Mega P&C: The Chinese Wind Turbine Coating Manufacturer Arrives in Morocco
The Chinese manufacturer of industrial coatings, Mega P&C Advanced Materials, continues its international expansion and has just reached a new milestone in Morocco. The group, listed on the Shanghai Stock Exchange under the ticker 603062, delivered its first products for the wind energy sector during the first half of 2026.
This initial delivery follows a commercial breakthrough for the group in Brazil and confirms Mega P&C’s growing interest in international markets related to renewable energies.
Coatings Designed to Protect Wind Turbines
Having been present in the wind sector since 2009, Mega P&C particularly develops two-component polyurethane coating systems, available in water-based or solvent-based formulations.
These solutions are intended for various components of wind turbines, including the blades, their leading edges, and the towers of both onshore and offshore installations.
The coatings aim to protect equipment from several factors that could accelerate wear and tear, such as rain erosion, sand abrasion, hail, ultraviolet radiation, and saltwater spray.
The Chinese manufacturer positions itself as the leading Chinese supplier of coatings for wind turbine blades. Its products equip the nine main independent blade manufacturers in China and are also listed among the approved suppliers for nine of the world’s top ten wind turbine manufacturers.
Morocco Joins Mega P&C’s New Markets
The first delivery recorded in Morocco marks a new step in the group’s international strategy.
Mega P&C aims to strengthen its presence in foreign markets, particularly in areas related to renewable energy, photovoltaics, and energy storage.
However, the group has not disclosed the value of this first delivery in Morocco at this stage, making it impossible to assess its precise impact on revenues from the new energy sector.
Nonetheless, this commercial establishment comes at a time of increasing wind energy development in Morocco, where the growth of renewable capacities is gradually generating demand for equipment, components, and industrial protection solutions.
Certifications for Offshore Wind
Mega P&C is also pursuing the qualification of its products intended for offshore wind installations.
Its coatings for offshore wind turbine towers received approval from the Chinese certification center CGC in 2025.
In the first half of 2026, several products also passed the NORSOK M-501 7A and 7B tests, as well as the ISO 12944-9 CX and Im4 standards.
These certifications represent a significant advantage for the group, as several European and American manufacturers are currently evaluating its products.
New Energies Become the Main Profit Driver
The growth of the wind energy sector and, more broadly, the new energy segment is already reflected in Mega P&C’s results.
In the first half of 2026, this branch sold approximately 11,400 tons of products, which is nearly 2,000 tons more than the previous year.
Its revenue rose from 280 million to 337 million yuan, roughly equivalent to 464 million dirhams, representing a growth of 20.22%.
The new energy segment now accounts for 40.41% of the group’s main revenue, compared to 38.21% for the entire year of 2025.
Significantly, it now comprises 70.29% of Mega P&C’s gross margin, up from 58.30% a year earlier.
Thus, the new energy segment has become the largest source of profitability for the Chinese manufacturer, surpassing coatings intended for marine equipment.
Decline in Container Paints Weighs on Results
However, this progress is not sufficient to offset the slowdown in other areas of the group.
The paints used for containers have notably experienced a decline in both volume and price, resulting in a drop in revenue for the marine division to 493 million yuan, approximately 679 million dirhams.
The overall revenue of Mega P&C stood at 834.15 million yuan in the first half of 2026, down by 6.04% year-on-year.
The net profit attributable to shareholders has also significantly decreased, amounting to 37.86 million yuan, about 52 million dirhams, down 65.61%.
Significant Investments in New Markets
To support its development in new energies, Mega P&C has also increased its commercial expenditures.
These have risen by 24.71%, primarily due to efforts in naval paints, photovoltaic solutions, and equipment intended for energy storage.
The amortization of a new production unit with a capacity of 70,000 tons in Zhuhai, along with other charges related to stock-based compensation, have also weighed on results.
The net cash flow generated by operations turned negative at 24.28 million yuan, compared to an inflow of 180.11 million yuan a year earlier.
The group cites the extension of payment terms from certain clients in the new energy sector as part of the reason for this shift.
The Moroccan Market Opens New Prospects
The first delivery of wind products to Morocco comes at a time when Mega P&C seeks to transform its activity in new energies into a primary growth and profitability driver.
While no amount has been disclosed regarding the Moroccan order, this first operation allows the Chinese manufacturer to position itself in a market expected to support the development of renewable capacities in the Kingdom.
For Mega P&C, Morocco thus adds to an already established international strategy in Brazil and several other markets, with the ambition of making solutions for clean energy a new pillar of its growth.
