资料来源：公司财报，长城证券产业金融研究院 事件：公司发布 2025 年半年度报告，2025H1 实现营收 8.88 亿元，同比 +17.09%；实现归母净利润 1.10 亿元，同比+48.83%；实现扣非归母净利 润 0.95 亿元，同比+56.38%。其中，Q2 单季度实现营收 4.63 亿元，同比/ 环比分别+1.60%/+9.25%；实现归母净利润 0.60 亿元，同比/环比分别 +31.19%/+19.57%；实现扣非归母净利润 0.49 亿元，同比/环比分别 +27.55%/+4.81%。Q2 环比 Q1 量利齐增，经营活动产生的现金流量净额充 裕。 证券研究报告 | 公司动态点评 2025 年 08 月 26 日 麦加芯彩（603062.SH） 新能源涂料业绩高增，工业涂料平台企业初具雏形 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 1,141 | 2,139 | 2,006 | 2,274 | 2,777 | | 增长率 yoy（%） | ...

" 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].

| 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 7.58亿 | 8.88% | 17.09% | | 归母浄利润（元） | 7396.77万 | 1.1亿 | 48.83% | | 扣非净利润(元) | 6080.89万 | 9509.46万 | 56.38% | | 货币资金(元) | 2.947 | 5.19亿 | 76.46% | | 应收账款(元) | 8.54亿 | 8.7亿 | 1.91% | | 有息负债 (元) | 1549.94万 | 2994.24万 | 93.18% | | 毛利率 | 19.62% | 23.50% | 19.77% | | 净利率 | 9.76% | 12.40% | 27.11% | | 三费占营收比 | 5.41% | 8.52% | 57.38% | | 每股净资产 (元) | 18.68 | 19.05 | 2.02% | | 每股收益(元) | 0.69 | 1.04 | 50.72% | | 每股经营性现金流(元) | -0.44 | 1.67 | 475.9 ...

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 ...

麦加芯彩于 8 月 21 日发布 25H1 半年度报告：上半年实现营收 8.9 亿元， 同比+17%，归母净利润 1.1 亿元，同比+49%，扣非净利润 0.95 亿元，同 比+56%；其中 Q2 实现归母净利润 0.60 亿元，同比+31%/环比+20%，扣 非净利润 0.49 亿元，同比+28%/环比+4.8%。公司 Q2 利润符合我们的预期 （0.6 亿元）。考虑公司新涂料产品增长潜力可期，以及公司募投项目未来 有望贡献增量，我们维持"增持"评级。 | 华泰研究 | | | 中报点评 | | 投资评级(维持): | 增持 | | --- | --- | --- | --- | --- | --- | --- | | 2025 年 | 8 月 | 22 日│中国内地 | | 化学制品 | 目标价(人民币): | 65.34 | 证券研究报告 麦加芯彩 (603062 CH) 风电涂料同比高增，新产品持续推进 我们维持此前的盈利预测，预计公司 25-27 年归母净利润为 2.6/3.1/3.8 亿 元，对应 EPS 为 2.42/2.87/3.54 元。结合可比公司 25 年 Wind 一致预期平 均 29 ...

Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2025, with total revenue reaching 25.87 billion and net profit attributable to shareholders at 2.46 billion, marking a year-on-year growth of 10.92% [2][3]. Financial Performance - Revenue for 2025 H1 was 25.87 billion, compared to 18.07 billion in the previous year [3][5]. - Net profit attributable to shareholders for 2025 H1 was 2.46 billion, up from 2.22 billion in 2024 H1 [3][2]. - Total assets amounted to 76.16 billion, with cash flow from operating activities at 4.47 billion [3]. Market Expansion - The company is actively expanding its global market presence, achieving a total export of home textile products worth 234 million USD, with slight growth in exports to Europe and Japan [8]. - Domestic home textile business revenue reached 3.42 billion, indicating a strong performance in the local market [8]. Product Development - The company has implemented a differentiated product strategy, achieving a sample production rate of 83.3% for bedding products, which is a 58.3% increase compared to the same period last year [8]. - Group purchase business revenue grew by 11.6%, while e-commerce initiatives focused on product and brand image upgrades, resulting in a 194% increase in average order value during the 618 shopping festival [8]. Brand Promotion - The company has intensified brand promotion efforts, achieving over 80 million exposures [9]. New Materials Business - The new materials segment is experiencing rapid growth, with revenue from coating materials and electrolyte additives showing significant increases [10][11]. - Revenue from functional coating materials grew by 18.97%, while revenue from lithium battery electrolyte additives surged by 73.13% [12][16]. Strategic Partnerships - The company has strengthened collaborations with leading electrolyte enterprises, achieving a sales volume of 2,793.69 tons, which is a 71.92% increase year-on-year [16].

