公司研究 证 券 研 究 报 告 蓝晓科技（300487）2024 年报及 2025 年一季报点评 强推（维持） 基本仓业务持续高增，静待国产替代加速 ❖ 风险提示：项目建设落后预期；产品验证遭遇瓶颈；下游需求大幅衰减。 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 2,554 | 3,209 | 4,052 | 4,765 | | 同比增速(%) | 2.6% | 25.6% | 26.3% | 17.6% | | 归母净利润(百万) | 787 | 1,012 | 1,262 | 1,526 | | 同比增速(%) | 9.8% | 28.5% | 24.7% | 20.9% | | 每股盈利(元) | 1.55 | 1.99 | 2.49 | 3.01 | | 市盈率(倍) | 28 | 22 | 18 | 15 | | 市净率(倍) | 5.7 | 4.8 | 3.9 | 3.2 | 资料来源：公司公告，华创证券预测 注：股价 ...

2025 年 4 月 28 日 公司研究 业绩稳步增长，吸附材料多板块齐发力 ——蓝晓科技（300487.SZ）2024 年年报&2025 年一季报点评 增持（维持） 当前价：44.11 元 作者 分析师：赵乃迪 执业证书编号：S0930517050005 010-57378026 zhaond@ebscn.com 分析师：蔡嘉豪 执业证书编号：S0930523070003 021-52523800 caijiahao@ebscn.com 市场数据 | 总股本(亿股) | 5.08 | | --- | --- | | 总市值(亿元)： | 223.93 | | 一年最低/最高(元)： | 36.39/67.85 | | 近 3 月换手率： | 45.94% | 股价相对走势 -18% -4% 10% 25% 39% 04/24 07/24 10/24 01/25 蓝晓科技 沪深300 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | -3.86 | -8.33 | -10.93 | | 绝对 | -7.14 | -8.54 ...

证券代码：300487 证券简称：蓝晓科技 债券代码：123195 债券简称：蓝晓转 02 西安蓝晓科技新材料股份有限公司 投资者关系活动记录表 编号：2025—003 | | □特定对象调研 | □分析师会议 | | --- | --- | --- | | 投资者关 | □媒体采访 | □业绩说明会 | | 系活动 | □新闻发布会  | 路演活动 | | 类别 | □现场参观 | | | | □其他 | | | 参与单位 | HSZ Group：Ms. Selena Suen | | | | CIC：Mr. Albert Jin | | | | Library Group：Mr. Jinzhi Mu | | | | Luven Capital：Mr. Vincent Lu | | | 名称及人 | Manulife：Mr. Wenlin Li | | | 员姓名 | Sinopac Asset Management：Mr. Bing Lin | | | | Splenssay Capital：Mr. Yixin Wu | | | | Wealth Quay Asset：Mr. Jake Li | | | ...

专利摘要显示，本发明涉及盐酸精制吸附技术领域，公开了一种分布器及具有其的盐酸精制设备，分布 器包括：壳体，其底部开设有安装口；壳体的内侧周壁围合形成容纳腔，容纳腔内沿竖直方向远离安装 口的一端适于容置吸附填料；过滤层，内置于容纳腔内沿竖直方向靠近安装口的一端，过滤层适于阻挡 吸附填料从安装口流出；多孔板，盖设于安装口处，多孔板上开设有若干通孔，通孔的孔径小于过滤层 的颗粒直径，多孔板适于将过滤层隔档在容纳腔内。本发明既能够避免吸附填料在运行过程中通过短路 径泄漏，又能够保证在壳体内铺设少量地过滤填料就能够形成足够厚的过滤层，无需加长分布器的筒 体，有利于在保证正常工作的前提下降低过滤填料的装填量。 天眼查资料显示，西安蓝晓科技新材料股份有限公司，成立于2001年，位于西安市，是一家以从事化学 原料和化学制品制造业为主的企业。企业注册资本21976.8787万人民币。通过天眼查大数据分析，西安 蓝晓科技新材料股份有限公司共对外投资了15家企业，参与招投标项目598次，财产线索方面有商标信 息191条，专利信息142条，此外企业还拥有行政许可32个。 高陵蓝晓科技新材料有限公司，成立于2013年，位于西安市，是一 ...

