Investment Rating - The report maintains a "Buy" investment rating for the company [5][31]. Core Views - The company achieved a record high in container business revenue, with total operating income reaching 2.139 billion yuan, a year-on-year increase of 87.56% [1][12]. - The net profit attributable to shareholders was 211 million yuan, reflecting a year-on-year growth of 26.30% [1][11]. - The company is focusing on expanding its industrial coatings platform, with significant growth expected in emerging business areas such as shipbuilding, photovoltaics, and energy storage [4][28]. Financial Performance - In 2024, the company reported operating income of 2.139 billion yuan, an increase of 9.98 billion yuan year-on-year [2][12]. - The gross profit was 443 million yuan, with a comprehensive gross margin of 20.7%, down 9.6 percentage points year-on-year [2][12]. - The company’s earnings per share (EPS) for 2024 was 1.97 yuan, with a basic EPS of 1.67 yuan after deducting non-recurring gains and losses [1][11]. Business Segments - Container Coatings: Sales volume reached 111,400 tons, a year-on-year increase of 213.0%, driven by the recovery in the container industry [3][16]. - Wind Power Coatings: The company entered the NORDEX supply chain, marking a breakthrough in overseas markets, with sales volume of 12,800 tons, a year-on-year increase of 3.3% [17][18]. - Other Industrial Coatings: Revenue from this segment was 18 million yuan, showing a slight decline [2][12]. Cost Management - The company demonstrated strong cost management capabilities, with a decrease in the expense ratio to 8.4%, down 4.6 percentage points year-on-year [3][23]. - Total expenses for 2024 were 179 million yuan, an increase of 31 million yuan year-on-year [3][23]. Future Outlook - The company expects to continue consolidating its container and wind power coatings businesses while accelerating development in shipbuilding, photovoltaics, and energy storage sectors [4][28]. - The forecasted net profit for 2025-2027 is 260 million, 320 million, and 390 million yuan respectively [31].

Core Viewpoint - The company has announced a change in the designated sponsor representatives for its initial public offering (IPO) project, ensuring continuity in supervision and compliance with regulatory requirements [1]. Group 1 - UBS Securities has appointed Gu Chengzong as the new sponsor representative for the company's IPO project, replacing Luo Yong due to work changes [1]. - The original sponsor representatives were Luo Yong and Gong Qian, with the supervision period set to last until December 31, 2025 [1]. - The company expressed gratitude to Luo Yong for his contributions during the supervision period [1]. Group 2 - Gu Chengzong holds a master's degree in International Trade and a bachelor's degree in Economics from Shanghai Jiao Tong University, and is a Level III candidate for the Chartered Financial Analyst (CFA) designation [2]. - Gu Chengzong has extensive experience in executing significant IPOs and financing projects, including participation in multiple A-share IPOs totaling billions, such as 1.568 billion yuan for the company and others [2].

麦加芯彩新材料科技（上海）股份有限公司（以下简称"公司"）近日收 到瑞银证券有限责任公司（以下简称"瑞银证券"）《关于变更麦加芯彩新材料 科技（上海）股份有限公司首次公开发行股票持续督导保荐代表人的函》，瑞银 证券作为公司 2023 年度首次公开发行 A 股股票项目（以下简称"本项目"）的 保荐机构，原指派罗勇先生、宫乾先生担任本项目持续督导的保荐代表人，法定 持续督导期限至 2025 年 12 月 31 日。 近日，本项目原保荐代表人之一罗勇先生因工作变动原因，不再担任本项 目的保荐代表人。为保证持续督导工作的有序进行，瑞银证券现决定委派顾承宗 先生接替罗勇先生作为本项目的持续督导保荐代表人继续履行相关职责。本次变 更后，本项目的保荐代表人为顾承宗先生、宫乾先生。 公司董事会对罗勇先生在持续督导期间所做的工作表示衷心感谢。 特此公告。 麦加芯彩新材料科技（上海）股份有限公司 董事会 证券代码：603062 证券简称：麦加芯彩 公告编号：2025-023 麦加芯彩新材料科技（上海）股份有限公司 关于变更保荐代表人的公告 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 ...

Core Viewpoint - The company has shown significant growth in revenue and net profit for 2024, driven by strong demand in the container coatings sector, while facing challenges in the wind power coatings segment due to price declines [2][3][4]. Group 1: Financial Performance - In 2024, the company achieved revenue of 2.1 billion yuan, a year-on-year increase of 88%, and a net profit of 210 million yuan, up 26% [2]. - For Q4 2024, the company reported revenue of 750 million yuan, a 102% increase year-on-year, and a net profit of 71 million yuan, up 508% [2]. Group 2: Container Coatings Business - The container coatings segment generated revenue of 1.73 billion yuan in 2024, reflecting a 196% year-on-year growth, with sales volume reaching 111,000 tons, up 213% [3]. - The average product price in this segment was 15,500 yuan per ton, down 6% year-on-year, with a gross margin of 16.9%, a slight decrease of 0.14 percentage points [3]. - The company ranks second globally in the container coatings market [3]. Group 3: Wind Power Coatings Business - The wind power coatings segment saw revenue decline to 390 million yuan, a 23% decrease year-on-year, despite a 3% increase in sales volume to 12,800 tons [4]. - The average product price fell to 31,000 yuan per ton, down 25% year-on-year, with a gross margin of 37.5%, a decrease of 8.8 percentage points [4]. - The company has become a designated supplier for wind blade coatings for the global wind turbine manufacturer NORDEX, marking a significant breakthrough in overseas markets [4]. Group 4: Marine Coatings Development - The company has made significant progress in marine coatings, obtaining anti-fouling paint certification from the Norwegian classification society [5]. - A marketing center for marine coatings was established in Q4 2024 to support future sales efforts [5]. - The certification is crucial for entering the marine coatings repair market and expanding business coverage [5]. Group 5: Photovoltaic Glass Coatings - The company plans to begin mass sales of photovoltaic glass coatings in 2025, aiming to become a significant profit contributor [6][7]. - The acquisition of nano-level photovoltaic glass coating assets from Covestro is underway, with technology transfer and production line construction in progress [7]. - The coatings are designed to enhance solar panel efficiency and longevity, targeting various applications including offshore photovoltaic installations [7]. Group 6: Capacity Expansion - The Shanghai production base's total capacity has increased from 20,000 tons to 50,000 tons, completed in mid-2024 [8]. - The Nantong production base's capacity will expand from 70,000 tons to 114,000 tons, with the expansion initiated in Q4 2024 [8]. - The Zhuhai production base is under construction, expected to be completed by June 2025 [8].

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 ...