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 ...

Investment Rating - The report maintains a "Recommended" rating for the company [1][2]. Core Insights - The company reported a revenue of 2.489 billion yuan in 2023, a year-on-year increase of 29.62%, and a net profit attributable to shareholders of 717 million yuan, reflecting a growth of 33.35% [1]. - The gross margin and net margin for 2023 were 48.67% and 28.99%, respectively, showing improvements of 4.68 percentage points and 1.15 percentage points year-on-year [1]. - The company is experiencing strong growth in emerging sectors such as life sciences, semiconductors, and environmental protection, driven by continuous technological innovation [1][2]. Financial Performance Summary - In Q1 2024, the company achieved a revenue of 631 million yuan, a year-on-year growth of 25.99%, and a net profit of 169 million yuan, up 26.35% [1]. - The company’s gross margin for 2024 Q1 continued to show a slight upward trend, supported by a significant increase in the gross margin of its adsorption materials, which rose by 7.16 percentage points in 2023 [1]. - The projected net profits for 2024, 2025, and 2026 are 980.95 million yuan, 1.268 billion yuan, and 1.521 billion yuan, respectively, with corresponding PE ratios of 24.96, 19.30, and 16.10 [2][3]. Sector Growth Drivers - The life sciences sector saw a revenue of 440 million yuan in 2023, marking a 40% year-on-year increase, driven by the rising demand for GLP-1 peptide drugs [1]. - The water treatment and ultrapure water segment generated 513 million yuan in revenue, a 22% increase, indicating a significant market potential due to low domestic penetration rates [1]. - The lithium extraction project from salt lakes generated 520 million yuan in revenue, reflecting an 85.16% year-on-year growth, highlighting the company's strong position in the lithium supply chain [2].

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]

西安蓝晓科技新材料股份有限公司 独立董事提名人声明与承诺 提名人西安蓝晓科技新材料股份有限公司董事会现就提名强力为西安蓝晓 科技新材料股份有限公司第五届董事会独立董事候选人发表公开声明。被提名人 已书面同意作为西安蓝晓科技新材料股份有限公司第五届董事会独立董事候选 人（参见该独立董事候选人声明）。本次提名是在充分了解被提名人职业、学历、 职称、详细的工作经历、全部兼职等情况后作出的，本提名人认为被提名人符合 相关法律、行政法规、部门规章、规范性文件和深圳证券交易所业务规则对独立 董事候选人任职资格及独立性的要求，具体声明并承诺如下事项： 一、被提名人已经通过西安蓝晓科技新材料股份有限公司第四届董事会提名 委员会资格审查，提名人与被提名人不存在利害关系或者其他可能影响独立履职 情形的密切关系。 ☑是 □否 三、被提名人符合中国证监会《上市公司独立董事管理办法》和深圳证券交 易所业务规则规定的独立董事任职资格和条件。 ☑是 □否 四、被提名人符合公司章程规定的独立董事任职条件。 ☑是 □否 五、被提名人已经参加培训并取得证券交易所认可的相关培训证明材料（如 有）。 ☑是 □否 六、被提名人担任独立董事不会违反《中 ...

| 证券代码：300487 | 证券简称：蓝晓科技 | 公告编号：2024-030 | | --- | --- | --- | | 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（以下简称"公司"）依照中华人民共 和国财政部（以下简称"财政部"）发布的相关企业会计准则解释而进行的相 应变更，无需提交公司董事会和股东大会审议，不会对公司财务状况、经营成 果和现金流量产生重大影响。相关会计政策变更的具体情况如下： 一、本次会计政策变更概述 1.会计政策变更的原因 财政部于 2022 年 11 月发布了《企业会计准则解释第 16 号》（财会 〔2022〕31 号）（以下简称"解释第 16 号"）。解释第 16 号规定，对于不是 企业合并、交易发生时既不影响会计利润也不影响应纳税所得额（或可抵扣亏 损）、且初始确认的资产和负债导致产生等额应纳税暂时性差异和可抵扣暂时 性差异的单项交易，因资产和负债的初始确认所产生的应纳税暂时性差异和可 抵扣暂时性差异，应当根据《企业会计准则第 18 号——所得税》等有关规定， 在交易发生时分别确认相应的递延所得税负债和递延所得税资产。对于在 ...

