Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [4]. Core Viewpoints - The company is a leading player in the wind power and container coating industries, having achieved significant domestic market shares of first and second place respectively. It is currently focusing on expanding into the ship coating sector, having obtained certification for the most challenging and highest revenue-generating ship bottom paint, which is expected to elevate its operational performance [1][7]. Financial Data and Valuation - The company is projected to achieve total revenue of 2,139 million yuan in 2024, reflecting an 88% year-on-year growth, followed by a slight decline to 1,924 million yuan in 2025, and then a recovery to 2,185 million yuan in 2026, with a further increase to 2,661 million yuan in 2027 [3]. - The net profit attributable to shareholders is expected to reach 211 million yuan in 2024, with a growth of 26% compared to the previous year, and is projected to continue growing to 317 million yuan in 2026 and 424 million yuan in 2027 [3]. - The earnings per share (EPS) is forecasted to be 1.95 yuan in 2024, increasing to 2.16 yuan in 2025 and reaching 2.94 yuan in 2026 [3]. Company Overview - The company, established in 2002, has become a leading supplier in the domestic wind power blade and container coating sectors. It has been actively involved in the research and development of environmentally friendly coatings since 2010, achieving significant market share growth in the container coating industry [11][19]. - The company has a stable core team with extensive experience in the coating industry, emphasizing long-term research and development investments. As of the end of 2024, the company holds 100 patents, including 36 invention patents [29][30]. Industry Outlook - The wind power industry is expected to experience a resurgence, with significant increases in domestic wind power bidding data in 2024, laying the groundwork for intensive installations in 2025-2026. The demand and pricing for wind power coatings are anticipated to rise [7][29]. - The ship coating market is projected to grow steadily, driven by new ship construction and maintenance of existing vessels. The global market size for ship coatings is estimated to be around 6 billion USD in 2023, with strong growth potential in the coming years [7][29].

证券代码：603062 证券简称：麦加芯彩 公告编号：2025-027 麦加芯彩新材料科技（上海）股份有限公司 一、本次限售股上市类型 根据中国证券监督管理委员会出具的《关于同意麦加芯彩新材料科技（上海） 股份有限公司首次公开发行股票注册的批复》（证监许可〔2023〕1706 号）核准， 并经上海证券交易所同意，麦加芯彩新材料科技（上海）股份有限公司(以下简称 "公司")首次向社会公开发行人民币普通股(A 股)股票 27,000,000 股，并于 2023 年 11 月 7 日在上海证券交易所主板上市。本次发行后，首次公开发行 A 股后总股 本为 108,000,000 股，其中有限售条件流通股 81,542,274 股，占公司总股本的 75.50%，无限售条件流通股 26,457,726 股，占公司总股本的 24.50%。其中首次 公开发行网下发行采用比例限售方式形成的限售股（包含包销限售部分）为 542,274 股，占公司总股份比例为 0.50%，限售期为自公司首次公开发行股票并 上市之日 6 个月，该部分限售股已于 2024 年 5 月 7 日上市流通。 截至本公告出具日，公司总股本为 108,000, ...

瑞银证券有限责任公司 关于麦加芯彩新材料科技（上海）股份有限公司 首次公开发行部分限售股上市流通的核查意见 瑞银证券有限责任公司（以下简称"瑞银证券"或"保荐机构"）作为麦加 芯彩新材料科技（上海）股份有限公司（以下简称"麦加芯彩"或"公司"）首 次公开发行股票并在上海证券交易所主板上市的保荐机构和持续督导机构，根据 《证券发行上市保荐业务管理办法》《上海证券交易所股票上市规则》《上海证券 交易所上市公司自律监管指引第 11 号—持续督导》《上海证券交易所上市公司自 律监管指引第 1 号—规范运作》等法律法规和规范性文件的要求，对麦加芯彩首 次公开发行部分限售股上市流通事项进行了核查，并出具核查意见如下： 一、本次限售股上市类型 根据中国证券监督管理委员会出具的《关于同意麦加芯彩新材料科技（上海） 股份有限公司首次公开发行股票注册的批复》（证监许可[2023]1706 号）核准， 并经上海证券交易所同意，麦加芯彩首次向社会公开发行人民币普通股（A 股） 股票 27,000,000 股，并于 2023 年 11 月 7 日在上海证券交易所主板上市。本次发 行后，首次公开发行 A 股后总股本为 108,000,0 ...

证券代码：603062 证券简称：麦加芯彩 公告编号：2025-026 特此公告。 麦加芯彩新材料科技（上海）股份有限公司董事会 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 ...

