麦加芯彩（603062）：风电、集装箱涂料领先企业，新领域拓展有望推动经营上新台阶

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [4]. Core Viewpoints - The company is a leading player in the wind power and container coating industries, having achieved significant domestic market shares of first and second place respectively. It is currently focusing on expanding into the ship coating sector, having obtained certification for the most challenging and highest revenue-generating ship bottom paint, which is expected to elevate its operational performance [1][7]. Financial Data and Valuation - The company is projected to achieve total revenue of 2,139 million yuan in 2024, reflecting an 88% year-on-year growth, followed by a slight decline to 1,924 million yuan in 2025, and then a recovery to 2,185 million yuan in 2026, with a further increase to 2,661 million yuan in 2027 [3]. - The net profit attributable to shareholders is expected to reach 211 million yuan in 2024, with a growth of 26% compared to the previous year, and is projected to continue growing to 317 million yuan in 2026 and 424 million yuan in 2027 [3]. - The earnings per share (EPS) is forecasted to be 1.95 yuan in 2024, increasing to 2.16 yuan in 2025 and reaching 2.94 yuan in 2026 [3]. Company Overview - The company, established in 2002, has become a leading supplier in the domestic wind power blade and container coating sectors. It has been actively involved in the research and development of environmentally friendly coatings since 2010, achieving significant market share growth in the container coating industry [11][19]. - The company has a stable core team with extensive experience in the coating industry, emphasizing long-term research and development investments. As of the end of 2024, the company holds 100 patents, including 36 invention patents [29][30]. Industry Outlook - The wind power industry is expected to experience a resurgence, with significant increases in domestic wind power bidding data in 2024, laying the groundwork for intensive installations in 2025-2026. The demand and pricing for wind power coatings are anticipated to rise [7][29]. - The ship coating market is projected to grow steadily, driven by new ship construction and maintenance of existing vessels. The global market size for ship coatings is estimated to be around 6 billion USD in 2023, with strong growth potential in the coming years [7][29].