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].

Group 1 - Overseas institutions conducted research on 214 listed companies in the past 10 days, with Bluestar Technology being the most focused, receiving attention from 38 overseas institutions [1][8] - A total of 566 companies were researched by institutions, with securities companies leading at 537, followed by fund companies at 468 [1][8] - The average stock price of companies researched by overseas institutions increased by 1.13% over the past 10 days, with notable gainers including Kailaiying, which rose by 28.17% [1][8] Group 2 - Among the companies that received attention from overseas institutions, 175 reported annual performance, with Petty Holdings and Hand Information showing significant net profit growth [1][8] - 19 companies issued annual performance forecasts, with 9 expecting profit increases, 3 expecting profits, 4 expecting profit declines, and 2 expecting losses [1][8] - The highest projected net profit growth was for Sitwei, with an expected year-on-year increase of 2671.00% [1][8] Group 3 - The top companies receiving overseas institutional research included Kailaiying, Zhongchong Co., and Nanshan Zhishang, with respective stock price increases of 28.17%, 26.89%, and 26.07% [1][2] - Companies with the largest stock price declines included Aibo Medical, which fell by 23.50%, and others like Yuyue Medical and Xinyuan Technology, which also experienced significant drops [7][8] - The report highlights a diverse range of industries involved, including pharmaceuticals, agriculture, textiles, and electronics, indicating broad interest from overseas institutions [1][8]

Core Insights - The company reported a slight increase in revenue for 2024, with total revenue, net profit attributable to shareholders, and net profit excluding non-recurring items reaching 2.554 billion, 787 million, and 745 million respectively, representing year-on-year growth of 2.62%, 9.79%, and 2.99% [1] - The company experienced a significant decline in Q4 2024 revenue and net profit compared to the previous quarter, with revenue down 27.4% year-on-year [1] - In Q1 2025, the company reported revenue, net profit attributable to shareholders, and net profit excluding non-recurring items of 577 million, 193 million, and 190 million respectively, with year-on-year changes of -8.58%, +14.18%, and +15.17% [1] Revenue Breakdown - The company's non-lithium basic warehouse business showed strong growth, with total revenue excluding the lithium extraction project from salt lakes reaching 2.455 billion, a year-on-year increase of 24.71% [2] - The salt lake lithium extraction project generated only 99 million in revenue, down 81% year-on-year, impacting overall revenue growth [2] - Revenue from various application areas in adsorption materials included: 256 million from metal resources (+30%), 568 million from life sciences (+28%), 688 million from water treatment and ultrapure water (+34%), 181 million from energy conservation and environmental protection (-2%), 56 million from food processing (+28%), and 200 million from chemicals and catalysis (+42%) [2] Profitability and Margins - The company achieved a gross margin of 49.47% in 2024, an increase of 0.8 percentage points year-on-year, benefiting from a higher proportion of mid-to-high-end adsorption materials and a decrease in the proportion of lower-margin system device revenue [2] - In Q1 2025, the gross margin improved to 50.79%, up 5.37 percentage points year-on-year, with continued strong growth in the life sciences, metal resources, and water treatment sectors [2] International Expansion - The company saw a significant increase in overseas revenue, which reached 655 million in 2024, a year-on-year growth of 45.1%, accounting for 25.65% of total revenue [3] - The company established a wholly-owned subsidiary in the United States and set up warehousing units in North America and Europe to facilitate localized business development [3] Future Projections - Revenue projections for 2025-2027 are estimated at 3.085 billion, 3.824 billion, and 4.679 billion respectively, with year-on-year growth rates of 20.78%, 23.98%, and 22.34% [3] - Net profit attributable to shareholders is expected to reach 959 million, 1.204 billion, and 1.548 billion for the same period, with growth rates of 21.85%, 25.55%, and 28.53% respectively [3] - The current stock price corresponds to a price-to-earnings ratio of 23.34, 18.59, and 14.47 for 2025-2027, reflecting the company's strong growth potential as a leading platform for adsorption materials [3]