证券代码：603062 证券简称：麦加芯彩 公告编号：2025-025 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 （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，南通麦加向上海浦东发展银行股份有限公司南通分行（以 下简称"浦发银行"）提出年度授信需求。 2025 年 04 月 17 日，本公司与浦发银行签署《最高额保证合同》为南通麦 加提供最高额连带责任保证担保，保证最高本金限额为 2.0 亿元，担保期限自 2025 年 04 月 17 日起至 2026 年 04 月 03 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、手续费及其他为签订或履行本合 同而发生的费用、债权人实现债权的费用等。 本次担保不涉及其他股东，也不存在反担保事宜。 （二）担保额度变化情况 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 ...

证券研究报告 | 行业周报 2025 年 04 月 14 日 风电周报（2025.4.7-2025.4.13） 25Q1 国内整机商中标超 38GW，首个海陆一体海风柔直工程开工 | 股票 | 股票 | 投资 | EPS （元） | | PE | | | --- | --- | --- | --- | --- | --- | --- | | 代码 | 名称 | 评级 | 2024E | 2025E | 2024E | 2025E | | 002531.SZ | 天顺风能 | 增持 | 0.11-0.14 | 0.75 | 21.01 | 9.31 | | 300129.SZ | 泰胜风能 | 增持 | 0.5 | 0.71 | 12.92 | 9.1 | | 300443.SZ | 金雷股份 | 增持 | 0.54 | 1.16 | 34.78 | 16.19 | | 600875.SH | 东方电气 | 买入 | 1.23 | 1.54 | 12.42 | 9.92 | | 603062.SH | 麦加芯彩 | 买入 | 1.95 | 2.5 | 25.24 | 20.86 | | 603218.SH | ...

Company and Industry Summary Company Overview - The company operates in the coatings industry, focusing on container coatings and wind power coatings, with a diversified business strategy aimed at enhancing its market position and financial performance [1][4][9]. Key Points and Arguments - **Performance Expectations**: There is an anticipated improvement in the economic viability of wind power, which is expected to drive demand for wind power coatings, supporting the company's performance in the second half of the year [1]. - **Revenue Growth**: The company's revenue has shown a significant recovery, primarily driven by a surge in demand for container coatings, leading to a 200% year-on-year increase in revenue from this segment, which now constitutes 80% of total revenue [2]. - **Price Recovery**: Container coatings prices have gradually recovered from a low of 14,800 CNY per ton in Q1 to 15,600 CNY in Q4, while wind power coatings prices have stabilized around 29,800 CNY per ton despite a decline in sales volume [3]. - **Market Share**: The company has achieved a market share of over 25% in the container coatings segment, indicating strong competitive positioning, although it still lacks full coverage of international clients [4]. - **International Expansion**: The establishment of a subsidiary in Europe aims to expand the company's reach into European, African, and South American markets, enhancing its global footprint [5]. - **Production Capacity**: The company is set to increase its production capacity to 236,000 tons by the end of the year, a significant increase from 90,000 tons at the beginning of the year, reflecting confidence in future business growth [6]. - **Cash Flow and Dividends**: There has been a notable improvement in cash flow, which is expected to support dividend payouts and overall financial health [6]. - **Future Growth Drivers**: Short-term growth is anticipated from the release of wind power coatings demand, while long-term strategies include diversifying the business to create multiple revenue streams [7][9]. - **Product Development**: The company is preparing for the launch of its new spread coatings, having completed product testing and certifications, which could contribute to revenue growth in the near future [8]. Additional Important Insights - **Profitability Dynamics**: Wind power coatings have a higher profit margin compared to other segments, which could lead to a disproportionate increase in profit relative to revenue growth [7]. - **Strategic Diversification**: The company is focusing on a multi-faceted business approach to mitigate risks associated with reliance on a limited number of product lines, indicating a proactive strategy to enhance resilience against market fluctuations [9][10]. - **Market Conditions**: The overall industry demand has shown signs of slowing down, yet the company has managed to maintain stable pricing and high gross margins around 37% [3]. This summary encapsulates the key insights from the conference call, highlighting the company's strategic direction, performance metrics, and market positioning within the coatings industry.

