A-share subscription | Dao Tianhe (601026.SH) opens for subscription, one of its products has been the top-selling globally for three consecutive years.

On September 29, Dao Sheng Tian He (601026.SH) opened for subscription with an offering price of 5.98 yuan per share and a subscription limit of 27,500 shares. The P/E ratio is 29.05 times and it is listed on the Shanghai Stock Exchange with China Securities Co., Ltd. as its sponsor. The prospectus shows that Dao Sheng Tian He is a national high-tech enterprise dedicated to the research, production, and sales of new materials. During the reporting period, the company's products focus on high-performance thermosetting resin materials such as epoxy resin, polyurethane, acrylic ester, and organic silicon. It has developed three major series of products for wind turbine blade materials, new composite materials resins, and new energy vehicles and industrial adhesives. It mainly provides series, differentiated, and refined new material products solutions for domestic and foreign customers in the fields of wind power, new energy vehicles, energy storage, hydrogen energy, as well as aviation, oil and gas exploration, power, and mold manufacturing. Through continuous independent research and technological innovation, Dao Sheng Tian He's epoxy resin products for wind turbine blades have achieved full coverage of mainstream wind turbine blade types. In 2024, the company's sales volume for the "Epoxy Resin Series for Wind Turbine Blades" was 143,100 tons, and the sales volume for the "Structural Adhesive for Wind Turbine Blades" was 15,200 tons. According to the explanatory letters issued by Petrochina and the Chemical Industry Association, the company's sales volume for the "Epoxy Resin Series for Wind Turbine Blades" ranked first globally from 2022 to 2024. At the same time, the sales volume of the "Structural Adhesive for Wind Turbine Blades" ranked second in China and third globally. In recent years, Dao Sheng Tian He has continuously developed new products and focused on expanding the application areas of its products. The new composite material resins can be widely used in the field of rail transportation, including fiberglass/carbon fiber extruded products, bolt sleeve embedment, carbon fiber oil extraction rods, mold manufacturing, and flame retardant components. In the construction materials sector, products such as carbon fiber aviation seats and carbon fiber building reinforcement plates have been used by clients such as Chongqing Fengdu, Zhongfu Carbon Core, North Glass Institute, Tianshun Wind Power, Taishan Fiberglass, National Integrity Composite, Haiyuan Composite, and Zhenshi Group. New energy vehicles and industrial adhesives can be widely used in the three electric systems of new energy vehicles, such as motors, batteries, and electronic control components, as well as sensors in the electronics and other industrial sectors. It has been deployed by terminal clients such as BYD Company Limited, Guangzhou Automobile Group, Geely Group, Taiko Electronics, Honeycomb Energy, Gotion High-tech, Farvision Energy, Borye Electric Power, and Ganfeng Group. After deducting the issuance expenses, the funds raised from this offering will be used for the following projects: In terms of finances, the company achieved operating income of approximately 3.436 billion yuan, 3.202 billion yuan, and 3.238 billion yuan in the years 2022, 2023, and 2024 respectively, with net profits of approximately 108 million yuan, 152 million yuan, and 155 million yuan for the same periods.