Core Viewpoint - The company Megachip Color (麦加芯彩) has shown significant growth in revenue and net profit, driven by the recovery in container and wind power coatings, and is expanding its market presence through certifications and acquisitions [2][3][4][5]. Financial Performance - In 2024, the company achieved revenue of 2.139 billion yuan, a year-on-year increase of 87.56%, and a net profit of 211 million yuan, up 26.30% [2]. - The fourth quarter of 2024 saw revenue of 745 million yuan, a 102.38% increase year-on-year, and a net profit of 71 million yuan, up 507.81% [2]. - For Q1 2025, revenue was 424 million yuan, a 40.50% increase year-on-year, but a 43.06% decrease quarter-on-quarter, with a net profit of 50 million yuan, up 77.35% year-on-year [2]. Container Coatings - Container coatings achieved record sales and revenue in 2024, with sales of 111,400 tons, a 212.96% increase, and revenue of 1.726 billion yuan, up 195.54% [3]. - In Q1 2025, container coatings sales were 19,000 tons, generating revenue of 309 million yuan, a 41.39% increase year-on-year [3]. - The average price of container coatings rose to 1.62 yuan/ton in Q1 2025, a 9.77% increase year-on-year, following a price decline due to low upstream demand [3]. Wind Power Coatings - Wind power coatings saw a slight increase in sales to 12,800 tons in 2024, but revenue fell to 393 million yuan, a decrease of 23.03% due to a 25.52% drop in average selling price [4]. - The average selling price for wind power coatings in Q1 2025 was 31,600 yuan/ton, showing a 5.93% increase quarter-on-quarter, indicating a recovery trend [4]. Ship Coatings and Acquisitions - The company is progressing with certifications for ship coatings in China, the US, and Norway, and has established a marketing center for ship coatings [5]. - The acquisition of Covestro's photovoltaic glass coating business is underway, with expectations for operational launch by mid-2025, potentially opening new growth avenues [5]. Production Capacity Expansion - The Shanghai production base's capacity increased from 20,000 tons to 50,000 tons, completed in mid-2024 [5]. - The Nantong production base's capacity will rise from 70,000 tons to 114,000 tons, with expansion initiated in Q4 2024 [5]. - The Zhuhai production base, with a capacity of 70,000 tons, is nearing completion, with equipment installation expected to finish by mid-2025 [5]. Investment Outlook - Forecasts for 2025 to 2027 predict revenues of 1.797 billion yuan, 2.045 billion yuan, and 2.378 billion yuan, with net profits of 241 million yuan, 306 million yuan, and 377 million yuan respectively [6]. - The company maintains a "Buy-B" rating based on its growth potential and market positioning [6].

Investment Rating - The report maintains a "Buy-B" rating for the company [4] Core Views - The company reported a revenue of 2.139 billion yuan for 2024, representing a year-on-year growth of 87.56%, and a net profit of 211 million yuan, up 26.30% year-on-year [4] - The container paint segment achieved record high sales and revenue, with a total sales volume of 111,400 tons in 2024, a year-on-year increase of 212.96%, and revenue of 1.726 billion yuan, up 195.54% year-on-year [4] - The wind power paint segment showed signs of price recovery, with the average selling price in Q1 2025 reaching 31,600 yuan per ton, a 5.93% increase from the previous quarter [5] - The company is expanding its overseas business and has successfully entered the supply chain of major global players in the shipping industry [5][6] Financial Performance - The company is projected to achieve revenues of 1.797 billion yuan, 2.045 billion yuan, and 2.378 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of -16.0%, 13.8%, and 16.3% [8] - The net profit forecast for the same period is 241 million yuan, 306 million yuan, and 377 million yuan, with growth rates of 14.4%, 27.1%, and 23.2% respectively [8] - The earnings per share (EPS) are expected to be 2.23 yuan, 2.84 yuan, and 3.49 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (P/E) ratios of 21.5, 16.9, and 13.7 [8] Production Capacity and Expansion - The company is increasing its production capacity, with the Shanghai production base's total capacity growing from 20,000 tons to 50,000 tons, completed in mid-2024 [7] - The Nantong production base's capacity will increase from 70,000 tons to 114,000 tons, with the expansion already initiated in Q4 2024 [7] - The Zhuhai production base project, with a capacity of 70,000 tons, is expected to be completed by mid-2025 [7]

