| 证券代码：300487 | 证券简称：蓝晓科技 | 公告编号：2024-067 | | --- | --- | --- | | 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 第五届监事会第三次会议决议公告 本公司及监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。 西安蓝晓科技新材料股份有限公司（以下简称"公司"或"蓝晓科技"）第 五届监事会第三次会议通知和议案等材料已于 2024 年 10 月 17 日以电子邮件、 书面送达等方式发送至各位监事，并于 2024 年 10 月 23 日在公司会议室召开 会议。本次会议应出席监事 3 人，实际到会 3 人，公司部分高级管理人员参加 了会议。会议由监事会主席李延军先生主持。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《2024年第三季度报告》 监事会认为：公司《2024 年第三季度报告》的编制和审核程序符合法律、行 政法规、中国证监会和深圳证券交易所的规定，真实、准确、完整地反映了本报 告期公司的 ...

Financial Performance - The company's revenue for Q3 2024 reached ¥597,234,621.81, representing a year-on-year increase of 4.92%[3] - Net profit attributable to shareholders was ¥192,344,084.46, up 11.71% compared to the same period last year[3] - The basic earnings per share (EPS) for the quarter was ¥0.38, reflecting an increase of 11.76% year-on-year[3] - Total operating revenue for Q3 2024 reached ¥1,891,735,231.69, an increase of 19.9% compared to ¥1,576,601,547.02 in Q3 2023[18] - The net profit for Q3 2024 reached CNY 602.33 million, an increase of 15.6% compared to CNY 521.08 million in the same period last year[19] - Operating profit for the quarter was CNY 669.65 million, up from CNY 568.28 million, reflecting a growth of 17.8% year-over-year[19] - The total comprehensive income for the quarter was CNY 602.20 million, up from CNY 521.59 million year-over-year, reflecting a growth of 15.4%[19] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥5,787,402,969.22, a 1.62% increase from the end of the previous year[3] - Total liabilities decreased to ¥2,048,997,578.92 in Q3 2024 from ¥2,239,213,321.12 in Q3 2023, representing a reduction of 8.5%[16] - The company's total assets as of Q3 2024 were ¥5,787,402,969.22, an increase from ¥5,695,042,410.99 at the end of Q3 2023[17] Shareholder Information - The total number of common shareholders at the end of the reporting period is 13,252, with the top ten shareholders holding a combined 77.50% of shares[9] - The largest shareholder, Kou Xiaokang, holds 24.50% of shares, amounting to 123,743,485 shares, with 8,310,000 shares pledged[9] - The total number of shares held by the top ten shareholders includes significant stakes from institutional investors, such as the Hong Kong Central Clearing Limited with 10.15%[10] Cash Flow and Investments - The cash flow from operating activities for the year-to-date was ¥447,185,956.22, showing a 3.32% increase[3] - The net cash flow from investment activities was negative at -¥448,335,974.23, a decline of 411.39% due to increased structured deposits and new projects[8] - The company reported a net cash outflow from investing activities of CNY 448.34 million, worsening from a net outflow of CNY 87.67 million in the previous year[21] - Cash and cash equivalents at the end of the period stood at CNY 1.79 billion, down from CNY 1.92 billion at the end of the previous year[21] Expenses and Costs - Total operating costs for Q3 2024 were ¥1,232,074,036.08, up from ¥1,016,699,862.96 in the same period last year, reflecting a 21.2% increase[18] - Research and development expenses for Q3 2024 amounted to ¥106,566,593.14, compared to ¥90,722,612.12 in Q3 2023, indicating a growth of 17.5%[18] Other Financial Metrics - The company's cash and cash equivalents decreased from 2,249,359,740.20 RMB to 1,814,590,164.62 RMB, a decline of approximately 19.4%[14] - Accounts receivable increased from 621,953,744.74 RMB to 748,663,120.95 RMB, representing a growth of about 20.3%[14] - Inventory rose from 1,100,063,627.43 RMB to 1,155,314,233.67 RMB, an increase of approximately 5%[14] - The company reported a gross profit margin of approximately 34.8% for Q3 2024, compared to 35.5% in Q3 2023, indicating a slight decline in profitability[18] Future Outlook - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[22]

| 证券代码：300487 | 证券简称：蓝晓科技 | 公告编号：2024-071 | | --- | --- | --- | | 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 2024 年前三季度利润分配预案的公告 本公司及监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。 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 23 日召开第五届董事会第五次会议、第五届监事会第三次会议，审议通过了《2024 年前三季度利润分配预案》，该议案尚需提交公司 2024 年第三次临时股东大会 审议。现将具体情况公告如下： 一、利润分配方案基本情况 （一）利润分配预案 根据公司《2024 年第三季度报告》（未经审计），公司 2024 年前三季度合 并报表可供分配利润为 596,424,431.04 元，2024 年前三季度母公司可供分配利润 为 337,515,463.11 元。按照母公司与合并报表中可供分配利润数据孰低原则，公 司 2024 年前三季度可供分配利润为 337,515,463.11 元。 ...

