麦加芯彩（603062）：风电涂料环比增长，船舶涂料认证顺利

Investment Rating - The report maintains an "Overweight" rating for the company with a target price of RMB 61.16 [1][4]. Core Insights - The company reported a revenue of RMB 1.35 billion for the first three quarters of 2025, a year-on-year decrease of 3.3%, while the net profit attributable to shareholders increased by 18% to RMB 165 million [1]. - The growth potential of new coating products and the expected contribution from fundraising projects support the maintained "Overweight" rating [1]. - The company has successfully completed certifications for its marine coatings in Norway, China, and the United States, which is expected to accelerate product rollout [3]. Summary by Sections Financial Performance - In Q3, the company achieved a net profit of RMB 55 million, down 16% year-on-year and 7.7% quarter-on-quarter, aligning with expectations [1]. - The gross margin improved by 3.3 percentage points year-on-year to 23.8% due to a rise in the proportion of new energy coatings and improved raw material costs [2]. Product Development and Market Expansion - The company’s new energy coatings saw a significant increase in sales, with a year-on-year growth of 86% to 16,000 tons and revenue growth of 80% to RMB 480 million in the first three quarters [2]. - The marine coatings have completed necessary certifications, and the company is expanding its overseas market presence, particularly in Europe [3]. Profit Forecast and Valuation - The profit forecast for 2025-2027 has been adjusted to RMB 230 million, RMB 300 million, and RMB 360 million respectively, reflecting a downward revision of 12%, 3%, and 5% [4]. - The target price of RMB 61.16 corresponds to a 22x PE for 2026, considering the company's smaller scale compared to peers [4].