Investment Rating - The investment rating for the company is "Buy" with a target price set for the next six months [5][16]. Core Views - The company reported significant year-on-year growth in Q1 2025, with revenue reaching 424 million yuan, a 40.5% increase, and net profit attributable to shareholders at 50 million yuan, up 77.4% [1][2]. - The wind power coating business experienced rapid growth, contributing to the overall revenue increase alongside stable demand in the container business [1][2]. - The company aims to strengthen its position in the container and wind power coating sectors while expanding into new applications such as marine, photovoltaic, offshore engineering, energy storage, and data centers [3]. Financial Performance - In Q1 2025, the company's total coating production was 22,800 tons, a 22.9% increase year-on-year, with sales volumes for container coatings, wind power coatings, and other industrial coatings at 19,006 tons, 3,617 tons, and 46 tons respectively [2]. - The average selling prices for container coatings, wind power coatings, and other industrial coatings were 16,200 yuan/ton, 31,600 yuan/ton, and 20,700 yuan/ton, showing year-on-year changes of +9.8%, -11.9%, and +7.8% respectively [2]. - The gross profit for Q1 2025 was 104 million yuan, reflecting a 63.9% increase, with a comprehensive gross margin of 23.8%, up 3.4 percentage points year-on-year [2]. Future Outlook - The company forecasts net profits attributable to shareholders for 2025, 2026, and 2027 to be 260.5 million yuan, 318.4 million yuan, and 391.7 million yuan respectively, indicating a positive growth trajectory [3][4]. - The anticipated delivery period for wind power projects in 2025 is expected to further boost the company's product sales [2]. Market Position - The company is positioning itself as a leading platform enterprise in the domestic industrial coating sector, with ongoing efforts to enhance its competitive edge [3].

证券代码：603062 证券简称：麦加芯彩 公告编号：2025-033 麦加芯彩新材料科技（上海）股份有限公司 关于使用部分闲置募集资金进行现金管理赎回的公告 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： 特此公告。 麦加芯彩新材料科技（上海）股份有限公司董事会 2025年5月9日 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10月25日召开第二届董事会第八次会议、第二届监事会第七次会议，审 议通过了《关于使用部分闲置募集资金进行现金管理及以协定存款方式存放募 集资金余额的议案》。公司监事会和保荐机构瑞银证券有限责任公司（以下简 称"保荐机构"）对上述事项发表了明确的同意意见。 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 ...

Investment Rating - The investment rating for the company is "Buy" with a target price set for the next six months [5][16]. Core Views - The company reported significant year-on-year growth in Q1 2025, with revenue reaching 424 million yuan, a 40.5% increase, and net profit attributable to shareholders at 50 million yuan, up 77.4% [1][2]. - The wind power coating business experienced rapid growth, contributing to the overall revenue increase alongside stable demand in the container business [1][2]. - The company aims to strengthen its position in the container and wind power coating sectors while expanding into new applications such as marine, photovoltaic, offshore engineering, energy storage, and data centers [3]. Financial Performance - In Q1 2025, the company's total coating production was 22,800 tons, a 22.9% increase year-on-year, with sales volumes for container coatings, wind power coatings, and other industrial coatings at 19,006 tons, 3,617 tons, and 46 tons respectively [2]. - The average selling prices for container coatings, wind power coatings, and other industrial coatings were 16,200 yuan/ton, 31,600 yuan/ton, and 20,700 yuan/ton, reflecting year-on-year changes of +9.8%, -11.9%, and +7.8% respectively [2]. - The gross profit for Q1 2025 was 104 million yuan, a 63.9% increase, with a comprehensive gross margin of 23.8%, up 3.4 percentage points year-on-year [2]. Future Outlook - The company is expected to see continued growth in net profit, with projections of 260.5 million yuan, 318.4 million yuan, and 391.7 million yuan for 2025, 2026, and 2027 respectively [3][4]. - The anticipated delivery period for wind power projects in 2025 is expected to further boost the company's product sales [2]. - The company has made strategic acquisitions and certifications, such as obtaining the DNV anti-fouling paint certification, which will help expand its market presence in marine coatings [3].

