Investment Rating - The report maintains an "Overweight" rating for the basic chemical industry [1] Core Viewpoints - DuPont is under investigation for antitrust violations in China, which may accelerate the domestic substitution process for ion exchange resins [5] - DuPont's sales in the Asia-Pacific region account for 43% of its total sales, with significant contributions from electronic and water treatment sectors [4] - The water treatment and protection business of DuPont generated sales of $5.6 billion in 2023, with a slight decline expected in 2024 [5] - The investigation could benefit domestic leaders in ion exchange resins, such as Bluestar Technology and Zhengguang Co., as they may capture market share previously held by DuPont [5][6] Summary by Sections Industry Overview - The global market for ion exchange resins used in ultra-pure water production reached $1.34 billion in 2023 and is projected to grow to $2.3 billion by 2030, with a CAGR of 8.5% from 2024 to 2030 [6] Company Insights - DuPont plans to spin off its electronic business by November 2025, while retaining its water treatment business [4] - The water treatment business's sales are expected to decline slightly in 2024 but show growth in the second half of the year [5] Market Dynamics - The antitrust investigation may catalyze the domestic production of ion exchange resins, particularly in industrial water treatment [5] - Domestic manufacturers are actively pursuing high-end applications in sectors like semiconductors and nuclear industries [6]

| 证券代码：300487 | 证券简称：蓝晓科技 | 公告编号：2025-007 | | --- | --- | --- | | 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 关于股东部分股份质押的公告 公司董事会及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。 西安蓝晓科技新材料股份有限公司（以下简称"公司"）接到公司控股股东 高月静女士、寇晓康先生，持股股东田晓军先生的通知，高月静女士、寇晓康 先生、田晓军先生于近日办理了其持有的部分股份质押业务，现将有关情况公 告如下： 注 2：高月静女士、寇晓康先生、田晓军先生本次质押限售股份性质为高管锁定股。 | 持股 | | | 本次质押 | 本次质押 | | 已质押股份情况 已质押股 | | 未质押股份情况 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东 | 数量 | 持股 | 前质押股 | 后质押股 | 占其所 占公司 | | 占已质 | 未质押股份限 | | | 名称 | | | | ...

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。 | 证券代码：300487 | 证券简称：蓝晓科技 公告编号：2025-008 | | --- | --- | | 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 2025 年第一季度可转换公司债券转股情况公告 特别提示： 1.蓝晓转 02（债券代码：123195）转股期限为 2023 年 10 月 23 日至 2029 年 4 月 16 日，最新转股价格为人民币 60.28 元/股。 2.2025 年第一季度，共有 91 张"蓝晓转 02"完成转股（票面金额共计 9,100 元人民币），合计转为 150 股"蓝晓科技"股票（股票代码：300487）。 3.截至 2025 年第一季度末，公司剩余可转债为 5,459,698 张，剩余票面总金 额为 545,969,800 元人民币。 根据《深圳证券交易所创业板股票上市规则》和《深圳证券交易所上市公司 自律监管指引第 15 号——可转换公司债券》的有关规定，西安蓝晓科技新材料 股份有限公司（以下简称"公司"）现将 202 ...

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 69.62 CNY per share [6]. Core Viewpoints - The company has maintained rapid growth over the past decade, with a compound annual growth rate (CAGR) of over 25% in both revenue and profit [2][38]. - The company is a leader in the adsorption separation materials industry, with a strong emphasis on integrating materials, processes, and system equipment [1][28]. - The company has successfully expanded its international business, with overseas revenue increasing from 8.6% in 2013 to 27.2% in the first half of 2024 [2][38]. Summary by Sections Company Overview - Founded in 2001, the company specializes in the research, production, and sales of adsorption separation materials and related systems [1][16]. - The founders are recognized experts in the field of ion exchange resins, contributing to the company's strong technological foundation [1][21]. Financial Performance - The company has achieved significant revenue and profit growth, with a CAGR exceeding 25% over the past decade [2][38]. - The revenue from the adsorption separation resin business has also seen a CAGR of over 25% in the past five years, while the system equipment business has approached a 40% CAGR since 2018 [2][38]. - The company has maintained stable profit margins and a high return on investment, with R&D expenses consistently around 6% of revenue [2][39]. Market Applications - The adsorption separation technology is widely applied across six major sectors, including metal resource extraction and life sciences, with a focus on lithium extraction and peptide synthesis [3][29]. - The company has made significant strides in domestic substitution in various fields, establishing a strong market position [3][29]. Profit Forecast and Valuation - The company is projected to achieve revenues of 25.37 billion CNY, 39.35 billion CNY, and 51.34 billion CNY for the years 2024, 2025, and 2026, respectively [4]. - The expected net profit attributable to the parent company is forecasted to be 8.10 billion CNY, 11.07 billion CNY, and 13.92 billion CNY for the same years [4].

