公 司 研 证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 合成树脂 ＃investSuggestion＃ ＃ ＃d 蓝yCo 晓mp 科any＃技 （ 300487 ） investSug 增持 ( 维ges持tion ）Ch 000009 ＃title＃ 主业稳健发展，吸附材料平台型公司持续成长 ange＃ ＃ createTime1＃ 2024年 04月 23日 公 ＃市场ma数rk据et Data＃ 投资要点 司 ＃summary＃ 市场数据日期 2024-04-22 ⚫ 事件：蓝晓科技发布2023年报及2024年一季度报告，2023年全年公司实现 点 收盘价（元） 44.38 营收 24.89 亿元，同比增长 29.62%；实现归母净利润 7.17 亿元，同比增长 评 总股本（百万股） 505.01 33.35%；实现扣非归母净利润7.23亿元，同比增长47.63%。2024Q1公司实 报 流通股本（百万股） 304.13 现营收6.31亿元，同比增长25.99%，环比下降30.84%；实现归母净利润1.69 告 净资产（百万元） 3603.62 亿元，同比增长26.35%，环比 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 69.65 CNY [1][3]. Core Insights - The company achieved a revenue of 2.489 billion CNY in 2023, representing a year-on-year increase of 29.62%. The net profit attributable to shareholders was 717 million CNY, up 33.35% year-on-year [1][3]. - The report highlights the company's strong performance across various segments, driven by innovation and brand value enhancement [1][3]. - The company has a robust R&D investment strategy, with R&D expenses reaching 147 million CNY in 2023, accounting for 5.9% of revenue [3][4]. Summary by Sections Financial Performance - In 2023, the company reported total revenue of 2.489 billion CNY, with a year-on-year growth of 29.62%. The net profit attributable to shareholders was 717 million CNY, reflecting a growth of 33.35% [1][4]. - For Q1 2024, the company achieved revenue of 631 million CNY, a year-on-year increase of 25.99% [1][3]. Business Segments - The adsorption separation materials segment generated revenue of 1.556 billion CNY in 2023, with a gross margin of 51.13%, an increase of 7.16 percentage points year-on-year [1][3]. - The lithium extraction segment saw significant growth, with revenue from major projects reaching 520 million CNY, up 85.2% year-on-year [1][3]. - The water treatment and ultrapure water segment reported revenue of 513 million CNY, growing 22% year-on-year, indicating a stable market penetration [1][3]. - The life sciences segment experienced a remarkable growth of 40%, with revenue reaching 444 million CNY, driven by increased demand for GLP-1 peptide drugs [1][3]. Future Outlook - The company is expected to continue its growth trajectory, with projected revenues of 3.163 billion CNY in 2024, representing a year-on-year growth of 27.1% [4]. - The net profit forecast for 2024 is 1.003 billion CNY, indicating a growth rate of 39.9% [4].

本次会议为中信证券摆名单会议仅限受邀客户参会未经中信证券和演讲嘉宾列宜任何机构和个人不得以任何形式 都未公布转发转载传播复制编辑修改等如有上述违法行为中信证券保留追究相关方法律责任的权利各位投资人大家晚上好我们这边是中信证券能源化工组我是能源化工组的研究员孙退星今天晚上也非常感谢各位这么晚来参加蓝小科技2023年的年报以及2024年一级报的电话会交流 本次交流呢我们主要是由根斯特董事长高博士同意余总还有这个曾盖家众来跟大家做一下交流现在我们先请余总来对公司的这个业绩包括最近的一些情况做一下这个概述后面有问题大家再开始进行交流余总先请您先讲一下 好的好的 谢谢孙总也非常感谢各位投资者还有买榜买榜的各位老师来参加我们今天的电话会议我先用非常简短的说一下技术数据的情况因为大部分的数据大家都看到了当然有个别的细节数据我会稍微再补充一点然后大家就可以进行交流高博士也在现场可以跟大家进行交流 整体来看的话这个三年全年的话是收入是25个亿增长了大概30%规模监理论是7.2个亿同比增长33%营收和监理论还是创出了历史的新高收入结构里面的话延后期的项目收入是5.4个亿同比增长的话是92%扣除延后期项目之后的话基础的收入是大概是 ...

