| 证券代码：300487 | 证券简称：蓝晓科技 | 公告编号：2024-073 | | --- | --- | --- | | 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 关于股东部分股份解除质押的公告 本公司股东田晓军先生保证信息披露的内容真实、准确、完整，不存在虚假 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"）接到持股股东田晓军 先生的通知，田晓军先生于近日办理了其持有的部分股份解除质押业务，现将有 关情况公告如下： 注：田晓军先生在华泰证券股份有限公司初始质押为 86 万股，权益分派后调整至 129 万股。 二、股东股份累计被质押情况 截止本公告披露日，上述股东所持质押股份情况如下： | | | | 本次解除 | 本次解除 | | | 已质押股份情况 | | 未质押股份情况 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东 | 持股 | 持股 | 质押前质 | 质押后质 | 占其所持 | 占公司 | 已质押股 | 占 ...

| 证券代码：300487 | 证券简称：蓝晓科技 | 公告编号：2024-072 | | --- | --- | --- | | 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 本公司股东田晓军先生保证信息披露的内容真实、准确、完整，不存在虚假 记载、误导性陈述或重大遗漏。 中国证券登记结算有限责任公司出具的《证券质押及司法冻结明细表》。 特此公告。 西安蓝晓科技新材料股份有限公司董事会 2024 年 10 月 28 日 股东 名称 是否为第一 大股东及一 致行动人 本次质押 股份数量 （万股） 占其所 持股份 比例 占公司 总股本 比例 是否 为限 售股 是否补 充质 押 起始日 解除日 质权人 质押用 途 田晓 军 否 104 1.35% 0.21% 是 否 2024.10.24 2025.10.23 广发证券 股份有限 公司 个人融资 12 0.16% 0.02% 否 否 2024.10.25 2025.10.23 一、本次股份质押的基本情况 二、股东股份累计被质押情况 截止本公告披露日，上述股东所持质押股份情况如下： | | | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's basic warehouse business is developing steadily, while the adsorption materials segment is experiencing rapid growth. The performance in Q3 2024 met expectations, with the adsorption separation materials segment maintaining good growth momentum. The system device segment showed revenue fluctuations, but the overall gross profit margin is stable and slightly increasing, indicating stable profitability [1] - The company achieved a revenue of 597 million yuan in Q3 2024, representing a year-on-year growth of 4.92% and a quarter-on-quarter decline of 10.00%. The net profit attributable to the parent company was 192 million yuan, up 11.71% year-on-year but down 18.13% quarter-on-quarter [1] - In the first three quarters of 2024, the revenue from adsorption materials reached 1.46 billion yuan, accounting for 77.19% of total revenue, maintaining its position as the core driver of performance. The Q3 revenue for this segment was 486 million yuan, a year-on-year increase of 14.42% [1] - The company is accelerating the commercialization of domestic substitution in the ultra-pure water sector, with capacity expansion enhancing its competitiveness. The global ultra-pure water market is projected to reach 8.8 billion USD in 2024 and 25.4 billion USD by 2032, driven by growth in the electronics and pharmaceutical industries [1] Financial Summary - The company is expected to achieve net profits attributable to the parent company of 973 million, 1.21 billion, and 1.45 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 35.6%, 24.8%, and 19.9% [2] - The projected revenue for the company is 2.49 billion, 3.24 billion, 4.01 billion, and 4.81 billion yuan for the years 2024 to 2026, with corresponding year-on-year growth rates of 30.3%, 23.5%, and 20.1% [4] - The gross profit margin is expected to improve from 48.7% in 2023 to 51.0% in 2026, indicating an upward trend in profitability [4][7] - The company's cash flow from operating activities is projected to be 669 million, 678 million, 953 million, and 1.45 billion yuan for the years 2024 to 2026 [5]