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 69.62 CNY per share [6]. Core Viewpoints - The company has maintained rapid growth over the past decade, with a compound annual growth rate (CAGR) of over 25% in both revenue and profit [2][38]. - The company is a leader in the adsorption separation materials industry, with a strong emphasis on integrating materials, processes, and system equipment [1][28]. - The company has successfully expanded its international business, with overseas revenue increasing from 8.6% in 2013 to 27.2% in the first half of 2024 [2][38]. Summary by Sections Company Overview - Founded in 2001, the company specializes in the research, production, and sales of adsorption separation materials and related systems [1][16]. - The founders are recognized experts in the field of ion exchange resins, and the company has received numerous accolades for its technological advancements [1][28]. Financial Performance - The company has achieved significant revenue and profit growth, with a CAGR exceeding 25% over the past decade [2][38]. - The revenue from the adsorption separation resin business has also seen a CAGR of over 25% in the past five years, while the system equipment business has approached a 40% CAGR since 2018 [2][38]. - The company has maintained stable profit margins and a high return on investment, with R&D expenses consistently around 6% of revenue [2][39]. Market Applications - The adsorption separation technology is widely applied across six major sectors, including metal resource extraction and life sciences, with a strong focus on lithium extraction and peptide synthesis [3][29]. - The company has successfully achieved domestic substitution in various fields, enhancing its competitive position against international players [3][29]. Profit Forecast and Valuation - The company is projected to achieve revenues of 25.37 billion CNY, 39.35 billion CNY, and 51.34 billion CNY for the years 2024, 2025, and 2026, respectively [4]. - The estimated net profit attributable to the parent company is expected to be 8.10 billion CNY, 11.07 billion CNY, and 13.92 billion CNY for the same years [4].

基础化工 | 证券研究报告 — 行业周报 2025 年 2 月 17 日 强于大市 化工行业周报 20250216 国际油价小幅上涨，氯化钾、 DMF 价格上涨 2 月份建议关注：1、下游行业快速发展，建议关注部分电子材料、新能源材料公司；2、高质量 发展与高股东回报并重，建议关注大型能源央企及相关油服公司在新时代背景下的改革改善与 经营业绩提升；3、景气度较高的制冷剂、维生素行业龙头公司；4、宏观经济整体预期改善， 建议关注估值较低的行业龙头价值公司、轻烃裂解子行业龙头公司等。 投资建议 风险提示 地缘政治因素变化引起油价大幅波动；全球经济形势出现变化。 相关研究报告 《化工行业周报 20250209》20250209 《化工行业周报 20250126》20250126 《化工行业周报 20250119》20250120 中银国际证券股份有限公司 具备证券投资咨询业务资格 基础化工 证券分析师：余嫄嫄 (8621)20328550 yuanyuan.yu@bocichina.com 证券投资咨询业务证书编号：S1300517050002 联系人：赵泰 tai.zhao@bocichina.com 一般证券业 ...

1. 截至 2025 年 2 月 10 日，西安蓝晓科技新材料股份有限公司（以下简称 "公司"）股票已出现任意连续三十个交易日中至少有十五个交易日的收盘价低 于当期转股价格 85%的情形，已经触发"蓝晓转 02"转股价格向下修正条款。 西安蓝晓科技新材料股份有限公司 关于不向下修正蓝晓转 02 转股价格的公告 2. 2025 年 2 月 10 日，公司第五届董事会第七次会议审议通过了《关于不 向下修正"蓝晓转 02"转股价格的议案》，公司董事会决定本次不向下修正转股 价格，且在未来 6 个月内（2025 年 2 月 11 日至 2025 年 8 月 10 日），如再次触 发"蓝晓转 02"转股价格向下修正条款，亦不提出向下修正方案。下一触发转股 价格修正条件的期间将从 2025 年 8 月 11 日重新起算，若再次触发"蓝晓转 02" 转股价格向下修正条款，届时公司董事会将再次召开会议决定是否行使"蓝晓转 02"转股价格的向下修正权利。 一、"蓝晓转 02"的基本情况 | 证券代码：300487 | 证券简称：蓝晓科技 公告编号：2025-006 | | --- | --- | | 债券代码：123195 | ...

