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]

证券代码：603062 证券简称：麦加芯彩 公告编号：2025-030 麦加芯彩新材料科技（上海）股份有限公司 2025 年第一季度主要经营数据的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 | 主要原材料 | 2025 年第一季度 | 与上季度相比变 | 与去年同期相比 | | --- | --- | --- | --- | | | 平均采购价 | 动比率（%） | 变动比率（%） | | 水性环氧乳液 | 10,097.09 | 0.03 | -0.85 | | 聚氨酯树脂 | 20,536.29 | -3.60 | -6.53 | | 水性丙烯酸乳液 | 6,649.85 | -0.96 | -5.42 | | 水性环氧树脂 | 19,778.76 | -0.67 | -1.97 | | 锌粉 | 24,323.44 | -1.90 | 13.89 | | 钛白粉 | 13,367.79 | -1.47 | -7.37 | | 聚异氰酸酯 | 31,304.38 | 2.70 | -10.88 | | 水性环氧固 ...

证券研究报告 | 公司深度报告 2025 年 04 月 28 日 麦加芯彩（603062.SH） 风电、集装箱涂料领先企业，新领域拓展有望推动经营 上新台阶 公司深耕风电与集装箱涂料行业，率先在行业内实现了国产化替代，目前在两 个领域分列国内第一、第二。风电与集装箱涂料行业周期性强，且行业规模天 花板有限，一定程度制约了公司的发展空间。公司目前正重点突破船舶涂料行 业，已经获得难度、销售额最大的船底漆认证，且具有一定的客户资源优势， 后续有望推动公司经营上新台阶。 风险提示：集装箱行业需求大幅下滑、风电行业复苏不及预期、新业务开展 不及预期，解禁造成股价波动风险等。 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 1141 | 2139 | 1924 | 2185 | 2661 | | 同比增长 | -18% | 88% | -10% | 14% | 22% | | 营业利润(百万元) | 196 | 247 | 266 | 360 | 482 ...

如果美国对这些关键矿产加征关税，并导致上述催化剂价格大幅上涨，那么炼油厂可能会改变其运 营方式以降低成本。如炼油厂可降低烷基化装置的开工率，转向生产甲苯或混合二甲苯，进而影响芳烃 市场。此外，烷基化装置和FCC装置开工率的变化将同时影响丙烯的供需。 萤石也是含氟化学品和含氟聚合物的上游原料。含氟化学品是聚氨酯等材料的发泡剂；含氟聚合物 （如特氟龙）在5G设备、半导体制造和锂离子电池中的重要性日益增加，还用作氢燃料电池和氯碱厂 的隔膜。 笔者还注意到，市场消息人士还担忧氧化钛被纳入征税范围。氧化钛是生产二氧化钛的原料，这使 得关税大棒开始影响美国涂料企业。此前，涂料企业已因美国对钢铁征收进口关税而备受成本压力，若 对氧化钛加征进口关税，将进一步增加涂料生产商的成本。 此外，特种催化剂也是值得关注的产品。如果美国对锑加征关税，聚对苯二甲酸乙二醇酯（PET） 的生产商可能提价，因为锑是PET生产的重要催化剂原料。同理，铋作为聚氨酯生产催化剂同样面临关 税风险。而根据美国地质调查局（USGS）的数据，包括铱、钕、铑、钌、镱和钇在内的多种矿产均用 于各类催化剂制造，而钯和铂则是汽车催化转化器的核心材料。可想而知，美国对 ...

掘金·年报一季报业绩解读 20250427 摘要 • 福斯特：2025 年胶膜海外产能放量，海外毛利率约 20%高于境内，盈利 优势有望扩大。电子材料业务增长及毛利率提升，显著增厚业绩。预计 2025-2027 年净利润分别为 17.4 亿元、20.2 亿元和 23.6 亿元。 • 联泓新科：2025 年一季度营收 15.4 亿元，同比增长 3%，归母净利润 0.7 亿元，同比增长 39%，主要受益于 EVA 产品销量大增和成本下降。 预计二季度 EVA 价格和盈利有望继续修复，多条新产线陆续放量。 • 联泓新科：计划在 2025-2026 年陆续投产多条新的生产线，包括 20 万吨 EVA 装置、10 万吨 POE 装置以及锂电添加剂 VC、Pae 等 PVC 装置。略 上调 2025-2027 年的盈利预测至 3.02 亿、5.96 亿和 7.38 亿元。 • 阳光电源：2024 年度归母净利润 110 亿元，同比增长 17%，2025 年一 季度利润 38 亿元，同比大增 83%。2024 年度经营性现金流 121 亿元， 同比增长 73%。预计 2025-2027 年归母净利润分别为 144 亿、17 ...

