Q1. 请概括一下您的从业经历，包括与本次访谈主题相关的经历。 专家: 我是从 2011 年开始做水处理行业，也是从 2011 年开始加入到我们现在这个公司。我们这个行 业基本的业务就是水处理为主，这几年也衍生出一些，包括提锂、食品发酵、新能源、有色金属。我 这么多年主要一个是开发树脂的技术，还有主要是负责市场应用、工艺方面。 Q2. 今年以来锂价备受关注，因为没有前几年走得那么好了。您认为锂资源价格的波动对于蓝晓科技 这类承接盐湖提锂相关业务的公司的提锂业务有怎样的影响？ 专家: 锂价因为现在主要还是竞争，还有技术也有更新之后，导致一个是开发成本，还有最直接就导致 碳酸锂价格确实较去年有下降。但是因为我们也是做这个行业，据我们了解，包括跟很多业主、用户 沟通下来，虽然价格是在下行，但是目前这个价格对行业来说利润空间、前景还是比较乐观的，我们 认为这个价格肯定越往后会有一个平衡。现在最新的这些技术，包括提锂的技术，它的成本什么都是 比较有优势的，所以这个行业我们还是比较看好。 RC: 您刚刚说不管是业主方，还是蓝晓科技及您现任这类从事提锂业务的公司，都觉得后续盐湖提锂相 关的发展前景比较乐观，是吧？这算是行业 ...

| 证券代码：300487 | 证券简称：蓝晓科技 公告编号：2024-032 | | --- | --- | | 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"2024 年陕西辖区上市公司投资者集体接待日暨 2023 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。 西安蓝晓科技新材料股份有限公司（以下简称"公司"）《2023 年年度报 告》全文及其摘要已于 2024 年 4 月 22 日在中国证监会指定的信息披露网站巨 潮资讯网（http://www.cninfo.com.cn）上披露。 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"2024 年陕西辖区上市公司投资者集体接待日暨 2023 年度业绩说明 会"。 届时，公司董事长高月静女士、董事及财务总监安源女士、董事会秘书于 洋先生、独立董事李静女士、保荐代表人雒晓伟 ...

| 证券代码：300487 | 证券简称：蓝晓科技 | 公告编号：2024-031 | | --- | --- | --- | | 债券代码：123195 | 债券简称：蓝晓转02 | | 1.本次质押展期及质押的基本情况 | | 是否 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 为第 | 本次 | | 占公 | | 是否 | | | | | | | 股东 | 一大 | 质押 | 占其所 | 司总 | 是否 | 为补 | 质押 | 质押 | 展期后 | | 质押 | | | 股东 | 数量 | 持股份 | | 为限 | | | | 质押 | 质权人 | | | 名称 | | | | 股本 | | 充质 | 起始日 | 到期日 | | | 用途 | | | 及一 | （万 | 比例 | 比例 | 售股 | 押 | | | 到期日 | | | | | 致行 | 股） | | | | | | | | | | | | 动人 | | | | | | | | | | ...

