点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 25H1，公司海洋装备行业涂料业务实现收入6.0亿元，实现销量3.8万吨，产品均价1.6万元/吨，同比 +4%，实现毛利率17.6%。海洋装备涂料包含集装箱涂料、船舶涂料、海上平台涂料及港口设备涂料，在 船舶涂料方面，公司已于今年第一季度通过部分产品在挪威船级社的认证，中国船级社、美国船级社的认 证也在顺利推进中，25H1，船舶涂料已开始贡献销售。 新能源行业涂料业务：价格同比下滑，营收毛利比例提升 25H1，公司新能源行业涂料业务实现收入2.8亿元，实现销量0.9万吨，产品均价3.0万元/吨，同比-7%，实 现毛利率36.1%。新能源行业涂料业务包含风电涂料、光伏涂料、储能涂料等，新能源行业涂料占公司整 体营收的比例提升至31.55% ...

Investment Rating - The report maintains a "Buy-B" rating for the company [1] Core Views - The demand for new energy coatings is on the rise, with significant growth in sales and revenue [3][4] - The company has achieved breakthroughs in marine coatings, with stable sales and increased revenue in the shipbuilding sector [4] - The company is expanding its production capacity to meet market demand, with new projects coming online [5] Financial Performance - In the first half of 2025, the company achieved revenue of 888 million yuan, a year-on-year increase of 17.09%, and a net profit of 110 million yuan, up 48.83% [2] - The gross margin improved to 23.50%, an increase of 3.9 percentage points year-on-year [2] - The sales volume reached 47,600 tons, a 7.80% increase compared to the same period last year [2] Business Segments - New energy coatings generated revenue of 280 million yuan in the first half of 2025, a year-on-year increase of 71.66%, accounting for 31.55% of total revenue [3] - The marine equipment coatings segment maintained stable sales, with container coatings achieving revenue of 600 million yuan, a 3.8% increase year-on-year [4] Future Projections - Revenue projections for 2025 to 2027 are 1.797 billion yuan, 2.045 billion yuan, and 2.378 billion yuan, respectively, with expected growth rates of -16.0%, 13.8%, and 16.3% [7] - Net profit forecasts for the same period are 240 million yuan, 303 million yuan, and 371 million yuan, with growth rates of 13.8%, 26.2%, and 22.6% [7] Valuation Metrics - The report provides an estimated EPS of 2.22 yuan for 2025, with a PE ratio of 23.5 [7] - The projected ROE for 2025 is 11.0% [11]