1、行情 业绩增长股表现亮眼，渝三峡A、鸿博股份3连板，华阳新材2连板，今创集团、道道全、申科股份、得润电子、蓝帆医疗、博创科技 （20CM）、奥拓电子、精进电动、柳钢股份、三孚股份、利欧股份等先后涨停； 此外，人形机器人、AI医疗、化妆品等有局部强势表现，此前强势的电力板块大幅回落，ST板块持续大跌。 截至收盘，沪指、深成指双双微跌0.05%，创业板微跌0.13%，市场超3500股上涨，1600余股下跌，两市成交量依旧保持在万亿级别。 2、ST板块 随着年报的正式发布，多只公司披星戴帽。 复牌后基本都是一字跌停，早带帽的一批公司有不少都是连续一字跌停下来。 另外，昨日还有多只发布年报后今天停牌的ST股，将于明天复牌，进一步壮大ST板块对于跌停板的"霸榜"。 今日有34只ST股吞下跌停，其中比较有知名的有宝塔实业、川大智胜、赛为智能、返利科技、岩石股份等，还包括了18年的超级大牛股——恒 立实业。 又是令人昏昏欲睡的一天。 题材方面，PEEK材料概念大涨，中欣氟材、聚赛龙（20CM）、新瀚新材（20CM）、大洋生物先后涨停，富恒新材、中研股份、华密新材、 同益股份、沃特股份等集体大涨； 其中，短期跌幅最大的当 ...

2025 年 4 月 29 日 公司研究 收入利润实现高增长，盈利能力及经营质量同比改善 ——麦加芯彩（603062.SH）2025 年一季报点评 要点 事件：麦加芯彩发布 2025 年一季报。25Q1，公司实现收入/归母净利润/扣非归 母净利润 4.2/0.50/0.46 亿元，同比+41%/+77%/+105%。 点评： 集装箱涂料同比高增受益于低基数，风电涂料同比高增受益于下游高景气度。 25Q1，公司集装箱涂料/风电涂料/其他工业涂料收入分别为 3.1/1.1/0.01 亿元， 同比+41%/+47%/-83%，其中销量分别为 19006/3617/46 吨，同比 +29%/+67%/-84%，均价分别为 1.6/3.2/2.1 万元/吨，同比+10%/-12%/+8%。 25Q1，集装箱涂料业务收入及销量高增长主要受益于低基数，24 年集装箱涂料 景气度前低后高；风电涂料业务收入及销量高增长主要受益于下游风电行业高景 气度。 投资建议：25Q1，麦加芯彩收入利润均实现较快增长，主要受益于低基数效应 以及下游风电行业高景气度。24 年至今公司在新业务拓展方面取得了较多实质 性进展：风电涂料海外市场取得 ...

证券研究报告 麦加芯彩 (603062 CH) 风电涂料销量较好，新项目有序推进 | 华泰研究 | | | 季报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 28 日│中国内地 | 化学制品 | 麦加芯彩于 4 月 28 日发布 25Q1 季报：Q1 实现营业收入 4.24 亿元，同比 +41%/环比-43%，归母净利润 0.50 亿元，同比+77%/环比-29%，扣非净利 润 0.46 亿元，同比+105%/环比-27%。公司 25Q1 归母净利低于我们的预期 （0.6 亿元），原因系集装箱涂料销量环比下滑。考虑公司风电和船舶涂料增 长潜力可期，以及公司募投项目未来有望贡献增量，维持"增持"评级。 风电涂料销量同比高增，集装箱涂料均价环比上升致 Q1 毛利率改善 集装箱涂料方面，Q1 海运需求增速有所放缓致销量环比下行，Q1 实现销 量同比+29%/环比-52%至 1.9 万吨，营收同比+41%/环比-50%至 3.1 亿元， 均价同比+9.8%/环比+4.1%至 1.62 万元/吨。风电涂料方面，Q1 国内风电 装机同比增长带动销量同比高增，Q1 实现销量 ...