Financial Performance - The company's annual revenue reached 2.5 billion yuan, with a net profit of 720 million yuan, both marking historical highs[4]. - Operating cash flow was reported at 670 million yuan, and a dividend of 290 million yuan is planned, bringing total dividends since listing to 770 million yuan[4]. - Revenue has grown from 600 million yuan five years ago to 2.5 billion yuan, and net profit increased from 140 million yuan to 720 million yuan during the same period[4]. - The company's operating revenue for 2023 reached ¥2,488,817,821.21, representing a 29.62% increase compared to ¥1,920,086,703.53 in 2022[25]. - Net profit attributable to shareholders for 2023 was ¥717,032,641.13, up 33.35% from ¥537,702,763.60 in 2022[25]. - The total assets at the end of 2023 amounted to ¥5,695,042,410.99, a 24.59% increase from ¥4,571,129,858.81 at the end of 2022[25]. - The basic earnings per share for 2023 was ¥1.43, reflecting a 32.41% increase from ¥1.08 in 2022[25]. - The company achieved quarterly revenues of ¥912,216,274.19 in Q4 2023, marking a significant increase compared to previous quarters[27]. - The company reported a total net profit of ¥198,844,316.97 in Q4 2023, indicating strong performance in the last quarter[27]. - The company achieved a revenue of 2.489 billion yuan in 2023, a year-on-year increase of 29.64%, and a net profit attributable to shareholders of 717 million yuan, up 33.35%[92]. Market Expansion and Internationalization - The company is focusing on expanding its international market presence, which has rapidly increased in proportion to overall business volume[13]. - The company plans to deepen internationalization in R&D, supply chain, and organizational structure to align with world-class standards[5]. - The company is committed to enhancing its production capacity and operational efficiency in response to the increasing scale of fixed assets[14]. - The company is actively pursuing market expansion strategies, aiming to increase its footprint in both domestic and international markets through strategic partnerships and collaborations[82]. - The company aims to enhance its international market coverage and expand its overseas sales network, leveraging existing subsidiaries in Belgium, Germany, and Argentina to tap into new markets and increase brand influence[151]. Research and Development - Continuous innovation is highlighted as a key driver for growth, with emerging markets in new energy, life sciences, and water treatment presenting significant demand[5]. - The company is committed to strengthening R&D investment to maintain competitive advantages and meet evolving customer needs[8]. - Research and development expenses amounted to 147 million yuan, accounting for 5.93% of revenue, with cumulative R&D investment over five years reaching 463 million yuan[103]. - The company has developed multiple core technologies for adsorbent materials, including methods for purifying quinoid compounds and recovering valuable substances from waste solutions[76]. - The company is focused on developing innovative technologies, including a lithium extraction process that has become an industry-recognized solution, contributing to the advancement of downstream industries[158]. Product Development and Innovation - The company has developed a comprehensive solution that integrates materials and equipment, catering to the needs of emerging application fields[41]. - The company has established a comprehensive production line for agarose, dextran, and polymer-based separation media, enhancing its competitive edge in the market[76]. - The company has achieved stable production of high-capacity protein G affinity ligands, enhancing its market competitiveness[121]. - The company has successfully scaled up the production of aluminum-based adsorbents, improving performance in high-temperature environments[121]. - New product development efforts have led to the introduction of three innovative materials, which are expected to contribute an additional 300 million RMB in revenue next year[184]. Challenges and Risks - The company faces challenges from geopolitical factors, economic cycles, and trade barriers, which are reshaping global industry structures[4]. - The company is addressing the risk of increased asset depreciation due to the rapid growth of fixed assets by enhancing market expansion efforts to ensure timely project profitability[14]. - The company is implementing effective market development plans and management systems to mitigate risks from regulatory changes in international markets[13]. Corporate Governance and Compliance - The governance structure of the company is complete and complies with relevant laws and regulations, ensuring effective risk management and information disclosure[161]. - The company maintains independence from its controlling shareholders in terms of business operations, personnel, assets, and finances[169]. - The company has established an independent financial management system and internal audit department, ensuring compliance and transparency in financial operations[174]. - The board of directors consists of 9 members, including 3 independent directors, ensuring a balanced governance structure[164]. - The company is committed to enhancing its corporate governance and ensuring transparency in its operations[189]. Sustainability and Social Responsibility - The company is committed to sustainability, having implemented an environmental management system that aligns with global best practices[82]. - The company emphasizes ESG principles, focusing on sustainable development and social responsibility, while integrating ESG into daily operations to enhance investor confidence and corporate reputation[153]. Financial Strategies and Investments - The company has successfully issued convertible bonds raising 546 million yuan to support new capacity and R&D center construction[106]. - The company plans to ensure the delivery of major projects and maintain stable growth in core businesses, focusing on lithium extraction and advanced separation technologies[147]. - The company is actively exploring acquisition opportunities for quality overseas assets and technologies to enhance its competitive position in the global market[151]. - The company has implemented a share repurchase plan with a maximum amount of RMB 30 million, repurchasing approximately 550,000 shares, accounting for 0.11% of the total share capital[156]. Market Trends and Industry Insights - The adsorption separation materials industry is experiencing stable growth, driven by increasing demands for product precision and purity in traditional sectors like food and chemicals[34]. - The demand for adsorption materials is rapidly increasing due to environmental pressures, particularly for VOCs and carbon capture technologies[36]. - The biopharmaceutical market in China was valued at 421 billion RMB in 2022 and is expected to grow to 675.2 billion RMB by 2025, with a compound annual growth rate (CAGR) of 17%[62]. - The global market for plant extracts was approximately $23.7 billion in 2019 and is projected to reach $59.4 billion by 2025, with a CAGR of 16.5%[63]. - The ultra-pure water market was valued at $8.2 billion in 2022 and is expected to grow to $15.87 billion by 2030, with a CAGR of 8.6%[64].

