Investment Rating - The investment rating for the company is "Buy-A" with a 12-month target price of 64.86 CNY, compared to the current stock price of 55.90 CNY [5]. Core Insights - The company reported a total revenue of 1.349 billion CNY for the first three quarters of 2025, a slight decrease of 3.27% year-on-year, primarily due to a contraction in demand for container coatings [2][3]. - Revenue from new energy coatings reached 482 million CNY in the first three quarters, showing a significant year-on-year increase of 80.05%, driven by rapid growth in domestic wind power installations and breakthroughs in overseas wind power coating business [2][3]. - The gross profit margin for the first three quarters of 2025 was 23.82%, an increase of 3.30 percentage points year-on-year, attributed to the high-margin new energy coatings business [3]. - The company has completed certifications for its ship coatings from three major classification societies and is making steady progress in new business areas, which supports long-term growth [4]. Summary by Sections Financial Performance - For Q3 2025, the company achieved a revenue of 461 million CNY, down 27.54% year-on-year, with a net profit of 55 million CNY, down 16.26% year-on-year [1]. - The operating cash flow improved significantly, with a net inflow of 118 million CNY compared to a net outflow of 149 million CNY in the same period last year [3]. Business Segments - The revenue from marine equipment coatings was 561 million CNY, a decrease of 22.40% year-on-year, mainly due to reduced demand in the downstream container sector [2]. - The company is actively expanding into new business segments, including energy storage and data center coatings, while maintaining a strong position in container and wind power coatings [4]. Future Outlook - Revenue projections for 2025-2027 are estimated at 1.937 billion CNY, 2.050 billion CNY, and 2.237 billion CNY, with corresponding net profits of 240 million CNY, 305 million CNY, and 354 million CNY [8][9].

Investment Rating - The report maintains an "Overweight" rating for the company with a target price of RMB 61.16 [1][4]. Core Insights - The company reported a revenue of RMB 1.35 billion for the first three quarters of 2025, a year-on-year decrease of 3.3%, while the net profit attributable to shareholders increased by 18% to RMB 165 million [1]. - The growth potential of new coating products and the expected contribution from fundraising projects support the maintained "Overweight" rating [1]. - The company has successfully completed certifications for its marine coatings in Norway, China, and the United States, which is expected to accelerate product rollout [3]. Summary by Sections Financial Performance - In Q3, the company achieved a net profit of RMB 55 million, down 16% year-on-year and 7.7% quarter-on-quarter, aligning with expectations [1]. - The gross margin improved by 3.3 percentage points year-on-year to 23.8% due to a rise in the proportion of new energy coatings and improved raw material costs [2]. Product Development and Market Expansion - The company’s new energy coatings saw a significant increase in sales, with a year-on-year growth of 86% to 16,000 tons and revenue growth of 80% to RMB 480 million in the first three quarters [2]. - The marine coatings have completed necessary certifications, and the company is expanding its overseas market presence, particularly in Europe [3]. Profit Forecast and Valuation - The profit forecast for 2025-2027 has been adjusted to RMB 230 million, RMB 300 million, and RMB 360 million respectively, reflecting a downward revision of 12%, 3%, and 5% [4]. - The target price of RMB 61.16 corresponds to a 22x PE for 2026, considering the company's smaller scale compared to peers [4].

