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业务，现将有 关情况公告如下： 注：田晓军先生本次股份质押不存在负担重大资产重组等业绩补偿义务。 二、股东股份累计被质押情况 | 证券代码：300487 | 证券简称：蓝晓科技 | 公告编号：2024-062 | | --- | --- | --- | | 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 关于股东部分股份质押的公告 公司股东田晓军先生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。 备查文件 中国证券登记结算有限责任公司出具的《证券质押及司法冻结明细表》。 特此公告。 西安蓝晓科技新材料股份有限公司董事会 2024 年 9 月 19 日 一、本次股份质押情况 股东 名称 是否为第一大 股东及一致行 动人 本次质押 股份数量 占其所持 股份比例 占公司总 股本比例 是否为限 售股 是否补 充质押 起始日 解除日 质权人 质押 用途 田晓军 否 160 万股 2.08% 0.32% 否 否 2024.9. ...

Investment Rating - The report maintains a "Buy" rating for Lanxiao Technology (300487 SZ) [1] Core Views - Lanxiao Technology achieved significant growth in revenue and net profit in 1H24, with revenue reaching 1 295 billion yuan, a year-on-year increase of 28 50%, and net profit attributable to the parent company reaching 404 million yuan, a year-on-year increase of 16 79% [1] - The company's adsorption materials business remains the core growth driver, contributing 82% of total revenue with a gross margin of 51 00% in 1H24 [2] - Lanxiao Technology continues to lead in the salt lake lithium extraction market, with over 15 completed and ongoing projects, totaling nearly 100,000 tons of lithium carbonate/lithium hydroxide capacity [5] - The company's international strategy is progressing well, with overseas revenue reaching 352 million yuan in 1H24, a year-on-year increase of 56% [5] Financial Performance - The company's revenue is expected to grow from 3 149 billion yuan in 2024E to 4 726 billion yuan in 2026E, with a compound annual growth rate of 21 3% [1] - Net profit attributable to the parent company is projected to increase from 951 million yuan in 2024E to 1 463 billion yuan in 2026E, with a compound annual growth rate of 23 8% [1] - ROE is expected to improve from 22 9% in 2024E to 23 3% in 2026E, reflecting the company's strong profitability [1] Business Segments - The adsorption materials business achieved revenue of 974 million yuan in 1H24, with significant growth in life sciences (33%), metal resources (45%), and water treatment and purification (30%) [2] - The salt lake lithium extraction system equipment generated revenue of 99 million yuan in 1H24, a year-on-year increase of 8% [5] Capacity Expansion - The company's adsorption material production reached 31,600 tons in 1H24, a year-on-year increase of 27%, with sales reaching 30,800 tons, a year-on-year increase of 35% [4] - Lanxiao Technology plans to build 20,000 tons of high-end material capacity to meet the growing demand in high-end application markets [4] International Strategy - The company has established a South American R&D center in Argentina, serving as a strategic pivot for the "Lithium Triangle" region [5] - Lanxiao Technology actively engages in technical exchanges and customized solutions with clients in South and North America to promote project implementation [5] Valuation - The company's current P/E ratio is 23 7X for 2024E, expected to decrease to 15 4X by 2026E, indicating attractive valuation levels [6] - The P/B ratio is projected to decline from 5 7X in 2024E to 3 7X in 2026E, reflecting the company's strong asset base [1]

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 74.4 CNY, while the current stock price is 42.09 CNY [1]. Core Insights - The company reported a revenue of 1.295 billion CNY in the first half of 2024, representing a year-on-year increase of 28.50%. The net profit attributable to shareholders was 404 million CNY, up 16.79% year-on-year [1][2]. - The company has a strong growth trajectory in its core business, particularly in the life sciences sector, which is experiencing rapid growth [2][7]. - The company plans to build an additional 20,000 tons of high-end material capacity to meet the increasing demand in high-value applications [4]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved a revenue of 1.295 billion CNY, with a net profit of 404 million CNY, reflecting a year-on-year growth of 28.50% and 16.79% respectively [1][2]. - The second quarter of 2024 saw revenues of 664 million CNY, a 30.98% increase year-on-year, and a net profit of 235 million CNY, up 10.75% year-on-year [1]. Business Segments - The revenue from the lithium extraction business was 99 million CNY, a year-on-year increase of 8%. The core business revenue, excluding lithium projects, was 1.196 billion CNY, up 31% year-on-year, accounting for 92.36% of total revenue [2]. - The adsorption materials segment generated 974 million CNY in revenue, representing 82% of the total revenue, while system devices contributed 190 million CNY, accounting for 16% [2]. Growth Prospects - The company plans to enhance its production capacity with the construction of a new facility for high-end materials, targeting applications in ultra-pure water and food sectors [4]. - The company has completed over 15 lithium extraction projects, with a total capacity of nearly 100,000 tons, and six projects are already operational [5][6]. Market Expansion - The overseas sales revenue reached 352 million CNY, marking a 56% year-on-year increase, indicating a growing market penetration [2]. - The life sciences segment's revenue from adsorption materials was 285 million CNY, up 33% year-on-year, driven by strong market performance of GLP-1 peptide drugs [7]. Future Projections - The company forecasts revenues of 2.967 billion CNY, 3.652 billion CNY, and 4.640 billion CNY for 2024, 2025, and 2026 respectively, with corresponding net profits of 921.8 million CNY, 1.173 billion CNY, and 1.475 billion CNY [8].

