Core Viewpoint - The third Tianjin International Shipping Industry Expo showcases the strength of the shipping industry in North China, attracting 445 global enterprises and covering an exhibition area of 51,000 square meters [1]. Group 1: Automotive and High-end Equipment Industry - Tianjin Jieshi Battery Co., Ltd. presents high-performance battery products specifically developed for marine applications [3]. - Tianjin Longchuang Century Automotive Design Co., Ltd. showcases a modular design agricultural drone and a mobile ultra-fast charging vehicle [5]. - Zhidao Innovation (Tianjin) Technology Co., Ltd. displays innovative drones and reconnaissance aircraft, emphasizing its leadership in intelligent robotic systems [7]. - Tianjin Hongsheng Technology Co., Ltd. exhibits intelligent rescue equipment, focusing on marine oil spill emergency devices [9]. - Deep Blue Ocean Technology Co., Ltd. showcases underwater robots capable of deep-sea operations, with a maximum diving depth of 300 meters [11]. - Beijing Institute of Technology's Mechanical and Vehicle College presents advanced 3D printing technology projects [14]. - Tianjin Desai International Ocean Engineering Co., Ltd. displays a range of marine technology models, indicating a comprehensive operational chain in marine engineering [16]. Group 2: New Generation Information Technology Industry - Zhongbing Beidou Satellite Communication Co., Ltd. exhibits core products in satellite communication, showcasing its technological strength in the Beidou satellite application field [18]. Group 3: Chemical New Materials Industry - PPG Coatings (Tianjin) Co., Ltd. demonstrates revolutionary ship coatings that prevent fouling, highlighting its position as a leading supplier of coatings and specialty materials [19]. - Weiyuan Taide (Tianjin) Clean Energy Co., Ltd. showcases innovative ship-specific heat pump systems [21]. - Tianjin Hengyang Chemical Storage and Transportation Co., Ltd. focuses on chemical product storage and logistics services [23]. - Botu New Energy (Tianjin) Co., Ltd. is the only manufacturer of wind turbine structural components in Tianjin [25]. Group 4: Medical and Health Industry - Tianjin Ruichi Surgical Instrument Co., Ltd. presents its advanced minimally invasive surgical instruments, emphasizing its leadership in the sector [27]. - Master Kong Group showcases a variety of popular food products, indicating its comprehensive production system in the food industry [29]. Group 5: Modern Service Industry - The Tianjin MSD Shipping Base gathers numerous strong shipping economic enterprises and international classification societies [33]. - Yuxiang International Shipping Building focuses on high-end shipping services, integrating various service institutions [34]. - Tianjin COSCO Shipping Taigang Chemical Logistics Co., Ltd. specializes in chemical logistics services, aiming to build a smart logistics center for hazardous chemicals [36]. Future Outlook - The Tianjin Economic and Technological Development Area aims to enhance the shipping industry's intelligence, greenness, and internationalization, contributing to the establishment of a world-class shipping hub [40].

公司费用端基本保持稳定。25Q1 公司期间费用为 0.43 亿元，同比增加 0.15 亿元；期间费用率 10.2%，yoy+0.9pcts；其中销售/管理/研发费用分别为 0.21/0.12/0.10 亿元，财务费用为-53 万元。销售/管理/研发/财务费用率分 别为 5.0%/2.9%/2.4.%/-0.1%，yoy+1.7/持平/-1.2/+0.5pcts。 新兴业务稳步推进，打造国内工业涂料最具竞争力的平台企业。2025 年， 公司将继续巩固集装箱涂料和风电涂料业务，同时加速船舶、光伏、海工、 储能、电力、数据中心等应用领域的推进。2024 年下半年公司收购了科思 创纳米级光伏玻璃涂层相关资产，2025 年有望实现主要客户批量销售。近 日公司公告已取得挪威船级社（DNV）防污漆证书，后续将继续推进中国、 美国船级社的认证进展。船级社认证有助于公司开拓船舶涂料市场，进一 步打开发展空间。 盈利预测与估值：结合公司产品价格趋势、未来产能投放节奏，预计公司 2025-2027 年归母净利润分别为 2.6/3.2/3.9 亿元，维持"买入"的投资评 级。 公司报告 | 季报点评 麦加芯彩（603062） 证券研 ...

Core Viewpoint - The company reported strong financial performance in Q1 2025, with significant year-on-year growth in revenue and net profit, driven by increased demand in the container and wind power coatings sectors [1][2]. Financial Performance - The company achieved revenue of 424 million yuan in Q1 2025, representing a year-on-year increase of 40.50%, maintaining rapid growth from a previous 31.02% increase [1]. - The net profit attributable to shareholders reached 50.14 million yuan, up 77.35% year-on-year, while the net profit excluding non-recurring items was 46.43 million yuan, reflecting a 104.93% increase [2]. - The gross profit margin improved significantly to 23.76%, an increase of 3.39 percentage points year-on-year, attributed to higher product prices and lower raw material costs [2]. Product Performance - Revenue from container coatings was 309 million yuan, up 41.39% year-on-year, while wind power coatings revenue was 114 million yuan, increasing by 47.00% [1]. - The average price per ton for container coatings was 1.62 yuan, up 4.05% quarter-on-quarter and 9.77% year-on-year, while wind power coatings averaged 3.16 yuan per ton, up 5.93% quarter-on-quarter but down 11.87% year-on-year [1]. Market Position and Future Growth - The company is positioned as a leading player in high-barrier segments of the industrial coatings industry, with strong technical advantages and a rich resource of high-quality downstream clients [2]. - The company has successfully entered the supply chain of major clients in the container and wind power sectors, with expectations for further market share growth [3]. - New business opportunities are emerging from the certification of anti-fouling paints by the Norwegian classification society, as well as the acquisition of intellectual property for solar coating technology [3]. Revenue Forecast - Projected revenues for 2025-2027 are 1.887 billion yuan, 2.091 billion yuan, and 2.377 billion yuan, with year-on-year growth rates of -11.8%, 10.8%, and 13.7% respectively [3]. - Expected net profits for the same period are 263 million yuan, 319 million yuan, and 374 million yuan, with growth rates of 24.8%, 21.3%, and 17.3% respectively [3].