西安蓝晓科技新材料股份有限公司（以下简称"公司"）于 2025 年 4 月 23 日在 巨潮资讯网（http://www.cninfo.com.cn）发布了《关于召开 2024 年年度股东大会的通 知》（公告编号：2025-021）。本次股东大会采用现场投票与网络投票相结合的方式 召开，为方便公司股东行使股东大会表决权，现将本次会议相关事项再次提示如下： 一、召开会议的基本情况 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。 | 证券代码：300487 | 证券简称：蓝晓科技 | 公告编号：2025-028 | | --- | --- | --- | | 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 关于召开 2024 年年度股东大会的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 3.会议召开的合法、合规性：经公司第五届董事会第八次会议审议通过，决定召 开 2024 年年度股东大会，召集程序符合有关法律、行政法规、部门规章、规范性文件 和公司章程的规定。 4.会议召开 ...

2024 年度业绩说明会"的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，不存在虚 假记载、误导性陈述或重大遗漏。 为促进上市公司规范运作、健康发展，增强上市公司信息透明度，加强与广 大投资者沟通交流，进一步提升投资者关系管理水平，陕西上市公司协会根据中 国证券监督管理委员会陕西监管局工作部署，联合深圳市全景网络有限公司举办 "2025 年陕西辖区上市公司投资者集体接待日暨 2024 年度业绩说明会"。 | 证券代码：300487 | 证券简称：蓝晓科技 公告编号：2025-027 | | --- | --- | | 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 关于参加"2025 年陕西辖区上市公司投资者集体接待日暨 活动时间：2025 年 5 月 20 日（星期二）15:00—17:00。 为充分尊重投资者、提升交流的针对性，现就公司 2024 年度业绩说明会提 前向投资者公开征集问题，广泛听取投资者的意见和建议。投资者可提前访问网 址 https://ir.p5w.net/zj，进入问题征集专题页面，选择本公司并在登录后提问。公 司将在 2024 ...

Core Viewpoint - The company reported steady revenue and profit growth in 2024, with a notable performance in its core business segments, despite challenges in specific projects like the lithium extraction project [1][3]. Financial Performance Summary - In 2024, the company achieved 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]. - The weighted average return on equity was 21.33%, down 1.79 percentage points year-on-year [1]. - The gross profit margin was 49.47%, an increase of 0.80 percentage points year-on-year, while the net profit margin was 31.11%, up 2.12 percentage points year-on-year [1]. - In Q4 2024, revenue was 662 million yuan, a year-on-year decrease of 27.40%, but a quarter-on-quarter increase of 10.89% [1]. - For Q1 2025, revenue was 577 million yuan, down 8.58% year-on-year and 12.91% quarter-on-quarter, while net profit was 193 million yuan, up 14.18% year-on-year [2]. Business Segment Performance - The lithium extraction project generated revenue of 99 million yuan in 2024, a significant decline of 80.96% year-on-year, primarily due to cyclical industry conditions and project execution delays [3]. - Excluding the lithium project, the core business achieved revenue of 2.455 billion yuan, a year-on-year increase of 24.71%, indicating strong growth momentum [3]. - Key segments such as water treatment and ultrapure water, life sciences, and metal resources reported revenues of 688 million, 568 million, and 256 million yuan, respectively, with year-on-year growth rates of 34%, 28%, and 30% [3]. - The chemical and catalysis, and food processing segments also showed strong performance, with revenues of 202 million and 56 million yuan, reflecting year-on-year increases of 42% and 28% [3]. Growth Drivers and Strategic Initiatives - The water treatment and ultrapure water business saw significant breakthroughs, with sales reaching 688 million yuan, a 34% increase year-on-year, driven by increased market penetration and long-term contracts with major clients [4]. - The life sciences segment is benefiting from the strong market performance of GLP-1 peptide drugs, leading to rapid growth in solid-phase synthesis carrier business [5]. - The company is expanding its international marketing and technical service network, enhancing its local team in North America and Europe, and investing in capacity expansion and upgrades to support long-term growth [5]. Profit Forecast and Valuation - The company is projected to achieve net profits of 1.026 billion, 1.283 billion, and 1.576 billion yuan for 2025-2027, with corresponding EPS of 2.02, 2.53, and 3.10 yuan [6]. - The current price corresponds to PE ratios of 22.85, 18.26, and 14.87 for the respective years, indicating a favorable long-term growth outlook [6].