Core Insights - Brand Finance released the "2025 Top 500 US Brands" list, showing a total brand value increase of 7.4% year-on-year, reaching $5.79 trillion, surpassing the US economic growth rate of 2.8% [1] Company Performance - Sherwin-Williams ranked 109th in the 2025 list, improving by 11 places from the previous year, and remains the most valuable paint brand in the US [2] - Sherwin-Williams has been on the US Top 500 Brands list for 12 consecutive years since its first appearance in 2014, with its highest rank being 103 [3] - The company also ranked 276th in the "2025 Global Top 500 Brands" list, climbing 25 places, and is the only paint brand on the global list [3][8] Financial Growth - Sherwin-Williams' revenue grew from $11.34 billion in 2015 to $23.10 billion in 2024, representing a 103.72% increase over nearly a decade, with a compound annual growth rate (CAGR) of 7.85% [7] - Net profit increased from $1.05 billion in 2015 to $2.68 billion in 2024, a growth of 154.36% with a CAGR of 15.18% [7] - In 2024, Sherwin-Williams achieved net sales of $23.10 billion, a slight increase of 0.2% year-on-year, with EBITDA of $4.49 billion, up 8.2% [7] Market Position - Sherwin-Williams holds a 11.13% global market share, maintaining its position as the largest paint manufacturer for eight consecutive years [7] - The company leads in both architectural and industrial coatings, ranking first in the "2024 Global Architectural Coatings Brand" list with $12.35 billion in sales [8] - Sherwin-Williams is also ranked fifth in both the global automotive and marine coatings brand lists [8] Brand Value - The brand's influence and value have significantly increased, as evidenced by its consistent ranking in Brand Finance's lists, being the only paint brand to appear in the "2025 Global Top 500 Brands" [8]

Core Viewpoint - The company reported a revenue of 12.11 billion yuan in 2024, a year-on-year decrease of 3.0%, while the net profit attributable to shareholders was 330 million yuan, an increase of 91.3% [1] Financial Performance - In Q1 2025, the company achieved a revenue of 2.13 billion yuan, a year-on-year increase of 3.1%, and a net profit of 110 million yuan, a year-on-year increase of 123.3%. The non-recurring net profit was -15 million yuan, a reduction in losses by 63 million yuan year-on-year [1] - The 2024 annual report reclassified categories such as wood coatings and adhesives into basic materials, affecting revenue growth rates for the year and Q1 2025 [1] Operational Analysis - The retail new business model showed strong growth, with home decoration and engineering wall paint revenues of 2.97 billion yuan and 4.08 billion yuan in 2024, reflecting year-on-year increases of 12.8% and a decrease of 12.7%, respectively. In Q1 2025, revenues were 650 million yuan and 590 million yuan, with year-on-year increases of 8.0% and 9.4% [2] - The gross margin stabilized and improved, with a gross margin of 32.5% in Q4 2024, an increase of 0.44 percentage points year-on-year, and 31.05% in Q1 2025, an increase of 2.67 percentage points year-on-year [2] Cost Management - The expense ratio decreased to 25.7% in 2024, down 0.5 percentage points year-on-year, with the sales expense ratio decreasing by 0.8 percentage points. In Q1 2025, the expense ratio was 31.4%, down 2.4 percentage points year-on-year [3] - The company reduced its workforce to 8,996 employees by the end of 2024, a decrease of 836 employees year-on-year, including a reduction of 516 sales personnel [3] Cash Flow and Growth Strategy - The company achieved positive cash flow for the first time in Q1, with operating cash flow of 1.1 billion yuan, compared to -260 million yuan in the same period last year. The operating cash flow for 2024 was 1.01 billion yuan [4] - The shift from large B to C and small B channels has led to stable cash flow performance, highlighting the retail focus and true "consumption" attributes [4] Profit Forecast and Valuation - The company is expected to maintain stable profitability in its new growth phase, with revised net profit forecasts for 2025 and 2026 at 900 million yuan and 1.25 billion yuan, respectively [5] - The current stock price corresponds to a PE ratio of 28.5 and 20.5 times for 2025 and 2026, respectively, maintaining a "buy" rating [5]

Core Viewpoint - Company has received a "Buy" rating from Guojin Securities, indicating confidence in its profit realization and growth potential [1]. Financial Performance - In 2024, the company reported revenue of 12.11 billion yuan, a year-on-year decrease of 3.0%, while net profit attributable to shareholders was 330 million yuan, an increase of 91.3% [2]. - For Q1 2025, revenue reached 2.13 billion yuan, up 3.1% year-on-year, with net profit attributable to shareholders at 110 million yuan, a significant increase of 123.3% [2]. - The company reclassified certain product categories, impacting revenue growth rates for both 2024 and Q1 2025 [2]. Operational Analysis - The retail segment showed strong growth, with home decoration and engineering wall paint revenues of 2.97 billion and 4.08 billion yuan in 2024, reflecting year-on-year growth of 12.8% and a decline of 12.7%, respectively [3]. - In Q1 2025, home decoration and engineering wall paint revenues were 650 million and 590 million yuan, with year-on-year growth of 8.0% and 9.4% [3]. - The company maintained the top market share in imitation stone paint for five consecutive years, reaching 7.6% in 2024, indicating a favorable competitive landscape [3]. Margin and Cost Management - The gross margin stabilized and improved, with Q4 2024 gross margin at 32.5%, up 0.44 percentage points year-on-year, and Q1 2025 gross margin at 31.05%, an increase of 2.67 percentage points year-on-year [4]. - The company reduced its expense ratio to 25.7% in 2024, down 0.5 percentage points year-on-year, with a further reduction in Q1 2025 to 31.4%, down 2.4 percentage points year-on-year [4]. - The workforce was optimized, with a reduction of 836 employees by the end of 2024, indicating a shift towards efficiency rather than a labor-intensive strategy [4]. Cash Flow and Profitability Outlook - The company achieved positive operating cash flow for the first time in Q1, with 110 million yuan, compared to a negative 260 million yuan in the same period last year [4]. - The operating cash flow for 2024 was 1.01 billion yuan, showing stability as the company shifted its focus from large B-end clients to C-end and small B-end clients [4]. - The company is expected to maintain stable profitability, with revised net profit forecasts for 2025 and 2026 at 900 million and 1.25 billion yuan, respectively [5]. Valuation and Market Sentiment - The current stock price corresponds to a price-to-earnings ratio of 28.5 and 20.5 for 2025 and 2026, respectively, supporting the "Buy" rating [5]. - Recent analyst coverage indicates a positive sentiment, with five "Buy" ratings and one "Hold" rating among six institutions in the last 90 days [8].