证券代码：603062 证券简称：麦加芯彩 公告编号：2025-024 麦加芯彩新材料科技（上海）股份有限公司 2024 年年度股东大会决议公告 | 1、出席会议的股东和代理人人数 | 157 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 76,237,755 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 71.9817 | 注:公司有表决权股份总数为 105,912,660 股，即总股本 108,000,000 股扣除截至股权登记日 公司回购专户回购的股份数 2,087,340 股。 (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 (一) 股东大会召开的时间：2025 年 4 月 15 日 (二) 股东大会召开的地点：上海市嘉定区马陆镇思诚路 1515 号 1 号楼 2 层大 会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 董事长 WONG YIN YEE（黄雁夷）主持本次会议。会议采用现场投票与网络投票 相结合的方式召开。本次股东大会的召集、召开、议案审议 ...

北京市中伦律师事务所 关于麦加芯彩新材料科技（上海）股份有限公司 2024 年年度股东大会的 北京 • 上海 • 深圳 • 广州 • 武汉 • 成都 • 重庆 • 青岛 • 杭州 • 南京 • 海口 • 东京 • 香港 • 伦敦 • 纽约 • 洛杉矶 • 旧金山 • 阿拉木图 Beijing • Shanghai • Shenzhen • Guangzhou • Wuhan • Chengdu • Chongqing • Qingdao • Hangzhou • Nanjing • Haikou • Tokyo • Hong Kong • London • New York • Los Angeles • San Francisco • Almaty 北京市中伦律师事务所 关于麦加芯彩新材料科技（上海）股份有限公司 2024 年年度股东大会的 法律意见书 致：麦加芯彩新材料科技（上海）股份有限公司 法律意见书 二〇二五年四月 北京市中伦律师事务所（以下简称"本所"）作为麦加芯彩新材料科技（上 海）股份有限公司（以下简称"公司"）的常年法律顾问，受公司委托，指派律 师出席公司 2024 年年度股东大会（以下简称 ...

Summary of Megachip Color Technology Co., Ltd. Conference Call Company Overview - **Company**: Megachip Color Technology Co., Ltd. - **Year**: 2024 - **Revenue**: 21.64 billion CNY, a year-on-year increase of 26.3% [2][3] - **Operating Cash Flow**: 1.98 billion CNY, with net profit cash content at 94.12% [2] - **Coating Production and Sales**: Production reached 127,800 tons and sales reached 125,200 tons, with increases of 144.74% and 147.72% respectively [2][3] Key Business Segments Container Coatings - **Sales Volume**: 111,400 tons, a year-on-year increase of 212.96% [4] - **Revenue**: 17.26 billion CNY, a year-on-year increase of 195.54% [4] - **Market Position**: Covered 90% of the top ten global container shipping and leasing companies, benefiting from increased demand and recovering product prices [4] Wind Power Coatings - **Sales Volume**: 12,800 tons, achieving double-digit growth [5] - **Market Entry**: Successfully entered the supply chain of German wind turbine manufacturer Nordex, establishing a foundation for future overseas market expansion [5] - **Future Outlook**: Optimistic about opportunities in the wind power industry in 2025 [5] Emerging Businesses - **Ship Coatings**: Initiated certification for ship coatings in China, the USA, and Norway, and established a sales center [6] - **Photovoltaic Coatings**: Acquired intellectual property related to photovoltaic glass coatings and launched the high-transparency T88 product [6] - **Industrial Coatings Platform**: Focused on developing projects in offshore coatings, offshore towers, and other industrial applications [6] Research and Development - **R&D Investment**: Nearly 60 million CNY in 2024, a year-on-year increase of 14.58% [7] - **Patents**: Added 13 new patents, totaling 100 patents, including 36 invention patents [7] - **Recognition**: Awarded as an exemplary unit for patent work by the Shanghai Intellectual Property Bureau [7] International Expansion - **Overseas Sales**: Reached 44.33 million CNY, a year-on-year increase of over 200% [8] - **Partnerships**: Provided wind blade coatings for China National Materials Technology's Brazil factory and became a designated supplier for German company Intexa [8] - **Subsidiaries**: Established a subsidiary in Hong Kong and plans for a European subsidiary to enhance market reach [8] ESG and Sustainability - **Certifications**: Received ESG management system certification and DEI employer award [9] - **Green Products**: Nine products certified as green products and contributed to the first EPD standard in China [9] - **Awards**: Recognized for excellence in green technology by the China Container Industry Association [9] Share Buyback and Dividends - **Share Buyback**: Completed a buyback plan totaling 70 million CNY, accounting for 1.93% of share capital [10] - **Dividends**: Mid-year dividend of 0.56 CNY per share and an annual cash dividend of 1.08 CNY per share, totaling 1.64 CNY per share, amounting to 174 million CNY, which is 82% of last year's profit [10]