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 ...

麦加芯彩公告显示，2024年，面对各细分市场的复杂挑战与多重压力，公司凭借敏捷的策略应变与 高效的执行力砥砺奋进，产量、销量、营收三大核心指标刷新公司设立20余年来的历史纪录。 麦加芯彩公告还显示，自2023年末上市以来，公司继续加快国际化步伐。2024年度，公司实现境外 销售收入4333万元，同比增加200%以上。2024年，公司加大了海外人员的引进步伐，未来还将继续实 施人才国际化战略。 麦加芯彩2024年营收同比增长87.56% 多项指标创历 史纪录 本报讯(记者张文湘)3月24日晚间，麦加芯彩（603062）新材料科技(上海)股份有限公司(以下简 称"麦加芯彩")发布2024年年度报告。2024年，麦加芯彩实现营业收入21.39亿元，同比增长87.56%，突 破公司历史纪录；公司实现产量、销量分别为12.78万吨、12.52万吨，分别同比增长144.74%、 147.72%，公司产量、销量均突破历史纪录。 2024年，麦加芯彩归属于上市公司股东的净利润为2.11亿元，同比增长26.30%；扣非净利润为1.79 亿元，同比增长23.21%；经营活动产生的现金流量净额为5508万元，高于2023年同期的- ...

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 55.4 CNY [5][10]. Core Views - The company reported a significant revenue increase of 87.56% year-on-year, reaching 2.139 billion CNY in 2024, driven primarily by the rapid growth in container coatings [2][3]. - The net profit attributable to shareholders was 211 million CNY, reflecting a year-on-year growth of 26.30%, although the growth rate was lower than that of revenue due to a decline in product prices affecting gross margins [2][3]. - The company is expanding its production capacity, aiming to reach 236,000 tons by the end of 2025, up from 90,000 tons at the beginning of 2024, indicating strong confidence in business development [9]. Summary by Sections Revenue Performance - In 2024, the company achieved a revenue of 2.139 billion CNY, with quarterly growth rates of 31.02%, 45.90%, 177.39%, and 102.38% respectively, showcasing a strong upward trend [2][3]. - The gross margin for the year was 20.70%, down 9.62 percentage points year-on-year, primarily due to declines in the gross margins of container and wind power coatings [2]. Product Segments - Container Coatings: Revenue reached 1.726 billion CNY, up 195.54% year-on-year, with a sales volume of 111,400 tons and an average price of 15,500 CNY per ton [3]. - Wind Power Coatings: Revenue was 393 million CNY, down 23.03% year-on-year, with an average price of 30,700 CNY per ton, reflecting a significant price drop [3]. Cost Management and Cash Flow - The company successfully reduced its expense ratio to 8.38%, down 4.63 percentage points year-on-year, leading to improved cash flow performance with a net inflow of 55 million CNY [4][8]. - The net profit margin for 2024 was 9.86%, down 4.78 percentage points year-on-year, but the decline was less severe than that of the gross margin due to effective cost control [8]. Future Outlook - Revenue projections for 2025-2027 are 1.887 billion CNY, 2.091 billion CNY, and 2.377 billion CNY, with expected net profits of 263 million CNY, 319 million CNY, and 374 million CNY respectively [10][11]. - The company is positioned as a leading player in the industrial coatings sector, with a strong focus on expanding its market share in container and wind power coatings, as well as venturing into new business areas such as ship coatings and photovoltaic coatings [9].

