Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a revenue of 1.35 billion yuan for the first three quarters of 2025, a year-on-year decrease of 3%, while the net profit attributable to shareholders was 165 million yuan, an increase of 18% [2][4]. - In Q3 2025, the revenue was 460 million yuan, down 28% year-on-year and down 1% quarter-on-quarter, with a net profit of 55 million yuan, down 16% year-on-year and down 8% quarter-on-quarter [2][4]. - The wind power coating segment continues to grow, while the container coating segment shows limited decline [7]. Summary by Sections Revenue and Profitability - The company achieved a gross margin of approximately 23.8% in the first three quarters, an increase of 3.3 percentage points year-on-year, primarily due to the higher proportion of high-margin wind power business [7]. - The net profit margin for the first three quarters was approximately 12.3%, up 2.2 percentage points year-on-year [7]. Wind Power Coatings - Revenue from wind power coatings reached approximately 480 million yuan in the first three quarters, a year-on-year increase of 80%, with sales volume of about 16,000 tons, up 86% year-on-year [7]. - The average price for Q3 was approximately 30,000 yuan per ton, down 3% year-on-year, but showed some recovery compared to Q2 [7]. Container Coatings - Revenue from container coatings was approximately 860 million yuan in the first three quarters, a year-on-year decline of 22%, with sales volume of about 56,000 tons, also down 22% year-on-year [7]. - The average price for container coatings in Q3 was approximately 14,300 yuan per ton, showing a significant downward trend due to decreased demand [7]. Strategic Developments - The company is establishing an industrial coatings platform, with initial focus on ship coatings, having received various certifications from classification societies [7]. - The global ship coatings market is estimated at 30 billion yuan, with significant profit potential compared to the current markets for container and wind blade coatings [7]. Financial Projections - The company is projected to achieve net profits of approximately 230 million yuan and 280 million yuan for 2025 and 2026, respectively, corresponding to valuations of 24 and 20 times earnings [7].

Investment Rating - The investment rating for the company is "Buy" and it is maintained [5] Core Views - The company has obtained the China Classification Society (CCS) certification for its ship coatings, which includes products such as hull anti-corrosion paint and ballast tank paint, indicating progress in its ship coatings business [1][2] - The ship coatings market has significant potential but has been dominated by international giants, presenting high technical and certification barriers. The CCS certification is essential for entering this market, and the company has also made progress in obtaining certifications from other organizations [2] - The company is expanding its business scope, forming a strategic platform for industrial coatings with a structure of "three old + three new + four small," focusing on innovation and market expansion [3] Financial Forecast and Valuation - The projected net profits for the company from 2025 to 2027 are estimated to be 260.20 million, 315.15 million, and 397.73 million respectively, reflecting a growth rate of 23.40%, 21.12%, and 26.20% [4][3] - The expected revenue for 2025 is 1,826.69 million, with a growth rate of -14.62%, followed by a recovery in 2026 with a growth rate of 20.60% [4] - The earnings per share (EPS) is projected to increase from 2.41 in 2025 to 3.68 in 2027, indicating a positive growth trajectory [4] Business Development - The company is actively pursuing certification from the American Bureau of Shipping (ABS) to further enhance its market presence in ship coatings [2] - The company has achieved a sales breakthrough in ship coatings and is expected to expand its market space following the CCS certification [2]

Core Viewpoint - The company has made significant progress in the ship coating certification process, which is expected to enhance its market presence and sales scale in the ship coating sector [1][2]. Group 1: Certification Achievements - The company has recently obtained the China Classification Society (CCS) certification for various ship coatings, including anti-corrosion and anti-fouling paints [1]. - Earlier in March, the company secured the Norwegian Classification Society (DNV) certification for anti-fouling paint, leading to a breakthrough in sales in the ship coating segment [2]. Group 2: Market Expansion Potential - The ship coating market has substantial growth potential but has been dominated by international giants due to high technical and certification barriers [2]. - With the CCS certification, the company is poised to further expand its market space in ship coatings and is also pursuing certification from the American Bureau of Shipping (ABS) [2]. Group 3: Business Strategy and Growth - The company is developing a diversified business strategy characterized by "three old + three new + four small" segments, focusing on innovation and market expansion [2]. - The "three new" segments include ship, offshore, and photovoltaic coatings, which have shown significant progress since the company's listing and are expected to contribute to future revenue growth [2]. Group 4: Financial Projections - The company forecasts net profits attributable to shareholders of 260 million, 320 million, and 400 million yuan for the years 2025, 2026, and 2027, respectively, maintaining a "buy" investment rating [2].

Investment Rating - The investment rating for the company is "Buy-A" with a 12-month target price of 67.85 CNY, compared to the current stock price of 57.04 CNY [6]. Core Insights - The company reported a revenue of 888 million CNY for H1 2025, representing a year-over-year increase of 17.09%. The net profit attributable to shareholders reached 110 million CNY, up 48.83% year-over-year, with a non-recurring net profit of 95 million CNY, increasing by 56.38% [1][2]. - The growth in revenue is primarily driven by a significant increase in revenue from new energy coatings, which saw a year-over-year growth of 71.66% [3][4]. - The company has achieved a breakthrough in ship coatings sales, contributing to revenue growth [3]. Revenue Breakdown - Marine Equipment Coatings: In H1 2025, revenue was 604 million CNY, accounting for 68.09% of total revenue, with a year-over-year increase of 3.83%. Sales volume was 38,100 tons, down 0.57% year-over-year, while the average selling price was 15,900 CNY per ton, up 4.42% year-over-year [3]. - New Energy Coatings: Revenue reached 280 million CNY, representing 31.55% of total revenue, with a year-over-year increase of 71.66%. Sales volume was 9,371 tons, up 84.27% year-over-year, with an average selling price of 29,900 CNY per ton, down 6.84% year-over-year [3]. Profitability and Cash Flow - The company's overall gross margin improved to 23.50%, up 3.88% year-over-year, mainly due to the high gross margin from new energy coatings [4]. - The operating cash flow for H1 2025 was 180 million CNY, a significant increase of 475.95% year-over-year, which is 1.64 times the net profit [4]. Future Projections - Revenue projections for 2025-2027 are 1.887 billion CNY, 2.091 billion CNY, and 2.377 billion CNY, with year-over-year growth rates of -11.8%, 10.8%, and 13.7%, respectively. Net profit projections are 263 million CNY, 319 million CNY, and 374 million CNY, with growth rates of 24.8%, 21.3%, and 17.3% [10][11].