[Table_Stock] 蓝晓科技（300487） 主业经营稳定，多领域发展提供公司成 证 券 长动能 研 究 ——蓝晓科技 2023年年报 & 2024年一季报点评 报 告 [Table 买_R 入at （ing 维] 持） [◼Ta bl投e_资Su摘mm要a ry] 事件概述 [行Ta业bl:e _Indu基st础ry]化 工 4 月 21 日，公司发布 2023 年年报和 2024 年一季度报告。2023 年， 日期: s 20h2z4q年da0t4e月m2a4r日k 公司实现营业收入 24.89 亿元，同比 +29.62%；实现归母净利润 7.17 亿元，同比 +33.35%；实现扣非归母净利润 7.23 亿元，同比 [T分ab析le师_A: utho于r]庭 泽 +47.63%。2024 年第一季度，公司实现营业收入 6.31 亿元，同比 SAC编号: S0870523040001 +25.99%；实现归母净利润 1.69 亿元，同比 +26.35%；实现扣非归母 净利润 1.65 亿元，同比 +27.97%。 [基Ta本bl数e_据Ba seInfo] 生命科学等业务继续维持高增长，助推公司盈 ...

2024 年 04 月 23 日 公司研究 评级：买入(维持) | --- | --- | --- | |--------------|-------|------------------------------------------| | | | | | 研究所： | | | | 证券分析师： | | 李永磊 S0350521080004 | | | | liyl03@ghzq.com.cn | | 证券分析师： | | 董伯骏 S0350521080009 dongbj@ghzq.com.cn | | 联系人 | ： | 陈云 S0350122060052 cheny17@ghzq.com.cn | 最近一年走势 | --- | --- | --- | --- | |---------------------|-----------|-------|------------------| | 相对沪深 300 \n表现 | 表现 \n1M | 3M | 2024/04/23 \n12M | | 蓝晓科技 | -1.1% | 2.0% | -28.1% | | 沪深 300 | -1.1% | 8.5% ...

公 司 研 证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 合成树脂 ＃investSuggestion＃ ＃ ＃d 蓝yCo 晓mp 科any＃技 （ 300487 ） investSug 增持 ( 维ges持tion ）Ch 000009 ＃title＃ 主业稳健发展，吸附材料平台型公司持续成长 ange＃ ＃ createTime1＃ 2024年 04月 23日 公 ＃市场ma数rk据et Data＃ 投资要点 司 ＃summary＃ 市场数据日期 2024-04-22 ⚫ 事件：蓝晓科技发布2023年报及2024年一季度报告，2023年全年公司实现 点 收盘价（元） 44.38 营收 24.89 亿元，同比增长 29.62%；实现归母净利润 7.17 亿元，同比增长 评 总股本（百万股） 505.01 33.35%；实现扣非归母净利润7.23亿元，同比增长47.63%。2024Q1公司实 报 流通股本（百万股） 304.13 现营收6.31亿元，同比增长25.99%，环比下降30.84%；实现归母净利润1.69 告 净资产（百万元） 3603.62 亿元，同比增长26.35%，环比 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 69.65 CNY [1][3]. Core Insights - The company achieved a revenue of 2.489 billion CNY in 2023, representing a year-on-year increase of 29.62%. The net profit attributable to shareholders was 717 million CNY, up 33.35% year-on-year [1][3]. - The report highlights the company's strong performance across various segments, driven by innovation and brand value enhancement [1][3]. - The company has a robust R&D investment strategy, with R&D expenses reaching 147 million CNY in 2023, accounting for 5.9% of revenue [3][4]. Summary by Sections Financial Performance - In 2023, the company reported total revenue of 2.489 billion CNY, with a year-on-year growth of 29.62%. The net profit attributable to shareholders was 717 million CNY, reflecting a growth of 33.35% [1][4]. - For Q1 2024, the company achieved revenue of 631 million CNY, a year-on-year increase of 25.99% [1][3]. Business Segments - The adsorption separation materials segment generated revenue of 1.556 billion CNY in 2023, with a gross margin of 51.13%, an increase of 7.16 percentage points year-on-year [1][3]. - The lithium extraction segment saw significant growth, with revenue from major projects reaching 520 million CNY, up 85.2% year-on-year [1][3]. - The water treatment and ultrapure water segment reported revenue of 513 million CNY, growing 22% year-on-year, indicating a stable market penetration [1][3]. - The life sciences segment experienced a remarkable growth of 40%, with revenue reaching 444 million CNY, driven by increased demand for GLP-1 peptide drugs [1][3]. Future Outlook - The company is expected to continue its growth trajectory, with projected revenues of 3.163 billion CNY in 2024, representing a year-on-year growth of 27.1% [4]. - The net profit forecast for 2024 is 1.003 billion CNY, indicating a growth rate of 39.9% [4].

