Core Viewpoint - Blue Sky Technology (300487.SZ) has achieved steady growth amidst the global trend of self-sufficiency in the new materials industry and accelerated domestic high-end manufacturing [1] Financial Performance - In 2024, the company reported total revenue of 2.554 billion yuan, a year-on-year increase of 2.62% [1] - Net profit attributable to shareholders reached 787 million yuan, reflecting a year-on-year growth of 9.79% [1] - The increase in net profit outpaced revenue growth, indicating an improvement in the profit structure due to a higher proportion of high-value-added businesses [1] Business Segments - The core growth driver is the adsorption materials segment, which maintained a high gross margin [1] - Basic warehouse business showed stable growth, while life sciences, metal resources, water treatment, and ultra-purification segments experienced significant growth [1] - Basic business revenue reached 2.45 billion yuan, a year-on-year increase of 24.7%, accounting for 96.1% of total revenue [3] Key Business Highlights - Sales revenue from core adsorption materials was 1.99 billion yuan, representing 80.9% of total revenue [4] - The metal resources segment saw sales revenue of 256 million yuan, a year-on-year increase of 30% [4] - Life sciences segment revenue reached 568 million yuan, growing by 28% [5] - Water treatment and ultra-purification segment achieved sales revenue of 688 million yuan, a year-on-year increase of 34% [5] - Chemical and catalytic segment sales reached 202 million yuan, up 42% year-on-year [5] Strategic Focus - The company aims to maintain stable growth in its basic warehouse business and ensure high-quality delivery of major projects like the Tibet Jiezhe project [1][7] - The internationalization strategy will be a key focus area moving forward [1] - The company plans to allocate resources according to the characteristics of its business segments, with metal resources and life sciences being priority areas [7] Market Opportunities - Emerging markets in life sciences, drinking water, new energy, and carbon emissions are expected to open new demand increments, providing a new supply-demand window for domestic upstream suppliers [6] - The company is expanding its local teams in North America and Europe to enhance competitiveness in international markets [5][8] - The establishment of a wholly-owned subsidiary in the U.S. aims to facilitate localized business development [8]

Investment Rating - The report maintains an "Outperform" rating for the company [4][10]. Core Insights - In 2024, the company's revenue and net profit attributable to shareholders both grow steadily, driven by stable material sales revenue, offsetting the decline in lithium project income. In Q1 2025, net profit attributable to shareholders continues positive growth. Expected net profit attributable to shareholders for 2025-2027 is 1.03, 1.26, and 1.50 billion RMB, with EPS of 2.02, 2.48, and 2.94 RMB. Based on comparable company valuation, a 26X PE for 2025 is assigned to reach a target price of 52.52 RMB [10]. Financial Summary - In 2024, total revenue is 2.55 billion RMB, up 2.62% YoY; net profit attributable to shareholders is 787 million RMB, up 9.79% YoY. In Q1 2025, total revenue is 577 million RMB, down 8.58% YoY; net profit attributable to shareholders is 193 million RMB, up 14.18% YoY [5][10]. - The metal resources sector's adsorbent material sales revenue is 256 million RMB, up 30% YoY; life sciences sector's adsorbent material sales revenue is 568 million RMB, up 28% YoY. Water treatment and ultrapure adsorption materials sales revenue is 688 million RMB, up 34% YoY; chemical and catalytic adsorption separation materials sales revenue is 202 million RMB, up 42% YoY [10]. Project Development - The Tibet lithium project is accelerating, with the Tibet Jieza Chaka 3300-ton lithium hydroxide production line under construction, expected to be the first compliant industrial salt lake lithium project in Tibet. The subsequent 6700-ton production line will accelerate construction if conditions permit [10].

Investment Rating - The report maintains a "Buy" rating for the company, with a projected net profit of 10.54 billion, 13.27 billion, and 15.77 billion for 2025-2027, corresponding to PE ratios of 20.95X, 16.64X, and 14.01X respectively [4][6]. Core Insights - The company achieved a revenue of 2.554 billion in 2024, a year-on-year increase of 2.62%, and a net profit of 787 million, up 9.79% year-on-year. For Q1 2025, revenue was 577 million, down 8.58% year-on-year, while net profit rose 14.18% to 193 million [1][2]. - The gross margin improved to 49.47% in 2024 and 50.79% in Q1 2025, driven by an increase in the proportion of high-end adsorption materials and a decrease in lower-margin system device revenue [2][3]. - The core business of adsorption materials showed robust growth, with a revenue of 1.99 billion from this segment, accounting for 80.9% of total revenue in 2024. The demand from downstream sectors such as metal resources and life sciences continues to drive performance [3][4]. Financial Summary - The company reported a total revenue of 2.554 billion in 2024, with a projected increase to 3.297 billion in 2025, reflecting a growth rate of 29.1%. The net profit is expected to rise from 1.054 billion in 2025 to 1.577 billion in 2027, with corresponding growth rates of 33.9% and 18.8% [5][13]. - The gross profit margin is projected to remain stable around 49.4% to 49.3% from 2025 to 2027, while the net profit margin is expected to improve from 32.0% in 2025 to 32.8% in 2027 [13]. International Expansion - The company reported overseas sales of 655 million in 2024, a significant increase of 45.1% year-on-year, with overseas revenue accounting for 25.65% of total revenue. The brand's reputation is growing internationally, with expansion into North America, Europe, Asia, South America, and Africa [4][6].