关于持股 5%以上股东部分股份质押展期的公告 万股 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，不存在虚 假记载、误导性陈述或重大遗漏。 西安蓝晓科技新材料股份有限公司（以下简称"公司"）接到公司持股 5%以 上的股东田晓军先生的通知，田晓军先生于近日办理了其持有的部分股份质押展 期业务，现将有关情况公告如下： 注：田晓军先生此次质押展期限售股份性质为高管锁定股。 二、股东股份累计被质押情况 截止公告披露日，上述股东所持质押股份情况如下： 证券代码：300487 证券简称：蓝晓科技 公告编号：2025-026 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 股东 名称 是否为 第一大 股东及 一致行 动人 本次质 押展期 股份数 量（万 股） 占其所 持股份 比例 占公司 总股本 比例 原质押 起始日 原质押到 期日 本次展期 后质押到 期日 质权人 质押 用途 田晓军 否 33 0.43% 0.07% 2023.5.8 2025.5.7 2026.5.7 国泰海通 证券股份 有限公司 个人 融资 7 0.09% 0.01% 2024.5.7 2025.5.7 20 ...

Investment Rating - The investment rating for the basic chemical industry is "Positive (Maintain)" [1] Core Insights - The basic chemical industry achieved a revenue of 23,219.8 billion yuan in 2024, with a year-on-year increase of 3.2%, but a net profit attributable to shareholders of 1,185.6 billion yuan, reflecting a year-on-year decrease of 6.2% [6][35] - In Q1 2025, the industry reported a revenue of 5,602.8 billion yuan, a year-on-year increase of 5.8%, and a net profit of 369.7 billion yuan, which is an increase of 11.8% year-on-year [6][35] - The profitability of the industry showed a sales gross margin of 17.2% in Q1 2025, with a net profit margin of 0.1% [6][35] Summary by Sections Industry Overview - The chemical raw materials and chemical products manufacturing industry saw a revenue of 91,986.4 billion yuan in 2024, with a cumulative year-on-year increase of 4.2%, while total profits decreased by 8.6% [5][26] - Fixed asset investment in the industry increased by 8.6% year-on-year, but the growth rate declined by 4.8 percentage points [5][26] Q1 Performance - In Q1 2025, the basic chemical sector experienced revenue growth, with a year-on-year increase of 5.8% and a net profit increase of 11.8% [6][35] - The sales gross margin for Q1 2025 was 17.2%, reflecting a slight decrease year-on-year but an increase compared to the previous quarter [6][35] Sub-industry Analysis - In 2024, the chlor-alkali and textile chemical products sub-industries showed significant profit growth, with chlor-alkali achieving a net profit growth of 262.8% [40][41] - For Q1 2025, the chlor-alkali sub-industry continued to lead with a net profit growth of 132.2% [41] Key Company Tracking - Major companies in the basic chemical sector, such as Wanhua Chemical and Hualu Hengsheng, reported significant net profit growth in 2024, with many companies experiencing a decrease in capital expenditures [5][6][35]

Investment Rating - The report maintains a "Positive" outlook on the chemical industry, highlighting the recovery at the bottom of the cycle and the focus on undervalued high-growth stocks [1]. Core Insights - The macroeconomic assessment of the chemical industry indicates a stabilization in oil prices due to geopolitical factors and OPEC+ production increases, while coal prices are expected to decline in the medium to long term. Natural gas prices are fluctuating at the bottom [3][4]. - The report forecasts a gradual recovery in profitability for the chemical sector in Q1 2025, driven by terminal inventory replenishment and improved demand, despite ongoing construction projects peaking and declining [3]. - The overall revenue for the chemical sector in 2024 is projected to reach 2.0601 trillion yuan, a 3% year-on-year increase, while net profit is expected to decline by 3% to 109.8 billion yuan, aligning with market expectations [3]. Summary by Sections Industry Dynamics - Current oil prices are influenced by the easing of the Russia-Ukraine conflict and U.S. tariff policies, with Brent crude averaging $80.93 per barrel in 2024, down 2% year-on-year. NYMEX natural gas futures are expected to average $2.41 per million British thermal units, down 10% year-on-year [3][4]. - The chemical industry is experiencing a "V"-shaped recovery in market conditions, with Q1 2025 revenue reaching 496.9 billion yuan, a 6% increase year-on-year, and net profit rising by 9% year-on-year to 32.8 billion yuan [3]. Investment Analysis - The report suggests focusing on traditional cyclical stocks with strong fundamentals, such as Wanhua Chemical and Hualu Chemical, as well as growth stocks in semiconductor materials and OLED technologies [3]. - The tire industry is expected to benefit from domestic demand recovery and cost reductions, with companies like Sailun Tire and Linglong Tire highlighted for potential investment [3]. - The report emphasizes the importance of identifying undervalued stocks with growth potential in the chemical sector, particularly in segments like agricultural chemicals and specialty chemicals [3]. Price and Inventory Changes - The report notes that the chemical industry is experiencing a gradual recovery in price differentials, with PPI data showing a slow recovery from negative values towards zero [3][4]. - The report highlights the importance of monitoring inventory levels and price movements in key chemical products, as these factors will influence future profitability and investment opportunities [3][4].

