内部编号:2025060145 2023 年西安蓝晓科技新材料股份有限公司 创业板向不特定对象发行可转换公司债券 定期跟踪评级报告 项目负责人:杨亿 460 m yangyi@shxs j.com 项目组成员:吴晓丽 星 成 Fra wxl@shxsj.com 评级总监:张明海 2-16 联系电话:(021)63501349 联系地址:上海市黄浦区汉口路 398 号华盛大厦 14 层 公司网站：www.shxsj.com 上海新世纪资信评估投资服务有限公司 Shanghai Brilliance Credit Rating & Investors Service Co., Ltd. 声明 除因本次评级事项使本评级机构与评级对象构成委托关系外,本评级机构、评级人员与评级对象不存在任何影响 评级行为独立、客观、公正的关联关系。 本评级机构与评级人员履行了调查和诚信义务,所出具的评级报告遵循了真实、客观、公正的原则。 跟踪评级观点 主要优势: 本报告的评级结论是本评级机构依据合理的内部信用评级标准和程序做出的独立判断,未因评级对象和其他任 何组织或个人的不当影响改变评级意见。 本次跟踪评级依据评级对象及其相关方提供 ...

Group 1: Policy Financial Tools - Historical policy financial tools were introduced as counter-cyclical measures to stabilize the economy and enhance local investment capabilities, characterized by low costs, quick deployment, and market-oriented operations [1][20][21] - New policy financial tools are expected to focus more on technology innovation, consumption, and foreign trade, with significant attention on their scale, leverage effects, and issuance rhythm [1][22] Group 2: Banking Sector - The loan interest rate is expected to decline significantly slower in 2025, with the LPR reform leading to a rapid decline in loan rates during certain periods, but a slowdown is anticipated moving forward [3][31][32] - The banking sector is likely to see a stabilization in performance due to reduced pressure on interest margins, with a recommendation to focus on high-quality regional small banks and stable state-owned banks [3][32] Group 3: Non-Banking Sector - Guoyin Financial Leasing - Guoyin Financial Leasing is projected to achieve total revenue of 28.56 billion yuan in 2024, with a year-on-year growth of 7.2%, and a net profit of 4.5 billion yuan, up 8.5% [3] - The company has seen rapid growth in its ship leasing segment, with revenue reaching 7.7 billion yuan, a year-on-year increase of 32.4% [3] Group 4: Non-Banking Sector - Blue Sky Technology - Blue Sky Technology reported a revenue of 2.554 billion yuan in 2024, a year-on-year increase of 2.6%, with a net profit of 787 million yuan, up 9.8% [24] - The company’s adsorption materials business has shown strong growth, while the lithium extraction project has seen a significant decline in revenue [24][25] Group 5: Non-Banking Sector - Ruile New Materials - Ruile New Materials achieved a revenue of 1.459 billion yuan in 2024, with a year-on-year growth of 20.7%, and a net profit of 252 million yuan, up 87.6% [27] - The display materials segment has become the largest business area for the company, driven by the increasing penetration of OLED panels [27][28][29]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6]. Core Views - The company reported a revenue of 2.554 billion yuan in 2024, a year-on-year increase of 2.6%, and a net profit attributable to the parent company of 787 million yuan, up 9.8% year-on-year [1]. - The revenue from the lithium extraction project significantly declined, impacting the overall performance of the system equipment segment, while the adsorption materials business showed robust growth [2][3]. - The life sciences segment is expected to continue its growth trajectory, driven by the demand for high-quality solid-phase synthesis carriers and the performance of GLP-1 peptide drugs [3]. Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 662 million yuan, down 27.4% year-on-year, but up 10.89% quarter-on-quarter, with a net profit of 191 million yuan, down 4.0% year-on-year [1]. - For Q1 2025, the company reported a revenue of 577 million yuan, a decrease of 8.6% year-on-year and 12.91% quarter-on-quarter, while the net profit was 193 million yuan, an increase of 14.2% year-on-year [1]. Business Segments - The adsorption materials business generated 1.986 billion yuan in revenue, up 27.61% year-on-year, while the system equipment segment saw a revenue decline of 43.13% to 469 million yuan [2]. - The revenue from the lithium extraction system equipment was only 99 million yuan in 2024, a dramatic drop of 80.96% compared to 520 million yuan in 2023 [2]. Growth Areas - The life sciences segment's revenue reached 568 million yuan in 2024, reflecting a growth of 28% [3]. - The ultra-pure water segment achieved significant breakthroughs, with substantial orders from key semiconductor companies, indicating a growing market presence [3]. Profitability Forecast - The net profit forecasts for 2025-2027 are adjusted to 1.127 billion yuan, 1.463 billion yuan, and 1.706 billion yuan, respectively, maintaining the "Buy" rating [3].