根据调研日期截止日统计，近10日（4月16日至4月29日），海外机构对214家上市公司进行调研，其 中，蓝晓科技最受关注，被38家海外机构密集调研。 证券时报·数据宝统计显示，近10日共有566家公司获机构调研，调研机构类型显示，证券公司调研达 537家，占比最多；基金公司调研468家，位列其后；海外机构共对214家上市公司进行走访。 海外机构调研榜单中，蓝晓科技参与调研的海外机构达到38家，最受关注；其次是迈瑞医疗，参与调研 的海外机构共有30家。 | 002698 | 博实股份 | 3 | 16.35 | 2.06 | 机械设备 | | --- | --- | --- | --- | --- | --- | | 300003 | 乐普医疗 | 8 | 11.10 | 2.02 | 医药生物 | | 300083 | 创世纪 | 8 | 8.37 | 1.82 | 机械设备 | | 002833 | 弘亚数控 | 4 | 16.89 | 1.81 | 机械设备 | | 002335 | 科华数据 | 6 | 41.03 | 1.76 | 电力设备 | | 688213 | 思特威 | 1 | 95.76 | ...

事件：公司发布24 年报，报告期内实现营收、归母净利润和扣非归母净利润分别为25.54、7.87、7.45 亿，分别同比+2.62%、+9.79%、+2.99%。其中24Q4 实现营收、归母净利润和扣非归母净利润分别为 6.62、1.91、1.67 亿，分别同比-27.4%、-4.04%、-25.04%，分别环比+10.89%、-0.79%、-10.07%。 公司发布25 年一季报，报告期内实现营收、归母净利润和扣非归母净利润分别为5.77、1.93、1.9 亿， 分别同比-8.58%、+14.18%、+15.17%。 非锂基本仓业务继续展现出良好成长动能。24 年公司收入同比略有增长，背后主要是盐湖提锂大项目 收入确认仅0.99 亿（占比3.9%）所拖累，24 年盐湖提锂大项目收入同比下滑81%，但扣除盐湖提锂外 的基础业务收入24.55 亿（占比96.1%），同比+24.71%。24 年吸附材料分应用领域看，金属资源、生命 科学、水处理与超纯化、节能环保、食品加工、化工与催化分别实现收入2.56 亿（同比+30%）、5.68 亿（同比+28%）、6.88 亿（同比+34%）、1.81 亿（同比-2%）、0 ...