Investment Rating - The report maintains a "Buy-B" rating for the company [1] Core Views - The company achieved a revenue of 2.489 billion yuan in 2023, representing a year-on-year growth of 29.62% [1] - The net profit attributable to shareholders was 717 million yuan, with a basic earnings per share (EPS) of 1.42 yuan, an increase of 32.41% year-on-year [1] - The company is expected to maintain high growth through platform-based development, leveraging its high-margin life sciences products and major lithium extraction projects [1][3] Financial Performance Summary - In Q4 2023, the company reported a revenue of 912 million yuan, a year-on-year increase of 22.82% and a quarter-on-quarter increase of 60.26% [1] - For Q1 2024, the revenue was 631 million yuan, up 25.99% year-on-year but down 30.84% quarter-on-quarter [1] - The company’s comprehensive gross margin for 2023 was 48.9%, an increase of 4.88% year-on-year, driven by the growth of high-margin products [1] Revenue and Profit Forecast - The company is projected to achieve revenues of 3.032 billion yuan, 3.690 billion yuan, and 4.344 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 21.8%, 21.7%, and 17.7% [3] - The net profit attributable to shareholders is expected to be 986 million yuan, 1.243 billion yuan, and 1.488 billion yuan for the same years, with growth rates of 37.6%, 26.0%, and 19.7% respectively [3] Segment Performance - The life sciences segment saw significant growth, driven by the high demand for solid-phase carriers, with revenue contributions increasing [1] - The lithium extraction project generated revenue of 520 million yuan in 2023, accounting for 20.9% of total revenue, with a year-on-year growth of 85.16% [1] - The basic raw materials segment achieved revenue of 1.969 billion yuan, reflecting a year-on-year increase of 20.12% [1]

华福证券 合成树脂 2024年04月22日 公 司 蓝晓科技（ ） 300487.SZ 买入（维持评级） 研 究 业绩持续兑现，看好公司长期成长 当前价格： 44.38元 目标价格： 58.57元 投资要点： 基本数据  事件：2024年4月21日公司发布23年年报和24年一季报，23年全 总股本/流通股本(百万股) 505.01/304.13 流通A股市值(百万元) 13,497.20 年公司实现营业收入24.89亿，同比增长29.64%；实现归母净利润7.17亿， 每股净资产(元) 6.79 同比增长33.35%，营收和净利润均创出历史新高。2024年一季度公司实现 资产负债率(%) 37.83 一年内最高/最低价(元) 100.90/38.51 营收6.31亿元，同比增长25.99%，实现归母净利润1.69亿元，同比增长 26.35%。 一年内股价相对走势 公  吸附材料和系统装置营收均大幅增长，盈利水平进一步提升。2023年 司 公司吸附材料实现营收15.56亿元，同比增长13.45%，其中生命科学领域 财 受到GLP-1市场高景气拉动，固相载体需求增长明显，2023年生命科学领 报 点 域销售收 ...