Core Viewpoint - The company achieved stable growth in both operating revenue and net profit attributable to shareholders in 2024, driven by consistent sales growth in materials, which offset the decline in revenue from lithium extraction projects [1][2]. Financial Performance - In 2024, the company reported total operating 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 [2]. - For Q1 2025, the company achieved total operating revenue of 577 million yuan, a year-on-year decrease of 8.58%, while net profit attributable to shareholders was 193 million yuan, reflecting a year-on-year increase of 14.18% [2]. Segment Performance - The metal resources segment saw sales revenue from adsorption materials reach 256 million yuan, a year-on-year increase of 30%, with price increases for gallium and uranium compared to 2023 [3]. - The life sciences segment's sales revenue from adsorption materials was 568 million yuan, up 28% year-on-year, benefiting from the demand for GLP-1 peptide drugs [3]. - Water treatment and ultra-purification adsorption materials generated sales revenue of 688 million yuan, a year-on-year increase of 34%, while chemical and catalytic adsorption separation materials saw revenue rise to 202 million yuan, up 42% year-on-year [3]. - Energy-saving and environmental protection adsorption materials achieved sales revenue of 181 million yuan, remaining stable year-on-year [3]. Project Development - The lithium extraction project in Tibet is progressing, with the construction of a 3,300-ton lithium hydroxide production line expected to become the first industrialized lithium extraction project in the region [3]. - A subsequent 6,700-ton production line is anticipated to accelerate construction as conditions permit [3].

Core Viewpoint - Blue Sky Technology (300487.SZ) has achieved steady growth amidst the global trend of self-sufficiency in the new materials industry and accelerated domestic high-end manufacturing [1] Financial Performance - In 2024, the company reported total revenue of 2.554 billion yuan, a year-on-year increase of 2.62% [1] - Net profit attributable to shareholders reached 787 million yuan, reflecting a year-on-year growth of 9.79% [1] - The increase in net profit outpaced revenue growth, indicating an improvement in the profit structure due to a higher proportion of high-value-added businesses [1] Business Segments - The core growth driver is the adsorption materials segment, which maintained a high gross margin [1] - Basic warehouse business showed stable growth, while life sciences, metal resources, water treatment, and ultra-purification segments experienced significant growth [1] - Basic business revenue reached 2.45 billion yuan, a year-on-year increase of 24.7%, accounting for 96.1% of total revenue [3] Key Business Highlights - Sales revenue from core adsorption materials was 1.99 billion yuan, representing 80.9% of total revenue [4] - The metal resources segment saw sales revenue of 256 million yuan, a year-on-year increase of 30% [4] - Life sciences segment revenue reached 568 million yuan, growing by 28% [5] - Water treatment and ultra-purification segment achieved sales revenue of 688 million yuan, a year-on-year increase of 34% [5] - Chemical and catalytic segment sales reached 202 million yuan, up 42% year-on-year [5] Strategic Focus - The company aims to maintain stable growth in its basic warehouse business and ensure high-quality delivery of major projects like the Tibet Jiezhe project [1][7] - The internationalization strategy will be a key focus area moving forward [1] - The company plans to allocate resources according to the characteristics of its business segments, with metal resources and life sciences being priority areas [7] Market Opportunities - Emerging markets in life sciences, drinking water, new energy, and carbon emissions are expected to open new demand increments, providing a new supply-demand window for domestic upstream suppliers [6] - The company is expanding its local teams in North America and Europe to enhance competitiveness in international markets [5][8] - The establishment of a wholly-owned subsidiary in the U.S. aims to facilitate localized business development [8]

Investment Rating - The report maintains an "Outperform" rating for the company [4][10]. Core Insights - In 2024, the company's revenue and net profit attributable to shareholders both grow steadily, driven by stable material sales revenue, offsetting the decline in lithium project income. In Q1 2025, net profit attributable to shareholders continues positive growth. Expected net profit attributable to shareholders for 2025-2027 is 1.03, 1.26, and 1.50 billion RMB, with EPS of 2.02, 2.48, and 2.94 RMB. Based on comparable company valuation, a 26X PE for 2025 is assigned to reach a target price of 52.52 RMB [10]. Financial Summary - In 2024, total revenue is 2.55 billion RMB, up 2.62% YoY; net profit attributable to shareholders is 787 million RMB, up 9.79% YoY. In Q1 2025, total revenue is 577 million RMB, down 8.58% YoY; net profit attributable to shareholders is 193 million RMB, up 14.18% YoY [5][10]. - The metal resources sector's adsorbent material sales revenue is 256 million RMB, up 30% YoY; life sciences sector's adsorbent material sales revenue is 568 million RMB, up 28% YoY. Water treatment and ultrapure adsorption materials sales revenue is 688 million RMB, up 34% YoY; chemical and catalytic adsorption separation materials sales revenue is 202 million RMB, up 42% YoY [10]. Project Development - The Tibet lithium project is accelerating, with the Tibet Jieza Chaka 3300-ton lithium hydroxide production line under construction, expected to be the first compliant industrial salt lake lithium project in Tibet. The subsequent 6700-ton production line will accelerate construction if conditions permit [10].

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].