麦加芯彩(603062)：2025Q1扣非业绩翻倍增长 盈利能力显著提升

Core Viewpoint - The company reported strong financial performance in Q1 2025, with significant year-on-year growth in revenue and net profit, driven by increased demand in the container and wind power coatings sectors [1][2]. Financial Performance - The company achieved revenue of 424 million yuan in Q1 2025, representing a year-on-year increase of 40.50%, maintaining rapid growth from a previous 31.02% increase [1]. - The net profit attributable to shareholders reached 50.14 million yuan, up 77.35% year-on-year, while the net profit excluding non-recurring items was 46.43 million yuan, reflecting a 104.93% increase [2]. - The gross profit margin improved significantly to 23.76%, an increase of 3.39 percentage points year-on-year, attributed to higher product prices and lower raw material costs [2]. Product Performance - Revenue from container coatings was 309 million yuan, up 41.39% year-on-year, while wind power coatings revenue was 114 million yuan, increasing by 47.00% [1]. - The average price per ton for container coatings was 1.62 yuan, up 4.05% quarter-on-quarter and 9.77% year-on-year, while wind power coatings averaged 3.16 yuan per ton, up 5.93% quarter-on-quarter but down 11.87% year-on-year [1]. Market Position and Future Growth - The company is positioned as a leading player in high-barrier segments of the industrial coatings industry, with strong technical advantages and a rich resource of high-quality downstream clients [2]. - The company has successfully entered the supply chain of major clients in the container and wind power sectors, with expectations for further market share growth [3]. - New business opportunities are emerging from the certification of anti-fouling paints by the Norwegian classification society, as well as the acquisition of intellectual property for solar coating technology [3]. Revenue Forecast - Projected revenues for 2025-2027 are 1.887 billion yuan, 2.091 billion yuan, and 2.377 billion yuan, with year-on-year growth rates of -11.8%, 10.8%, and 13.7% respectively [3]. - Expected net profits for the same period are 263 million yuan, 319 million yuan, and 374 million yuan, with growth rates of 24.8%, 21.3%, and 17.3% respectively [3].