Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company achieved significant progress in ship coatings and solar coatings are expected to become a third profit pillar [1] - In 2024, the company reported revenue of 2.1 billion yuan, a year-on-year increase of 26%, and a net profit of 211 million yuan, up 26% [5] - The company plans to distribute a cash dividend of 1.74 billion yuan, with a dividend rate of 82% [5] Revenue Performance - The container coatings business saw revenue growth of 196% year-on-year, reaching 1.73 billion yuan, driven by high demand in the downstream container industry [6] - Wind power coatings revenue decreased by 23% year-on-year to 390 million yuan, affected by a decline in average prices [6] - The ship coatings segment has made significant advancements, obtaining its first anti-fouling paint certification from a classification society [7] New Business Developments - The company acquired assets related to nano-level photovoltaic glass coatings, which are expected to enhance efficiency and reduce costs in solar power generation [8] - The production capacity at the Shanghai facility increased from 20,000 tons to 50,000 tons, and the Nantong facility's capacity will expand from 70,000 tons to 114,000 tons [8] Profit Forecast and Valuation - The company is projected to achieve net profits of 269 million yuan in 2025 and 302 million yuan in 2026, with a new forecast for 2027 at 333 million yuan [9] - The report anticipates that the container coatings demand may face potential downward risks in 2025, but other business segments will contribute to growth [9] Financial Metrics - The company’s revenue is expected to reach 1.698 billion yuan in 2025, with a growth rate of -20.65% [10] - The net profit margin is projected to be 15.8% in 2025, increasing to 16.2% in 2026 [13] - The return on equity (ROE) is forecasted to rise from 12.16% in 2025 to 13.14% in 2027 [13]

Core Viewpoint - Megachip New Materials Technology (Shanghai) Co., Ltd. plans to utilize idle raised funds for cash management, with a maximum amount of RMB 880 million, ensuring compliance with regulatory requirements [2]. Group 1: Board Decisions - The company held its second board meeting on October 25, 2024, where it approved the use of idle raised funds for cash management and agreed to store the remaining funds in fixed deposits [2]. - The supervisory board and the sponsor, UBS Securities Co., Ltd., expressed clear consent regarding the cash management proposal [2]. Group 2: Fund Management Details - The company intends to use up to RMB 880 million of idle raised funds for cash management, focusing on safe and liquid principal-protected products such as structured deposits and large certificates of deposit [2]. - The usage period for these funds is valid for 12 months from the date of board approval, allowing for rolling use within the specified limits [2]. - As of the announcement date, the company has already redeemed principal-protected products purchased with idle raised funds, returning both the principal and investment income to the raised funds account [2].

证券代码：603062 证券简称：麦加芯彩 公告编号：2025-022 在确保募集资金项目按计划实施的前提下，公司及子公司拟使用额度不 超过人民币8.8亿元（含本数）的闲置募集资金进行现金管理，采取长短期结 合的方式，购买符合《上市公司监管指引第2号——上市公司募集资金管理和 使用的监管要求（2022年修订）》第八条规定的结构性存款、大额存单等安全 性高、流动性好的保本型产品。使用期限自公司本次董事会审议通过之日起12 个月内有效。在上述额度和期限内，资金可循环滚动使用。产品期限不得长于 内部决策授权使用期限，且不得长于12个月。 截至本公告披露日，公司使用部分闲置募集资金购买的保本型产品已赎 回，募集资金本金及理财收益已归还至募集资金账户，具体情况如下： 单位：万元 | 受托方名称 | 产品类 | | | 产品期限 | 赎回情况 | | | --- | --- | --- | --- | --- | --- | --- | | | 型 | 起始日 | 认购金额 | （天） | 本金 | 收益 | | | | | | | 金额 | 金额 | | 浦发银行南通 分行营业部 | 结构性 存款 | 2025/3/3 ...