Financial Performance - In 2024, the company achieved a revenue of CNY 2.55 billion, a year-on-year increase of 2.6% [2] - The net profit attributable to shareholders reached CNY 787 million, up 9.8%, with net profit growth outpacing revenue growth by 1 percentage point [2] - The revenue from the salt lake lithium extraction project was CNY 720 million, accounting for 13.9% of total revenue, a significant decline compared to 81% in 2023 [2] - Excluding the salt lake lithium project, the core business revenue was CNY 2.46 billion, a 25% increase, representing 96.1% of total revenue [2] - The operating cash flow for 2024 was CNY 730 million, reflecting a 9.3% year-on-year growth [2] Q1 2025 Performance - In Q1 2025, the company reported a revenue of CNY 577 million, a decrease of 8% year-on-year [3] - The net profit attributable to shareholders for Q1 2025 was CNY 193 million, a 14% increase [3] - Excluding the salt lake lithium project, core business revenue in Q1 2025 was CNY 577 million, showing a 9% year-on-year growth [3] Project Developments - The Zhecha project in Tibet is expected to complete its first 3,300-ton lithium hydroxide production line, overcoming significant challenges [4] - The project aims to utilize a "zero-carbon" process powered by renewable energy, which is anticipated to contribute to new performance increments for the company [4] Business Segments - The life sciences segment's sales revenue for 2024 was CNY 568 million, a 28% increase, driven by the demand for GLP-1 peptide drugs [5] - The water treatment and ultra-purification segment achieved sales revenue of CNY 688 million in 2024, a 34% increase, with significant market penetration in high-end drinking water [8] - The company has established long-term contracts with major clients in the ultra-pure water sector, enhancing its market position [8] Future Outlook - The company plans to maintain a dual increase in production and sales of adsorbent materials, targeting a total production of 65,700 tons in 2024, a 33.4% increase [9] - A proposal to invest in a high-end materials manufacturing park with a capacity of 20,000 tons has been approved, aimed at meeting high-value market demands [9]