| 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 | | | 公告编号：2024-064 | 西安蓝晓科技新材料股份有限公司 关于 2024 年第三季度可转换公司债券转股情况公告 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.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 60.62 元/股。 2.2024 年第三季度，共有 10 张"蓝晓转 02"完成转股（票面金额共计 1,000 元人民币），合计转为 16 股"蓝晓科技"股票（股票代码：300487）。 3.截至 2024 年第三季度末，公司剩余可转债为 5,459,899 张，剩余票面总金 额为 545,989,900 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 ...

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：田晓军先生于 2021 年 11 月 18 日向中信建投证券股份有限公司初始质押股份为 25 万股，权益分 派后调整至 56.25 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： | 证券代码：300487 | 证券简称：蓝晓科技 | 公告编号：2024-063 | | --- | --- | --- | | 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董事会 2024 年 9 月 23 日 田晓军 否 56.25 0.73% 0.11% 2021.11.18 2024.9.20 股份有限公司 股东 名称 是否为第一 大股东及一 致行动人 本次解除质 押股份数量 （万股） 占其所持股 份比例 占公司总股 本比 ...

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质押业务，现将有 关情况公告如下： 注：田晓军先生本次股份质押不存在负担重大资产重组等业绩补偿义务。 二、股东股份累计被质押情况 | 证券代码：300487 | 证券简称：蓝晓科技 | 公告编号：2024-062 | | --- | --- | --- | | 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 公司股东田晓军先生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。 备查文件 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 9 月 19 日 一、本次股份质押情况 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 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 160 万股 2.08% 0.32% 否 否 2024.9. ...

Investment Rating - The report maintains a "Buy" rating for Lanxiao Technology (300487 SZ) [1] Core Views - Lanxiao Technology achieved significant growth in revenue and net profit in 1H24, with revenue reaching 1 295 billion yuan, a year-on-year increase of 28 50%, and net profit attributable to the parent company reaching 404 million yuan, a year-on-year increase of 16 79% [1] - The company's adsorption materials business remains the core growth driver, contributing 82% of total revenue with a gross margin of 51 00% in 1H24 [2] - Lanxiao Technology continues to lead in the salt lake lithium extraction market, with over 15 completed and ongoing projects, totaling nearly 100,000 tons of lithium carbonate/lithium hydroxide capacity [5] - The company's international strategy is progressing well, with overseas revenue reaching 352 million yuan in 1H24, a year-on-year increase of 56% [5] Financial Performance - The company's revenue is expected to grow from 3 149 billion yuan in 2024E to 4 726 billion yuan in 2026E, with a compound annual growth rate of 21 3% [1] - Net profit attributable to the parent company is projected to increase from 951 million yuan in 2024E to 1 463 billion yuan in 2026E, with a compound annual growth rate of 23 8% [1] - ROE is expected to improve from 22 9% in 2024E to 23 3% in 2026E, reflecting the company's strong profitability [1] Business Segments - The adsorption materials business achieved revenue of 974 million yuan in 1H24, with significant growth in life sciences (33%), metal resources (45%), and water treatment and purification (30%) [2] - The salt lake lithium extraction system equipment generated revenue of 99 million yuan in 1H24, a year-on-year increase of 8% [5] Capacity Expansion - The company's adsorption material production reached 31,600 tons in 1H24, a year-on-year increase of 27%, with sales reaching 30,800 tons, a year-on-year increase of 35% [4] - Lanxiao Technology plans to build 20,000 tons of high-end material capacity to meet the growing demand in high-end application markets [4] International Strategy - The company has established a South American R&D center in Argentina, serving as a strategic pivot for the "Lithium Triangle" region [5] - Lanxiao Technology actively engages in technical exchanges and customized solutions with clients in South and North America to promote project implementation [5] Valuation - The company's current P/E ratio is 23 7X for 2024E, expected to decrease to 15 4X by 2026E, indicating attractive valuation levels [6] - The P/B ratio is projected to decline from 5 7X in 2024E to 3 7X in 2026E, reflecting the company's strong asset base [1]