一场涉及1.14亿元合同的纠纷案在陕西省西安市雁塔区人民法院一审落槌。5月初，蓝晓科技（300487.SZ）与三达膜（688101.SH）的诉讼迎来阶段性进 展：法院一审判决三达膜需向蓝晓科技支付合同价款4828.69万元及逾期违约金，同时驳回三达膜全部反诉请求。尽管三达膜明确表示将提起上诉，但这场 因盐湖提锂项目引发的"诉讼战"已引发市场对产业链上下游合同履约风险的广泛关注。 纠纷溯源：从合作到对簿公堂 这场诉讼的起点可追溯至2022年3月。彼时，三达膜与蓝晓科技签署《5000吨电池级碳酸锂吸附设备供货及安装施工合同》，合同金额达1.14亿元，占蓝晓 科技2021年营收的9.54%。根据合同，蓝晓科技需负责原卤提锂吸附段装置界区工艺、设备、电气、仪表、控制系统等，并协助设计院完成详细工程设计， 总工期为166天。三达膜则按节点支付款项。 2025年5月8日，法院一审判决三达膜需向蓝晓科技支付4828.69万元及逾期付款违约金，同时驳回三达膜全部反诉请求及蓝晓科技其他诉讼主张。法院认 定，蓝晓科技已按合同约定完成吸附设备安装，三达膜应履行支付义务；而三达膜提出的工期延误及设备质量问题，因证据不足未获支持。 对 ...

Group 1: Financial Performance - In 2024, the revenue from the system device business increased by 85%, but installation and debugging costs accounted for over 25% of the revenue [4] - The revenue from the life sciences sector reached 5.68 billion yuan, with a growth rate of 28% [14] - The revenue from the water treatment and ultrapure water business grew by 20%, with a total revenue of 6.88 billion yuan [7] Group 2: Operational Efficiency - The inventory turnover days extended to 180 days due to increased stock of system devices [4] - The company aims to reduce work-in-progress inventory by 25% through digital twin technology optimization [4] - The company achieved a 5-fold increase in inspection efficiency by replacing manual visual inspection with AI visual detection [3] Group 3: Market Expansion and Strategy - In 2024, overseas revenue accounted for 38% of total revenue, amounting to 6.55 billion yuan [10] - The company plans to enhance market development efficiency through the release of industry solution white papers covering six major fields [5] - The life sciences sector's revenue share increased to 29%, with a focus on new product development in peptide synthesis [5] Group 4: Research and Development - The R&D investment intensity reached 9.8%, but the patent implementation rate was below 45% [9] - The company holds 66 domestic and 13 foreign authorized patents, with 74 domestic and 103 foreign patents in the application stage [9] - The company is focusing on developing new types of polyethylene glycol carriers to increase drug loading capacity by 20% [5] Group 5: Supply Chain and Risk Management - The company reported no supply chain security challenges, with most raw materials already localized [12] - The accounts receivable turnover days extended to 125 days, with 65% of accounts receivable from system device projects [10] - The company is exploring credit insurance to cover 80% of accounts receivable to improve cash flow [10]

