麦加芯彩（603062）：2024Q4营收业绩表现亮眼，产能扩建彰显发展信心

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 55.4 CNY [5][10]. Core Views - The company reported a significant revenue increase of 87.56% year-on-year, reaching 2.139 billion CNY in 2024, driven primarily by the rapid growth in container coatings [2][3]. - The net profit attributable to shareholders was 211 million CNY, reflecting a year-on-year growth of 26.30%, although the growth rate was lower than that of revenue due to a decline in product prices affecting gross margins [2][3]. - The company is expanding its production capacity, aiming to reach 236,000 tons by the end of 2025, up from 90,000 tons at the beginning of 2024, indicating strong confidence in business development [9]. Summary by Sections Revenue Performance - In 2024, the company achieved a revenue of 2.139 billion CNY, with quarterly growth rates of 31.02%, 45.90%, 177.39%, and 102.38% respectively, showcasing a strong upward trend [2][3]. - The gross margin for the year was 20.70%, down 9.62 percentage points year-on-year, primarily due to declines in the gross margins of container and wind power coatings [2]. Product Segments - Container Coatings: Revenue reached 1.726 billion CNY, up 195.54% year-on-year, with a sales volume of 111,400 tons and an average price of 15,500 CNY per ton [3]. - Wind Power Coatings: Revenue was 393 million CNY, down 23.03% year-on-year, with an average price of 30,700 CNY per ton, reflecting a significant price drop [3]. Cost Management and Cash Flow - The company successfully reduced its expense ratio to 8.38%, down 4.63 percentage points year-on-year, leading to improved cash flow performance with a net inflow of 55 million CNY [4][8]. - The net profit margin for 2024 was 9.86%, down 4.78 percentage points year-on-year, but the decline was less severe than that of the gross margin due to effective cost control [8]. Future Outlook - Revenue projections for 2025-2027 are 1.887 billion CNY, 2.091 billion CNY, and 2.377 billion CNY, with expected net profits of 263 million CNY, 319 million CNY, and 374 million CNY respectively [10][11]. - The company is positioned as a leading player in the industrial coatings sector, with a strong focus on expanding its market share in container and wind power coatings, as well as venturing into new business areas such as ship coatings and photovoltaic coatings [9].