麦加芯彩（603062）：2024年年报点评报告：船舶涂料取得重大进展，光伏涂料有望成为利润第三极

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company achieved significant progress in ship coatings and solar coatings are expected to become a third profit pillar [1] - In 2024, the company reported revenue of 2.1 billion yuan, a year-on-year increase of 26%, and a net profit of 211 million yuan, up 26% [5] - The company plans to distribute a cash dividend of 1.74 billion yuan, with a dividend rate of 82% [5] Revenue Performance - The container coatings business saw revenue growth of 196% year-on-year, reaching 1.73 billion yuan, driven by high demand in the downstream container industry [6] - Wind power coatings revenue decreased by 23% year-on-year to 390 million yuan, affected by a decline in average prices [6] - The ship coatings segment has made significant advancements, obtaining its first anti-fouling paint certification from a classification society [7] New Business Developments - The company acquired assets related to nano-level photovoltaic glass coatings, which are expected to enhance efficiency and reduce costs in solar power generation [8] - The production capacity at the Shanghai facility increased from 20,000 tons to 50,000 tons, and the Nantong facility's capacity will expand from 70,000 tons to 114,000 tons [8] Profit Forecast and Valuation - The company is projected to achieve net profits of 269 million yuan in 2025 and 302 million yuan in 2026, with a new forecast for 2027 at 333 million yuan [9] - The report anticipates that the container coatings demand may face potential downward risks in 2025, but other business segments will contribute to growth [9] Financial Metrics - The company’s revenue is expected to reach 1.698 billion yuan in 2025, with a growth rate of -20.65% [10] - The net profit margin is projected to be 15.8% in 2025, increasing to 16.2% in 2026 [13] - The return on equity (ROE) is forecasted to rise from 12.16% in 2025 to 13.14% in 2027 [13]