共振成长趋势不变，规模与经营质量双升 蓝晓科技（300487.SZ）/新 证券研究报告/公司点评 2024 年5 月3日 材料 [Table_Industry] [评Ta级ble：_T买itle入] （维持） [公Ta司ble盈_F利in预anc测e1及] 估值 市场价格：46.81 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 1,920 2,489 3,226 4,037 5,023 分析师：孙颖 增长率yoy% 61% 30% 30% 25% 24% 执业证书编号：S0740519070002 归母净利润（百万元） 538 717 1,009 1,314 1,640 Email：sunying@zts.com.cn 增长率yoy% 73% 33% 41% 30% 25% 每股收益（元） 1.06 1.42 2.00 2.60 3.25 分析师：韩宇 净资产收益率 20% 21% 23% 23% 23% 执业证书编号：S0740522040003 P/E 44.0 33.0 23.4 18.0 14.4 Email：hanyu@zts.com.cn P/B 8.7 ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 05 月 05 日 蓝 晓科技(300487.SZ) 证券研究报告 基础业务稳健发展，生命科学业务快速 合成树脂 投资评级 买入-A 成长 维持评级 公司发布 2023 年年报和 2024 年一季报 6个月目标价 74.4元 股价 (2024-04-30) 46.81元 ✔2023 年公司营业收入 24.89 亿元，同比+29.62%；归母净利 7.17 亿元，同比+33.35%；扣非归母 7.23亿元，同比+47.63%。其中 2023 交易数据 年 Q4 营业收入 9.12 亿元，同比+22.82%、环比+60.26%；归母净利 总市值(百万元) 23,639.59 1.99 亿元，同比-11.25%、环比+15.48%；扣非归母2.22 亿元，同比 流通市值(百万元) 14,236.23 +20.17%、环比+36.07%。 总股本(百万股) 505.01 ✔24Q1 公司营业收入6.31亿元，同比+25.99%，环比-30.84%；归母 流通股本(百万股) 304.13 净利润 1.69亿元，同比+26.35%，环比-14. ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][2] - Target price is set at 64.46 CNY, down from the previous target of 74.95 CNY [1][2] Core Views - The company's performance in Q1 2024 met expectations, with rapid growth in the life sciences, water treatment, and environmental protection sectors [1] - The company achieved revenue of 2.489 billion CNY in 2023, representing a year-on-year increase of 61% [2] - The life sciences segment saw a significant revenue increase of 40% year-on-year, driven by high demand for solid-phase carriers [1][2] Financial Summary - Revenue and profit are expected to continue growing, with projected EPS for 2024 at 1.99 CNY, 2.44 CNY for 2025, and 3.04 CNY for 2026 [1] - The company reported a gross margin of 49.03% in Q4 2023, with a slight decrease to 45.42% in Q1 2024 [1] - The net profit for Q1 2024 was 1.99 billion CNY, reflecting a year-on-year increase of 33.40% [1] Business Segments - The life sciences segment is expanding rapidly, with a revenue of 4.44 billion CNY in 2023, up 40% year-on-year [1] - The water treatment and ultra-purification segment also showed strong growth, with revenue of 5.13 billion CNY, a 22% increase year-on-year [1] - The company has developed proprietary technologies for lithium extraction from salt lakes, contributing to significant revenue growth in this area [1]

