2025 年 08 月 22 日 麦加芯彩(603062.SH) 新能源涂料营收同比高增，船舶涂料取 得销售突破 事件：公司发布 2025 年半年报，实现营业收入 8.88 亿元， yoy+17.09%；实现归母净利润 1.10 亿元，yoy+48.83%；实现扣非 归母净利润 0.95 亿元，yoy+56.38%。 新能源涂料营收同比高增，船舶涂料取得销售突破。 2025H1，实现营收 8.88 亿元，yoy+17.09%，实现归母净利润 1.10 亿元，yoy+48.83%。其中，Q2 营收/归母净利润分别环比+9.25%、 +19.57%。2025H1，公司营收维持快速增长，主要系新能源涂料营 收同比高增所致，归母净利润增速远高于营收增速或主要因毛利 率同比显著提升。 1）海洋装备涂料：2025H1 实现营收 6.04 亿元（yoy+3.83%）,营 收占比 68.09%。其中，2025H1 销量 3.81 万吨（yoy-0.57%）、销 售均价 1.59 万元/吨（yoy+4.42%）。目前，公司海洋装备涂料业 务包括集装箱涂料、船舶涂料、海上平台及港口设备涂料，2025H1 海洋装备营收实现增长，一 ...

Investment Rating - The investment rating for the company is "Buy-A" with a 12-month target price of 52.8 CNY, compared to the current stock price of 45.42 CNY [4]. Core Views - The company demonstrated resilience in revenue generation despite a downturn in industry demand, achieving a revenue of 5.816 billion CNY in H1 2025, a year-on-year increase of 0.97% [2]. - The significant increase in net profit by 107.53% year-on-year to 436 million CNY in H1 2025 is attributed to improved gross margins, reduced expense ratios, and increased non-recurring gains [2][3]. - The company has optimized its business structure by reducing low-margin waterproofing material operations while enhancing high-margin retail segments [2]. Summary by Sections Revenue Performance - In H1 2025, the company reported a revenue of 5.816 billion CNY, with Q1 and Q2 revenue growth rates of 3.12% and -0.24% respectively [2]. - The revenue from home decoration wall paint reached 1.574 billion CNY, up 8.43% year-on-year, driven by a 5.44% increase in sales volume and a 2.78% increase in average price [2]. - The engineering wall paint revenue was 1.795 billion CNY, down 2.26% year-on-year, while the base material revenue was 1.733 billion CNY, up 10.40% year-on-year [2]. Profitability - The gross margin improved to 32.35% in H1 2025, an increase of 3.71 percentage points year-on-year, with Q2 gross margin at 33.10% [3]. - The company’s expense ratio decreased to 23.67%, down 1.57 percentage points year-on-year, with reductions in travel, sales personnel salaries, and advertising expenses [3]. - The net profit margin for H1 2025 was 7.48%, an increase of 3.87 percentage points year-on-year [3]. Future Projections - Revenue projections for 2025-2027 are 13.369 billion CNY, 14.674 billion CNY, and 16.016 billion CNY, representing year-on-year growth rates of 10.44%, 9.76%, and 9.15% respectively [8]. - Net profit projections for the same period are 811 million CNY, 971 million CNY, and 1.142 billion CNY, with year-on-year growth rates of 144.46%, 19.64%, and 17.67% respectively [8].

转自：证券时报 人民财讯8月17日电，双乐股份(301036)8月17日晚间发布2025年半年度报告，上半年实现营业收入7.48 亿元，同比下降8.44%；归母净利润4476.34万元，同比下降32.95%；基本每股收益0.45元。 ...

