Investment Rating - The report maintains a "Strong Buy" rating for the wind power sector, indicating a positive outlook for the industry [5]. Core Insights - The Ministry of Industry and Information Technology, the State Administration for Market Regulation, and the National Energy Administration jointly issued a plan to stabilize growth in the power equipment industry for 2025-2026, aiming for a 6% annual revenue growth for traditional power equipment and steady growth for new energy equipment [3][12]. - The report highlights significant growth in wind power installations, with a 79.50% year-on-year increase in new installations from January to July 2025, totaling 53.67 GW [3][27]. - The average bidding price for offshore wind turbines has shown a downward trend, with an average of 3266.17 RMB/kW in 2023 [44]. Summary by Sections 1. Industry Dynamics - The report outlines the government's focus on high-quality development in the wind power sector, emphasizing the need for innovation and international collaboration [3][12]. - Key projects include the announcement of a 3GW offshore wind power project in Qingdao [3]. 2. Market Performance - The wind power equipment sector experienced a decline of 2.04% in the week of September 8-12, 2025, underperforming compared to the broader market indices [15][18]. - The TTM price-to-earnings ratio for the wind power equipment index is reported at 35.19, with a market-to-book ratio of 1.93 [7][15]. 3. Installation Data - As of July 2025, the cumulative installed capacity of wind power reached approximately 574.87 million kW, reflecting a year-on-year growth of 22.10% [27][28]. - The report notes that land-based wind power installations accounted for 48.90 GW in the first half of 2025, a 95.52% increase year-on-year [4][27]. 4. Investment Recommendations - The report recommends companies such as Goldwind Technology and Yunda Co., which are expected to benefit from the acceleration of domestic wind power construction and overseas market expansion [8]. - It highlights the importance of large megawatt products and new technologies in enhancing profitability and competitive advantage within the industry [8].

人民财讯9月12日电，9月12日，在2025年半年度业绩会上，麦加芯彩（603062）董事长、总经理黄雁夷 介绍，公司珠海工厂目前已开始批量生产。公司的三个生产基地，不以产品作区别，公司会根据客户订 单地理位置分布及订单饱和量合理安排上海、南通、珠海三个基地的生产。珠海项目是公司自动化程 度、智能化程度最高的工厂，也是公司大规模产能建设的重要节点，预计未来至少三年之内，公司无需 进行大规模资本支出。为了充分利用新增产能，公司新业务增长、老业务扩张及海外市场拓展等都将加 速进行。 ...

Investment Rating - The report maintains a "Buy" rating for companies such as Goldwind Technology, Yunda Co., and Daikin Heavy Industries, while recommending "Hold" for companies like Taisheng Wind Energy and Jinlei Co. [1][4] Core Insights - The wind power sector is experiencing accelerated construction, with significant growth in offshore wind power connections in the first half of 2025. The reform of the bidding system is expected to drive wind turbine prices upward. [4][55] - The report highlights the increasing demand for large-scale wind turbines and the application of new technologies, which are expected to enhance the development space for the entire industry. [4][55] Industry Dynamics - Zhejiang and Beijing have released proposals for market-oriented pricing reforms for renewable energy, with specific pricing set at 0.4153 CNY/kWh for existing projects. [2][12] - The wind power sector saw a significant increase in installed capacity, with 53.67 GW added in the first seven months of 2025, representing a 79.50% year-on-year growth. [27][28] - The average price for offshore wind turbines has shown a downward trend, currently at 3266.17 CNY/kW. [3][47] Stock Performance - The wind power equipment sector index increased by 3.28% in the week of September 1-5, 2025, outperforming the broader market indices. [21][22] - Key stocks such as Goldwind Technology and Yunda Co. led the gains with increases of 18.46% and 18.22%, respectively. [21][25] Macro Data and Wind Power Industry Tracking - The GDP for the first half of 2025 was reported at 66.05 trillion CNY, with a growth rate of 5.3%. [23][26] - The total electricity consumption in the first seven months of 2025 was 58633 billion kWh, reflecting a 4.5% increase year-on-year. [23][26] Investment Recommendations - The report suggests focusing on companies that are well-positioned to benefit from the accelerating offshore wind power construction and the expansion of overseas markets. [55][56] - Specific recommendations include Goldwind Technology and Yunda Co. for the main turbine segment, Daikin Heavy Industries and Taisheng Wind Energy for tower and pile segments, and Jinlei Co. and Riyue Co. for casting and forging segments. [55][56]