西安蓝晓科技新材料股份有限公司（以下简称"公司"）第五届董事会第七次 会议通知和议案等材料已于 2025 年 2 月 10 日以电子邮件、书面送达等方式发送 至各位董事，并于 2025 年 2 月 10 日在公司会议室以现场结合通讯表决方式召开 会议。本次会议应出席董事 9 人，实际到会 9 人，公司部分监事和相关人员参加了 会议。会议由董事长高月静女士主持。会议符合《中华人民共和国公司法》（以下 简称《公司法》）及《公司章程》的有关规定。会议审议通过了如下决议： 一、审议通过《关于不向下修正"蓝晓转 02"转股价格的议案》 截至 2025 年 2 月 10 日，公司股票已出现任意连续三十个交易日中至少有十 五个交易日的收盘价低于当期转股价格 85%的情形，已经触发"蓝晓转 02"转 股价格向下修正条款。 综合考虑公司的基本情况、市场环境等因素，以及对公司长期稳健发展与内在 价值的信心，公司董事会决定本次不向下修正转股价格，且在未来 6 个月内（2025 年 2 月 11 日至 2025 年 8 月 10 日），如再次触发"蓝晓转 02"转股价格向下修 正条款，亦不提出向下修正方案。下一触发转股价格修正条件的 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The report highlights that the company has made a breakthrough in vanadium extraction technology, positioning itself well in the vanadium energy storage market. The new process allows for the production of vanadium electrolyte directly from shale vanadium, significantly reducing production costs and enhancing competitiveness in the energy storage sector [4][5] - The company's main business is experiencing steady growth, with demand for vanadium extraction adsorbents expected to increase as new industrial production facilities come online. The company is recognized as a leading provider of comprehensive solutions in materials and equipment, with a diverse product range [4][5] - The report maintains an "Accumulate" rating, projecting earnings per share (EPS) of 1.64, 2.12, and 2.56 yuan for 2024, 2025, and 2026 respectively, indicating strong future growth potential [4][5] Financial Summary - Total revenue for 2023 is reported at 2,489 million yuan, with projected revenues of 2,610 million yuan for 2024, 3,255 million yuan for 2025, and 3,924 million yuan for 2026, reflecting a growth rate of 29.6% in 2023 and a forecasted growth of 4.9% in 2024 [4] - The net profit attributable to the parent company is expected to grow from 717 million yuan in 2023 to 834 million yuan in 2024, and further to 1,078 million yuan in 2025, with a growth rate of 33.4% in 2023 [4] - The gross profit margin is projected to be 48.7% in 2023, increasing to 51.6% in 2024, and stabilizing around 50% in the following years [4]

| 证券代码：300487 | 证券简称：蓝晓科技 | 公告编号：2025-004 | | --- | --- | --- | | 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 关于蓝晓转 02 预计触发转股价格向下修正条件 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。 特别提示： 1.证券代码：300487，证券简称：蓝晓科技 2.债券代码：123195，债券简称：蓝晓转 02 3.转股价格：60.28 元/股 4.转股期限：2023 年 10 月 23 日至 2029 年 4 月 16 日 5.自 2025 年 1 月 12 日至 2025 年 1 月 24 日，西安蓝晓科技新材料股份有限 公司（以下简称"公司"）股票已有10个交易日收盘价格低于当期转股价格的85%， 可能触发"蓝晓转 02"的转股价格向下修正条款，公司将按照《募集说明书》的约 定及时履行审议程序和信息披露义务。敬请广大投资者注意投资风险。 一、"蓝晓转 02"的基本情况 2.2023 年 8 月 28 日，公司召开第四届董事会 ...