共振成长趋势不变，规模与经营质量双升 蓝晓科技（300487.SZ）/新 证券研究报告/公司点评 2024 年5 月3日 材料 [Table_Industry] [评Ta级ble：_T买itle入] （维持） [公Ta司ble盈_F利in预anc测e1及] 估值 市场价格：46.81 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 1,920 2,489 3,226 4,037 5,023 分析师：孙颖 增长率yoy% 61% 30% 30% 25% 24% 执业证书编号：S0740519070002 归母净利润（百万元） 538 717 1,009 1,314 1,640 Email：sunying@zts.com.cn 增长率yoy% 73% 33% 41% 30% 25% 每股收益（元） 1.06 1.42 2.00 2.60 3.25 分析师：韩宇 净资产收益率 20% 21% 23% 23% 23% 执业证书编号：S0740522040003 P/E 44.0 33.0 23.4 18.0 14.4 Email：hanyu@zts.com.cn P/B 8.7 ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 05 月 05 日 蓝 晓科技(300487.SZ) 证券研究报告 基础业务稳健发展，生命科学业务快速 合成树脂 投资评级 买入-A 成长 维持评级 公司发布 2023 年年报和 2024 年一季报 6个月目标价 74.4元 股价 (2024-04-30) 46.81元 ✔2023 年公司营业收入 24.89 亿元，同比+29.62%；归母净利 7.17 亿元，同比+33.35%；扣非归母 7.23亿元，同比+47.63%。其中 2023 交易数据 年 Q4 营业收入 9.12 亿元，同比+22.82%、环比+60.26%；归母净利 总市值(百万元) 23,639.59 1.99 亿元，同比-11.25%、环比+15.48%；扣非归母2.22 亿元，同比 流通市值(百万元) 14,236.23 +20.17%、环比+36.07%。 总股本(百万股) 505.01 ✔24Q1 公司营业收入6.31亿元，同比+25.99%，环比-30.84%；归母 流通股本(百万股) 304.13 净利润 1.69亿元，同比+26.35%，环比-14. ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][2] - Target price is set at 64.46 CNY, down from the previous target of 74.95 CNY [1][2] Core Views - The company's performance in Q1 2024 met expectations, with rapid growth in the life sciences, water treatment, and environmental protection sectors [1] - The company achieved revenue of 2.489 billion CNY in 2023, representing a year-on-year increase of 61% [2] - The life sciences segment saw a significant revenue increase of 40% year-on-year, driven by high demand for solid-phase carriers [1][2] Financial Summary - Revenue and profit are expected to continue growing, with projected EPS for 2024 at 1.99 CNY, 2.44 CNY for 2025, and 3.04 CNY for 2026 [1] - The company reported a gross margin of 49.03% in Q4 2023, with a slight decrease to 45.42% in Q1 2024 [1] - The net profit for Q1 2024 was 1.99 billion CNY, reflecting a year-on-year increase of 33.40% [1] Business Segments - The life sciences segment is expanding rapidly, with a revenue of 4.44 billion CNY in 2023, up 40% year-on-year [1] - The water treatment and ultra-purification segment also showed strong growth, with revenue of 5.13 billion CNY, a 22% increase year-on-year [1] - The company has developed proprietary technologies for lithium extraction from salt lakes, contributing to significant revenue growth in this area [1]

2024年04月26日 公 司点评 公 买入 / 维持 司 蓝晓科技(300487) 研 究 业绩同比增长，平台型公司行稳致远 事件：公司近期发布2023年报及2024年一季报，2023年实现营 ◼ 走势比较 收24.89亿元，同比+29.62%，实现归母净利润7.17亿元，同比+33.35%， 10% 公司2023年度拟向全体股东每10股派发现金红利5.68元（含税）， 0% 太 (10%)52/4/32 7/7/32 81/9/32 03/11/32 11/2/42 42/4/42 共计派发现金红利2.87亿元，占2023年归母净利润的39.97%。2024Q1 实现营业收入6.31亿元，同比+25.99%，实现归母净利润1.69亿元， 平 (20%) 洋 (30%) 同比+26.35%。 证 (40%) 公司深耕吸附分离材料领域，2023盈利能力稳步提升。公司深耕 券 蓝晓科技 沪深300 股 吸附分离材料及技术领域20余年，产品广泛应用于金属资源、生命科 份 ◼ 股票数据 学、水处理与超纯水、食品加工、节能环保诸多领域。2023年，公司 有 总股本/流通(亿股) 5.05/5.05 营业收入与净利润双 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company experienced significant revenue growth in 2023, driven by multiple business segments, with notable contributions from the lithium extraction project [1][3] - The gross profit margin improved to 48.9% in 2023, an increase of 4.88 percentage points year-on-year, primarily due to the higher revenue contribution from the high-margin life sciences segment [1][3] - The company is expected to achieve a net profit attributable to shareholders of 9.73 billion, 12.12 billion, and 14.54 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 35.6%, 24.6%, and 20.0% [4][6] Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 24.89 billion yuan, a year-on-year increase of 29.6% [1][7] - The net profit attributable to shareholders was 7.17 billion yuan, reflecting a year-on-year growth of 33.4% [1][7] - The company’s operating cash flow for 2023 was 6.7 billion yuan, a decrease of 7.5% year-on-year [1][6] Business Segments - The main business segments showed strong performance, with revenue contributions from system devices, water treatment and ultrapure materials, and life sciences increasing by 76%, 22%, and 40% respectively in 2023 [1][3] - The lithium extraction project generated 5.2 billion yuan in revenue, accounting for 20.9% of total revenue, with an 85.16% year-on-year growth [1][3] Research and Development - The company invested 1.47 billion yuan in R&D in 2023, representing 5.93% of its revenue, with a cumulative investment of 4.63 billion yuan over the past five years [3][4] - The company continues to enhance its lithium extraction technology, with the "third generation" lithium extraction adsorbent showing significant performance advantages [3] Future Outlook - The company is projected to maintain strong growth, with expected revenues of 24.89 billion, 32.43 billion, 40.07 billion, and 48.12 billion yuan for 2024 to 2026, respectively [4][6] - The gross profit margin is anticipated to improve further, reaching 50.4% in 2024 and 51.0% by 2026 [4][7]

[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 ...