Investment Rating - The report gives Lanxiao Technology a "Recommend" rating for the first time [4] Core Views - Lanxiao Technology is a leading platform company in the adsorption and separation materials industry, with a comprehensive product portfolio and a diversified downstream application market [3] - The company has significant cost advantages in salt lake lithium extraction and is expanding into other metal extraction fields [3] - The biopharmaceutical market is booming, and the company is a leader in the domestic substitution of chromatography media and solid-phase synthesis carriers [4] - The company's revenue and net profit are expected to grow significantly from 2024 to 2026, with projected revenues of 2.6 billion, 3.219 billion, and 4.013 billion yuan, respectively [4] Adsorption and Separation Materials Industry - Lanxiao Technology is a leader in the adsorption and separation resin industry, with a wide range of applications in wet metallurgy, pharmaceuticals, food processing, environmental protection, and industrial water treatment [15] - The company has a total adsorption material capacity of 50,000 tons and a life science material capacity of 70,000 liters, with flexible expansion potential [16] - The company is the first in the industry to implement a "material + equipment" integrated solution, covering six major application fields [17] Metal Extraction Business - The company is a leader in salt lake lithium extraction technology, with 12 projects completed and a total capacity of 86,000 tons of lithium carbonate/lithium hydroxide [3] - The company has established a South American R&D center in Argentina to provide localized technical services for the "Lithium Triangle" region [3] - The company is also expanding into other metal extraction fields, such as gallium, uranium, cobalt, scandium, and rhenium [3] Life Science Business - The company is a leading domestic supplier of chromatography media and solid-phase synthesis carriers, benefiting from the rapid growth of the biopharmaceutical market [4] - The global biopharmaceutical market is expected to grow from $503 billion in 2023 to $892 billion in 2028, with a CAGR of 9.5%-12.5% [4] - The company has achieved breakthroughs in domestic substitution for CPC extraction resins and 7-ACA enzymatic processes [4] Financial Performance - The company's revenue and net profit have grown rapidly, with revenue increasing from 444 million yuan in 2017 to 2.489 billion yuan in 2023, a CAGR of 33.27% [28] - The company's net profit increased from 93 million yuan in 2017 to 717 million yuan in 2023, a CAGR of 40.51% [28] - The company's gross profit margin has remained stable at 40-50%, while the net profit margin reached a record high of 28.99% in 2023 [33] Future Growth Drivers - The company's future growth is driven by the continuous release of salt lake lithium extraction orders and the rapid growth of the biopharmaceutical sector [4] - The company is expected to maintain high growth in its life science, water treatment, and environmental protection sectors [29] - The company's high-margin business segments are expected to increase their share of total revenue, further enhancing profitability [29]

Investment Rating - The investment rating for the company is "Buy" with a market price of RMB 54.20 and a sector rating of "Outperform" [1]. Core Views - The report highlights that the company has shown steady growth in its performance for the first three quarters of 2024, although there was a quarter-on-quarter decline in Q3 2024. The report remains optimistic about the continuous development of the company's adsorption materials business, maintaining the "Buy" rating [1][4]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of RMB 1.892 billion, representing a year-on-year growth of 19.99%. The net profit attributable to the parent company was RMB 596 million, up 15.10% year-on-year. In Q3 2024, the revenue was RMB 597 million, a year-on-year increase of 4.92%, but a quarter-on-quarter decline of 10.00%. The net profit for Q3 2024 was RMB 192 million, reflecting a year-on-year growth of 11.71% and a quarter-on-quarter decline of 18.13% [4][5]. Business Segment Performance - The revenue from adsorption separation materials accounted for 77.19% of total revenue in the first three quarters of 2024, amounting to RMB 1.460 billion. The system device revenue was RMB 366 million, making up 19.36% of total revenue. The report indicates a continuous increase in the proportion of revenue from adsorption separation materials, showcasing strong customer loyalty and business resilience [4][5]. Profitability Metrics - The gross margin for the first three quarters of 2024 was 48.65%, an increase of 0.20 percentage points year-on-year. The net margin was 31.84%, down 1.21 percentage points year-on-year. The report notes that the Q3 2024 gross margin was 51.20%, up 1.77 percentage points year-on-year and 1.76 percentage points quarter-on-quarter [4][5]. Future Earnings Forecast - The report adjusts the earnings forecast for the company, projecting net profits attributable to the parent company of RMB 836 million, RMB 1.019 billion, and RMB 1.249 billion for 2024, 2025, and 2026 respectively. The corresponding price-to-earnings ratios are expected to be 32.9, 27.0, and 22.0 times [4][7].