Investment Rating - The report maintains a positive outlook on the basic chemical industry [1] Core Insights - The prices of bio-jet fuel (SAF) and bio-diesel have increased, with SAF reaching $2230 per ton, up 9.85% week-on-week and 20.28% year-to-date [3][11] - Refrigerant prices remain strong, with R32 and R134a showing slight increases of 0.96% and 1.03% respectively [4][11] - The demand for high-performance fibers and lightweight materials is expected to rise due to advancements in robotics and the low-altitude economy [5][28] Summary by Sections 1. Sub-industry Tracking - Bio-jet fuel (SAF) and bio-diesel prices are on the rise, with SAF priced at $2230 per ton and bio-diesel at 8100 RMB per ton [3][11] - Refrigerant prices are stable, with R32 at 52500 RMB per ton and R134a at 49000 RMB per ton [4][11] - Prices for vitamins, multi-crystalline silicon, and other materials have declined [4][11] 2. Electronic Chemicals - The electronic chemicals sector focuses on materials for the electronics industry, including wet electronic chemicals and photolithography materials [13][16] - The market for semiconductor materials is projected to grow, with a significant increase in domestic production capabilities [20][23] 3. New Quality Productivity - Carbon fiber and ultra-high molecular weight polyethylene (UHMWPE) are highlighted as key materials benefiting from the low-altitude economy and robotics [28][30] - PEEK materials are gaining traction in humanoid robotics, with demand expected to grow significantly [33] 4. Lithium Battery/Storage Materials - Conductive agents like carbon black and carbon nanotubes are essential for lithium battery materials, with current market prices showing a downward trend [36][39] - Sodium-ion battery materials are also gaining attention due to their cost advantages [39] 5. Renewable and Modified Plastics - The demand for recycled plastics is increasing, with a notable rise in the proportion of recycled materials used in packaging [55][58] - Specialty engineering plastics are in demand across various industries, including automotive and aerospace [55][60] 6. Coatings, Inks, and Pigments - The demand for new functional coating materials is growing, driven by the automotive and consumer electronics sectors [62][64] 7. Market Performance - The basic chemical index has shown a 4.15% increase, outperforming the overall market [66][67]

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 53.90 CNY [5]. Core Views - The company has shown continuous revenue growth in home decoration paint for 2024 and Q1 2025, with a significant increase in net profit due to reduced expenses and impairment losses [2][3]. - The decline in revenue growth is primarily attributed to the decrease in engineering wall paint sales, while home decoration wall paint revenue has increased due to expanded channels and promotional efforts [3][10]. - The company is transitioning towards high-end retail and enhancing its small B channel network, which is expected to drive growth in both retail and engineering segments [10][11]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 12.105 billion CNY (down 2.97% YoY) and a net profit of 332 million CNY (up 91.27% YoY) [2][3]. - For Q1 2025, the revenue was 2.130 billion CNY (up 3.12% YoY) with a net profit of 105 million CNY (up 123.33% YoY) [2][9]. - The company plans to distribute a cash dividend of 3.20 CNY per 10 shares and increase capital stock by 4 shares for every 10 shares held [2]. Revenue Breakdown - Home decoration wall paint revenue reached 2.967 billion CNY (up 12.75% YoY), while engineering wall paint revenue was 4.084 billion CNY (down 12.65% YoY) [3]. - The company’s gross margin for 2024 was 29.60%, with a Q4 gross margin of 32.50% [4][8]. Future Projections - Revenue projections for 2025-2027 are 13.369 billion CNY, 14.674 billion CNY, and 16.016 billion CNY, with net profits expected to be 809 million CNY, 959 million CNY, and 1.125 billion CNY respectively [11][14]. - The company is expected to maintain a dynamic PE of 31.7x, 26.7x, and 22.8x for the years 2025, 2026, and 2027 [11][14].

数据四舍五入，查看更多财务数据>> 三、分红送配方案情况 二、前10名无限售条件股东持股情况 一、主要会计数据和财务指标 前十大流通股东累计持有： 2909.77万股，累计占流通股比： 41.3%，较上期变化： -121.22万股。 | 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 1.2100 | 0.4700 | 157.45 | 0.2900 | | 每股净资产（元） | 0 | 15.68 | -100 | 15.39 | | 每股公积金(元) | 10.17 | 10.17 | 0 | 10.17 | | 每股未分配利润(元) | 4.59 | 4.00 | 14.75 | 3.73 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 15.75 | 14.33 | 9.91 | 12.71 | | 净利润(亿元) | 1.21 | 0.47 | 157.45 | 0.29 | | 净资产收益率(%) | 7.49 ...