丨证券研究报告丨 [Table_Author] 范超 邬博华 张佩 董超 SAC：S0490513080001 SAC：S0490514040001 SAC：S0490518080002 SAC：S0490523030002 SFC：BQK473 SFC：BQK482 联合研究丨公司点评丨麦加芯彩（603062.SH） [Table_Title] 风电收入高增，工业涂料平台初步成型 报告要点 [Table_Summary] 麦加芯彩发布中报：2025H 实现收入 8.9 亿元，同比增长 17%；归属净利润 1.10 亿元，同比 增长 49%。2025Q2 收入 4.6 亿元，同比增长 2%，环比增长 9%；归属净利润 0.60 亿元，同 比增长 31%，环比增长 20%。 分析师及联系人 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 麦加芯彩（603062.SH） cjzqdt11111 [Table_Title2] 风电收入高增，工业涂料平台初步成型 [Table_Summary2] 事件描述 事件评论 风险提示 1、集装箱行业大幅回落；2、风电装机低于预期 ...

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 ...

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].

Core Viewpoint - The company has actively implemented the "Quality Improvement, Efficiency Enhancement, and Return to Shareholders" action plan, achieving significant revenue and profit growth in 2024 and the first quarter of 2025, while enhancing investor confidence and value [1][2][3]. Financial Performance - In 2024, the company achieved revenue of 2.139 billion yuan, a year-on-year increase of 87.56%, and a net profit of 210.86 million yuan, up 26.30% [1]. - In the first quarter of 2025, revenue reached 424 million yuan, a 40.50% increase year-on-year, with net profit at 50.14 million yuan, up 77.35% [1]. Business Expansion - The company has strengthened its core business by deepening cooperation with downstream customers and expanding into overseas markets, particularly in the container coating sector, which saw revenue of 1.726 billion yuan in 2024, a 195.54% increase [2]. - The wind power coating business maintained its leading position in the domestic market and received recognition from German wind turbine manufacturer NORDEX [2]. New Market Development - The company is making progress in new fields such as marine coatings and offshore coatings, with products entering testing phases with classification societies [2]. - The company’s ship bottom antifouling paint received certification from DNV, with additional certifications from CCS and ABS in progress [2]. Solar Coating Initiatives - Following the acquisition of Covestro's photovoltaic glass coating assets, the company is integrating these operations and has developed its own photovoltaic frame coating, which received TUV certification in 2025 [3]. - The sales team is actively promoting various products at industry exhibitions, aiming for bulk sales within the year [3]. Shareholder Returns - The company has implemented four cash dividend distributions since its listing, totaling 4.14 yuan per share, with a cumulative distribution amount of approximately 444 million yuan [4][5]. - In 2024, the total cash dividend was 1.64 yuan per share, with 82.43% of the annual profit distributed as dividends [5]. Investor Communication - The company emphasizes transparent communication with investors, utilizing various platforms to share operational and strategic information [6]. - In 2024, the company held three performance briefings and published 22 investor activity records to enhance engagement [6]. Corporate Governance - The company adheres to relevant laws and regulations, continuously improving its governance structure and internal control systems [7][8]. - Recent updates include the revision of internal management systems and the enhancement of the audit committee's functions to align with new legal requirements [7][8]. Responsibility of Key Personnel - The company focuses on the responsibilities of key stakeholders, ensuring they are well-informed about regulatory changes and enhancing their compliance awareness [8]. - Training programs are in place to strengthen the understanding of compliance and risk management among key personnel [8].

Core Viewpoint - The wind power industry is experiencing an upward trend, with accelerated demand for offshore wind energy, leading to strong growth potential for wind power coatings and bearings as key functional materials [1] Group 1: Industry Outlook - The domestic wind power installed capacity is expected to reach 112 GW by 2025, representing a year-on-year increase of approximately 25% [1] - Offshore wind power benefits from environmental friendliness and abundant resources, supported by policies, which will provide long-term support for wind power installations during the 14th Five-Year Plan [1] - The Global Wind Energy Council (GWEC) projects a compound annual growth rate (CAGR) of 23% for new installations overseas from 2024 to 2026, indicating that overseas markets will contribute significantly to global wind power demand growth starting in 2026 [1] Group 2: Coating Segment - Wind power coatings, including blade and tower coatings, provide essential protective functions such as impact resistance and corrosion prevention [2] - The domestic market for blade coatings has seen local manufacturers break the foreign monopoly, with Maijia Xincai holding over 40% market share [2] - The total demand for wind power coatings is projected to reach 14.3 million tons by 2025, corresponding to a market size of approximately 4.53 billion yuan, with an expected annual compound growth rate of about 10% from 2024 to 2027 [2] Group 3: Bearing Segment - Wind power bearings are critical components connecting various systems within wind turbines, with a current domestic localization rate of about 35% for main shaft bearings [3] - The shift towards domestic production is expected to accelerate due to supply chain adjustments and improved cost-performance ratios [3] - The market size for sliding bearings, which are anticipated to replace rolling bearings in wind turbines, is estimated to be around 11.5 billion yuan under a scenario of 125 GW new installations [3]