麦加芯彩（603062）：集装箱涂料和风电涂料价格回暖，船舶涂料认证稳步推进

Investment Rating - The report maintains a "Buy-B" rating for the company [4] Core Views - The company reported a revenue of 2.139 billion yuan for 2024, representing a year-on-year growth of 87.56%, and a net profit of 211 million yuan, up 26.30% year-on-year [4] - The container paint segment achieved record high sales and revenue, with a total sales volume of 111,400 tons in 2024, a year-on-year increase of 212.96%, and revenue of 1.726 billion yuan, up 195.54% year-on-year [4] - The wind power paint segment showed signs of price recovery, with the average selling price in Q1 2025 reaching 31,600 yuan per ton, a 5.93% increase from the previous quarter [5] - The company is expanding its overseas business and has successfully entered the supply chain of major global players in the shipping industry [5][6] Financial Performance - The company is projected to achieve revenues of 1.797 billion yuan, 2.045 billion yuan, and 2.378 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of -16.0%, 13.8%, and 16.3% [8] - The net profit forecast for the same period is 241 million yuan, 306 million yuan, and 377 million yuan, with growth rates of 14.4%, 27.1%, and 23.2% respectively [8] - The earnings per share (EPS) are expected to be 2.23 yuan, 2.84 yuan, and 3.49 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (P/E) ratios of 21.5, 16.9, and 13.7 [8] Production Capacity and Expansion - The company is increasing its production capacity, with the Shanghai production base's total capacity growing from 20,000 tons to 50,000 tons, completed in mid-2024 [7] - The Nantong production base's capacity will increase from 70,000 tons to 114,000 tons, with the expansion already initiated in Q4 2024 [7] - The Zhuhai production base project, with a capacity of 70,000 tons, is expected to be completed by mid-2025 [7]