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 74.4 CNY, while the current stock price is 42.09 CNY [1]. Core Insights - The company reported a revenue of 1.295 billion CNY in the first half of 2024, representing a year-on-year increase of 28.50%. The net profit attributable to shareholders was 404 million CNY, up 16.79% year-on-year [1][2]. - The company has a strong growth trajectory in its core business, particularly in the life sciences sector, which is experiencing rapid growth [2][7]. - The company plans to build an additional 20,000 tons of high-end material capacity to meet the increasing demand in high-value applications [4]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved a revenue of 1.295 billion CNY, with a net profit of 404 million CNY, reflecting a year-on-year growth of 28.50% and 16.79% respectively [1][2]. - The second quarter of 2024 saw revenues of 664 million CNY, a 30.98% increase year-on-year, and a net profit of 235 million CNY, up 10.75% year-on-year [1]. Business Segments - The revenue from the lithium extraction business was 99 million CNY, a year-on-year increase of 8%. The core business revenue, excluding lithium projects, was 1.196 billion CNY, up 31% year-on-year, accounting for 92.36% of total revenue [2]. - The adsorption materials segment generated 974 million CNY in revenue, representing 82% of the total revenue, while system devices contributed 190 million CNY, accounting for 16% [2]. Growth Prospects - The company plans to enhance its production capacity with the construction of a new facility for high-end materials, targeting applications in ultra-pure water and food sectors [4]. - The company has completed over 15 lithium extraction projects, with a total capacity of nearly 100,000 tons, and six projects are already operational [5][6]. Market Expansion - The overseas sales revenue reached 352 million CNY, marking a 56% year-on-year increase, indicating a growing market penetration [2]. - The life sciences segment's revenue from adsorption materials was 285 million CNY, up 33% year-on-year, driven by strong market performance of GLP-1 peptide drugs [7]. Future Projections - The company forecasts revenues of 2.967 billion CNY, 3.652 billion CNY, and 4.640 billion CNY for 2024, 2025, and 2026 respectively, with corresponding net profits of 921.8 million CNY, 1.173 billion CNY, and 1.475 billion CNY [8].

股 票 研 究 [table_Authors] 钟浩(分析师) 沈唯(分析师) 021-38038445 0755-23976795 zhonghao027638@gtjas.com shenwei024936@gtjas.com [当前价格： Table_CurPrice] 40.18 登记编号S0880522120008 S0880523080006 公 司 更 新 报 告 52 周内股价区间（元） 36.83-61.50 总市值（百万元） 20,291 总股本/流通A股（百万股） 505/304 流通 B股/H 股（百万股） 0/0 [Table_Balance] 资产负债表摘要(LF) 股东权益（百万元） 3,554 每股净资产（元） 7.04 市净率（现价） 5.7 净负债率 -54.05% 证 券 研 究 报 告 [Table_Trend] 升幅(%) 1M 3M 12M 绝对升幅 9% -16% -32% 相对指数 11% -5% -12% 24 中报业绩符合预期，生科持续高增长 蓝晓科技(300487) 基础化工 [Table_Industry] /原材料 [Table_Invest] 评级： ...

国信证券股份有限公司 关于西安蓝晓科技新材料股份有限公司 | 事 项 | 存在的问题 | 采取的措施 | | --- | --- | --- | | 1.信息披露 | 无 | 无 | | 2. 公司内部制度的建立和执行 | 无 | 无 | | 3．"三会"运作 | 无 | 无 | | 4.控股股东及实际控制人变动 | 无 | 无 | | 5.募集资金存放及使用 | 无 | 无 | | 6.关联交易 | 无 | 无 | | 7.对外担保 | 无 | 无 | | 8.购买、出售资产 | 无 | 无 | | 9.其他业务类别重要事项（包括 对外投资、风险投资、委托理财、 | 无 | 无 | | 财务资助、套期保值等） | | | 2 | 10．发行人或其聘请的证券服 | 无 | 无 | | --- | --- | --- | | 务机构配合保荐工作的情况 | | | | 11.其他（包括经营环境、业务 | 无 | 无 | | 发展、财务状况、管理状况、核 | | | | 心技术等方面的重大变化情况） | | | 三、公司及股东承诺事项履行情况 | 保荐人名称：国信证券股份有限公司 | 被保荐公司简称：蓝晓科技 | ...