证券代码：300487 证券简称：蓝晓科技 公告编号：2024-076 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 关于2021年限制性股票激励计划首次授予部分 第二个归属期归属结果暨股份上市的公告 本公司及全体董事会成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或者遗漏。 特别提示： 1.本次归属股票人数：317 人； 2 本次归属股票数量：2,329,740 股，占目前公司总股本的 0.46%； 3.本次归属股份的上市流通日：2024 年 11 月 19 日（星期二）； 4.归属股票来源：公司向激励对象定向发行的本公司人民币 A 股普通股股票。 西安蓝晓科技新材料股份有限公司（以下简称"公司"）于 2024 年 8 月 26 日召开 第五届董事会第四次会议、第五届监事会第二次会议审议通过了《关于 2021 年限制 性股票激励计划首次授予部分第二个归属期条件成就的议案》，同意按照规定向 2021 年限制性股票激励计划（以下简称"本激励计划"）中符合条件的 317 名激励对 象办理 2,329,740 股限制性股票归属事宜。近日公司办理了 2021 年限制 ...

| 证券代码：300487 | 证券简称：蓝晓科技 | 公告编号：2024-077 | | --- | --- | --- | | 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 关于可转换公司债券转股价格调整的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 一、关于可转换公司债券转股价格调整的相关规定 经中国证券监督管理委员会（以下简称"中国证监会"）《关于同意西安蓝 晓科技新材料股份有限公司向不特定对象发行可转换公司债券注册的批复》（证 监许可〔2023〕628 号）同意注册，西安蓝晓科技新材料股份有限公司（以下简 称"公司"）向不特定对象发行可转换公司债券（以下简称"可转债"）5,460,645 张，每张面值为人民币 100 元，发行总额为人民币 54,606.45 万元。公司可转债 于 2023 年 5 月 8 日起在深圳证券交易所挂牌交易，债券简称"蓝晓转 02"，债 券代码"123195"。 根据《西安蓝晓科技新材料股份有限公司创业板向不特定对象发行可转换公 司债券募集说明书》（以下简称 ...

北京德恒律师事务所 关于西安蓝晓科技新材料股份有限公司 2024 年第三次临时股东大会的 法律意见 北京市西城区金融街 19 号富凯大厦 B 座 12 层 电话:010-52682888 传真:010-52682999 邮编:100033 北京德恒律师事务所 关于西安蓝晓科技新材料股份有限公司 2024 年第三次临时股东大会的法律意见 北京德恒律师事务所 关于西安蓝晓科技新材料股份有限公司 2024 年第三次临时股东大会的 法律意见 德恒 01G20230475-04 号 致：西安蓝晓科技新材料股份有限公司 北京德恒律师事务所受西安蓝晓科技新材料股份有限公司（以下简称"蓝晓 科技"或"公司"）委托，由本所律师出席蓝晓科技 2024 年第三次临时股东大 会（以下简称"本次股东大会"），对本次股东大会的合法性进行见证并出具本 法律意见。 本所律师根据《中华人民共和国公司法》(以下简称"《公司法》")、《中 华人民共和国证券法》（以下简称"《证券法》"）、中国证券监督管理委员会 《上市公司股东大会规则》《深圳证券交易所上市公司股东大会网络投票实施细 则》（以下简称"《深交所网络投票细则》"）等现行有效的法律、法规和 ...

| 证券代码：300487 | 证券简称：蓝晓科技 | 公告编号：2024-075 | | --- | --- | --- | | 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 2024 年第三次临时股东大会决议公告 本公司及全体董事会成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或者遗漏。 3.会议召开的日期、时间： （1）现场会议的召开时间：2024 年 11 月 12 日（星期二）下午 14:00。 （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体时 间为 2024 年 11 月 12 日 9:15-9:25，9:30-11:30，13:00-15:00。 特别提示： 1. 本次股东大会不存在否决议案的情形。 2. 本次股东大会不涉及变更以往股东大会已通过的决议。 3. 本次股东大会采取现场投票、网络投票相结合的方式召开。 一、会议召开和出席情况 （一）会议召开情况 1.股东大会届次：2024 年第三次临时股东大会。 2.股东大会的召集人：公司董事会。 （4）通过深圳证券交易所互联网投票系统进行网络投票的时间为2024年1 ...