Investment Rating - The investment rating for the company is "Buy" [2][6] - The previous rating was also "Buy" [2] Core Views - The company is expected to maintain steady growth in its performance, particularly in the adsorption materials business, leading to a sustained "Buy" rating [2][6] - The company reported a revenue of 2.554 billion RMB in 2024, a year-on-year increase of 2.62%, and a net profit attributable to shareholders of 787 million RMB, up 9.79% year-on-year [4][9] - The company plans to distribute a cash dividend of 6.00 RMB per 10 shares to all shareholders [4][9] Financial Performance Summary - In Q4 2024, the company achieved a revenue of 662.3 million RMB, a decrease of 27.40% year-on-year, but a 10.89% increase quarter-on-quarter [11] - For Q1 2025, the company reported a revenue of 576.79 million RMB, down 8.58% year-on-year, but a net profit of 193.14 million RMB, up 14.18% year-on-year [12] - The company’s gross margin for 2024 was 49.47%, with a net margin of 31.11% [9] Business Segment Performance - The adsorption materials segment saw a revenue of 1.986 billion RMB in 2024, with a gross margin of 52.85% [9] - The life sciences segment generated 568 million RMB in revenue, reflecting a growth of 28% [9] - The water treatment and ultra-purification segment achieved a revenue of 688 million RMB, up 34% year-on-year [9] Future Projections - The company expects net profits of 987 million RMB, 1.2 billion RMB, and 1.454 billion RMB for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.94 RMB, 2.36 RMB, and 2.86 RMB [6][8] - The projected PE ratios for 2025, 2026, and 2027 are 23.3, 19.2, and 15.8 respectively [6][8]

Investment Rating - The investment rating for the company is "Buy" with a previous rating of "Buy" as well [2] Core Views - The company is expected to maintain steady growth in its performance, particularly in the adsorption materials business, leading to a sustained "Buy" rating [4][6] - The company reported a revenue of RMB 2.554 billion in 2024, a year-on-year increase of 2.62%, and a net profit attributable to shareholders of RMB 787 million, up 9.79% year-on-year [9][10] Financial Performance Summary - In 2024, the company achieved a total revenue of RMB 2,554.03 million, with a gross profit margin of 49.47% and a net profit margin of 31.11% [10] - The company’s revenue from the adsorption materials segment reached RMB 1.986 billion in 2024, reflecting a year-on-year growth of 27.61% [9] - The company plans to distribute a cash dividend of RMB 6.00 per 10 shares to all shareholders [4] Future Earnings Projections - The projected net profits for 2025, 2026, and 2027 are RMB 987 million, RMB 1.200 billion, and RMB 1.454 billion, respectively, with corresponding earnings per share of RMB 1.94, RMB 2.36, and RMB 2.86 [6][8] - The company’s EBITDA is expected to grow from RMB 1.209 billion in 2025 to RMB 1.835 billion in 2027 [8][13] Business Segment Performance - The adsorption materials segment showed a total production of 65,700 tons in 2024, with a sales volume of 63,700 tons, both reflecting significant year-on-year increases [9] - The life sciences segment generated revenue of RMB 568 million in 2024, marking a 28% increase year-on-year, driven by strong demand for peptide carriers [9] - The water treatment and ultra-purification segment reported revenue of RMB 688 million in 2024, up 34% year-on-year, indicating a growing market presence [9] Market Position and Shareholder Information - The company has a total market capitalization of RMB 23,007.40 million, with major shareholder holding 24.38% of the shares [4][8] - The company has been expanding its overseas market presence, achieving RMB 655 million in overseas revenue in 2024, a 45.1% increase year-on-year [9]

