麦加芯彩（603062）：集装箱涂料销量高增，新产能逐步放量

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of 48.40 RMB [7][8]. Core Views - The company achieved a revenue of 2.14 billion RMB in 2024, representing a year-on-year increase of 87.6%, and a net profit attributable to shareholders of 210 million RMB, which is a 26.3% increase year-on-year [1][4]. - The sales volume of container coatings increased significantly by 213% to 111,000 tons, driven by the recovery in global trade and shipping demand [2][3]. - The company is expanding its production capacity, with new projects expected to contribute to revenue growth starting in 2025 [3][4]. Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 750 million RMB, a year-on-year increase of 102% and a quarter-on-quarter increase of 17% [1]. - The overall gross margin for 2024 decreased by 9.6 percentage points to 20.7% due to a decline in product prices [2]. Market Expansion - The company has successfully entered the supply chains of major global players, including Japanese shipping company ONE and the largest container leasing company TIL [3]. - The company is also establishing sales and R&D teams in Europe to further expand its overseas market share [3]. Future Projections - The projected net profits for 2025, 2026, and 2027 are 261 million RMB, 310 million RMB, and 382 million RMB, respectively, with corresponding EPS of 2.42 RMB, 2.87 RMB, and 3.54 RMB [4][6]. - The target price of 48.40 RMB corresponds to a 20x PE ratio for 2025, reflecting the company's growth potential compared to its peers [4].