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of 48.40 RMB [7][8]. Core Views - The company achieved a revenue of 2.14 billion RMB in 2024, representing a year-on-year increase of 87.6%, and a net profit attributable to shareholders of 210 million RMB, which is a 26.3% increase year-on-year [1][4]. - The sales volume of container coatings increased significantly by 213% to 111,000 tons, driven by the recovery in global trade and shipping demand [2][3]. - The company is expanding its production capacity, with new projects expected to contribute to revenue growth starting in 2025 [3][4]. Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 750 million RMB, a year-on-year increase of 102% and a quarter-on-quarter increase of 17% [1]. - The overall gross margin for 2024 decreased by 9.6 percentage points to 20.7% due to a decline in product prices [2]. Market Expansion - The company has successfully entered the supply chains of major global players, including Japanese shipping company ONE and the largest container leasing company TIL [3]. - The company is also establishing sales and R&D teams in Europe to further expand its overseas market share [3]. Future Projections - The projected net profits for 2025, 2026, and 2027 are 261 million RMB, 310 million RMB, and 382 million RMB, respectively, with corresponding EPS of 2.42 RMB, 2.87 RMB, and 3.54 RMB [4][6]. - The target price of 48.40 RMB corresponds to a 20x PE ratio for 2025, reflecting the company's growth potential compared to its peers [4].

瑞银证券有限责任公司 | 序号 | 工作内容 | 实施情况 | | --- | --- | --- | | | 个交易日 | | | | 对上市公司的信息披露文件未进行事前审阅的， 应当在上市公司履行信息披露义务后 5 | | | 11 | 内，完成对有关文件的审阅工作，对存在问题的 | 详见"二、保荐机构对上市公司信息披露审阅 | | | 信息披露文件应当及时督促上市公司更正或补 | 的情况"。 | | | 充，上市公司不予更正或补充的，应当及时向上 | | | | 海证券交易所报告。 | | | | 关注上市公司或其控股股东、实际控制人、董 事、监事、高级管理人员受到中国证监会行政处 | 年度持续督导期间，上市公司及其控股股 2024 | | | | 东、实际控制人、董事、监事、高级管理人员 | | 12 | 罚、上海证券交易所监管措施或者纪律处分的情 | 未受到中国证监会行政处罚、上海证券交易所 | | | 况，并督促其完善内部控制制度，采取措施予以 | | | | 纠正。 | 监管措施或纪律处分的情况。 | | | 持续关注上市公司及控股股东、实际控制人等履 | | | | 行承诺的情况，上市公司及控 ...

麦加芯彩新材料科技（上海）股份有限公司 已审财务报表 2024年度 麦加芯彩新材料科技（上海）股份有限公司 目 录 | | 页 | | 次 | | --- | --- | --- | --- | | 审计报告 | 1 | - | 7 | | 已审财务报表 | | | | | 合并资产负债表 | 8 | - | 9 | | 合并利润表 | 10 | - | 11 | | 合并股东权益变动表 | 12 | - | 13 | | 合并现金流量表 | 14 | - | 15 | | 公司资产负债表 | 16 | - | 17 | | 公司利润表 | | 18 | | | 公司股东权益变动表 | 19 | - | 20 | | 公司现金流量表 | 21 | - | 22 | | 财务报表附注 | 23 | - | 102 | | 补充资料 | | | | | 1.非经常性损益明细表 | | 1 | | | 2.净资产收益率和每股收益 | | 2 | | 审计报告 安永华明（2025）审字第70055761_B01号 麦加芯彩新材料科技（上海）股份有限公司 麦加芯彩新材料科技（上海）股份有限公司全体股东： 一、审计意见 ...

麦加芯彩新材料科技（上海）股份有限公司： 麦加芯彩新材料科技（上海）股份有限公司 内部控制审计报告 2024年12月31日 内部控制审计报告 安永华明（2025）专字第70055761_B03号 麦加芯彩新材料科技（上海）股份有限公司 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我们审 计了麦加芯彩新材料科技（上海）股份有限公司2024年12月31日的财务报告内部控制 的有效性。 一、 企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制 评价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是企业董事会的 责任。 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于情况 的变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低，根据内 部控制审计结果推测未来内部控制的有效性具有一定风险。 四、 财务报告内部控制审计意见 二、 注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表审计 意见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、 内部控制的固有局限性 我们认为，麦加芯彩新 ...