Investment Rating - The report maintains a "Recommended" rating for the company [1][2]. Core Insights - 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, reflecting a growth of 33.35% [1]. - The gross margin and net margin for 2023 were 48.67% and 28.99%, respectively, showing improvements of 4.68 percentage points and 1.15 percentage points year-on-year [1]. - The company is experiencing strong growth in emerging sectors such as life sciences, semiconductors, and environmental protection, driven by continuous technological innovation [1][2]. Financial Performance Summary - In Q1 2024, the company achieved a revenue of 631 million yuan, a year-on-year growth of 25.99%, and a net profit of 169 million yuan, up 26.35% [1]. - The company’s gross margin for 2024 Q1 continued to show a slight upward trend, supported by a significant increase in the gross margin of its adsorption materials, which rose by 7.16 percentage points in 2023 [1]. - The projected net profits for 2024, 2025, and 2026 are 980.95 million yuan, 1.268 billion yuan, and 1.521 billion yuan, respectively, with corresponding PE ratios of 24.96, 19.30, and 16.10 [2][3]. Sector Growth Drivers - The life sciences sector saw a revenue of 440 million yuan in 2023, marking a 40% year-on-year increase, driven by the rising demand for GLP-1 peptide drugs [1]. - The water treatment and ultrapure water segment generated 513 million yuan in revenue, a 22% increase, indicating a significant market potential due to low domestic penetration rates [1]. - The lithium extraction project from salt lakes generated 520 million yuan in revenue, reflecting an 85.16% year-on-year growth, highlighting the company's strong position in the lithium supply chain [2].

Investment Rating - The report maintains a "Buy" rating for Lanxiao Technology (300487) [5] Core Views - Lanxiao Technology's Q1 2024 performance met expectations, with steady growth across multiple application fields [1] - The company's long-term growth potential is promising, driven by its diversified application scenarios and technological advancements [1] - Revenue for 2023 reached RMB 2.489 billion (YoY +30%), with net profit attributable to shareholders of RMB 717 million (YoY +33%) [5] - Q1 2024 revenue was RMB 631 million (YoY +26%), with net profit attributable to shareholders of RMB 169 million (YoY +26%) [5] Financial Performance - 2023 gross margin was 48.67% (YoY +4.68pct), and net margin was 28.99% (YoY +1.15pct) [5] - Q1 2024 gross margin was 45.42% (YoY -2.23pct, QoQ -3.61pct), and net margin was 27.11% (YoY +0.06pct, QoQ +5.14pct) [5] - R&D expenses increased by 21% to RMB 147 million in 2023 [5] Business Segments - Core business (excluding salt lake lithium extraction systems) generated revenue of RMB 1.969 billion (YoY +20%) in 2023 [5] - Salt lake lithium extraction projects contributed RMB 520 million (YoY +85%) in 2023 [5] - Adsorption materials revenue was RMB 1.556 billion (YoY +113%), with a gross margin of 51.13% (YoY +7.16pct) [5] - Life sciences segment grew by 40% YoY, driven by solid-phase synthesis carriers and GLP-1 market demand [5] - Water treatment and purification segment saw a 22% YoY increase in revenue [5] Salt Lake Lithium Extraction Projects - The company secured 4 major industrial project orders in 2023, with new contracts worth nearly RMB 500 million [5] - As of 2023, the company had 12 salt lake lithium extraction projects, with a total capacity of 86,000 tons of lithium carbonate/hydroxide [5] - The company established a South American R&D center in Argentina to enhance local technical services [5] Future Projections - 2024-2026 revenue is projected to be RMB 2.839 billion, RMB 3.340 billion, and RMB 3.910 billion, respectively [6] - 2024-2026 net profit attributable to shareholders is forecasted to be RMB 955 million, RMB 1.193 billion, and RMB 1.454 billion, respectively [6] - The company's PE ratio for 2024-2026 is estimated at 26X, 21X, and 17X, respectively [5] Market Data - Closing price on April 19, 2024: RMB 48.49 [2] - Market capitalization: RMB 14.747 billion [2] - Price-to-book ratio: 6.8 [2] - Share price performance over the past year: -40% compared to the CSI 300 index [3]

西安蓝晓科技新材料股份有限公司 独立董事提名人声明与承诺 提名人西安蓝晓科技新材料股份有限公司董事会现就提名强力为西安蓝晓 科技新材料股份有限公司第五届董事会独立董事候选人发表公开声明。被提名人 已书面同意作为西安蓝晓科技新材料股份有限公司第五届董事会独立董事候选 人（参见该独立董事候选人声明）。本次提名是在充分了解被提名人职业、学历、 职称、详细的工作经历、全部兼职等情况后作出的，本提名人认为被提名人符合 相关法律、行政法规、部门规章、规范性文件和深圳证券交易所业务规则对独立 董事候选人任职资格及独立性的要求，具体声明并承诺如下事项： 一、被提名人已经通过西安蓝晓科技新材料股份有限公司第四届董事会提名 委员会资格审查，提名人与被提名人不存在利害关系或者其他可能影响独立履职 情形的密切关系。 ☑是 □否 三、被提名人符合中国证监会《上市公司独立董事管理办法》和深圳证券交 易所业务规则规定的独立董事任职资格和条件。 ☑是 □否 四、被提名人符合公司章程规定的独立董事任职条件。 ☑是 □否 五、被提名人已经参加培训并取得证券交易所认可的相关培训证明材料（如 有）。 ☑是 □否 六、被提名人担任独立董事不会违反《中 ...

