Investment Rating - The report maintains a "Buy" investment rating for the company [5][31]. Core Views - The company achieved a record high in container business revenue, with total operating income reaching 2.139 billion yuan, a year-on-year increase of 87.56% [1][12]. - The net profit attributable to shareholders was 211 million yuan, reflecting a year-on-year growth of 26.30% [1][11]. - The company is focusing on expanding its industrial coatings platform, with significant growth expected in emerging business areas such as shipbuilding, photovoltaics, and energy storage [4][28]. Financial Performance - In 2024, the company reported operating income of 2.139 billion yuan, an increase of 9.98 billion yuan year-on-year [2][12]. - The gross profit was 443 million yuan, with a comprehensive gross margin of 20.7%, down 9.6 percentage points year-on-year [2][12]. - The company’s earnings per share (EPS) for 2024 was 1.97 yuan, with a basic EPS of 1.67 yuan after deducting non-recurring gains and losses [1][11]. Business Segments - Container Coatings: Sales volume reached 111,400 tons, a year-on-year increase of 213.0%, driven by the recovery in the container industry [3][16]. - Wind Power Coatings: The company entered the NORDEX supply chain, marking a breakthrough in overseas markets, with sales volume of 12,800 tons, a year-on-year increase of 3.3% [17][18]. - Other Industrial Coatings: Revenue from this segment was 18 million yuan, showing a slight decline [2][12]. Cost Management - The company demonstrated strong cost management capabilities, with a decrease in the expense ratio to 8.4%, down 4.6 percentage points year-on-year [3][23]. - Total expenses for 2024 were 179 million yuan, an increase of 31 million yuan year-on-year [3][23]. Future Outlook - The company expects to continue consolidating its container and wind power coatings businesses while accelerating development in shipbuilding, photovoltaics, and energy storage sectors [4][28]. - The forecasted net profit for 2025-2027 is 260 million, 320 million, and 390 million yuan respectively [31].
麦加芯彩（603062）：集装箱业务收入新高，新兴业务推进打造工业涂料平台企业