4月18日， 嘉宝莉上海首家艺术涂料5.0形象店开业盛典举行。此次开业 不仅是嘉宝莉艺术涂料深化高端市场布局的战略举措，更以颠覆性的门店形象与 沉浸式体验，重新定义了艺术涂料行业服务标准，标志着品牌向一线城市战略扩张迈出关键一步。 上海市宝山区汶水路1555号5楼E8051嘉宝莉展厅 此次嘉宝莉艺术涂料5.0形象店落子上海，依托上海作为设计之都、时尚前沿的辐射效应， 构建覆盖设计圈层、高端家装、工装项目的立体化服务网络， 提升品牌在一线城市高端市场的渗透率，更通过标准化服务体系输出，为全国渠道升级提供样板，推动行业发展从"价格"转向"价值"。 开业仪式以"艺术赋能空间"为主题，北新嘉宝莉高层、知名设计师及主流媒体代表共同见证剪彩。据了解， 嘉宝莉艺术漆上海5.0门店以"开放式美学实验 室" 为设计语言，打破传统涂料店的陈列逻辑，构建起 "产品体验-工艺展示-场景沉浸"三位一体的空间矩阵。门店核心区域设置15道工艺透明化展示区， 消费者可直观感受艺术涂料全流程工艺标准， 为上海乃至全国消费者带来艺术涂装的全新想象。 作为国内涂料行业的领先者，嘉宝莉艺术涂料以其创新性的产品和深入的市场洞察，不仅在全国范围内实现了 ...

Summary of the Conference Call on the Building Materials Industry Q1 2025 Industry Overview - The conference call discusses the building materials industry, particularly focusing on the consumption building materials sector in Q1 2025, highlighting various sub-sectors such as waterproofing, gypsum board, coatings, cement, glass, and photovoltaic glass [2][3][4][5][6][10][11][12]. Key Points and Arguments General Market Conditions - In Q1 2025, the consumption building materials industry showed stable B-end demand, with significant central government leverage and verified demand for key projects. However, C-end demand is expected to have limited growth due to high base effects from previous years [2][3][8]. - Municipal infrastructure is under pressure from local debt, but the low base from 2024 supports decent performance in engineering [2][3]. Sub-sector Performance - **Waterproofing Industry**: Revenue faced pressure due to price declines, but high-end products saw significant price increases. The strategy focuses on controlling channel inventory, with potential recovery in profitability if asphalt prices stabilize [3][4][9]. - **Gypsum Board Industry**: The sector performed well with low channel inventory, leading to expected sales growth. Despite a year-on-year price decline, lower costs for paper and coal helped maintain profitability [5][9]. - **Coatings Industry**: Major C-end companies achieved double-digit growth, while B-end remained stable. Some companies expanded channels to drive growth, resulting in a relatively strong overall performance [6][9]. - **Cement Industry**: Price increases in East China were successful, with prices higher than the previous year. Despite a projected demand decline of 5-10%, supply-side inventory levels are reasonable, maintaining profitability [10][14]. - **Glass Industry**: The sector faced significant average losses due to overcapacity and price corrections. Short-term recovery is unlikely without improvements in supply-demand dynamics [11]. - **Photovoltaic Glass Industry**: The first quarter exceeded expectations due to strong demand and price increases. However, concerns exist for Q3 as demand may decline [12][13]. Financial and Strategic Insights - The overall logic for the consumption building materials industry in 2025 indicates no expected volume growth, leading to reduced competition in price wars and lower management and sales expenses. This shift is anticipated to enhance net profit margins despite stagnant volume [8]. - Companies are advised to focus on product differentiation and high-end product pressures while monitoring export impacts on low-end product pricing [15]. Additional Important Insights - The building materials industry is experiencing a transition with a focus on managing costs and inventory levels, which may lead to improved profitability despite lower sales volumes [8][9]. - The performance of various sub-sectors reflects a mixed outlook, with some areas showing resilience while others face challenges due to market conditions and external pressures [3][4][5][6][10][11][12][14].