| 证券代码：300487 | 证券简称：蓝晓科技 | 公告编号：2024-030 | | --- | --- | --- | | 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（以下简称"公司"）依照中华人民共 和国财政部（以下简称"财政部"）发布的相关企业会计准则解释而进行的相 应变更，无需提交公司董事会和股东大会审议，不会对公司财务状况、经营成 果和现金流量产生重大影响。相关会计政策变更的具体情况如下： 一、本次会计政策变更概述 1.会计政策变更的原因 财政部于 2022 年 11 月发布了《企业会计准则解释第 16 号》（财会 〔2022〕31 号）（以下简称"解释第 16 号"）。解释第 16 号规定，对于不是 企业合并、交易发生时既不影响会计利润也不影响应纳税所得额（或可抵扣亏 损）、且初始确认的资产和负债导致产生等额应纳税暂时性差异和可抵扣暂时 性差异的单项交易，因资产和负债的初始确认所产生的应纳税暂时性差异和可 抵扣暂时性差异，应当根据《企业会计准则第 18 号——所得税》等有关规定， 在交易发生时分别确认相应的递延所得税负债和递延所得税资产。对于在 ...

Financial Performance - The company's annual revenue reached 2.5 billion yuan, with a net profit of 720 million yuan, both marking historical highs[4]. - Operating cash flow was reported at 670 million yuan, and a dividend of 290 million yuan is planned, bringing total dividends since listing to 770 million yuan[4]. - Revenue has grown from 600 million yuan five years ago to 2.5 billion yuan, and net profit increased from 140 million yuan to 720 million yuan during the same period[4]. - The company's operating revenue for 2023 reached ¥2,488,817,821.21, representing a 29.62% increase compared to ¥1,920,086,703.53 in 2022[25]. - Net profit attributable to shareholders for 2023 was ¥717,032,641.13, up 33.35% from ¥537,702,763.60 in 2022[25]. - The total assets at the end of 2023 amounted to ¥5,695,042,410.99, a 24.59% increase from ¥4,571,129,858.81 at the end of 2022[25]. - The basic earnings per share for 2023 was ¥1.43, reflecting a 32.41% increase from ¥1.08 in 2022[25]. - The company achieved quarterly revenues of ¥912,216,274.19 in Q4 2023, marking a significant increase compared to previous quarters[27]. - The company reported a total net profit of ¥198,844,316.97 in Q4 2023, indicating strong performance in the last quarter[27]. - The company achieved a revenue of 2.489 billion yuan in 2023, a year-on-year increase of 29.64%, and a net profit attributable to shareholders of 717 million yuan, up 33.35%[92]. Market Expansion and Internationalization - The company is focusing on expanding its international market presence, which has rapidly increased in proportion to overall business volume[13]. - The company plans to deepen internationalization in R&D, supply chain, and organizational structure to align with world-class standards[5]. - The company is committed to enhancing its production capacity and operational efficiency in response to the increasing scale of fixed assets[14]. - The company is actively pursuing market expansion strategies, aiming to increase its footprint in both domestic and international markets through strategic partnerships and collaborations[82]. - The company aims to enhance its international market coverage and expand its overseas sales network, leveraging existing subsidiaries in Belgium, Germany, and Argentina to tap into new markets and increase brand influence[151]. Research and Development - Continuous innovation is highlighted as a key driver for growth, with emerging markets in new energy, life sciences, and water treatment presenting significant demand[5]. - The company is committed to strengthening R&D investment to maintain competitive advantages and meet evolving customer needs[8]. - Research and development expenses amounted to 147 million yuan, accounting for 5.93% of revenue, with cumulative R&D investment over five years reaching 463 million yuan[103]. - The company has developed multiple core technologies for adsorbent materials, including methods for purifying quinoid compounds and recovering valuable substances from waste solutions[76]. - The company is focused on developing innovative technologies, including a lithium extraction process that has become an industry-recognized solution, contributing to the advancement of downstream industries[158]. Product Development and Innovation - The company has developed a comprehensive solution that integrates materials and equipment, catering to the needs