分析师及联系人 [Table_Author] 范超 马太 邬博华 张佩 董超 SAC：S0490513080001 SAC：S0490516100002 SAC：S0490514040001 SAC：S0490518080002 SAC：S0490523030002 SFC：BQK473 SFC：BUT911 SFC：BQK482 丨证券研究报告丨 联合研究丨公司点评丨麦加芯彩（603062.SH） [Table_Title] 集装箱景气助力收入新高，新领域持续开拓 报告要点 [Table_Summary] 麦加芯彩发布年报：2024 年实现收入 21.4 亿元，同比增长 88%，归属净利润 2.1 亿元，同比 增长 26%，扣非净利润同比增长 23%。对应 2024Q4 收入 7.5 亿元，同比增长 102%，环比增 长 17%，归属净利润 0.7 亿元，同比增长 508%，环比增长 7%，扣非净利润环比增长 18%。 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 麦加芯彩（603062.SH） cjzqdt11111 [Table_Title2] 集装箱景 ...

回望2024年4月23日，公司曾公告"近日，中国船级社(CCS)、挪威船级社(DNV)及美国船级社(ABS)均派 出验船师在公司完成船底防污漆等产品的现场取样、封存，即将进入测试阶段"。但是，作为防腐涂料 领域难度最高的项目之一，公司能否取得船级社认证，投资者始终心存疑虑，毕竟这是一个技术门槛极 高、外资巨头如佐敦、海虹老人、PPG等高度垄断的领域。 麦加芯彩（603062）新材料科技(上海)股份有限公司(603062)于日前发布了《关于船舶涂料认证工作进 展情况的自愿性公告》，公司已取得挪威船级社(DNV)防污漆证书。 根据公告，公司主要产品为工业涂料，目前主要应用于风电及集装箱领域。根据该公司发展战略，公司 正在扩展其他领域的应用，而船舶领域是公司进一步发展的重要领域之一，其中船底防污漆则是船舶涂 料难度最高项目之一，也是船舶涂料领域销售额最大单品。 本次取得挪威船级社(DNV)防污漆证书，标志着公司具备了进入船舶涂料市场的条件。此前，公司虽然 在风电叶片涂料领域取得国内市场第一、集装箱涂料领域取得全球第二的市场份额，但是，由于这两个 市场仅有不足百亿的市场规模，公司发展的天花板始终受限，因此，能否打破市 ...

证券代码：603062 证券简称：麦加芯彩 公告编号：2025-021 麦加芯彩新材料科技（上海）股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 麦加芯彩新材料科技（上海）股份有限公司（以下简称"公司"）于 2024 年 其中披露"近日，中国船级社（CCS）、挪威船级社（DNV）及美国船级社（ABS） 均派出验船师在公司完成船底防污漆等产品的现场取样、封存，即将进入测试阶 段"。 鉴于船舶涂料是公司工业涂料平台战略的重要版图，为保证信息披露的公平 性，现将上述船级社认证进展情况公告如下： 二、对公司的影响 船级社认证是公司进入船舶涂料领域的必备条件，取得防污漆证书是公司进 入船舶涂料修补市场的必要条件，该认证有助于公司开拓船舶涂料市场、增加业 务覆盖领域、扩大公司业务规模、降低单项业务波动对公司整体业绩的影响。 三、风险提示 一、基本情况 公司主要产品为工业涂料，目前主要应用于风电及集装箱领域。根据公司发 展战略，目前正在扩展其他领域的应用，其中船舶领域是公司发展重要领域之一， 而船底防污漆则是船舶涂料难度最 ...