Core Viewpoint - The company reported a stable revenue growth in 2024, with a total revenue of 2.554 billion yuan, reflecting a year-on-year increase of 2.62%, while net profit attributable to shareholders reached 787 million yuan, up 9.79% year-on-year [1] Group 1: Financial Performance - In 2024, the company achieved a revenue of 2.554 billion yuan, with a net profit of 787 million yuan and a non-recurring net profit of 745 million yuan, showing year-on-year increases of 9.79% and 2.99% respectively [1] - The profit distribution plan for 2024 proposes a dividend of 6.00 yuan per 10 shares (including tax) [1] - For Q1 2025, the company reported a revenue of 577 million yuan, down 8.58% year-on-year and 12.91% quarter-on-quarter, while net profit attributable to shareholders was 193 million yuan, up 14.18% year-on-year [1] Group 2: Business Segments - The basic warehouse business showed robust growth, with a revenue of 2.45 billion yuan excluding the lithium extraction project, marking a 24.7% year-on-year increase and accounting for 96.1% of total revenue [2] - The ion exchange adsorption resin segment generated 1.99 billion yuan in revenue, a 27.6% increase year-on-year, with a gross margin of 52.85%, reflecting a 1.72 percentage point increase [2] - Revenue from water treatment, life sciences, metal resources, and chemical & catalysis segments grew by 34%, 28%, 30%, and 42% respectively [2] Group 3: Project and Market Dynamics - The revenue from the lithium extraction project was 100 million yuan, accounting for 3.9% of total revenue, which represents an 81.0% year-on-year decline due to cyclical downturns in the lithium resource industry [3] - The company has received 195 million yuan from a contract signed in March 2022 for the supply of adsorption equipment, indicating a discrepancy with the expected progress [3] Group 4: Research and Development - The company invested 146 million yuan in R&D in FY 2024, representing 5.72% of revenue, and 33 million yuan in Q1 2025, maintaining a similar ratio of 5.71% [4] - The ongoing antitrust investigation into DuPont may accelerate the company's penetration into high-end product markets [4] - In the life sciences sector, the company completed the scale-up validation of a new generation ProteinA affinity filler, receiving positive feedback from multiple clients [4] Group 5: Investment Outlook - The company is expected to achieve net profits of 1.012 billion yuan, 1.262 billion yuan, and 1.526 billion yuan for 2025-2027, with corresponding PE ratios of 22x, 18x, and 15x [4] - A target price of 59.70 yuan is set for 2025 based on a 30x PE valuation, maintaining a strong buy rating [4]

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].

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 近期，不少外资机构看多中国资产。 4月23日，富兰克林邓普顿新兴市场股票团队投资经理Yi Ping Liao在接受中国证券报记者采访时表示， 中国A股对外资的依赖度显著低于亚洲其他市场，这一结构性特征增强了A股市场的韧性。中国股市仍 可以自下而上发掘优质投资机会，目前主要看好内需导向型中资股等。 路博迈集团在近日发布的二季度股票市场展望中表示："海外投资者在中国股票资产的持仓比例仍相对 较低，且中国经济和企业业绩出现惊喜的可能性相对较高，我们对中国市场的观点为超配。" 中国资产韧性凸显受到外资机构密切关注。 Wind数据显示，今年4月份以来，已有236家A股公司接受外资机构调研。其中，接受外资机构调研次数 居前十的公司分别为：华明装备、宏发股份、立讯精密、安克创新、蓝晓科技、乖宝宠物、水晶光电、 澜起科技、伟星新材、蓝思科技，涉及出海板块，与内需相关的消费电子、宠物经济，以及与科技创新 相关的人形机器人、芯片、电气设备等板块。 具体来看，4月至今，华明装备已被81家外资机构调研，包括摩根士丹利、路博迈、瑞银资产管理、富 兰克林邓普顿等知 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company has shown steady growth in performance, with significant contributions from its adsorption materials across multiple sectors [5][6] - The company reported a revenue of 2.554 billion yuan in 2024, a year-on-year increase of 3%, and a net profit attributable to shareholders of 787 million yuan, up 10% year-on-year [4][5] - The first quarter of 2025 saw a revenue of 577 million yuan, a decrease of 9% year-on-year, while the net profit attributable to shareholders increased by 14% year-on-year [4][6] Summary by Sections Financial Performance - In 2024, the company's core business revenue (excluding lithium extraction from salt lake systems) was 2.46 billion yuan, a year-on-year increase of 25%, accounting for 96% of total revenue [5] - The revenue from adsorption materials reached 1.99 billion yuan, representing 80.9% of the total revenue, while the revenue from the salt lake lithium extraction project dropped significantly by 81% [5] - For Q1 2025, excluding the salt lake lithium extraction business, the core business revenue was 577 million yuan, a year-on-year increase of 9% [6] Business Segments - The adsorption materials segment has shown high growth across various sectors, with metal resources revenue increasing by 30%, life sciences by 28%, and water treatment and ultrapure water by 34% in 2024 [5] - The life sciences segment is expected to become a core growth engine due to ongoing capacity upgrades and expansions [7] International Strategy - The company has made significant progress in its international strategy, achieving overseas sales revenue of 655 million yuan in 2024, a substantial increase of 45.1% year-on-year [8] - The company is expanding its marketing and technical service network internationally, enhancing its brand influence and reputation [8] Profit Forecast and Valuation - The profit forecast for 2025-2027 has been adjusted, with expected net profits of 1.055 billion yuan, 1.253 billion yuan, and 1.495 billion yuan respectively [9] - The report anticipates continued high growth for the company, particularly in the adsorption materials sector and life sciences [9]