Macro Highlights - The main goals for the "14th Five-Year Plan" period include significant achievements in high-quality development, substantial improvement in technological self-reliance, breakthroughs in comprehensive reforms, enhanced social civilization, improved quality of life, major progress in building a beautiful China, and a more solid national security barrier [1] - By 2035, the aim is to significantly elevate China's economic, technological, defense, and comprehensive national strength, with per capita GDP reaching the level of moderately developed countries, leading to a happier and better life for the people and basic realization of socialist modernization [1] Trade Relations - The Ministry of Commerce announced that a Chinese delegation led by Vice Premier He Lifeng will engage in economic and trade consultations with the U.S. in Malaysia from October 24 to 27, focusing on important issues in Sino-U.S. economic relations [1] EU Sanctions Response - The Ministry of Commerce expressed strong dissatisfaction and firm opposition to the EU's decision to sanction Chinese companies, including large oil refineries and traders, during the 19th round of sanctions against Russia, emphasizing the need to protect the legitimate rights and interests of Chinese enterprises [2] State-Owned Enterprises Planning - The State-owned Assets Supervision and Administration Commission held a meeting to discuss the "14th Five-Year Plan" for central enterprises, emphasizing the need to align with the strategic mission assigned by the Party Central Committee and to enhance core functions and competitiveness [3] - The meeting highlighted the importance of optimizing layout and structural adjustments in line with national needs and industry trends, and improving the quality of planning through thorough research and unified thinking [3] Foreign Exchange Management - The Deputy Director of the State Administration of Foreign Exchange encouraged the implementation of innovative and integrated exploratory policies in Shanghai, focusing on the use of AI and big data to enhance foreign exchange services [4] - The aim is to improve the cross-border financial service capabilities of Shanghai while balancing financial openness and security [4] Company News - Huagong Technology reported a 40.92% year-on-year increase in net profit for the first three quarters and is planning to issue H-shares for listing in Hong Kong [8] - Yangjie Technology terminated its acquisition of 100% equity in Better Electronics [8] - Xinda Securities received approval for the issuance of up to 10 billion yuan in technology innovation corporate bonds [8] - Shuangliang Energy plans to raise no more than 1.292 billion yuan for projects related to zero-carbon intelligent manufacturing [8] - New Lai Materials' subsidiary plans to invest 2 billion yuan in semiconductor core component projects [8] - Chuanfa Longmang's subsidiary intends to invest 366 million yuan in a 100,000 tons/year lithium dihydrogen phosphate project [8] - Steel Research High-tech plans to establish a subsidiary and new industrial base in Saudi Arabia [8] - Aote Electronics intends to terminate the smart integration project for intelligent outlets [8] - Shengyi Electronics expects a year-on-year net profit increase of 476% to 519% for the first three quarters [8] - Other companies reported significant year-on-year net profit growth, including Tianeng Heavy Industry (1359.03%), Te Yi Pharmaceutical (985.18%), and Zhuanlei Technology (598.09%) [8][9]

Core Viewpoint - The company reported a revenue of 1.349 billion yuan for the first three quarters of 2025, reflecting a year-on-year decline of 3.27% [1] - The net profit attributable to shareholders increased by 18.13% year-on-year, amounting to 165 million yuan [1] - The non-recurring net profit grew by 24.32% year-on-year, reaching 143 million yuan [1] - The basic earnings per share stood at 1.56 yuan [1] Financial Performance - Revenue for the first three quarters: 1.349 billion yuan, down 3.27% year-on-year [1] - Net profit attributable to shareholders: 165 million yuan, up 18.13% year-on-year [1] - Non-recurring net profit: 143 million yuan, up 24.32% year-on-year [1] - Basic earnings per share: 1.56 yuan [1]

Core Viewpoint - 麦加芯彩's Q3 2025 financial report shows a decline in revenue but an increase in net profit, indicating a mixed performance with potential for growth in profitability despite revenue challenges [1][2]. Financial Performance - Revenue for the first three quarters of 2025 was 1.349 billion yuan, a year-on-year decrease of 3.27% [1]. - Net profit attributable to shareholders was 165 million yuan, a year-on-year increase of 18.13% [1]. - The basic earnings per share (EPS) was 1.56 yuan [1]. - Gross margin for the first three quarters was 23.82%, up 3.31 percentage points year-on-year [2]. - Net margin was 12.26%, an increase of 2.22 percentage points compared to the same period last year [2]. Quarterly Insights - In Q3 2025, the gross margin was 24.44%, up 2.86 percentage points year-on-year and 1.18 percentage points quarter-on-quarter [2]. - The net margin for Q3 was 12.00%, an increase of 1.62 percentage points year-on-year but a decrease of 0.94 percentage points from the previous quarter [2]. Expense Analysis - Total operating expenses for Q3 were 146 million yuan, an increase of 35.36 million yuan year-on-year [2]. - The expense ratio was 10.85%, up 2.89 percentage points year-on-year [2]. - Sales expenses increased by 76.73%, while management expenses rose by 28.55% [2]. - R&D expenses decreased by 21.64%, and financial expenses increased by 99.06% year-on-year [2]. Shareholder Information - As of the end of Q3 2025, the total number of shareholders was 9,822, a decrease of 520 (5.03%) from the end of the previous half [2]. - The average market value per shareholder increased from 459,200 yuan to 607,700 yuan, a growth of 32.35% [2]. Company Overview - 麦加芯彩, established on May 23, 2002, is located in Shanghai and specializes in the R&D, production, and sales of high-performance coatings [3]. - The main revenue sources are marine equipment coatings (68.09%) and new energy coatings (31.55%) [3]. - The company operates within the basic chemical industry, specifically in coatings and inks, and is involved in sectors such as wind energy and marine equipment [3].