Investment Rating - The investment rating for the company is "Buy" and is maintained [10]. Core Views - The company reported a revenue of 2.55 billion yuan for 2024, a year-on-year increase of 2.6%, and a net profit attributable to shareholders of 790 million yuan, up 9.8% year-on-year. The first quarter of 2025 saw a revenue of 580 million yuan, a year-on-year decrease of 8.6% and a quarter-on-quarter decrease of 12.9%, while the net profit attributable to shareholders was 190 million yuan, an increase of 14.2% year-on-year [2][7]. Financial Performance - In 2024, the company achieved a revenue of 2.55 billion yuan, with a net profit of 790 million yuan and a net profit excluding non-recurring items of 750 million yuan. The revenue for Q1 2025 was 580 million yuan, with a net profit of 190 million yuan [2][7]. - The company plans to distribute a cash dividend of 6.0 yuan per 10 shares, which accounts for 46% of the net profit attributable to shareholders for 2024 [7]. Business Overview - The company is a leader in the adsorption separation materials industry, focusing on the research, production, and sales of adsorption separation materials and related systems. It has an annual production capacity of 50,000 tons for adsorption materials and 70,000 liters for chromatography fillers [13]. - The revenue from adsorption materials reached 1.99 billion yuan in 2024, a year-on-year increase of 27.6%. The revenue from various sectors includes 260 million yuan from metal resources, 570 million yuan from life sciences, and 690 million yuan from water treatment and ultra-pure water [13]. - The company has maintained strong growth in its adsorption materials segment, while revenue from lithium extraction systems has declined significantly [13]. Profitability and R&D - The company's gross margin and net margin for 2024 were 49.5% and 31.1%, respectively, showing an increase from the previous year. For Q1 2025, these figures improved to 50.8% and 33.9% [13]. - The R&D expense ratio for 2024 was 5.7%, with a focus on talent development and patent acquisition, including 5 domestic invention patents and 6 foreign invention patents granted [13]. Future Outlook - The company is expected to achieve net profits of 940 million yuan, 1.16 billion yuan, and 1.43 billion yuan for the years 2025, 2026, and 2027, respectively [13].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's basic warehouse business shows strong resilience, with a year-on-year revenue increase of 2.62% to 2.554 billion yuan in 2024, and a net profit increase of 9.79% to 787 million yuan [4][6] - The company has a robust growth trajectory in its adsorption materials segment, with total production increasing by 33.4% to 65,700 tons and sales volume increasing by 33.6% to 63,700 tons [6][9] - The internationalization strategy is yielding results, with overseas revenue growing by 45.1% to 655 million yuan in 2024 [6] Summary by Sections Financial Performance - In Q1 2025, the company achieved revenue of 577 million yuan, a year-on-year decrease of 8.58%, but net profit increased by 14.18% to 193 million yuan [5][8] - The company’s gross profit margin for Q1 2025 was 50.79%, up 5.37 percentage points year-on-year, while the net profit margin was 33.90%, up 6.79 percentage points year-on-year [8] Business Segments - The life sciences segment generated revenue of 568 million yuan in 2024, a growth of 28% year-on-year, driven by the company's solid phase synthesis carriers [9] - The water treatment segment saw revenue of 688 million yuan in 2024, reflecting a year-on-year increase of 34% [9] Future Outlook - The company is expected to continue its growth trajectory, with projected revenues of 3.283 billion yuan, 4.245 billion yuan, and 5.561 billion yuan for 2025, 2026, and 2027 respectively [10][12] - The net profit forecasts for the same years are 1.059 billion yuan, 1.371 billion yuan, and 1.872 billion yuan, indicating a strong growth potential [10][12]

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [2][11]. Core Views - The company's basic warehouse business shows steady growth, while the large lithium extraction project from salt lakes has been a drag on performance [1]. - In 2024, the company achieved a revenue of 2.554 billion yuan, a year-on-year increase of 2.62%, and a net profit attributable to shareholders of 787 million yuan, up 9.79% year-on-year [1]. - For Q1 2025, the company reported a revenue of 577 million yuan, a year-on-year decrease of 8.58%, but a net profit of 193 million yuan, which is a 14.18% increase year-on-year [1]. Financial Performance - The basic business revenue, excluding the salt lake lithium extraction system, reached 2.45 billion yuan in 2024, growing 24.7% year-on-year, accounting for 96.1% of total revenue [5]. - The revenue from the adsorption materials segment was 1.99 billion yuan, representing 80.9% of the basic business revenue [5]. - The company has diversified its lithium-related projects, achieving a production capacity of 100,000 tons of lithium carbonate/hydroxide [5]. - The life sciences segment generated 568 million yuan in revenue in 2024, a 28% increase year-on-year, benefiting from the strong market performance of GLP-1 peptide drugs [5]. - The water treatment and ultra-purification segment achieved a revenue of 688 million yuan in 2024, growing 34% year-on-year [5][6]. International Expansion - The company reported a significant increase in overseas sales, reaching 655 million yuan in 2024, a 45.1% year-on-year growth, indicating successful international market penetration [11]. - The establishment of a wholly-owned subsidiary in the United States has further strengthened the company's overseas presence and improved response efficiency to key clients [11]. Financial Projections - Revenue projections for 2025-2027 are estimated at 3.060 billion yuan, 3.697 billion yuan, and 4.517 billion yuan, with year-on-year growth rates of 20%, 21%, and 22% respectively [11]. - The net profit attributable to shareholders is projected to be 925 million yuan, 1.107 billion yuan, and 1.344 billion yuan for the same period, with year-on-year growth rates of 18%, 20%, and 21% respectively [11]. Valuation Metrics - The company’s current price-to-earnings (PE) ratio is 31.6, projected to decrease to 16.8 by 2027, indicating potential for valuation improvement [14]. - The price-to-book (PB) ratio is currently at 6.6, expected to decline to 3.6 by 2027, suggesting a more attractive valuation over time [14].

Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Views - The company's performance is in line with expectations, and there is a sustained positive outlook on its development potential as a platform company [2][6] - The company reported a total revenue of 2.554 billion yuan for 2024, with a year-on-year growth of 3%, and a net profit attributable to shareholders of 787 million yuan, reflecting a year-on-year increase of 10% [6][7] - The company is expected to achieve a net profit of 1.015 billion yuan in 2025, representing a growth rate of 29% [5][6] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 3.098 billion yuan, with a year-on-year growth rate of 21.3% [5] - The net profit attributable to shareholders is projected to be 1.015 billion yuan for 2025, with a corresponding earnings per share of 2.00 yuan [5][6] - The company's gross margin is expected to be around 49.7% in 2025, with a return on equity (ROE) of 23.1% [5][6] - The company’s market capitalization is approximately 13.722 billion yuan, with a price-to-earnings (PE) ratio of 22 for 2025 [2][5] Business Performance Insights - The company’s core business, excluding the lithium extraction project, generated revenue of 2.455 billion yuan in 2024, showing a stable growth of 25% year-on-year [6] - The sales of adsorption materials reached 6.37 million tons, generating revenue of 1.986 billion yuan, with a gross margin of 52.85% [6] - The life sciences segment is benefiting from the growth of GLP-1 peptide drugs, while the water treatment and ultra-pure water sectors are experiencing significant breakthroughs [6]

Financial Performance - In 2024, the company achieved operating revenue of 2.55 billion, a year-on-year increase of 2.6% [2] - The net profit attributable to shareholders reached 787 million, up 9.8%, with a profit growth rate exceeding revenue growth by 7.2 percentage points [2] - Excluding the salt lake lithium extraction project, the core business revenue was 2.46 billion, a 25% increase, accounting for 96.1% of total revenue [2] - The comprehensive gross profit margin for 2024 was 49.5%, remaining stable compared to the previous year [2] Q1 2025 Performance - In Q1 2025, the company reported revenue of 577 million, a decrease of 8% year-on-year, but net profit attributable to shareholders increased by 1.93% [2][3] - Excluding the salt lake lithium project, core business revenue in Q1 2025 was 577 million, reflecting a 9% year-on-year growth [3] Project Revenue Recognition - In Q1 2024, the company recognized approximately 99 million in revenue from the Guotou Luokai project [4] - Revenue from ongoing salt lake lithium projects will be recognized based on project progress and fulfillment of contractual obligations [4] Life Sciences Sector - The company has expanded production capacity in the life sciences sector, achieving capacities of 120 tons and 70,000 liters for solid-phase carriers and agarose/dextran respectively [5] - Plans are in place to establish a new GMP-grade production facility and an independent life sciences park to enhance product quality and stability [5] Domestic and International Market Strategy - The company achieved overseas sales revenue of 655 million, a significant increase of 45.1% year-on-year, outpacing domestic growth [10] - The internationalization strategy has been a key competitive advantage, with a focus on expanding into North America, Europe, Asia, South America, and Africa [10] - In 2024, the company established a wholly-owned subsidiary in the U.S. and set up storage units in North America and Europe to enhance operational efficiency [10] Technological Advancements - The company has achieved effective domestic substitution in various fields, including cephalosporin production and gallium extraction, leveraging proprietary adsorption technology [6] - The demand for solid-phase synthesis carriers is driven by the significant growth in GLP-1 peptide drug sales, maintaining a high market share [7] - The company is actively innovating in energy-saving and environmental protection technologies, with stable sales trends in CO2 capture and wastewater treatment products [9]