Core Viewpoint - The company has shown significant growth in revenue and net profit for the first half of 2025, indicating strong operational performance and improved profitability metrics [4][7]. Group 1: Financial Performance - In H1 2025, the company achieved revenue of 889 million yuan, a year-on-year increase of 17%, with net profit attributable to shareholders reaching 111 million yuan, up 49% [4]. - For Q2 2025, the company reported revenue of 460 million yuan, a 2% increase year-on-year, with net profit attributable to shareholders growing by 31% [4]. - The company's gross profit margin improved to 23.5%, an increase of 3.9 percentage points year-on-year, while the net profit margin reached 12.4%, up 2.6 percentage points [7]. Group 2: Marine Equipment Coatings Business - The marine equipment coatings segment generated revenue of 600 million yuan in H1 2025, with a sales volume of 38,000 tons and an average price of 16,000 yuan per ton, reflecting a 4% increase year-on-year [5]. - The company has begun to see sales contributions from ship coatings, having received certifications from various classification societies [5]. Group 3: New Energy Coatings Business - The new energy coatings segment reported revenue of 280 million yuan in H1 2025, with a sales volume of 9,000 tons and an average price of 30,000 yuan per ton, representing a 7% decline year-on-year [6]. - The share of new energy coatings in total revenue increased to 31.55%, up approximately 10 percentage points from 21.52% in the same period last year [6]. - The new energy segment's gross profit contribution approached 50% of the overall gross profit, driven by increased domestic demand and enhanced competitive positioning [6]. Group 4: Cash Flow and Receivables - The company reported a net cash flow from operating activities of 180 million yuan, an increase of 230 million yuan year-on-year, with a cash collection ratio of 143%, up 64 percentage points [8]. - As of the end of H1 2025, accounts receivable and notes receivable stood at 1.02 billion yuan, showing a slight year-on-year increase of 13 million yuan [8].

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company has achieved rapid growth in revenue and profit, with significant improvements in operational quality and the ship coating segment beginning to contribute to sales [2][4]. - The company reported a revenue of 889 million yuan and a net profit attributable to shareholders of 110 million yuan for the first half of 2025, representing year-on-year increases of 17% and 49% respectively [2]. - The marine equipment coating business generated 600 million yuan in revenue with a gross margin of 17.6%, while the new energy coating business saw a revenue of 280 million yuan with a gross margin of 36.1% [3][4]. Revenue and Profit Growth - In the second quarter of 2025, the company achieved a revenue of 460 million yuan and a net profit of 60 million yuan, with year-on-year growth of 2% and 31% respectively [2]. - The new energy coating segment's revenue contribution increased to 31.55% of total revenue, up from 21.52% in the same period last year [3]. Profitability and Operational Quality - The company's gross margin improved to 23.5%, an increase of 3.9 percentage points year-on-year, with a net profit margin of 12.4%, up 2.6 percentage points [4]. - The net cash flow from operating activities for the first half of 2025 was 180 million yuan, a year-on-year increase of 230 million yuan [4]. Future Earnings Forecast - The report forecasts net profits for 2025, 2026, and 2027 to be 270 million yuan, 300 million yuan, and 330 million yuan respectively [4][5].