麦加芯彩新材料科技（上海）股份有限公司（以下简称"公司"）于 2024 年 4 月 23 日发布《关于船舶涂料认证工作进展情况的自愿性公告》（2024-024）。 其中披露"近日，中国船级社（CCS）、挪威船级社（DNV）及美国船级社（ABS） 均派出验船师在公司完成船底防污漆等产品的现场取样、封存，即将进入测试阶 段"。 鉴于船舶涂料是公司工业涂料平台战略的重要版图，为保证信息披露的公平 性，现将上述船级社认证进展情况公告如下： 一、基本情况 公司主要产品为工业涂料，目前主要应用于风电及集装箱领域。根据公司发 展战略，目前正在扩展其他领域的应用，其中船舶领域是公司发展重要领域之一， 而船底防污漆则是船舶涂料难度最高项目之一，也是船舶涂料领域销售额最大单 品。近日，公司已取得挪威船级社（DNV）防污漆证书。 二、对公司的影响 证券代码：603062 证券简称：麦加芯彩 公告编号：2025-021 麦加芯彩新材料科技（上海）股份有限公司 关于船舶涂料认证工作进展情况的自愿性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company reported a significant revenue increase of 87.56% year-on-year, reaching 2.139 billion yuan in 2024, with a net profit of 211 million yuan, up 26.3% year-on-year [1] - The container coating business saw a remarkable growth in sales volume, increasing by 212.96% to 111,400 tons, with revenue reaching 1.726 billion yuan, a 195.54% increase year-on-year [2] - The company is expanding its production capacity and has successfully entered new markets, including wind power coatings in Brazil and Germany, and is set to launch new businesses in photovoltaic and marine coatings [4] Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 745 million yuan, a year-on-year increase of 101.89% and a quarter-on-quarter increase of 17.14% [1] - The operating cash flow for Q4 2024 was 204 million yuan, compared to a negative cash flow of 19.23 million yuan in the same period last year [1] Container Coating Business - The company’s market share in the container coating sector is over 22%, ranking second globally, benefiting from supply chain restructuring and demand from shipping companies [2] - New production capacities are being established, including a 30,000-ton water-based coating facility in Shanghai and an expansion plan in Nantong [2] Wind Power Coating Business - The company sold 12,800 tons of wind power coatings at an average price of 30,700 yuan per ton, with a gross margin of 37.52%, despite a 25.52% decline in average selling price [3] - The company has achieved significant technological breakthroughs in offshore wind power coatings [3] International Expansion and New Business Ventures - The company’s overseas sales revenue reached 43.33 million yuan in 2024, marking a growth of over 200% compared to 2023 [4] - New business ventures in photovoltaic coatings and marine coatings are expected to enhance profitability, with production anticipated to start in the second half of 2025 [4] Dividend and Share Buyback - The company announced a total dividend of 1.64 yuan per share, amounting to 174 million yuan, which represents 82.43% of the net profit attributable to shareholders [4] - A share buyback program was initiated, completing the repurchase of 2,087,340 shares, accounting for 1.93% of total shares [5] Earnings Forecast - The revenue forecast for 2025 is adjusted to 2.159 billion yuan, with a net profit forecast of 257 million yuan, and an EPS of 2.38 yuan [6] - The company maintains a PE ratio forecast of 18.54 for 2025, indicating a strong valuation outlook [6]

[Table_Title] 证券研究报告 / 公司点评报告 [Table_Summary] 2024 年公司实现营收同比增长 88%至 21.4 亿元，归母净利润同比增长 26%至 2.1 亿元。单季度看，2024Q4 实现营收 7.5 亿元，同比增长 102%， 环比增长 17%；归母净利润 0.71 亿元，同比增长 508%，环比增长 7%。 集装箱涂料销量、营收高增，产品价格逐步回暖。2024 年公司集装箱涂 料销量 11.14 万吨，同比增加 213%；集装箱需求增加，产品价格逐步回 暖，实现营收 17.26 亿元，同比增加 196%。同时，公司进入全球第一大 集装箱租赁公司 TIL 及全球第六大航运公司 ONE 的合格供应商名录。 风电涂料销量略增，船舶涂料稳步推进。2024 年，公司风电涂料销量 1.28 万吨，较 2023 年销量 1.24 万吨相比略增；均价 3.1 万元，同比下降 26%， 导致销售额有所下降。2024 年上半年，公司启动了船舶涂料在中国、美 国、挪威三家船级社的认证工作，并于 2024 年第四季度成立"船舶涂料 市场营销中心"。其他业务如光伏减反射涂层单层高透 T88 已在 ...