Investment Rating - The report maintains an "Overweight" investment rating for the company [3][8]. Core Views - The company specializes in adsorption separation materials and related systems, positioning itself as a leading comprehensive solution provider in China, with products used in various fields such as lithium extraction, life sciences, and water treatment [3][4]. - The company has achieved a production capacity of 50,000 tons per year for adsorption separation materials and 70,000 liters per year for chromatography media, with new capacities ramping up as it expands its customer base in downstream sectors [3][4]. - The earnings per share (EPS) forecasts for 2024, 2025, and 2026 are projected to be 1.83, 2.27, and 2.80 yuan, respectively [3][4]. Financial Performance Summary - For the third quarter of 2024, the company reported revenue of 1.892 billion yuan, a year-on-year increase of 19.99%, and a net profit attributable to shareholders of 596 million yuan, up 15.1% year-on-year [5]. - The gross profit margin for the first three quarters of 2024 was 48.65%, reflecting a year-on-year increase of 0.20 percentage points, while the net profit margin was 31.84%, down 1.21 percentage points year-on-year [4][5]. - The company’s revenue projections for 2024, 2025, and 2026 are 2.885 billion, 3.447 billion, and 4.086 billion yuan, respectively, with corresponding year-on-year growth rates of 15.9%, 19.5%, and 18.5% [2][7].

Investment Rating - The report maintains a "Buy" rating for the company [2][3]. Core Views - The company's Q3 2024 performance was slightly below expectations, leading to a downward adjustment of the 2024 EPS forecast to 1.79 CNY from 1.86 CNY, while maintaining the 2025 and 2026 EPS forecasts at 2.33 CNY and 2.99 CNY respectively [2]. - The target price has been raised to 60.47 CNY from 50.11 CNY, based on a 26x PE for 2025, considering comparable companies and the company's growth potential [2]. - For the first three quarters of 2024, the company achieved revenue of 1.892 billion CNY, a year-on-year increase of 19.99%, and a net profit attributable to shareholders of 596 million CNY, up 15.10% year-on-year [2]. - In Q3 2024, the company reported revenue of 597 million CNY, a year-on-year increase of 4.93%, but a quarter-on-quarter decline of 10.00%, with a net profit of 192 million CNY, up 11.71% year-on-year but down 18.13% quarter-on-quarter [2]. - The gross margin for Q3 2024 was 51.20%, showing improvements both year-on-year and quarter-on-quarter, maintaining a high level [2]. Business Segments Summary - The adsorption materials business continues to develop steadily, with revenue from adsorption separation materials reaching 1.460 billion CNY in the first three quarters of 2024, accounting for 77.19% of total revenue [2]. - The system device revenue was 366 million CNY, making up 19.36% of total revenue, with a notable increase in high-margin products in life sciences and metals driving the growth [2]. - The life sciences sector is expected to maintain high growth due to the significant increase in sales of GLP-1 peptide drugs [2]. - The company achieved overseas revenue of 490 million CNY in the first three quarters of 2024, a remarkable year-on-year growth of 48% [2]. - The lithium extraction market from salt lakes continues to lead, with over 15 industrialization projects completed or in execution, totaling nearly 100,000 tons of lithium carbonate/hydroxide capacity, of which 6 have successfully commenced operations [2].

上 市 公 司 证 券 研 究 报 告 基础化工 2024 年 10 月 25 日 蓝晓科技 (300487) —— 系统装置收入环比下滑，汇兑及所得税拖累业绩， 短期波动不改公司长期成长 | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 10 月 24 日 | | 收盘价（元） | 51.96 | | 一年内最高 / 最低（元） | 68.02/36.48 | | 市净率 | 7.4 | | 息率（分红/股价） | 1.09 | | 流通 A 股市值（百万元） | 15,803 | | 上证指数/深证成指 | 3,280.26/10,441.75 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |------------------------------|-------------------------------| | 基础数据 : | 2024 年 09 月 30 日 | | 每股净资产（元） | 7.03 | | ...