证券代码：603062 证券简称：麦加芯彩 公告编号：2025-067 麦加芯彩新材料科技（上海）股份有限公司 关于为子公司提供担保的公告 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。 重要内容提示： ● 被担保人名称及是否为上市公司关联人：麦加涂料（南通）有限公司，为麦加芯彩新材料科技（上 海）股份有限公司（以下简称"公司"）全资子公司。 ● 本次担保金额及已实际为其提供的担保余额：本次担保金额为人民币2亿元，截至本公告披露日，已 实际为其提供的担保余额为人民币7亿元（含本次担保金额）。 ● 对外担保逾期的累计数量：截止本公告披露日，公司无逾期担保。 一、担保情况概述 （一）担保基本情况 麦加涂料（南通）有限公司（以下简称"南通麦加"）为公司全资子公司，亦是本公司目前最主要的生产 基地。随着生产规模的扩大，存在资金或开立票据等融资需求。基于此，南通麦加向兴业银行股份有限 公司南通分行（以下简称"兴业银行"）提出年度授信需求。 2025年09月09日，本公司与兴业银行签署《最高额保证合同》为南通麦加提供最高额连带责任保证 ...

（文章来源：证券日报） 证券日报网讯 9月9日晚间，麦加芯彩发布公告称，2025年9月9日，公司与兴业银行签署《最高额保证 合同》为全资子公司南通麦加提供最高额连带责任保证担保，保证最高本金限额为2亿元，担保期限自 2025年09月09日起至2026年08月20日止。担保范围包括但不限于债权本金、利息（含罚息、复利）、违 约金、损害赔偿金、债权人实现债权的费用等。截至本公告披露日，公司及子公司对外担保余额为人民 币70，000万元，占公司2024年年末经审计的净资产206，034.00万元的33.97%。 ...

每经头条（nbdtoutiao）——雷军挥泪"斩"王腾，小米爱将泄密"失街亭"，大厂正风肃纪"拼牙口" （记者 胡玲） 每经AI快讯，麦加芯彩（SH 603062，收盘价：53.88元）9月9日晚间发布公告称，截至本公告披露日， 公司及子公司对外担保余额为7亿元，占公司2024年年末经审计的净资产约20.6亿元的33.97%；公司已 对子公司提供的担保余额为人民币7亿元，占公司2024年年末经审计的净资产约20.6亿元的33.97%；无 逾期对外担保，也无涉及诉讼的对外担保。 2024年1至12月份，麦加芯彩的营业收入构成为：涂料行业占比99.91%，其他业务占比0.09%。 截至发稿，麦加芯彩市值为58亿元。 ...

证券代码：603062 证券简称：麦加芯彩 公告编号：2025-067 麦加芯彩新材料科技（上海）股份有限公司 关于为子公司提供担保的公告 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。 重要内容提示： （二）担保额度变化情况 1 被担保人名称及是否为上市公司关联人：麦加涂料（南通）有限公司， 为麦加芯彩新材料科技（上海）股份有限公司（以下简称"公司"）全资子公司。 本次担保金额及已实际为其提供的担保余额：本次担保金额为人民币 2 亿元，截至本公告披露日，已实际为其提供的担保余额为人民币 7 亿元（含本次 担保金额）。 本次担保是否有反担保：不存在反担保。 对外担保逾期的累计数量：截止本公告披露日，公司无逾期担保。 一、担保情况概述 （一）担保基本情况 麦加涂料（南通）有限公司（以下简称"南通麦加"）为公司全资子公司， 亦是本公司目前最主要的生产基地。随着生产规模的扩大，存在资金或开立票据 等融资需求。基于此，南通麦加向兴业银行股份有限公司南通分行（以下简称"兴 业银行"）提出年度授信需求。 2025 年 09 月 09 ...

（文章来源：证券日报） 证券日报网讯 9月8日晚间，麦加芯彩发布公告称，公司2025年第三次临时股东会于2025年9月8日召 开，审议通过了《2025年半年度利润分配方案》等议案。 ...