山西证券：给予麦加芯彩买入评级

Core Viewpoint - The company Megachip Color (麦加芯彩) has shown significant growth in revenue and net profit, driven by the recovery in container and wind power coatings, and is expanding its market presence through certifications and acquisitions [2][3][4][5]. Financial Performance - In 2024, the company achieved revenue of 2.139 billion yuan, a year-on-year increase of 87.56%, and a net profit of 211 million yuan, up 26.30% [2]. - The fourth quarter of 2024 saw revenue of 745 million yuan, a 102.38% increase year-on-year, and a net profit of 71 million yuan, up 507.81% [2]. - For Q1 2025, revenue was 424 million yuan, a 40.50% increase year-on-year, but a 43.06% decrease quarter-on-quarter, with a net profit of 50 million yuan, up 77.35% year-on-year [2]. Container Coatings - Container coatings achieved record sales and revenue in 2024, with sales of 111,400 tons, a 212.96% increase, and revenue of 1.726 billion yuan, up 195.54% [3]. - In Q1 2025, container coatings sales were 19,000 tons, generating revenue of 309 million yuan, a 41.39% increase year-on-year [3]. - The average price of container coatings rose to 1.62 yuan/ton in Q1 2025, a 9.77% increase year-on-year, following a price decline due to low upstream demand [3]. Wind Power Coatings - Wind power coatings saw a slight increase in sales to 12,800 tons in 2024, but revenue fell to 393 million yuan, a decrease of 23.03% due to a 25.52% drop in average selling price [4]. - The average selling price for wind power coatings in Q1 2025 was 31,600 yuan/ton, showing a 5.93% increase quarter-on-quarter, indicating a recovery trend [4]. Ship Coatings and Acquisitions - The company is progressing with certifications for ship coatings in China, the US, and Norway, and has established a marketing center for ship coatings [5]. - The acquisition of Covestro's photovoltaic glass coating business is underway, with expectations for operational launch by mid-2025, potentially opening new growth avenues [5]. Production Capacity Expansion - The Shanghai production base's capacity increased from 20,000 tons to 50,000 tons, completed in mid-2024 [5]. - The Nantong production base's capacity will rise from 70,000 tons to 114,000 tons, with expansion initiated in Q4 2024 [5]. - The Zhuhai production base, with a capacity of 70,000 tons, is nearing completion, with equipment installation expected to finish by mid-2025 [5]. Investment Outlook - Forecasts for 2025 to 2027 predict revenues of 1.797 billion yuan, 2.045 billion yuan, and 2.378 billion yuan, with net profits of 241 million yuan, 306 million yuan, and 377 million yuan respectively [6]. - The company maintains a "Buy-B" rating based on its growth potential and market positioning [6].