杜邦反垄断调查或加速产品国产替代，高研发投入支撑公司高速增长。4 月4 日，国家市场监管总局发 布消息称，因杜邦中国集团有限公司涉嫌违反《中华人民共和国反垄断法》，市场监管总局依法对杜邦 中国集团有限公司开展立案调查。考虑到杜邦公司是高端离子交换树脂领域的重点玩家，此次反垄断调 查有望加速公司产品在高端领域的渗透率提升。2024FY/2025Q1 公司研发费用分别为1.46/0.33 亿元， 占当期营收比例为5.72%/5.71%，看好外部环境变化+内在创新双轮驱动下公司产品持续实现新突破： 2024 年在生命科学领域，公司完成新一代 ProteinA 亲和填料的SunoX 的放大验证并获得多个客户的测 试反馈，综合性能优越。 投资建议：基于当前国产替代节奏以及公司潜在大项目确收节奏，我们给予公司2025-2027 年归母净利 润预期为10.12/12.62/15.26 亿元，对应2025-27年PE 分别为22x、18x、15x。参考公司近5 年估值中枢给 予2025 年30 倍PE，对应目标价为59.70 元，维持"强推"评级。 风险提示：项目建设落后预期；产品验证遭遇瓶颈；下游需求大幅衰减。 事件：公司 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [2][20]. Core Insights - The company's basic warehouse business continues to grow significantly, with a focus on accelerating domestic substitution [2]. - In 2024, the company achieved total revenue of 2.554 billion yuan, a year-on-year increase of 2.6%, and a net profit attributable to shareholders of 787 million yuan, up 9.8% year-on-year [9][10]. - The report highlights the company's strong performance in high-margin segments, particularly in ion exchange adsorption resins, which generated 1.99 billion yuan in revenue, reflecting a 27.6% year-on-year growth [9][10]. - The report notes that external factors have impacted revenue from major projects, particularly a significant decline in revenue from lithium extraction projects [9][10]. - The ongoing anti-monopoly investigation into DuPont is expected to accelerate the company's penetration into high-end markets [9][10]. - The investment recommendation is based on the current pace of domestic substitution and the potential revenue recognition from major projects, projecting net profits of 1.012 billion yuan, 1.262 billion yuan, and 1.526 billion yuan for 2025, 2026, and 2027, respectively [9][10]. Financial Summary - The company forecasts total revenue for 2025 to be 3.209 billion yuan, with a year-on-year growth rate of 25.6% [4]. - The projected net profit for 2025 is 1.012 billion yuan, representing a growth rate of 28.5% [4]. - The earnings per share (EPS) is expected to increase from 1.55 yuan in 2024 to 1.99 yuan in 2025 [4]. - The target price for the company's stock is set at 59.70 yuan, compared to the current price of 44.11 yuan [5].

2025 年 4 月 28 日 公司研究 业绩稳步增长，吸附材料多板块齐发力 ——蓝晓科技（300487.SZ）2024 年年报&2025 年一季报点评 增持（维持） 当前价：44.11 元 作者 分析师：赵乃迪 执业证书编号：S0930517050005 010-57378026 zhaond@ebscn.com 分析师：蔡嘉豪 执业证书编号：S0930523070003 021-52523800 caijiahao@ebscn.com 市场数据 | 总股本(亿股) | 5.08 | | --- | --- | | 总市值(亿元)： | 223.93 | | 一年最低/最高(元)： | 36.39/67.85 | | 近 3 月换手率： | 45.94% | 股价相对走势 -18% -4% 10% 25% 39% 04/24 07/24 10/24 01/25 蓝晓科技 沪深300 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | -3.86 | -8.33 | -10.93 | | 绝对 | -7.14 | -8.54 ...

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 西安蓝晓科技新材料股份有限公司 投资者关系活动记录表 编号：2025—003 | | □特定对象调研 | □分析师会议 | | --- | --- | --- | | 投资者关 | □媒体采访 | □业绩说明会 | | 系活动 | □新闻发布会  | 路演活动 | | 类别 | □现场参观 | | | | □其他 | | | 参与单位 | HSZ Group：Ms. Selena Suen | | | | CIC：Mr. Albert Jin | | | | Library Group：Mr. Jinzhi Mu | | | | Luven Capital：Mr. Vincent Lu | | | 名称及人 | Manulife：Mr. Wenlin Li | | | 员姓名 | Sinopac Asset Management：Mr. Bing Lin | | | | Splenssay Capital：Mr. Yixin Wu | | | | Wealth Quay Asset：Mr. Jake Li | | | ...

专利摘要显示，本发明涉及盐酸精制吸附技术领域，公开了一种分布器及具有其的盐酸精制设备，分布 器包括：壳体，其底部开设有安装口；壳体的内侧周壁围合形成容纳腔，容纳腔内沿竖直方向远离安装 口的一端适于容置吸附填料；过滤层，内置于容纳腔内沿竖直方向靠近安装口的一端，过滤层适于阻挡 吸附填料从安装口流出；多孔板，盖设于安装口处，多孔板上开设有若干通孔，通孔的孔径小于过滤层 的颗粒直径，多孔板适于将过滤层隔档在容纳腔内。本发明既能够避免吸附填料在运行过程中通过短路 径泄漏，又能够保证在壳体内铺设少量地过滤填料就能够形成足够厚的过滤层，无需加长分布器的筒 体，有利于在保证正常工作的前提下降低过滤填料的装填量。 天眼查资料显示，西安蓝晓科技新材料股份有限公司，成立于2001年，位于西安市，是一家以从事化学 原料和化学制品制造业为主的企业。企业注册资本21976.8787万人民币。通过天眼查大数据分析，西安 蓝晓科技新材料股份有限公司共对外投资了15家企业，参与招投标项目598次，财产线索方面有商标信 息191条，专利信息142条，此外企业还拥有行政许可32个。 高陵蓝晓科技新材料有限公司，成立于2013年，位于西安市，是一 ...