麦加芯彩（603062）：风电收入高增，工业涂料平台初步成型

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a revenue of 889 million yuan for the first half of 2025, representing a year-on-year growth of 17%, with a net profit attributable to shareholders of 110 million yuan, up 49% year-on-year [2][4]. - In Q2 2025, the revenue was 460 million yuan, showing a 2% year-on-year increase and a 9% quarter-on-quarter increase, while the net profit was 60 million yuan, reflecting a 31% year-on-year growth and a 20% quarter-on-quarter growth [2][4]. - The revenue from wind power coatings significantly increased, contributing to the overall revenue growth, with wind power coatings revenue reaching 280 million yuan, a 72% increase year-on-year [10]. - The company is in the process of establishing an industrial coatings platform, with a diversified business structure that includes traditional and new business segments [10]. Summary by Sections Financial Performance - The company achieved a gross margin of approximately 23.5% in the first half of 2025, an increase of 3.9 percentage points year-on-year, primarily due to the higher proportion of high-margin wind power business [10]. - The net profit margin for the first half of 2025 was approximately 12.4%, up 2.6 percentage points year-on-year [10]. Revenue Breakdown - Revenue from the marine equipment coatings (mainly containers) was 600 million yuan, accounting for 68% of total revenue, while revenue from the new energy sector (mainly wind power) was 280 million yuan, accounting for 32% [10]. - The average price of wind power coatings was approximately 29,900 yuan per ton, a decrease of 7% year-on-year [10]. Market Outlook - The wind power sector is expected to continue its high growth in the second half of 2025, with stable demand anticipated for wind power coatings [10]. - The company has begun sales of ship coatings, which are expected to provide significant profit elasticity due to the large market size and high profit margins [10]. Strategic Development - The company has formed a strategic framework consisting of three traditional and three new business segments, along with four smaller new ventures, aiming for sustained growth [10].