| 证券代码：300487 | 证券简称：蓝晓科技 | 公告编号：2024-074 | | --- | --- | --- | | 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 关于召开 2024 年第三次临时股东大会的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 通过深圳证券交易所互联网投票系统进行网络投票的时间为 2024 年 11 月 12 日 9:15-15:00 期间的任意时间。 西安蓝晓科技新材料股份有限公司（以下简称"公司"）于 2024 年 10 月 24 日在 巨潮资讯网（http://www.cninfo.com.cn）发布了《关于召开 2024 年第三次临时股东大会 的通知》（公告编号：2024-070）。本次股东大会采用现场投票与网络投票相结合的方 式召开，为方便公司股东行使股东大会表决权，现将本次会议相关事项再次提示如下： 一、召开会议的基本情况 1.股东大会届次：2024 年第三次临时股东大会。 2.股东大会的召集人：公司董事会。 3.会议召开的合法、合规性：经公司第五届董 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the company's product structure optimization has led to a gradual increase in gross profit margins [1] - The company is positioned as a leader in the adsorption separation resin industry, benefiting from high market demand and improving profitability [1] - The report emphasizes the company's strong financial performance, with projected revenue and net profit growth over the next few years [1][2] Financial Summary - Revenue is expected to grow from 2,489 million in 2023 to 4,297 million by 2026, reflecting a compound annual growth rate (CAGR) of approximately 23% [1][2] - Net profit is projected to increase from 718 million in 2023 to 1,312 million in 2026, with a CAGR of about 24% [1][2] - Earnings per share (EPS) is forecasted to rise from 1.42 in 2023 to 2.60 in 2026 [1][2] Business Development - The company has seen a steady increase in the revenue share from adsorption separation materials, which accounted for 77.19% of total revenue in the first three quarters of 2024 [1] - The report notes that the company is actively expanding its international presence, with overseas business revenue growing by 48% in the first three quarters of 2024 [1] - The company is also recognized for its leadership in lithium extraction technology from salt lake brine, which is expected to enhance its competitive edge in the market [1] Market Position - The company is identified as a key supplier of solid-phase synthesis carriers for peptides, benefiting from the growing demand for high-margin adsorption materials [1] - The report indicates that the company is on track to become a leading international player in the adsorption separation materials and technology sector [1][2]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [16]. Core Insights - The company has shown significant year-on-year growth in revenue and net profit for the first three quarters of 2024, with revenue reaching 1.892 billion yuan, up 19.99%, and net profit at 596 million yuan, up 15.10% [1][2]. - The core business, particularly the "basic warehouse" segment, is experiencing robust development, with a notable increase in revenue from adsorption separation materials, which accounted for 77.19% of total revenue [4][8]. - The company is expanding its market presence in high-end drinking water and ultra-pure water sectors, achieving significant progress in market penetration [6][7]. Financial Performance Summary - For the first three quarters of 2024, the company reported a gross margin of 48.65%, a slight increase from the previous year [2]. - The net profit margin for the same period was 31.84%, reflecting a decrease of 1.21 percentage points year-on-year [2]. - The company’s operating cash flow for the first three quarters was 447 million yuan, a year-on-year increase of 3.32% [3]. Revenue and Profit Forecast - The company is projected to achieve revenues of 2.895 billion yuan, 3.507 billion yuan, and 4.212 billion yuan for the years 2024, 2025, and 2026, respectively [1][8]. - Corresponding net profits are expected to be 876 million yuan, 1.129 billion yuan, and 1.377 billion yuan for the same years [1][8]. - The earnings per share (EPS) are forecasted to be 1.73 yuan, 2.24 yuan, and 2.73 yuan for 2024, 2025, and 2026, respectively [1][8]. Market Expansion and Strategic Initiatives - The company has made significant strides in overseas markets, with international revenue reaching 490 million yuan, a 48% increase year-on-year [7]. - The company is actively promoting its lithium extraction technology in international markets, establishing a research center in Argentina to support local clients [7].

Investment Rating - The report maintains a "Buy-B" rating for Lanxiao Technology (300487 SZ) [1] Core Views - Lanxiao Technology achieved significant growth in revenue and net profit in the first three quarters of 2024, with revenue reaching 1 892 billion yuan, a year-on-year increase of 19 99%, and net profit attributable to shareholders of 596 million yuan, a year-on-year increase of 15 10% [1] - The company's internationalization strategy has shown remarkable results, with overseas business revenue reaching 490 million yuan, a year-on-year increase of 48% [2] - The company's adsorption separation materials business accounted for 77 19% of total revenue, with high-margin products in life sciences and metals driving growth [2] - Progress in the water treatment and ultrapurification fields is notable, with the company completing testing or deployment of electronic-grade uniform particle resins in semiconductor chip manufacturing, and increasing market share in panel and photovoltaic industries [3] Financial Performance - In Q3 2024, the company's revenue was 597 million yuan, a year-on-year increase of 4 92%, but a quarter-on-quarter decrease of 10% [1] - Net profit attributable to shareholders in Q3 2024 was 192 million yuan, a year-on-year increase of 11 71%, but a quarter-on-quarter decrease of 18 13% [1] - Gross margin in Q3 2024 was 51 2%, an increase of 1 76 percentage points from Q2, while net margin was 32 26%, a decrease of 3 69 percentage points from Q2 [1] Future Projections - The report forecasts revenue of 2 852 billion yuan, 3 559 billion yuan, and 4 344 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 14 6%, 24 8%, and 22 0% [4] - Net profit attributable to shareholders is projected to be 924 million yuan, 1 186 billion yuan, and 1 463 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 28 9%, 28 3%, and 23 3% [4] - EPS is expected to be 1 83 yuan, 2 35 yuan, and 2 90 yuan for 2024, 2025, and 2026, respectively, with P/E ratios of 27 6x, 21 5x, and 17 5x [4] Business Segments - The adsorption separation materials segment contributed 1 460 billion yuan in revenue, accounting for 77 19% of total revenue, while the system equipment segment contributed 366 million yuan, accounting for 19 36% [2] - The company's high-margin products in life sciences and metals have driven the growth of the adsorption separation materials segment [2] Industry and Market Position - Lanxiao Technology has made significant progress in the semiconductor, panel, and photovoltaic industries, with its electronic-grade uniform particle resins meeting the stringent requirements of chip-level manufacturing [3] - The company has secured resin replacement or intention agreements with key players in the photovoltaic, panel, and semiconductor chip industries, indicating strong market positioning [3]