Core Viewpoint - The company, 麦加芯彩, reported its third-quarter financial results, showing a decline in revenue but an increase in net profit compared to the previous year [1]. Financial Performance - The company's total operating revenue for the first three quarters was 1,348,709,920.73 yuan, representing a year-on-year decrease of 3.27% [1]. - The net profit attributable to shareholders of the listed company was 165,396,797.32 yuan, which reflects a year-on-year increase of 18.13% [1]. Shareholder Information - Among the top ten circulating shareholders, new entrants include China Construction Bank's various mutual funds and an individual named 李清华 [1].

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 部分募集资金投资项目延期或重新论证继续实施 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》《上市公司 募集资金监管规则》《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，对麦加芯彩部分募集资金投资项目延期或重新论证继续实施的事 项进行了审慎核查，并出具核查意见如下： 一、募集资金基本情况 经上海证券交易所上市审核委员会 2023 年 6 月 19 日审核同意，并经中国证 券监督管理委员会 2023 年 8 月 2 日《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，公司 本次公开发行人民币普通股 27,000,000 股，发行价格为人民币 ...

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 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》《上市公司募集资金监管规则》《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 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核查意见情况进行了审慎核查，并出具 核查意见如下： 一、募集资金基本情况 经上海证券交易所上市审核委员会 2023 年 6 月 19 日审核同意，并经中国证 券监督管理委员会 2023 年 8 月 2 日《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，公司 本次公开发行人民币普通股 27,000,000 股，发行价格为人民币 58.0 ...

麦加芯彩新材料科技（上海）股份有限公司 关于部分募集资金投资项目延期 或重新论证继续实施的公告 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。 一、募集资金的基本情况 经上海证券交易所上市审核委员会2023年6月19日审核同意，并经中国证券 监督管理委员会2023年8月2日《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，本公司本次 公开发行人民币普通股27,000,000股，发行价格为人民币58.08元/股。募集资金 总额为人民币1,568,160,000.00元，扣减保荐及承销费（不含增值税）人民币 109,089,509.43元，以及其他发行费用（不含增值税）人民币25,302,301.16元 后，募集资金净额为人民币1,433,768,189.41元，实际到账的募集资金金额为人 民币1,453,525,120.00元。本次公开发行新增注册资本实收情况业经安永华明会 计师事务所（特殊普通合伙）以安永华明（2023）验字第61763891_B01号验 ...

麦加芯彩新材料科技(上海)股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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、准确性和完整性承担法律责任。 重要内容提示： 投资者可于 2025 年 10 月 29 日（星期三）至 11 月 04 日 （星期二）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 ir@megacoatings.com 进行提问。公司将在说明会上对投资者普遍关注的问题进 行回答。 麦加芯彩新材料科技(上海)股份有限公司（以下简称"公司"）已于 2025 年 10 月 24 日发布公司 2025 第三季度报告，为便于广大投资者更全面深入地了 解公司 2025 第三季度经营成果、财务状况，公司计划于 2025 年 11 月 05 日（星 期三）11:00-12:00 举行 2025 年第三季度业绩说明会，就投资者关心的问题进 行交流。 一、说明会类型 证券代码：603062 证券简称：麦加芯彩 公告编号：2025-092 会议召开时间：2025 年 11 月 05 日 （星期三） 11:00-12 ...