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 证券代码：603062 证券简称：麦加芯彩 公告编号：2025-032 麦加芯彩新材料科技（上海）股份有限公司 关于使用部分闲置募集资金进行现金管理赎回的公告 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： 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10月25日召开第二届董事会第八次会议、第二届监事会第七次会议，审 议通过了《关于使用部分闲置募集资金进行现金管理及以协定存款方式存放募 集资金余额的议案》。公司监事会和保荐机构瑞银证券有限责任公司（以下简 称"保荐机构"）对上述事项发表了明确的同意意见。 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 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a revenue of approximately 420 million yuan in Q1 2025, representing a year-on-year increase of 41% but a quarter-on-quarter decrease of 43%. The net profit attributable to the parent company was about 50 million yuan, up 77% year-on-year but down 29% quarter-on-quarter. The non-recurring net profit was approximately 46 million yuan, showing a year-on-year increase of 105% but a quarter-on-quarter decrease of 27% [2][4]. Summary by Sections Financial Performance - In Q1 2025, the company's revenue was approximately 420 million yuan, with container and wind power coatings contributing 309 million yuan and 114 million yuan respectively, accounting for 73% and 27% of total revenue. This is a shift from the previous year's proportions of 81% and 18% [9]. - The gross margin for Q1 was approximately 23.8%, an increase of 3.4 percentage points year-on-year and 2.7 percentage points quarter-on-quarter, primarily due to stabilization in prices for both container and wind power coatings [9]. - The net profit margin for Q1 was approximately 11.8%, up 2.5 percentage points year-on-year and 2.3 percentage points quarter-on-quarter [9]. Container Coatings - The revenue from container coatings in Q1 was approximately 309 million yuan, a year-on-year increase of 41% but a quarter-on-quarter decline of 50%. The sales volume was about 19,000 tons, up 29% year-on-year but down 52% quarter-on-quarter [9]. - The average price for container coatings in Q1 was 16,200 yuan per ton, reflecting a year-on-year increase of 10% and a quarter-on-quarter increase of 4% [9]. Wind Power Coatings - The revenue from wind power coatings in Q1 was approximately 114 million yuan, a year-on-year increase of 47%. The sales volume was about 3,600 tons, up 67% year-on-year [9]. - The average price for wind power coatings was 31,600 yuan per ton, down 12% year-on-year but showing a 6% increase quarter-on-quarter [9]. Marine Coatings - The company has made progress in obtaining certifications for marine coatings, which are expected to contribute significantly to revenue. The global marine coatings market is approximately 30 billion yuan, with the repair market accounting for about 40% [9]. Future Projections - The company is projected to achieve net profits of approximately 240 million yuan and 290 million yuan for 2025 and 2026 respectively, corresponding to valuations of 22 and 18 times earnings [9].

Investment Rating - The industry rating is "Recommended" [4] Core Views - The new housing market is showing signs of recovery, with a notable increase in new home transactions in major cities, indicating a potential boost in demand for construction materials [2][20] - The cement market is experiencing a slight price decline, but demand is expected to improve as weather conditions stabilize and construction activities pick up [3][23] - The report emphasizes the importance of domestic consumption and infrastructure investment, particularly in light of the "equal tariff" environment, which is expected to strengthen domestic demand [7][9] Summary by Sections Housing Market - In the 18th week of the year, new home transaction area in 30 major cities reached 165.19 million square meters, up 21% year-on-year and 6.19% month-on-month [2][20] - The total transaction area for new homes in these cities is 29.32 million square meters, showing no year-on-year change [2][20] - Second-hand home transactions in 15 monitored cities increased by 56% year-on-year but saw a significant month-on-month decline [21] Cement Market - The national average cement price is 390.83 yuan per ton, down 0.8% from the previous week, with price increases mainly in Liaoning and Jilin [3][23] - The cement market is expected to stabilize as demand improves and companies engage in peak-shifting production practices [23] Investment Recommendations - Recommended companies include: - **Oriental Yuhong**, **Weixing New Materials**, and **Tubaobao** for their strong operational resilience and high dividends [7] - **China Construction** and **China Communications Construction** as beneficiaries of increased infrastructure investment [7] - **Jinchengxin** for its strong performance in copper resource development [7] - **Heilongjiang Hongda** and **Xuefeng Technology** in the civil explosives sector due to high demand [7] Industry Trends - The report highlights the ongoing trend of domestic substitution in various sectors, particularly in ship coatings and industrial coatings, with companies like **Maijia Xincai** and **Songjing Coatings** positioned to benefit [7] - The "Belt and Road" initiative is expected to gain momentum, benefiting international engineering companies such as **China Construction** and **China Metallurgical** [7]