西安蓝晓科技新材料股份有限公司 2023 年度监事会工作报告 1.第四届监事会第十六次会议于 2023 年 1 月 17 日召开，审议通过了《关 于调整向不特定对象发行可转换公司债券方案的议案》《关于公司向不特定对 象发行可转换公司债券预案（修订稿）的议案》《关于公司向不特定对象发行 可转换公司债券论证分析报告（修订稿）的议案》《关于公司向不特定对象发 行可转换公司债券募集资金运用可行性分析报告（修订稿）的议案》《关于公 司向不特定对象发行可转换公司债券摊薄即期回报与采取填补措施以及相关主 体承诺（修订稿）的议案》。 2.第四届监事会第十七次会议于 2023 年 4 月 12 日召开，审议通过了《关 于进一步明确公司向不特定对象发行可转换公司债券方案的议案》《关于公司 向不特定对象发行可转换公司债券上市的议案》《关于开设募集资金专项账户 并签署募集资金监管协议的议案》。 3.第四届监事会第十八次会议于 2023 年 4 月 24 日召开，审议通过了 《2022 年度监事会工作报告》《2022 年年度报告及摘要》《2022 年度财务决 算报告》《2022 年度募集资金存放与使用情况的专项报告》《2022 年度利 ...

一、募集资金基本情况 （一）实际募集资金金额、资金到位时间 西安蓝晓科技新材料股份有限公司 2023年度募集资金存放与使用情况的 专项报告 根据《上市公司监管指引第2号——上市公司募集资金管理和使用的监管要求 （2022年修订）》和《深圳证券交易所上市公司自律监管指引第2号-创业板上市公司 规范运作》有关规定，现将本公司2023年度募集资金存放与使用情况说明如下： 经中国证券监督管理委员会《关于同意西安蓝晓科技新材料股份有限公司向不 特定对象发行可转换公司债券注册的批复》（证监许可〔2023〕628号）核准，并经 深圳证券交易所同意，本公司于2023年4月17日向不特定对象发行了546.0645万张可 转换公司债券，每张面值100元，共计募集资金546,064,500.00元，扣除承销及保荐 费用4,914,580.50元后的募集资金为541,149,919.50元，已由主承销商招商证券股份有 限公司于2023年4月21日汇入本公司募集资金监管账户。 上述募集资金到位情况业经致同会计师事务所（特殊普通合伙）验证，并由其 出具《验资报告》（致同验字〔2023〕第110C000186号）。 本次发行过程中，公司应 ...

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 2023年度内部控制自我评价报告的核查意见 根据《证券发行上市保荐业务管理办法》《深圳证券交易所上市公司自律监 管指引第 13 号—保荐业务》《深圳证券交易所创业板股票上市规则》《深圳证券 交易所上市公司自律监管指引第 2 号—创业板上市公司规范运作》等有关法律法 规和规范性文件的要求，国信证券股份有限公司（简称"国信证券"或"保荐机 构"）作为西安蓝晓科技新材料股份有限公司（简称"蓝晓科技"或"公司"）的 持续督导保荐机构，就《西安蓝晓科技新材料股份有限公司内部控制自我评价报 告》（以下简称"评价报告"）出具核查意见如下： 一、保荐机构进行的核查工作 国信证券保荐代表人通过与公司董事、监事、高级管理人员、内部审计、注 册会计师等人员交谈，查阅了董事会、监事会等会议记录、内部审计报告、年度 内部控制自我评价报告、监事会报告，以及各项业务和管理规章制度，从公司内 部控制环境、内部控制制度的建设、内部控制的实施情况等方面对其内部控制制 度的完整性、合理性及有效性进行了核查。 二、公司内部控制自我评价结论 根据公司财务报告内部控制重大缺陷的认定情况，于内部控 ...