麦加芯彩（603062）：新能源涂料景气向上，海洋涂料取得突破

Investment Rating - The report maintains a "Buy-B" rating for the company [1] Core Views - The demand for new energy coatings is on the rise, with significant growth in sales and revenue [3][4] - The company has achieved breakthroughs in marine coatings, with stable sales and increased revenue in the shipbuilding sector [4] - The company is expanding its production capacity to meet market demand, with new projects coming online [5] Financial Performance - In the first half of 2025, the company achieved revenue of 888 million yuan, a year-on-year increase of 17.09%, and a net profit of 110 million yuan, up 48.83% [2] - The gross margin improved to 23.50%, an increase of 3.9 percentage points year-on-year [2] - The sales volume reached 47,600 tons, a 7.80% increase compared to the same period last year [2] Business Segments - New energy coatings generated revenue of 280 million yuan in the first half of 2025, a year-on-year increase of 71.66%, accounting for 31.55% of total revenue [3] - The marine equipment coatings segment maintained stable sales, with container coatings achieving revenue of 600 million yuan, a 3.8% increase year-on-year [4] Future Projections - Revenue projections for 2025 to 2027 are 1.797 billion yuan, 2.045 billion yuan, and 2.378 billion yuan, respectively, with expected growth rates of -16.0%, 13.8%, and 16.3% [7] - Net profit forecasts for the same period are 240 million yuan, 303 million yuan, and 371 million yuan, with growth rates of 13.8%, 26.2%, and 22.6% [7] Valuation Metrics - The report provides an estimated EPS of 2.22 yuan for 2025, with a PE ratio of 23.5 [7] - The projected ROE for 2025 is 11.0% [11]