股 票 研 究 [table_Authors] 钟浩(分析师) 沈唯(分析师) 021-38038445 0755-23976795 zhonghao027638@gtjas.com shenwei024936@gtjas.com [当前价格： Table_CurPrice] 40.18 登记编号S0880522120008 S0880523080006 公 司 更 新 报 告 52 周内股价区间（元） 36.83-61.50 总市值（百万元） 20,291 总股本/流通A股（百万股） 505/304 流通 B股/H 股（百万股） 0/0 [Table_Balance] 资产负债表摘要(LF) 股东权益（百万元） 3,554 每股净资产（元） 7.04 市净率（现价） 5.7 净负债率 -54.05% 证 券 研 究 报 告 [Table_Trend] 升幅(%) 1M 3M 12M 绝对升幅 9% -16% -32% 相对指数 11% -5% -12% 24 中报业绩符合预期，生科持续高增长 蓝晓科技(300487) 基础化工 [Table_Industry] /原材料 [Table_Invest] 评级： ...

国信证券股份有限公司 关于西安蓝晓科技新材料股份有限公司 | 事 项 | 存在的问题 | 采取的措施 | | --- | --- | --- | | 1.信息披露 | 无 | 无 | | 2. 公司内部制度的建立和执行 | 无 | 无 | | 3．"三会"运作 | 无 | 无 | | 4.控股股东及实际控制人变动 | 无 | 无 | | 5.募集资金存放及使用 | 无 | 无 | | 6.关联交易 | 无 | 无 | | 7.对外担保 | 无 | 无 | | 8.购买、出售资产 | 无 | 无 | | 9.其他业务类别重要事项（包括 对外投资、风险投资、委托理财、 | 无 | 无 | | 财务资助、套期保值等） | | | 2 | 10．发行人或其聘请的证券服 | 无 | 无 | | --- | --- | --- | | 务机构配合保荐工作的情况 | | | | 11.其他（包括经营环境、业务 | 无 | 无 | | 发展、财务状况、管理状况、核 | | | | 心技术等方面的重大变化情况） | | | 三、公司及股东承诺事项履行情况 | 保荐人名称：国信证券股份有限公司 | 被保荐公司简称：蓝晓科技 | ...

| --- | --- | |---------------------------------------|-------------| | | | | [Table_Rank] 投资评级：买入（维持） | | | 报告日期： 2024-08-28 | | | [Table_BaseData] 收盘价（元） | 39.95 | | 近 12 个月最高 / 最低（元） | 62.99/36.48 | | 总股本（百万股） | 505 | | 流通股本（百万股） | 304 | | 流通股比例（ % ） | 60.22 | | 总市值（亿元） | 202 | | 流通市值（亿元） | 121 | | | | [公司价格与沪深 Table_Chart] 300 走势比较 -46% -31% -16% 0% 15% 8/23 11/23 2/24 5/24 8/24 蓝晓科技 沪深300 [Table_Author] 分析师：王强峰 执业证书号：S0010522110002 电话：13621792701 邮箱：wangqf@hazq.com 联系人：刘天其 执业证书号：S0010122080046 电话：17321 ...