Financial Performance - In 2024, the company achieved a revenue of CNY 2.55 billion, a year-on-year increase of 2.6%, and a net profit attributable to shareholders of CNY 0.98 billion, up 7.87% [2] - The large project revenue was CNY 0.1 billion, accounting for 3.9%, a significant decline of 81% compared to 2023, attributed to the cyclical nature of the lithium industry and project execution progress [3] - Excluding the large lithium project, the core business revenue was CNY 2.46 billion, a year-on-year increase of 25%, representing 96.1% of total revenue [3] - The comprehensive gross margin for 2024 was 49.5%, remaining stable compared to the previous year [3] - In Q1 2025, the company reported a revenue of CNY 0.577 billion, a decrease of 8% year-on-year, with a net profit of CNY 0.193 billion, an increase of 14% [3] Business Segments - The chemical and catalytic adsorption separation materials segment achieved sales revenue of CNY 0.202 billion in 2024, a year-on-year increase of 42% [5] - The water treatment and ultra-pure adsorption materials segment generated sales revenue of CNY 0.688 billion in 2024, a growth of 34% [9] - The company plans to increase production capacity for high-end materials, targeting a total production of 65,700 tons in 2024, a 33.4% increase year-on-year [6] Strategic Initiatives - The Tibet Jiezhe Chaka project utilizes a new environmentally friendly "zero-carbon" process, overcoming challenges related to high altitude and sensitive environments [4] - The company is expanding its solid-phase synthesis carrier business, benefiting from the growing market for GLP-1 peptide drugs [8] - A shareholder meeting approved plans for a new high-end materials manufacturing park, aiming to meet the demand for high-value adsorption separation materials [6] Dividend Policy - The company plans to distribute a total cash dividend of CNY 0.365 billion for the 2024 fiscal year, which represents 46% of the net profit attributable to shareholders [10]

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 ...

Financial Performance - In 2024, the company achieved a revenue of CNY 2.55 billion, a year-on-year increase of 2.6% [2] - The net profit attributable to shareholders reached CNY 787 million, up 9.8%, with net profit growth outpacing revenue growth by 1 percentage point [2] - The revenue from the salt lake lithium extraction project was CNY 720 million, accounting for 13.9% of total revenue, a significant decline compared to 81% in 2023 [2] - Excluding the salt lake lithium project, the core business revenue was CNY 2.46 billion, a 25% increase, representing 96.1% of total revenue [2] - The operating cash flow for 2024 was CNY 730 million, reflecting a 9.3% year-on-year growth [2] Q1 2025 Performance - In Q1 2025, the company reported a revenue of CNY 577 million, a decrease of 8% year-on-year [3] - The net profit attributable to shareholders for Q1 2025 was CNY 193 million, a 14% increase [3] - Excluding the salt lake lithium project, core business revenue in Q1 2025 was CNY 577 million, showing a 9% year-on-year growth [3] Project Developments - The Zhecha project in Tibet is expected to complete its first 3,300-ton lithium hydroxide production line, overcoming significant challenges [4] - The project aims to utilize a "zero-carbon" process powered by renewable energy, which is anticipated to contribute to new performance increments for the company [4] Business Segments - The life sciences segment's sales revenue for 2024 was CNY 568 million, a 28% increase, driven by the demand for GLP-1 peptide drugs [5] - The water treatment and ultra-purification segment achieved sales revenue of CNY 688 million in 2024, a 34% increase, with significant market penetration in high-end drinking water [8] - The company has established long-term contracts with major clients in the ultra-pure water sector, enhancing its market position [8] Future Outlook - The company plans to maintain a dual increase in production and sales of adsorbent materials, targeting a total production of 65,700 tons in 2024, a 33.4% increase [9] - A proposal to invest in a high-end materials manufacturing park with a capacity of 20,000 tons has been approved, aimed at meeting high-value market demands [9]