本次会议为中信证券摆名单会议仅限受邀客户参会未经中信证券和演讲嘉宾列宜任何机构和个人不得以任何形式 都未公布转发转载传播复制编辑修改等如有上述违法行为中信证券保留追究相关方法律责任的权利各位投资人大家晚上好我们这边是中信证券能源化工组我是能源化工组的研究员孙退星今天晚上也非常感谢各位这么晚来参加蓝小科技2023年的年报以及2024年一级报的电话会交流 本次交流呢我们主要是由根斯特董事长高博士同意余总还有这个曾盖家众来跟大家做一下交流现在我们先请余总来对公司的这个业绩包括最近的一些情况做一下这个概述后面有问题大家再开始进行交流余总先请您先讲一下 好的好的 谢谢孙总也非常感谢各位投资者还有买榜买榜的各位老师来参加我们今天的电话会议我先用非常简短的说一下技术数据的情况因为大部分的数据大家都看到了当然有个别的细节数据我会稍微再补充一点然后大家就可以进行交流高博士也在现场可以跟大家进行交流 整体来看的话这个三年全年的话是收入是25个亿增长了大概30%规模监理论是7.2个亿同比增长33%营收和监理论还是创出了历史的新高收入结构里面的话延后期的项目收入是5.4个亿同比增长的话是92%扣除延后期项目之后的话基础的收入是大概是 ...

Investment Rating - The report maintains a "Buy-B" rating for the company [1] Core Views - The company achieved a revenue of 2.489 billion yuan in 2023, representing a year-on-year growth of 29.62% [1] - The net profit attributable to shareholders was 717 million yuan, with a basic earnings per share (EPS) of 1.42 yuan, an increase of 32.41% year-on-year [1] - The company is expected to maintain high growth through platform-based development, leveraging its high-margin life sciences products and major lithium extraction projects [1][3] Financial Performance Summary - In Q4 2023, the company reported a revenue of 912 million yuan, a year-on-year increase of 22.82% and a quarter-on-quarter increase of 60.26% [1] - For Q1 2024, the revenue was 631 million yuan, up 25.99% year-on-year but down 30.84% quarter-on-quarter [1] - The company’s comprehensive gross margin for 2023 was 48.9%, an increase of 4.88% year-on-year, driven by the growth of high-margin products [1] Revenue and Profit Forecast - The company is projected to achieve revenues of 3.032 billion yuan, 3.690 billion yuan, and 4.344 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 21.8%, 21.7%, and 17.7% [3] - The net profit attributable to shareholders is expected to be 986 million yuan, 1.243 billion yuan, and 1.488 billion yuan for the same years, with growth rates of 37.6%, 26.0%, and 19.7% respectively [3] Segment Performance - The life sciences segment saw significant growth, driven by the high demand for solid-phase carriers, with revenue contributions increasing [1] - The lithium extraction project generated revenue of 520 million yuan in 2023, accounting for 20.9% of total revenue, with a year-on-year growth of 85.16% [1] - The basic raw materials segment achieved revenue of 1.969 billion yuan, reflecting a year-on-year increase of 20.12% [1]

华福证券 合成树脂 2024年04月22日 公 司 蓝晓科技（ ） 300487.SZ 买入（维持评级） 研 究 业绩持续兑现，看好公司长期成长 当前价格： 44.38元 目标价格： 58.57元 投资要点： 基本数据  事件：2024年4月21日公司发布23年年报和24年一季报，23年全 总股本/流通股本(百万股) 505.01/304.13 流通A股市值(百万元) 13,497.20 年公司实现营业收入24.89亿，同比增长29.64%；实现归母净利润7.17亿， 每股净资产(元) 6.79 同比增长33.35%，营收和净利润均创出历史新高。2024年一季度公司实现 资产负债率(%) 37.83 一年内最高/最低价(元) 100.90/38.51 营收6.31亿元，同比增长25.99%，实现归母净利润1.69亿元，同比增长 26.35%。 一年内股价相对走势 公  吸附材料和系统装置营收均大幅增长，盈利水平进一步提升。2023年 司 公司吸附材料实现营收15.56亿元，同比增长13.45%，其中生命科学领域 财 受到GLP-1市场高景气拉动，固相载体需求增长明显，2023年生命科学领 报 点 域销售收 ...

