 2027 respectively [5][30]. Summary by Sections Main Business Growth - In the first half of 2025, the company reported revenues of 28.81 billion yuan, a 24.08% increase year-on-year, and a net profit of 840.447 million yuan, up 25.80% [5][10]. - The main business segments include modified plastics (73.88% of revenue), thermoplastic elastomers (13.08%), and color masterbatches (4.49%) [10][12]. DVA Technology - DVA technology is positioned as a leading innovation in tire gas barrier materials, offering a 50% reduction in thickness, 80% weight reduction, and 7-10 times better gas impermeability compared to traditional materials [5][16]. - The potential market for DVA is estimated to reach hundreds of billions, with current penetration at 0% [5][17]. Robotic Simulation Skin - The company has made significant advancements in materials for robotic applications, including ultra-soft artificial muscles and conductive TPEs, which could revolutionize the robotics industry [5][20][21]. TPV Business Growth - The TPV segment is expected to see accelerated growth due to price increases and broader application fields, with the company raising TPV material prices by 1,000 to 2,000 yuan per ton starting July 1, 2025 [5][24][27]. - The company is expanding its TPV applications in automotive and cable materials, which are anticipated to drive demand significantly [5][28]. Financial Forecast - The company anticipates revenues of 61.3 billion, 69.4 billion, and 77.1 billion yuan for 2025, 2026, and 2027, with corresponding net profits of 2.1 billion, 2.6 billion, and 3.5 billion yuan [5][30].

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [6]. Core Insights - The company is expected to achieve a significant increase in net profit for the first half of 2025, with projections ranging from 78.17 to 90.19 million yuan, representing a year-on-year growth of 17% to 35% [1]. - The growth in the company's main business is driven by record sales in elastomers and modified plastics, supported by favorable government policies promoting consumption in the new energy vehicle and home appliance sectors [5]. - The TPV (Thermoplastic Vulcanizate) business is anticipated to accelerate due to price increases and expanding applications in various sectors, including new energy vehicles [5]. - The company is strategically investing in R&D for advanced technologies like DVA (Dynamic Vapor Absorption), which is expected to enhance its competitive edge and growth potential [5]. Financial Data Summary - The company reported total revenue of 4.544 billion yuan in 2023, with projected revenues of 6.133 billion yuan in 2025, reflecting a growth rate of 16% [7]. - The net profit attributable to the parent company is expected to rise from 140 million yuan in 2023 to 205 million yuan in 2025, indicating a growth rate of 46% [9]. - The company's return on equity (ROE) is projected to improve from 4.6% in 2023 to 6.4% in 2025, showcasing enhanced profitability [10].