Core Viewpoint - The forum on carbon peak and carbon neutrality emphasizes the importance of promoting green and low-carbon development to support China's modernization efforts, highlighting the need for dialogue and experience sharing in achieving a comprehensive green transformation of the economy and society [1] Group 1: Product Development and Innovation - The company is actively adjusting its product R&D direction to meet green development demands, increasing investment in low-VOCs water-based coatings and high-end sealants [1][2] - The company has developed a series of high-performance, lightweight adhesive products for the new energy sector, such as the silicone foam adhesive F6351, which meets stringent safety and environmental standards [1] Group 2: Carbon Emission Reduction Measures - The company has implemented various measures to reduce carbon emissions, including achieving national-level "green factory" status and being recognized as a "waste-free factory" [3] - The company has adopted clean energy sources, with a photovoltaic power generation project that produced 206.76 million kWh, reducing CO2 emissions by 1,697.52 tons [3] - Production process optimizations have been made to improve energy efficiency, including the use of energy storage batteries instead of diesel generators [3] Group 3: Green Supply Chain Development - The company recognizes the importance of green supply chain construction, which helps reduce environmental risks and enhance market competitiveness [4] - A comprehensive supplier management system has been established, with 531 suppliers in a network that meets various environmental management certifications [4] - The company has implemented a green procurement management system to ensure that raw materials and products meet environmental standards [4] Group 4: Market Expansion and Brand Building - The push for carbon peak and carbon neutrality has created new market opportunities, particularly in the green industries such as new energy vehicles and energy storage [5][6] - The company has formed partnerships with major manufacturers like BYD and Dayun Automotive, enhancing its market share in the green product sector [6] - The company has received multiple accolades for its green initiatives, improving brand recognition and reputation [6] Group 5: Strategic Collaboration for Green Transformation - The company emphasizes collaboration with upstream and downstream partners to promote green transformation in the industry [6] - Strategic alliances with suppliers are formed to ensure the provision of environmentally friendly raw materials and to enhance sustainability [6] - The company actively participates in industry exchanges to share experiences and promote technological innovation for green transformation [6]

Core Viewpoint - The company reported its 2024 annual results, showing a slight decline in revenue but significant growth in net profit, indicating resilience in its business model despite market challenges [1][2]. Financial Performance - For the year 2024, the company achieved revenue of 12.105 billion, a year-on-year decrease of 2.97%, while net profit attributable to shareholders was 332 million, reflecting a substantial increase of 91.27% [1]. - In Q4 2024, the company reported revenue of 2.959 billion, a decrease of 3.45%, with net profit showing a significant reduction in losses [1]. - The Q1 2025 report indicated revenue of 2.13 billion, a year-on-year increase of 3.12%, and net profit attributable to shareholders of 105 million, up 123.33% [1]. Business Segments - The home decoration wall paint segment generated revenue of 2.967 billion in 2024, up 12.75%, with a gross margin of 46.94%, indicating stable profitability despite increased competition [1]. - The company is focusing on high-end product lines under the "Health+" strategy, including artistic paint and other premium offerings, while also enhancing channel penetration in rural areas [1][2]. - The B-end business, particularly in non-housing applications, saw revenue of 4.084 billion in 2024, down 13%, but the company managed to increase its market share by targeting new sectors like state-owned enterprises and urban construction [2]. Growth Outlook - Revenue projections for 2025 to 2027 are 13.728 billion, 16.111 billion, and 18.859 billion, respectively, with expected year-on-year growth rates of 13.41%, 17.36%, and 17.05% [3]. - Net profit forecasts for the same period are 794 million, 959 million, and 1.179 billion, with significant growth rates of 139.06%, 20.87%, and 22.89% [3]. - The company is positioned to benefit from the ongoing consolidation in the construction coatings industry, maintaining a "recommended" rating for investment [3].

