Feilu(SZ:300665) Chan Ye Xin Xi Wang·2025-12-24 01:33Core Viewpoint - The rail transit equipment coating industry is experiencing significant growth driven by the expansion of the rail transit sector in China, with a dual growth pattern of "new construction + maintenance" [1][7]. Industry Overview - Rail transit equipment coatings are essential for protecting and beautifying train surfaces, providing anti-rust and anti-corrosion properties, which are critical for product quality [1][7]. - The market demand for rail transit coatings is expected to grow, with a projected demand of 73,921 tons in 2024 and 77,572 tons in 2025 [1][7][8]. - The market size for rail transit coatings is anticipated to reach 2.206 billion yuan in 2024 and 2.337 billion yuan in 2025 [1][7]. Market Structure - The rail transit coating market is divided into new vehicle matching (28.59% in 2024) and maintenance (71.41% in 2024) segments, with the latter dominating the market [1][7]. - By 2025, the new vehicle matching segment is expected to increase to 30.35%, while the maintenance segment will decrease to 69.64% [1][7]. Industry Chain - The upstream core raw materials for rail transit coatings include resins, pigments, additives, and solvents, with epoxy and polyurethane resins being widely used [8]. - The midstream involves the research and production of rail transit coatings, while the downstream applications include high-speed trains, subways, and freight trains [8]. Competitive Landscape - The market shows a mix of diversification and concentration, with large multinational companies like PPG and AkzoNobel dominating the high-end market, while domestic leaders focus on narrowing the technology gap [10]. - Key domestic companies include Zhuzhou Feilu High-tech Materials Co., Ltd., Qingdao Aierjiacai New Materials Co., Ltd., and others, with a focus on innovation and quality [10][12]. Development Trends - The industry is moving towards high-end functional coatings with higher added value, including self-repairing and smart sensing coatings, which are expected to drive profit growth [13]. - The integration of new materials and technologies will continue to inject vitality into the industry, with advancements in intelligent coating technologies enhancing efficiency and quality [13].