麦加芯彩(603062)：新能源涂料营收同比高增 船舶涂料取得销售突破

Core Viewpoint - The company reported strong financial performance for the first half of 2025, with significant growth in revenue and net profit, driven by the high growth of its new energy coatings segment and improved gross margins [1][2][4]. Financial Performance - In H1 2025, the company achieved revenue of 888 million yuan, a year-on-year increase of 17.09%, and a net profit attributable to shareholders of 110 million yuan, up 48.83% year-on-year [1][2]. - The company's gross profit margin improved to 23.50%, an increase of 3.88% year-on-year, primarily due to the high growth in the new energy coatings segment [4]. Segment Performance - Marine Equipment Coatings: Revenue reached 604 million yuan in H1 2025, a year-on-year increase of 3.83%, accounting for 68.09% of total revenue. Sales volume was 38,100 tons, down 0.57% year-on-year, with an average selling price of 15,900 yuan per ton, up 4.42% year-on-year [2]. - New Energy Coatings: Revenue was 280 million yuan, a year-on-year increase of 71.66%, representing 31.55% of total revenue, up 10.03 percentage points year-on-year. Sales volume was 9,371 tons, up 84.27% year-on-year, with an average selling price of 29,900 yuan per ton, down 6.84% year-on-year [3]. Operational Efficiency - The company reported a significant increase in operating cash flow, reaching 180 million yuan, a year-on-year increase of 475.95%, which is 1.64 times the net profit [4]. - The selling expense ratio increased by 2.25 percentage points year-on-year, primarily due to higher marketing and personnel costs [4]. Strategic Development - The company has established a strategic framework for its industrial coatings platform, focusing on expanding its existing businesses and developing new ones, including marine, offshore, and photovoltaic coatings [5]. - The company is expanding its production capacity, with a new 70,000-ton facility in Zhuhai completed and operational, and a 40,000-ton capacity expansion project in Nantong expected to be completed by the end of the year [5][6]. Future Outlook - Revenue projections for 2025-2027 are 1.887 billion yuan, 2.091 billion yuan, and 2.377 billion yuan, with net profits expected to grow at a compound annual growth rate [6].