2024年04月26日 公 司点评 公 买入 / 维持 司 蓝晓科技(300487) 研 究 业绩同比增长，平台型公司行稳致远 事件：公司近期发布2023年报及2024年一季报，2023年实现营 ◼ 走势比较 收24.89亿元，同比+29.62%，实现归母净利润7.17亿元，同比+33.35%， 10% 公司2023年度拟向全体股东每10股派发现金红利5.68元（含税）， 0% 太 (10%)52/4/32 7/7/32 81/9/32 03/11/32 11/2/42 42/4/42 共计派发现金红利2.87亿元，占2023年归母净利润的39.97%。2024Q1 实现营业收入6.31亿元，同比+25.99%，实现归母净利润1.69亿元， 平 (20%) 洋 (30%) 同比+26.35%。 证 (40%) 公司深耕吸附分离材料领域，2023盈利能力稳步提升。公司深耕 券 蓝晓科技 沪深300 股 吸附分离材料及技术领域20余年，产品广泛应用于金属资源、生命科 份 ◼ 股票数据 学、水处理与超纯水、食品加工、节能环保诸多领域。2023年，公司 有 总股本/流通(亿股) 5.05/5.05 营业收入与净利润双 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company experienced significant revenue growth in 2023, driven by multiple business segments, with notable contributions from the lithium extraction project [1][3] - The gross profit margin improved to 48.9% in 2023, an increase of 4.88 percentage points year-on-year, primarily due to the higher revenue contribution from the high-margin life sciences segment [1][3] - The company is expected to achieve a net profit attributable to shareholders of 9.73 billion, 12.12 billion, and 14.54 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 35.6%, 24.6%, and 20.0% [4][6] Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 24.89 billion yuan, a year-on-year increase of 29.6% [1][7] - The net profit attributable to shareholders was 7.17 billion yuan, reflecting a year-on-year growth of 33.4% [1][7] - The company’s operating cash flow for 2023 was 6.7 billion yuan, a decrease of 7.5% year-on-year [1][6] Business Segments - The main business segments showed strong performance, with revenue contributions from system devices, water treatment and ultrapure materials, and life sciences increasing by 76%, 22%, and 40% respectively in 2023 [1][3] - The lithium extraction project generated 5.2 billion yuan in revenue, accounting for 20.9% of total revenue, with an 85.16% year-on-year growth [1][3] Research and Development - The company invested 1.47 billion yuan in R&D in 2023, representing 5.93% of its revenue, with a cumulative investment of 4.63 billion yuan over the past five years [3][4] - The company continues to enhance its lithium extraction technology, with the "third generation" lithium extraction adsorbent showing significant performance advantages [3] Future Outlook - The company is projected to maintain strong growth, with expected revenues of 24.89 billion, 32.43 billion, 40.07 billion, and 48.12 billion yuan for 2024 to 2026, respectively [4][6] - The gross profit margin is anticipated to improve further, reaching 50.4% in 2024 and 51.0% by 2026 [4][7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][7][15] Core Views - The company has demonstrated stable operations and growth potential across multiple sectors, particularly in life sciences and water treatment, contributing to improved profitability [4][5][7] - 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, up 33.35% year-on-year [4] - The company is expected to continue its growth trajectory, with projected revenues of 3.114 billion yuan in 2024, 3.782 billion yuan in 2025, and 4.539 billion yuan in 2026, reflecting year-on-year growth rates of 25.12%, 21.44%, and 20.02% respectively [7][9] Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 2.489 billion yuan, with a net profit of 717 million yuan, and a non-recurring net profit of 723 million yuan, showing significant growth across all metrics [4] - The first quarter of 2024 saw revenues of 631 million yuan, a 25.99% increase year-on-year, and a net profit of 169 million yuan, up 26.35% year-on-year [4] Business Segments - The adsorption separation business, which accounts for 98.28% of revenue, had a gross margin of 48.90%, an increase of 4.88 percentage points year-on-year [4] - The lithium extraction projects have generated significant revenue, with 520 million yuan in 2023, marking an 85.16% increase year-on-year, and the company has secured multiple large-scale industrial project orders [4][5] Research and Development - The company invested 147 million yuan in R&D in 2023, representing 5.93% of revenue, with cumulative R&D spending over the past five years totaling 463 million yuan [5] - New product developments, including a third-generation lithium extraction adsorbent and advancements in life sciences, have enhanced the company's competitive edge [5] Future Projections - Forecasts for 2024-2026 indicate continued revenue and profit growth, with net profits expected to reach 975 million yuan in 2024, 1.228 billion yuan in 2025, and 1.465 billion yuan in 2026 [7][9] - The projected earnings per share (EPS) are 1.93 yuan in 2024, 2.43 yuan in 2025, and 2.90 yuan in 2026, with corresponding price-to-earnings (PE) ratios of 23.60x, 18.74x, and 15.71x [7][9]

2024 年 04 月 23 日 公司研究 评级：买入(维持) | --- | --- | --- | |--------------|-------|------------------------------------------| | | | | | 研究所： | | | | 证券分析师： | | 李永磊 S0350521080004 | | | | liyl03@ghzq.com.cn | | 证券分析师： | | 董伯骏 S0350521080009 dongbj@ghzq.com.cn | | 联系人 | ： | 陈云 S0350122060052 cheny17@ghzq.com.cn | 最近一年走势 | --- | --- | --- | --- | |---------------------|-----------|-------|------------------| | 相对沪深 300 \n表现 | 表现 \n1M | 3M | 2024/04/23 \n12M | | 蓝晓科技 | -1.1% | 2.0% | -28.1% | | 沪深 300 | -1.1% | 8.5% ...