各位投资人大家早上好我是那个中研化工的孙振兴刚才调试了一遍问题所以这个耽误了一点时间今天的话我们还是很温馨的邀请到了蓝小科技的董事长高博士总编余总以及生态小组来对我们来对蓝小科技这个三季度的一个新情况做一下简要的一个分析然后因为这个时间有点耽误嘛我这边就不多的推述了我们就先请余总来简单的介绍一下公司的一个新情况后面开始我们的一个提问 诶 余总呢 听到吗诶 好 好的那个总统我用最简短的时间把这个数据的情况简单说一下整个二十四年前三个季度的话公司的这个营业收入是十八点九二亿同比增长百分之二十规模经济润的话是五点九六亿同比增长百分之十五这个扣除这个汇兑损益影响之后的规模经济润增长大概是百分之二十四收入结构里面洋务体理的这个装置的收入整个前三季度是零点九九亿 这个在一季度有这个养活体里的收入的确认二三季度都没有同比增长8%扣除养活体装置之后的这个其他的基础的业务的收入是17.93亿同比增长20%在这个业务里面基础材料是14.6亿同比增长26%这个这种装置的收入就是扣除养活体以外的是3.66亿同比增长72% 整体来说的话这个我们的基本上的业务还是比较稳健的增长前三个季度的话海外的业务收入是4.9亿同比增长48%这个增速 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has shown a year-on-year revenue growth of 19.99% in the first three quarters of 2024, achieving a total revenue of 1.892 billion yuan and a net profit attributable to shareholders of 596 million yuan, which is a 15.10% increase year-on-year [2][3] - The core growth driver for the company is its adsorption materials business, which has demonstrated strong resilience despite a relatively low lithium resource price environment [3][4] - The company is expected to continue its growth trajectory, with projected revenues of 2.963 billion yuan, 3.645 billion yuan, and 4.430 billion yuan for 2024, 2025, and 2026 respectively, alongside net profits of 910 million yuan, 1.150 billion yuan, and 1.419 billion yuan for the same years [4][5] Summary by Sections Financial Performance - In Q3 2024, the company reported a revenue of 597 million yuan, reflecting a year-on-year increase of 4.92% but a quarter-on-quarter decrease of 10.00% [2] - The gross profit margin for Q3 2024 was 51.20%, up 1.78 percentage points year-on-year and 1.76 percentage points quarter-on-quarter [2] - The net profit for Q3 2024 was 192 million yuan, which is an 11.71% increase year-on-year but a decrease of 18.13% quarter-on-quarter [2] Market Position - The company has maintained a strong market position, outperforming the CSI 300 index with a 1-month performance of 19.2% and a 3-month performance of 38.3% [2] - The company is actively expanding its business in various sectors, including lithium extraction, metal resources, life sciences, and water treatment, which are all contributing to its growth [3][4] Valuation Metrics - The projected P/E ratios for the company are 29, 23, and 18 for the years 2024, 2025, and 2026 respectively, indicating a favorable valuation outlook [4][5] - The expected return on equity (ROE) is projected to be 22% for 2024 and 2025, reflecting strong profitability [5][7]

Financial Performance - The company achieved a revenue of 1.892 billion CNY in the first three quarters of 2024, representing a year-on-year growth of 19.99% [1] - The net profit attributable to shareholders reached 192 million CNY, with a year-on-year increase of 15.10% [1] - In Q3 2024, the revenue was 597 million CNY, showing a growth of 4.93%, while the net profit was 192 million CNY, up by 11.71% [1] - The operating cash flow for the first three quarters was 447 million CNY, and the debt-to-asset ratio stood at 35.19%, indicating a stable financial condition [1] Revenue Breakdown - Revenue from adsorption separation materials was 1.460 billion CNY, accounting for 77.24% of total revenue [2] - Revenue from system devices was 366 million CNY, representing 19.36% of total revenue [2] - The proportion of revenue from adsorption separation materials has been steadily increasing, supported by robust business development and customer loyalty [2] International Business Development - The company reported overseas revenue of 490 million CNY in the first three quarters of 2024, marking a significant year-on-year growth of 48% [2] - Internationalization is viewed as a key sustainable competitive advantage, with a focus on high-quality products and reliable supply cycles [2] Product Development and Market Expansion - The company has made progress in the ultra-pure water sector, with electronic-grade resin meeting stringent requirements for chip manufacturing [2] - Collaborations with photovoltaic, panel, and semiconductor companies are underway to enhance market share through resin replacement initiatives [2]

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 2021 年限制性股票激励计划预留部分限制性股 票第一个归属期行权及作废部分已授予尚未归 属限制性股票的 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 | 释 | 义 2 | | --- | --- | | | 一、本次本次归属及本次作废的批准与授权 4 | | | 二、本次归属的具体情况 6 | | | 三、本次作废的具体情况 10 | | | 四、结论性意见 10 | 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 2021 年限制性股票激励计划预留部分 限制性股票第一个归属期行权及作废部分已授予尚未归属限制性股票的法律意见 释 义 在本法律意见中，除非文义另有所指，下列词语具有下述涵义： | 德恒/本所 | 指 | 北京德恒律师事务所 | | --- | --- | --- | | 公司/蓝晓科技 | 指 | 西安蓝晓科技新材料股份有限公司 | | 《激励计划》/本激励计划 | 指 | 《西安蓝晓科技新材料股份有限公司2021年限 | | ...