Investment Rating - The report maintains a "Buy-B" rating for the company [1][4]. Core Views - The company has demonstrated significant growth in overseas business, reflecting the effectiveness of its internationalization strategy [1][2]. - In the first half of 2024, the company achieved a revenue of 1.295 billion yuan, representing a year-on-year increase of 28.5%, and a net profit attributable to shareholders of 404 million yuan, up 16.79% year-on-year [1][2]. - The company's gross margin for adsorbent materials improved to 51%, a 1.5% increase compared to the same period in 2023, driven by strong performance in various business segments [2][3]. Financial Performance Summary - For the first half of 2024, the company reported overseas sales revenue of 352 million yuan, a remarkable growth of 55.8% year-on-year [2]. - The life sciences segment generated revenue of 285 million yuan, up 33% year-on-year, benefiting from the strong market performance of GLP-1 peptide drugs [2][3]. - The lithium extraction and metal resources segment achieved revenue of 99 million yuan, an 8% increase year-on-year, with ongoing projects expected to enhance production capacity [2][3]. - Water treatment and ultrapure materials sales reached 323 million yuan, reflecting a 30% year-on-year growth, with increased market penetration in high-end drinking water [3]. Future Projections - The company is projected to achieve revenues of 3.032 billion yuan, 3.690 billion yuan, and 4.344 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 21.8%, 21.7%, and 17.7% [4][6]. - Net profit attributable to shareholders is expected to reach 983 million yuan, 1.234 billion yuan, and 1.477 billion yuan for the same years, with growth rates of 37.0%, 25.6%, and 19.7% [4][6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown stable revenue growth, achieving operating revenue of 1.29 billion yuan in H1 2024, a year-on-year increase of 28.5%. The net profit attributable to shareholders reached 400 million yuan, up 16.8% year-on-year [4][5] - The core driver of the company's performance is the adsorption materials segment, with significant contributions from water treatment, life sciences, and metal resources, which generated revenues of 320 million, 280 million, and 120 million yuan respectively, reflecting year-on-year growth rates of 30%, 33%, and 45% [4][5] - The company is committed to an internationalization strategy, with overseas sales revenue reaching 352 million yuan in H1 2024, a substantial increase of 56% year-on-year, covering markets in North America, Europe, Asia, South America, and Africa [4][5] Financial Performance Summary - In Q2 2024, the company achieved operating revenue of 660 million yuan, a year-on-year increase of 31.0% and a quarter-on-quarter increase of 5.2%. The net profit attributable to shareholders was 240 million yuan, up 10.8% year-on-year and 38.9% quarter-on-quarter [4][5] - The sales gross margin for Q2 2024 was 49.4%, an increase of 1.3 percentage points year-on-year and 4.0 percentage points quarter-on-quarter, while the net profit margin was 36.0%, down 6.1 percentage points year-on-year but up 8.8 percentage points quarter-on-quarter [4][5] - The company’s financial forecasts for 2024-2026 project operating revenues of 3.056 billion, 3.706 billion, and 4.502 billion yuan, with net profits of 965 million, 1.183 billion, and 1.447 billion yuan respectively, corresponding to P/E ratios of 21, 17, and 14 times [7][8]

公司研究 多板块收入维持高增速，Q2 业绩环比大幅增长 ——蓝晓科技（300487.SZ）2024 年半年度报告点评 要点 公司盈利预测与估值简表 | --- | --- | --- | --- | --- | --- | |--------------------------|--------|--------|--------|--------|--------| | 指标 | | | | | | | 营业收入（百万元） | 1,920 | 2,489 | 3,319 | 4,015 | 4,862 | | 营业收入增长率 | 60.69% | 29.62% | 33.37% | 20.95% | 21.10% | | 净利润（百万元） | 538 | 717 | 949 | 1,151 | 1,419 | | 净利润增长率 | 72.91% | 33.40% | 32.35% | 21.24% | 23.34% | | EPS（元） | 1.60 | 1.42 | 1.88 | 2.28 | 2.81 | | ROE（归属母公司)（摊薄） | 19.75% | 20.86% | 23.15% | 23. ...

Investment Rating - The report maintains a "Recommended" rating for the company, Blue Sky Technology [1][2]. Core Views - The company's revenue for the first half of 2024 reached 1.295 billion yuan, a year-on-year increase of 28.50%, with a net profit attributable to shareholders of 404 million yuan, reflecting a growth of 16.79% [1]. - The profitability of adsorption materials continues to improve, which is the core driver of performance growth. The gross margin for adsorption materials increased by 1.54 percentage points to 51.03% [1]. - The company is positioned as a leader in specialized adsorption materials, with significant growth potential in emerging fields such as life sciences, semiconductors, and new energy [2]. Financial Performance Summary - In the first half of 2024, the company achieved a net profit of 404 million yuan, with a return on equity (ROE) of 11.11%, a slight decrease of 0.55 percentage points year-on-year [1]. - The company's revenue from adsorption materials was 974 million yuan, accounting for 82% of total revenue, with a year-on-year growth of 32.84% [1]. - The financial forecast indicates that the company's net profit attributable to shareholders is expected to reach 952 million yuan, 1.192 billion yuan, and 1.462 billion yuan for 2024, 2025, and 2026, respectively [2][3]. Segment Performance - Life Sciences: Revenue in the first half of 2024 was 285 million yuan, a year-on-year increase of 33%, driven by significant growth in the sales of GLP-1 peptide drugs [1]. - Water Treatment: Revenue reached 323 million yuan, a 30% increase year-on-year, indicating strong market potential in high-end drinking water [1]. - Metal and Lithium Extraction: The metal segment's revenue was 121 million yuan, up 45% year-on-year, benefiting from high demand in the gallium and uranium markets [1][2].