[Table_Header] 公司点评●塑料 2024年 04 月21 日 [Table_Title] [Table_StockCode] 蓝晓科技(300487) 吸附材料毛利率大增，逐峰而上向远方 [Table_InvestRank] 推荐 (维持) --蓝晓科技 2023 年报点评 核心观点： 分析师 [⚫T able事_S件um：m公ar司y]发 布 2023年年报及 2024年一季报，2023年实现营收 24.89亿元， [陶Ta贻b功le_ Authors] 同比增长 29.62%；实现归母净利 7.17亿元（扣非 7.23亿元），同比增长 33.35% ：010-80927673 （扣非同比增长 47.63%），2023 年利润分配方案为 10 派 5.68 元（含税）； ：taoyigong_yj@chinastock.com.cn 2024Q1 实现营收 6.31 亿元，同比增长 25.99%；实现归母净利 1.69 亿元，同 分析师登记编码：S0130522030001 比增长 26.35%。 梁悠南 ⚫ 吸附材料毛利率大幅提升推动盈利能力持续提升。2023年公司毛利率、净 ：010 ...

Investment Rating - The report maintains a "Buy" rating for Lanxiao Technology (300487) [5] Core Views - Lanxiao Technology's Q1 2024 performance met expectations, with steady growth across multiple application fields [1] - The company's long-term growth potential is promising, driven by its diversified application scenarios and technological advancements [1] - Revenue for 2023 reached RMB 2.489 billion (YoY +30%), with net profit attributable to shareholders of RMB 717 million (YoY +33%) [5] - Q1 2024 revenue was RMB 631 million (YoY +26%), with net profit attributable to shareholders of RMB 169 million (YoY +26%) [5] Financial Performance - 2023 gross margin was 48.67% (YoY +4.68pct), and net margin was 28.99% (YoY +1.15pct) [5] - Q1 2024 gross margin was 45.42% (YoY -2.23pct, QoQ -3.61pct), and net margin was 27.11% (YoY +0.06pct, QoQ +5.14pct) [5] - R&D expenses increased by 21% to RMB 147 million in 2023 [5] Business Segments - Core business (excluding salt lake lithium extraction systems) generated revenue of RMB 1.969 billion (YoY +20%) in 2023 [5] - Salt lake lithium extraction projects contributed RMB 520 million (YoY +85%) in 2023 [5] - Adsorption materials revenue was RMB 1.556 billion (YoY +113%), with a gross margin of 51.13% (YoY +7.16pct) [5] - Life sciences segment grew by 40% YoY, driven by solid-phase synthesis carriers and GLP-1 market demand [5] - Water treatment and purification segment saw a 22% YoY increase in revenue [5] Salt Lake Lithium Extraction Projects - The company secured 4 major industrial project orders in 2023, with new contracts worth nearly RMB 500 million [5] - As of 2023, the company had 12 salt lake lithium extraction projects, with a total capacity of 86,000 tons of lithium carbonate/hydroxide [5] - The company established a South American R&D center in Argentina to enhance local technical services [5] Future Projections - 2024-2026 revenue is projected to be RMB 2.839 billion, RMB 3.340 billion, and RMB 3.910 billion, respectively [6] - 2024-2026 net profit attributable to shareholders is forecasted to be RMB 955 million, RMB 1.193 billion, and RMB 1.454 billion, respectively [6] - The company's PE ratio for 2024-2026 is estimated at 26X, 21X, and 17X, respectively [5] Market Data - Closing price on April 19, 2024: RMB 48.49 [2] - Market capitalization: RMB 14.747 billion [2] - Price-to-book ratio: 6.8 [2] - Share price performance over the past year: -40% compared to the CSI 300 index [3]

SUÑRËSIÑ 2024-025 蓝晓科技2023年度报告 A FEAT 蓝晓科技2023年度报告 Chairman's Statement 踏春而来 开启新的攀登 2023年是一个重要的台阶。年度营业收入25亿元,净利润7.2亿元,双创历史新高,经营性现金 流6.7亿元，计划分红2.9亿元。至此，公司上市以来的累计分红达到7.7亿元。在经济低迷的艰难环境 下展现出的增长韧性，是对公司多年坚持创新、坚持良性稳健发展的长期主义道路的最好诠释。 如果把企业的发展比作登山,蓝晓的创新发展,像一场永不止步的攀登,一次次登顶,一次次再 出发,一次次站上更高的峰顶。 回顾过去五年,蓝晓科技经历了快速增长,迈入了全新的阶段。营业收入从5年前的6亿元增长至 现在的25亿元,净利润从1.4亿元增长至7.2亿元,员工人数从700人增长至1400人,海外员工从1人 增长到40多人。吸附材料销量从1.6万吨增至4.9万吨。生命科学、金属资源、水处理与超纯水业务在 销售结构中的占比迅速提升,6大业务板块有序轮动发展格局逐渐形成。海外销售收入从1亿元提升至 4.5亿元,Sunresin品牌全球影响力不断提高。 我们应该感谢。这成绩来自 ...