Investment Rating - The report maintains a "Buy" rating for the company [1][6] Core Views - The company achieved significant revenue growth in Q1 2025, with a revenue of 424 million yuan, up 40.50% year-on-year, and a net profit attributable to shareholders of 50.14 million yuan, up 77.35% year-on-year [1][2] - The growth in profits outpaced revenue growth, indicating improved profitability driven by product structure optimization, price transmission, and cost control [1][2] - The company has a strong market position in the container coating sector, ranking second globally, with a market share exceeding 22% in 2024 [2][3] Summary by Sections Financial Performance - In Q1 2025, the company reported a revenue of 424 million yuan and a net profit of 50.14 million yuan, with a significant improvement in operating cash flow to 23.34 million yuan from a negative 128 million yuan in the same period last year [1] - The basic earnings per share increased by 80.77% year-on-year to 0.47 yuan [1] Container Coating Sector - The container coating revenue reached 309 million yuan in Q1 2025, up 41.39% year-on-year, with a price increase of 4.05% quarter-on-quarter [2] - The company sold over 111,400 tons of container coatings last year, achieving a revenue of 1.726 billion yuan, a 195.54% increase year-on-year [2] Wind Power Coating Sector - Wind power coating revenue was 114 million yuan in Q1 2025, up 47.00% year-on-year, with a sales price of 31,600 yuan per ton [3] - The company has maintained a leading position in the domestic market and made breakthroughs in overseas markets, including certification from German giant NORDEX [3] Expansion and New Products - The company is advancing in the ship coating and photovoltaic coating sectors, with significant milestones such as obtaining certification from the Norwegian classification society [4] - Capacity expansion is ongoing, with new capacities being added in Shanghai and Zhuhai, which will support future business growth [4] Earnings Forecast - The report forecasts revenues of 2.159 billion yuan, 2.412 billion yuan, and 2.743 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 257 million yuan, 316 million yuan, and 385 million yuan for the same years [6][10]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company achieved significant revenue and profit growth in Q1 2025, with revenue, net profit attributable to shareholders, and net profit excluding non-recurring items reaching 420 million, 50 million, and 46 million yuan respectively, representing year-on-year increases of 41%, 77%, and 105% [1][2] - The growth in container coatings is attributed to a low base effect, while the wind power coatings benefited from high demand in the downstream wind power industry [2] - The company's gross margin improved to 23.8%, up 3.4 percentage points year-on-year, and the net profit margin increased to 11.8%, up 2.4 percentage points year-on-year [2] - Cash flow from operating activities showed significant improvement, with a net cash flow of 20 million yuan, an increase of 150 million yuan year-on-year, primarily due to improved collections [3] - The company has made substantial progress in new business development, including breakthroughs in the overseas wind power coatings market and the acquisition of important assets in photovoltaic glass coatings, which may contribute to revenue and profit in 2025 [3] Summary by Sections Financial Performance - In Q1 2025, the company reported revenues of 420 million yuan, with container coatings, wind power coatings, and other industrial coatings generating revenues of 310 million, 110 million, and 1 million yuan respectively [2] - The sales volumes for these segments were 19,006 tons, 3,617 tons, and 46 tons, with year-on-year growth rates of 29%, 67%, and a decline of 84% respectively [2] - The average prices per ton were 16,000, 32,000, and 21,000 yuan, with year-on-year changes of +10%, -12%, and +8% respectively [2] Profitability and Margins - The company’s gross margin for Q1 2025 was 23.8%, reflecting a year-on-year increase of 3.4 percentage points [2] - The net profit margin improved to 11.8%, up 2.4 percentage points year-on-year, supported by a reduction in impairment losses [2] Cash Flow and Receivables - The net cash flow from operating activities was 20 million yuan, a significant increase of 150 million yuan year-on-year, indicating improved collection efficiency [3] - As of the end of Q1 2025, accounts receivable and notes receivable totaled 1.33 billion yuan, an increase of 350 million yuan year-on-year [3] Future Outlook - The report anticipates continued growth in revenue and profit driven by the low base effect and high demand in the wind power sector [3] - The company is expected to see contributions from new business developments, including overseas market expansions and acquisitions [3]