" 3+3+4"战略格局形成，产能扩张奠定高增基础。工业涂料平台型公司：形成"3+3+4"即三老（集装 箱、风电、桥梁钢构）+三新（船舶、海工、光伏）+四小（储能、数据中心、港口设备、电力）的业 务矩阵，打造多元增长极。产能扩张：珠海7万吨基地已于6月 末建成投产，将辐射华南及东南亚市 场。 南通4 万吨扩产计划预计年底前完成。产能的有序扩张为船舶、光伏等新业务的放量提供了坚实基础。 投资建议 事件概述。公司发布2025年半年度报告。25H1实现营收8.88亿元，同比+17.09%；归母净利润为1.10亿 元，同比+48.83%；扣非后归母净利润9509 万元，同比+56.38%。经营性现金流1.80亿元，去年同期 为-0.48 亿元，同比大幅改善。单季度环比提升加速，25Q2 营业收入4.63 亿元环比Q1 增长9.25%，归母 净利润25Q2 为0.6 亿元环比增长幅度更为明显，同比+19.57%。25Q2 公司产品销量2.6 万吨，相较25Q1 销量2.28 万吨增幅达到+14%。 我们维持2025-27 盈利预测，预测营业收入21.59/24.12/27.43 亿元，预测归母净利润2.57/3.16/ ...

Core Viewpoint - The company reported strong financial performance for the first half of 2025, with significant growth in revenue and net profit, driven by the high growth of its new energy coatings segment and improved gross margins [1][2][4]. Financial Performance - In H1 2025, the company achieved revenue of 888 million yuan, a year-on-year increase of 17.09%, and a net profit attributable to shareholders of 110 million yuan, up 48.83% year-on-year [1][2]. - The company's gross profit margin improved to 23.50%, an increase of 3.88% year-on-year, primarily due to the high growth in the new energy coatings segment [4]. Segment Performance - Marine Equipment Coatings: Revenue reached 604 million yuan in H1 2025, a year-on-year increase of 3.83%, accounting for 68.09% of total revenue. Sales volume was 38,100 tons, down 0.57% year-on-year, with an average selling price of 15,900 yuan per ton, up 4.42% year-on-year [2]. - New Energy Coatings: Revenue was 280 million yuan, a year-on-year increase of 71.66%, representing 31.55% of total revenue, up 10.03 percentage points year-on-year. Sales volume was 9,371 tons, up 84.27% year-on-year, with an average selling price of 29,900 yuan per ton, down 6.84% year-on-year [3]. Operational Efficiency - The company reported a significant increase in operating cash flow, reaching 180 million yuan, a year-on-year increase of 475.95%, which is 1.64 times the net profit [4]. - The selling expense ratio increased by 2.25 percentage points year-on-year, primarily due to higher marketing and personnel costs [4]. Strategic Development - The company has established a strategic framework for its industrial coatings platform, focusing on expanding its existing businesses and developing new ones, including marine, offshore, and photovoltaic coatings [5]. - The company is expanding its production capacity, with a new 70,000-ton facility in Zhuhai completed and operational, and a 40,000-ton capacity expansion project in Nantong expected to be completed by the end of the year [5][6]. Future Outlook - Revenue projections for 2025-2027 are 1.887 billion yuan, 2.091 billion yuan, and 2.377 billion yuan, with net profits expected to grow at a compound annual growth rate [6].

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 ...

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]