这种技术优势直接转化为强劲的市场竞争力。公开资料显示，在高端消费电子领域，松井股份的产品覆 盖多个全球知名品牌，成功抢占部分国际品牌市场份额。此外，随着新能源汽车行业的迅猛发展，松井 股份精准把握"时间窗口"，与头部车企建立深度合作，其汽车内外饰涂层产品关键性能指标已比肩甚至 超越国际竞品，成为国产替代进程中的重要力量。 松井股份此前互动平台信息显示，我国乘用车领域涂料市场外资品牌市占率长期超80%，特别是在乘用 车车身涂料市场外资品牌市占率更是超过90%。经过十余年的发展，公司凭借卓越的研发实力及多年的 研发积累已经跻身国产涂层材料行业前列，成长为国产新型功能涂层材料领域的中坚力量，具备把握国 产化替代战略机遇的核心竞争力。 分析人士认为，随着全球产业链深度调整，具有核心技术壁垒的国产涂层材料企业将迎来发展黄金期。 松井股份通过巩固高端消费电子基本盘、乘用车领域快速放量、新兴产业精准布局的三维驱动，有望在 国产替代浪潮中持续扩大市场份额，向全球新型功能涂层材料产业第一梯队迈进。 （编辑 张伟） 本报讯 （记者何文英） 4月28日晚间，松井新材料集团股份有限公司（以下简称"松井股份"）发布2024年年报。公司 ...

Group 1 - The stock of Yuzhong Sanxia A has hit the daily limit for three consecutive trading days, with a current price of 6.86 yuan and a total market capitalization of 2.974 billion yuan [2] - During the continuous limit-up period, the stock has increased by 33.20% with a cumulative turnover rate of 17.50% [2] - As of April 28, the margin trading balance for the stock is 120 million yuan, with a financing balance of 120 million yuan, reflecting a day-on-day increase of 1.10% [2] Group 2 - The company's Q1 report shows total operating revenue of 7.4 million yuan, a year-on-year increase of 7.35%, while net profit is 5.25 million yuan, a year-on-year decrease of 53.16% [2] - The stock has seen significant net inflows from main funds, with a net inflow of 23.79 million yuan on April 28 [2] - The stock has been listed on the Dragon and Tiger list due to a cumulative price deviation of 20% over three trading days and a daily amplitude of 15% [2]

Summary of the Conference Call for SanKeTree Company Overview - **Company**: SanKeTree - **Industry**: Coatings and Paints Key Financial Performance - **Q1 2025 Performance**: - Net profit reached 110 million yuan, a year-on-year increase of 374 million yuan [2][3] - Gross margin improved to 31.05%, a 2.7 percentage point increase year-on-year [3] - Operating cash flow turned positive for the first time in Q1, reaching 110 million yuan, an increase of 374 million yuan year-on-year [3][17] - Revenue for Q1 was 2.13 billion yuan, a 3.12% year-on-year increase, marking a record high for Q1 since the company went public [3] Business Segments Performance - **Retail Business**: - Retail business accounted for 49% of total revenue, with a year-on-year growth of approximately 11% [2][4] - If delayed order confirmations are considered, retail growth could reach 20% [4] - **Engineering Business**: - Engineering business grew by 0.13% year-on-year, with significant growth in small B business and municipal public construction nearing 10% [2][5] Product Performance - **Home Decoration Wall Paint**: - Grew by 8% year-on-year, but impacted by a 41% decline in waterproof coatings; excluding this, growth would be 11% [2][6] - **Engineering Wall Paint**: - Increased by 9%, accounting for 29% of total business [6] - **Waterproof Membranes**: - Revenue decreased by 21% due to price competition and industry downturn [2][6] Strategic Outlook - **2025 Full Year Forecast**: - Expected double-digit revenue growth, gross margin improvement of 2-3 percentage points, and a reduction in expense ratio by 2 percentage points [2][7] - Debt ratio targeted to decrease to around 73% [2][7] - **Pricing Strategy**: - Plans to increase prices by approximately 3% due to competitors halting price wars [2][8] - Retail prices are not expected to decline further, with positive impacts anticipated from competitors' price increases [10] Market Position and Growth Plans - **Market Share Goals**: - Aiming to increase retail market share to 15% within five years, up from 7% [4][18] - Focus on growth rather than dividends in the near term, with potential for significant dividends starting in 2027 [17][18] - **Industrial Coatings**: - Industrial coatings revenue reached approximately 27 million yuan in Q1, a year-on-year increase of over 90% [19] - Focus on automotive coatings and industrial anti-corrosion paints, with plans to enter the supply chain of major automotive brands [19] Industry Trends - **Coatings Industry Outlook**: - The coatings sector is expected to grow steadily, particularly in the renovation market for existing properties [22] - SanKeTree aims to surpass competitors and establish itself as a leading domestic brand in the coatings industry [22] Additional Insights - **Operational Efficiency**: - Plans to optimize workforce by reducing over 800 positions, targeting a total of around 8,000 employees by year-end [4][16] - **Cash Flow Improvement**: - Enhanced cash flow attributed to increased retail proportion and strong position in the supply chain [17] This summary encapsulates the key points from the conference call, highlighting the financial performance, business segment growth, strategic outlook, and industry trends relevant to SanKeTree.

