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]

Investment Rating - The investment rating for the company is "Buy" and is maintained [10]. Core Views - The company reported a revenue of 2.55 billion yuan for 2024, a year-on-year increase of 2.6%, and a net profit attributable to shareholders of 790 million yuan, up 9.8% year-on-year. The first quarter of 2025 saw a revenue of 580 million yuan, a year-on-year decrease of 8.6% and a quarter-on-quarter decrease of 12.9%, while the net profit attributable to shareholders was 190 million yuan, an increase of 14.2% year-on-year [2][7]. Financial Performance - In 2024, the company achieved a revenue of 2.55 billion yuan, with a net profit of 790 million yuan and a net profit excluding non-recurring items of 750 million yuan. The revenue for Q1 2025 was 580 million yuan, with a net profit of 190 million yuan [2][7]. - The company plans to distribute a cash dividend of 6.0 yuan per 10 shares, which accounts for 46% of the net profit attributable to shareholders for 2024 [7]. Business Overview - The company is a leader in the adsorption separation materials industry, focusing on the research, production, and sales of adsorption separation materials and related systems. It has an annual production capacity of 50,000 tons for adsorption materials and 70,000 liters for chromatography fillers [13]. - The revenue from adsorption materials reached 1.99 billion yuan in 2024, a year-on-year increase of 27.6%. The revenue from various sectors includes 260 million yuan from metal resources, 570 million yuan from life sciences, and 690 million yuan from water treatment and ultra-pure water [13]. - The company has maintained strong growth in its adsorption materials segment, while revenue from lithium extraction systems has declined significantly [13]. Profitability and R&D - The company's gross margin and net margin for 2024 were 49.5% and 31.1%, respectively, showing an increase from the previous year. For Q1 2025, these figures improved to 50.8% and 33.9% [13]. - The R&D expense ratio for 2024 was 5.7%, with a focus on talent development and patent acquisition, including 5 domestic invention patents and 6 foreign invention patents granted [13]. Future Outlook - The company is expected to achieve net profits of 940 million yuan, 1.16 billion yuan, and 1.43 billion yuan for the years 2025, 2026, and 2027, respectively [13].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's basic warehouse business shows strong resilience, with a year-on-year revenue increase of 2.62% to 2.554 billion yuan in 2024, and a net profit increase of 9.79% to 787 million yuan [4][6] - The company has a robust growth trajectory in its adsorption materials segment, with total production increasing by 33.4% to 65,700 tons and sales volume increasing by 33.6% to 63,700 tons [6][9] - The internationalization strategy is yielding results, with overseas revenue growing by 45.1% to 655 million yuan in 2024 [6] Summary by Sections Financial Performance - In Q1 2025, the company achieved revenue of 577 million yuan, a year-on-year decrease of 8.58%, but net profit increased by 14.18% to 193 million yuan [5][8] - The company’s gross profit margin for Q1 2025 was 50.79%, up 5.37 percentage points year-on-year, while the net profit margin was 33.90%, up 6.79 percentage points year-on-year [8] Business Segments - The life sciences segment generated revenue of 568 million yuan in 2024, a growth of 28% year-on-year, driven by the company's solid phase synthesis carriers [9] - The water treatment segment saw revenue of 688 million yuan in 2024, reflecting a year-on-year increase of 34% [9] Future Outlook - The company is expected to continue its growth trajectory, with projected revenues of 3.283 billion yuan, 4.245 billion yuan, and 5.561 billion yuan for 2025, 2026, and 2027 respectively [10][12] - The net profit forecasts for the same years are 1.059 billion yuan, 1.371 billion yuan, and 1.872 billion yuan, indicating a strong growth potential [10][12]

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [2][11]. Core Views - The company's basic warehouse business shows steady growth, while the large lithium extraction project from salt lakes has been a drag on performance [1]. - In 2024, the company achieved a revenue of 2.554 billion yuan, a year-on-year increase of 2.62%, and a net profit attributable to shareholders of 787 million yuan, up 9.79% year-on-year [1]. - For Q1 2025, the company reported a revenue of 577 million yuan, a year-on-year decrease of 8.58%, but a net profit of 193 million yuan, which is a 14.18% increase year-on-year [1]. Financial Performance - The basic business revenue, excluding the salt lake lithium extraction system, reached 2.45 billion yuan in 2024, growing 24.7% year-on-year, accounting for 96.1% of total revenue [5]. - The revenue from the adsorption materials segment was 1.99 billion yuan, representing 80.9% of the basic business revenue [5]. - The company has diversified its lithium-related projects, achieving a production capacity of 100,000 tons of lithium carbonate/hydroxide [5]. - The life sciences segment generated 568 million yuan in revenue in 2024, a 28% increase year-on-year, benefiting from the strong market performance of GLP-1 peptide drugs [5]. - The water treatment and ultra-purification segment achieved a revenue of 688 million yuan in 2024, growing 34% year-on-year [5][6]. International Expansion - The company reported a significant increase in overseas sales, reaching 655 million yuan in 2024, a 45.1% year-on-year growth, indicating successful international market penetration [11]. - The establishment of a wholly-owned subsidiary in the United States has further strengthened the company's overseas presence and improved response efficiency to key clients [11]. Financial Projections - Revenue projections for 2025-2027 are estimated at 3.060 billion yuan, 3.697 billion yuan, and 4.517 billion yuan, with year-on-year growth rates of 20%, 21%, and 22% respectively [11]. - The net profit attributable to shareholders is projected to be 925 million yuan, 1.107 billion yuan, and 1.344 billion yuan for the same period, with year-on-year growth rates of 18%, 20%, and 21% respectively [11]. Valuation Metrics - The company’s current price-to-earnings (PE) ratio is 31.6, projected to decrease to 16.8 by 2027, indicating potential for valuation improvement [14]. - The price-to-book (PB) ratio is currently at 6.6, expected to decline to 3.6 by 2027, suggesting a more attractive valuation over time [14].

Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Views - The company's performance is in line with expectations, and there is a sustained positive outlook on its development potential as a platform company [2][6] - The company reported a total revenue of 2.554 billion yuan for 2024, with a year-on-year growth of 3%, and a net profit attributable to shareholders of 787 million yuan, reflecting a year-on-year increase of 10% [6][7] - The company is expected to achieve a net profit of 1.015 billion yuan in 2025, representing a growth rate of 29% [5][6] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 3.098 billion yuan, with a year-on-year growth rate of 21.3% [5] - The net profit attributable to shareholders is projected to be 1.015 billion yuan for 2025, with a corresponding earnings per share of 2.00 yuan [5][6] - The company's gross margin is expected to be around 49.7% in 2025, with a return on equity (ROE) of 23.1% [5][6] - The company’s market capitalization is approximately 13.722 billion yuan, with a price-to-earnings (PE) ratio of 22 for 2025 [2][5] Business Performance Insights - The company’s core business, excluding the lithium extraction project, generated revenue of 2.455 billion yuan in 2024, showing a stable growth of 25% year-on-year [6] - The sales of adsorption materials reached 6.37 million tons, generating revenue of 1.986 billion yuan, with a gross margin of 52.85% [6] - The life sciences segment is benefiting from the growth of GLP-1 peptide drugs, while the water treatment and ultra-pure water sectors are experiencing significant breakthroughs [6]

Financial Performance - In 2024, the company achieved operating revenue of 2.55 billion, a year-on-year increase of 2.6% [2] - The net profit attributable to shareholders reached 787 million, up 9.8%, with a profit growth rate exceeding revenue growth by 7.2 percentage points [2] - Excluding the salt lake lithium extraction project, the core business revenue was 2.46 billion, a 25% increase, accounting for 96.1% of total revenue [2] - The comprehensive gross profit margin for 2024 was 49.5%, remaining stable compared to the previous year [2] Q1 2025 Performance - In Q1 2025, the company reported revenue of 577 million, a decrease of 8% year-on-year, but net profit attributable to shareholders increased by 1.93% [2][3] - Excluding the salt lake lithium project, core business revenue in Q1 2025 was 577 million, reflecting a 9% year-on-year growth [3] Project Revenue Recognition - In Q1 2024, the company recognized approximately 99 million in revenue from the Guotou Luokai project [4] - Revenue from ongoing salt lake lithium projects will be recognized based on project progress and fulfillment of contractual obligations [4] Life Sciences Sector - The company has expanded production capacity in the life sciences sector, achieving capacities of 120 tons and 70,000 liters for solid-phase carriers and agarose/dextran respectively [5] - Plans are in place to establish a new GMP-grade production facility and an independent life sciences park to enhance product quality and stability [5] Domestic and International Market Strategy - The company achieved overseas sales revenue of 655 million, a significant increase of 45.1% year-on-year, outpacing domestic growth [10] - The internationalization strategy has been a key competitive advantage, with a focus on expanding into North America, Europe, Asia, South America, and Africa [10] - In 2024, the company established a wholly-owned subsidiary in the U.S. and set up storage units in North America and Europe to enhance operational efficiency [10] Technological Advancements - The company has achieved effective domestic substitution in various fields, including cephalosporin production and gallium extraction, leveraging proprietary adsorption technology [6] - The demand for solid-phase synthesis carriers is driven by the significant growth in GLP-1 peptide drug sales, maintaining a high market share [7] - The company is actively innovating in energy-saving and environmental protection technologies, with stable sales trends in CO2 capture and wastewater treatment products [9]

02 产品创新与供应链管理 | 产品责任 | 25 | | --- | --- | | 持续研发创新 | 30 | | 供应链管理 | 36 | 03 环境管理与可持续发展 | 安全生产 | 39 | | --- | --- | | 环境管理 | 41 | | 能源管理 | 43 | | 水资源管理 | 45 | | 排放物管理 | 46 | | 应对气候变化 | 50 | | 开展绿色行动 | 51 | SUÑRESIN 量而目 2024 环境、社会和公司治理(ESG)报告 西安蓝 晓 科 技 新 材 料 股 份 有 限 公 司 E蒙 CONTENTS | 关于本报告 | 01 | | --- | --- | | 董事长致辞 | 03 | | 走进蓝晓科技 | 05 | | 公司简介 | 05 | | 发展历程 | 07 | | 企业文化 | 09 | | ESG亮点数据回顾 | 10 | | 荣誉与奖项 | 11 | | ESG管理 | 12 | 01 公司治理 稳健的公司治理 商业道德与反贪腐 报告对标索引 63 64 读者反馈表 (0)47 员工关爱与社会公益 | 员工权益与福利 | 55 | | - ...