of emerging application fields[41]. - The company has established a comprehensive production line for agarose, dextran, and polymer-based separation media, enhancing its competitive edge in the market[76]. - The company has achieved stable production of high-capacity protein G affinity ligands, enhancing its market competitiveness[121]. - The company has successfully scaled up the production of aluminum-based adsorbents, improving performance in high-temperature environments[121]. - New product development efforts have led to the introduction of three innovative materials, which are expected to contribute an additional 300 million RMB in revenue next year[184]. Challenges and Risks - The company faces challenges from geopolitical factors, economic cycles, and trade barriers, which are reshaping global industry structures[4]. - The company is addressing the risk of increased asset depreciation due to the rapid growth of fixed assets by enhancing market expansion efforts to ensure timely project profitability[14]. - The company is implementing effective market development plans and management systems to mitigate risks from regulatory changes in international markets[13]. Corporate Governance and Compliance - The governance structure of the company is complete and complies with relevant laws and regulations, ensuring effective risk management and information disclosure[161]. - The company maintains independence from its controlling shareholders in terms of business operations, personnel, assets, and finances[169]. - The company has established an independent financial management system and internal audit department, ensuring compliance and transparency in financial operations[174]. - The board of directors consists of 9 members, including 3 independent directors, ensuring a balanced governance structure[164]. - The company is committed to enhancing its corporate governance and ensuring transparency in its operations[189]. Sustainability and Social Responsibility - The company is committed to sustainability, having implemented an environmental management system that aligns with global best practices[82]. - The company emphasizes ESG principles, focusing on sustainable development and social responsibility, while integrating ESG into daily operations to enhance investor confidence and corporate reputation[153]. Financial Strategies and Investments - The company has successfully issued convertible bonds raising 546 million yuan to support new capacity and R&D center construction[106]. - The company plans to ensure the delivery of major projects and maintain stable growth in core businesses, focusing on lithium extraction and advanced separation technologies[147]. - The company is actively exploring acquisition opportunities for quality overseas assets and technologies to enhance its competitive position in the global market[151]. - The company has implemented a share repurchase plan with a maximum amount of RMB 30 million, repurchasing approximately 550,000 shares, accounting for 0.11% of the total share capital[156]. Market Trends and Industry Insights - The adsorption separation materials industry is experiencing stable growth, driven by increasing demands for product precision and purity in traditional sectors like food and chemicals[34]. - The demand for adsorption materials is rapidly increasing due to environmental pressures, particularly for VOCs and carbon capture technologies[36]. - The biopharmaceutical market in China was valued at 421 billion RMB in 2022 and is expected to grow to 675.2 billion RMB by 2025, with a compound annual growth rate (CAGR) of 17%[62]. - The global market for plant extracts was approximately $23.7 billion in 2019 and is projected to reach $59.4 billion by 2025, with a CAGR of 16.5%[63]. - The ultra-pure water market was valued at $8.2 billion in 2022 and is expected to grow to $15.87 billion by 2030, with a CAGR of 8.6%[64].