Core Viewpoint - Matsui Co., Ltd. reported a record revenue of 746 million yuan for the fiscal year 2024, marking a year-on-year growth of 26.41%, while net profit attributable to shareholders reached 86.4 million yuan, reflecting a growth of 6.52% [2] Financial Performance - The company achieved an operating income of 746 million yuan, a 26.41% increase year-on-year, setting a new historical revenue record [2] - The net profit attributable to shareholders was 86.4 million yuan, with a non-recurring net profit of 79.0 million yuan, representing year-on-year growths of 6.52% and 7.18% respectively [2] Research and Development - Matsui Co., Ltd. increased its R&D investment to over 105 million yuan, a 16.79% increase compared to the previous year [2] - The R&D expense ratio improved to 14.14%, a decrease of 1.17 percentage points from the previous year [2] - The company obtained 52 new national patents during the year, including 19 invention patents, and participated in the formulation of one industry standard [2] Market Performance and Innovation - The company’s innovative coating materials have gained traction in the high-end consumer electronics sector, establishing benchmarks with major domestic clients and expanding to brands like Xiaomi, Honor, OPPO, and vivo [3] - The successful launch of the sub-molecular coating material project has added growth momentum to the high-end consumer electronics business [3] Strategic Development - Matsui Co., Ltd. has established a multi-field collaborative development framework under its "three verticals and three horizontals" strategic layout [3] - The company has successfully extended its PVD technology from high-end consumer electronics to the passenger vehicle sector since 2019, developing differentiated solutions such as radar wave-permeable PVD and luminous PVD [3] - The innovative technology aligns with the trends of intelligent and personalized upgrades in new energy vehicles, expanding application scenarios from interior and exterior parts to key components like smart sensors [3] Historical Development - Matsui Co., Ltd. started in 2009 with 3C coating business and has gradually gained trust and cooperation from international technology giants due to its strong technical strength and innovation capabilities [4] - The company has successfully captured market opportunities, expanding its business into the passenger vehicle sector and strategic emerging fields such as special equipment [4]

Core Insights - The company reported a significant increase in revenue and profit for Q1 2025, with operating income reaching 424 million yuan, a 40.50% year-on-year increase, and net profit attributable to shareholders at 50.14 million yuan, up 77.35% from the previous year [1] - The company's gross profit margin improved from 20.37% to 23.76%, while the net profit margin increased from 9.36% to 11.82%, indicating enhanced profitability [1] - The container coating business generated 309 million yuan in revenue, a 41% increase, while wind power coatings achieved sales of 114 million yuan, with a growth rate of 47% [1] Business Development - The company is expanding its application areas, aiming to replicate its success in domestic substitution in the container and wind power coating sectors [2] - The company is focused on becoming the most competitive platform enterprise in China's industrial coating sector, enhancing its core competitiveness [2] - The development and certification of ship coatings are progressing as planned, with expectations for foreign wind power manufacturers' orders to reach mass production by 2025 [1]