MEGA P&C Advanced Materials (Shanghai) Company Limited(SH:603062) 光大证券研究·2025-04-07 08:46Core Viewpoint - The company has shown significant growth in revenue and net profit for 2024, driven by strong demand in the container coatings sector, while facing challenges in the wind power coatings segment due to price declines [2][3][4]. Group 1: Financial Performance - In 2024, the company achieved revenue of 2.1 billion yuan, a year-on-year increase of 88%, and a net profit of 210 million yuan, up 26% [2]. - For Q4 2024, the company reported revenue of 750 million yuan, a 102% increase year-on-year, and a net profit of 71 million yuan, up 508% [2]. Group 2: Container Coatings Business - The container coatings segment generated revenue of 1.73 billion yuan in 2024, reflecting a 196% year-on-year growth, with sales volume reaching 111,000 tons, up 213% [3]. - The average product price in this segment was 15,500 yuan per ton, down 6% year-on-year, with a gross margin of 16.9%, a slight decrease of 0.14 percentage points [3]. - The company ranks second globally in the container coatings market [3]. Group 3: Wind Power Coatings Business - The wind power coatings segment saw revenue decline to 390 million yuan, a 23% decrease year-on-year, despite a 3% increase in sales volume to 12,800 tons [4]. - The average product price fell to 31,000 yuan per ton, down 25% year-on-year, with a gross margin of 37.5%, a decrease of 8.8 percentage points [4]. - The company has become a designated supplier for wind blade coatings for the global wind turbine manufacturer NORDEX, marking a significant breakthrough in overseas markets [4]. Group 4: Marine Coatings Development - The company has made significant progress in marine coatings, obtaining anti-fouling paint certification from the Norwegian classification society [5]. - A marketing center for marine coatings was established in Q4 2024 to support future sales efforts [5]. - The certification is crucial for entering the marine coatings repair market and expanding business coverage [5]. Group 5: Photovoltaic Glass Coatings - The company plans to begin mass sales of photovoltaic glass coatings in 2025, aiming to become a significant profit contributor [6][7]. - The acquisition of nano-level photovoltaic glass coating assets from Covestro is underway, with technology transfer and production line construction in progress [7]. - The coatings are designed to enhance solar panel efficiency and longevity, targeting various applications including offshore photovoltaic installations [7]. Group 6: Capacity Expansion - The Shanghai production base's total capacity has increased from 20,000 tons to 50,000 tons, completed in mid-2024 [8]. - The Nantong production base's capacity will expand from 70,000 tons to 114,000 tons, with the expansion initiated in Q4 2024 [8]. - The Zhuhai production base is under construction, expected to be completed by June 2025 [8].