北京市西城区金融街 19 号富凯大厦 B 座 12 层 电话:010-52682888 传真:010-52682999 邮编:100033 北京德恒律师事务所 北京德恒律师事务所 关于西安蓝晓科技新材料股份有限公司 2024 年年度股东大会的 法律意见 为出具本法律意见，本所律师出席本次股东大会会议，本所律师严格履行了 法定职责，遵循勤勉尽责和诚实信用原则，审查了《公司章程》、公司董事会为 召开本次股东大会所做出的决议及公告文件、本次股东大会会议文件、出席现场 会议的股东或股东委托代理人的登记证明等必要的文件和资料，保证本法律意见 所认定的事实真实、准确、完整，所发表的结论性意见合法、准确，不存在虚假 记载、误导性陈述或者重大遗漏，并承担相应法律责任。 1 在本法律意见中，本所律师根据《上市公司股东大会规则》及公司的要求， 仅对公司本次股东大会的召集、召开程序是否符合法律、行政法规、《公司章程》 本所律师根据《中华人民共和国公司法》(以下简称"《公司法》")、《中 华人民共和国证券法》（以下简称"《证券法》"）、中国证券监督管理委员会 《上市公司股东大会规则》《深圳证券交易所上市公司股东大会网络投票实施细 则 ...

西安蓝晓科技新材料股份有限公司 2024 年年度股东大会决议公告 本公司及全体董事会成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或者遗漏。 特别提示： 1. 本次股东大会不存在否决议案的情形。 2. 本次股东大会不涉及变更以往股东大会已通过的决议。 3. 本次股东大会采取现场投票、网络投票相结合的方式召开。 一、会议召开和出席情况 | 证券代码：300487 | 证券简称：蓝晓科技 | 公告编号：2025-029 | | --- | --- | --- | | 债券代码：123195 | 债券简称：蓝晓转 02 | | （一）会议召开情况 1.股东大会届次：2024 年年度股东大会。 2.股东大会的召集人：公司董事会。 3.会议召开的日期、时间： （1）现场会议的召开时间：2025 年 5 月 19 日（星期一）下午 14:00。 （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体时 间为 2025 年 5 月 19 日 9:15-9:25，9:30-11:30，13:00-15:00。 通过深圳证券交易所互联网投票系统进行网络投票的时间为 2025 年 5 月 19 日 ...

Investment Rating - The report maintains an "Outperform" rating for the chemical industry, indicating a positive outlook based on expected economic recovery and demand improvement [1]. Core Insights - The basic chemical industry is expected to see a recovery in profitability, with 2024 revenues projected to reach CNY 2,219.98 billion, a year-on-year increase of 2.66%, while net profit is expected to decline by 8.18% to CNY 108.87 billion [6][26]. - The oil and petrochemical sector is anticipated to maintain stable revenues and profits, with 2024 revenues estimated at CNY 7,941.40 billion, a decrease of 2.81%, and net profit expected to grow by 0.58% to CNY 372.14 billion [1][26]. - The report highlights that 23 out of 33 sub-industries in the basic chemical sector experienced revenue growth in 2024, with significant increases in chlor-alkali and textile chemicals [6][15]. Summary by Sections Industry Overview - The basic chemical industry is experiencing a decline in profitability, with gross and net profit margins at 16.27% and 5.13%, respectively, both down from 2023 [26]. - The report notes that the industry has been in a continuous decline in profitability from 2022 to 2024, but signs of stabilization are emerging [26]. Sub-Industry Performance - In 2024, chlor-alkali and textile chemicals showed the highest profit growth rates at 262.84% and 125.27%, respectively [15][26]. - Conversely, non-metallic materials and other plastic products faced significant profit declines of 79.24% and 67.49% [15][26]. Quarterly Analysis - For Q4 2024, the basic chemical industry reported revenues of CNY 565.72 billion, a year-on-year increase of 5.15%, but a quarter-on-quarter decline of 0.90% [6][7]. - Net profit for Q4 2024 was CNY 14.16 billion, down 10.73% year-on-year and 51.03% quarter-on-quarter [6][7]. Investment Recommendations - The report suggests focusing on companies in rapidly developing downstream sectors, particularly in new materials, energy security, and policy-driven demand recovery [1][26]. - Recommended companies include China National Petroleum, China National Offshore Oil, and various technology firms in the semiconductor and new energy materials sectors [1][26].