Investment Rating - The report indicates a positive investment outlook for the industrial coatings sector, highlighting significant growth potential and opportunities for domestic replacements in the Chinese market [2]. Core Insights - Industrial coatings are specialized materials used to protect and enhance the performance of various industrial products, characterized by high technical barriers and challenging testing and certification processes. They account for approximately 60% of the overall coatings market, with a market space of around $110 billion, making it fertile ground for the emergence of global companies [2][5]. - The global industrial coatings market is highly concentrated, but the Chinese market remains fragmented, dominated by foreign enterprises, indicating substantial room for domestic replacements. Domestic companies are accelerating their advancements, with leaders like Maijia Xincai entering new segments such as marine coatings and automotive coatings [2][8]. Summary by Sections Demand: Broad Applications and Emerging Segments - Industrial coatings have a wide range of applications, with significant segments including automotive coatings (28% market share) and protective and marine coatings (20% market share). The Asia-Pacific region holds the largest share of the industrial coatings market, close to 50% [6]. - The global coatings market is projected to reach approximately $188.8 billion by 2024, with industrial coatings accounting for about 60%, translating to a market space exceeding $110 billion. Emerging high-demand segments include wind power coatings, 3C coatings, aerospace coatings, and coatings for new energy vehicles [6]. Supply: Dominated by High-End Overseas Brands with Room for Domestic Replacements - The global industrial coatings supply landscape is stable, with the top four companies (CR4) accounting for about 30% of the market. The leading company, PPG, has over $10 billion in industrial coatings revenue, while the top four companies exceed $5 billion each [7]. - The Chinese industrial coatings market is still in a non-mature phase, with a CR10 of approximately 13%. Major foreign brands dominate, while local brands hold only two positions. The report notes that there is significant potential for improvement in the technical capabilities of Chinese industrial coatings [7][8]. Domestic Companies Accelerating Progress - Domestic companies are making significant strides in automotive and protective marine coatings, with notable leaders emerging in various segments. Maijia Xincai is a champion in wind power blade coatings and container coatings, while Songji Co., Ltd. maintains a strong position in the 3C sector and is gradually entering the automotive coatings market [8].

Summary of the Conference Call for Maijia New Materials Company Overview - Maijia New Materials is a leading player in the industrial coatings sector, focusing on container coatings and wind turbine blade coatings [2][3][4] - The company has a market share of approximately 25% in the container coatings market, establishing a duopoly [2][4] - It has maintained the largest global market share in the wind turbine blade sector for several consecutive years [2][4] Core Insights and Arguments - The valuation of Maijia New Materials has increased to a range of 20-25 times earnings after entering the ship coatings market, indicating market recognition of its growth potential [2][3] - The company's revenue fluctuates between 1 billion to 2 billion RMB, with a projected 26% year-on-year growth in 2024, reaching over 2 billion RMB [2][3] - Despite a downturn in the container industry in 2025, the wind energy sector is expected to perform well, with projected revenues between 200 million to 250 million RMB [3][16] - The company plans to double its production capacity from 120,000 tons to 240,000 tons by 2026-2027, aiming for revenues of 2.5 billion to 3 billion RMB and profits of 500 million to 600 million RMB [3][6][7] Future Development Strategy - Maijia New Materials has adopted a "1+3+n" strategy, focusing on industrial coatings and three main sectors: new energy (wind turbine blades and towers), ocean transportation (ship and container coatings), and large infrastructure [5] - The company is also expanding into new segments, including offshore tower coatings and photovoltaic materials, leveraging acquired technologies and patents [5][6] Market Dynamics - The ship coatings market is estimated to be worth 30 billion to 40 billion RMB, with significant opportunities for new suppliers due to high repair needs in long-term marine operations [8][17] - The container coatings market is facing challenges, with a projected 30% decline in sales in 2025, but overall demand is expected to stabilize above 3 million TEU due to replacement and new ship demands [10][14] - The wind energy sector's coating costs are low but critical for equipment performance, with stable gross margins around 37%-38% [15][16] Competitive Advantages - Maijia New Materials has a leading return on equity (ROE) and high operational efficiency, particularly in the container business [11][12] - The company has established strong relationships with major clients and continues to innovate in environmentally friendly products, enhancing its competitive edge [12] Revenue and Growth Projections - The company anticipates nearly 100 million RMB in new business revenue in 2025, primarily from overseas blade and photovoltaic coatings [6][18] - By 2026, new business revenues are expected to reach 150 million to 200 million RMB, with ongoing expansion into the tower coatings market [6][18] - Overall, the company aims for revenues to reach 2 billion RMB by 2027, with a target market capitalization exceeding 10 billion RMB [18]

Investment Rating - The industry rating is "Recommended" [5] Core Insights - The establishment of the Xinjiang Tibet Railway Company, with a registered capital of 95 billion yuan, is expected to accelerate the construction of the Xinjiang Tibet Railway, which spans approximately 1980 kilometers [4][8] - The demand for construction materials and civil explosives is anticipated to increase due to major national projects, with companies like China Power Construction and China Energy Engineering benefiting from this trend [8] - The cement industry is experiencing price pressures, but there is potential for price recovery if industry self-discipline measures are effectively implemented [9][24] Summary by Sections Section 1: Market Trends - In the 32nd week, new home transaction volume in 30 major cities decreased by 16% year-on-year, with a total transaction area of 1.2453 million square meters [2][20] - The second-hand housing market in 15 monitored cities saw a 5% year-on-year decrease in transaction area [2][20] Section 2: Cement Market - The national average cement price is 339.67 yuan/ton, remaining stable despite low demand due to high temperatures and rainfall, with an average shipment rate of about 44% [3][24] - Cement prices in various regions are showing mixed trends, with some areas experiencing slight increases while others remain stable or decrease [34][40][45] Section 3: Glass Market - The average price of float glass has decreased to 1274.90 yuan/ton, reflecting a 1.57% decline from the previous week [60] - The photovoltaic glass market is seeing stable trading conditions, with slight price increases for new orders [67] Section 4: Investment Recommendations - Recommended companies include Xinjiang Jiaojian, Xibei Construction, and Snow Peak Technology, which are expected to benefit from the Xinjiang Tibet Railway project [8] - In the cement sector, companies like Huaxin Cement and Conch Cement are highlighted for their cost and scale advantages [9] - The industrial coatings sector is also recommended, with companies like Songjing Co. and Maijia Xincai showing strong growth potential [9]