根据调研日期截止日统计，近10日（4月16日至4月29日），海外机构对214家上市公司进行调研，其 中，蓝晓科技最受关注，被38家海外机构密集调研。 证券时报·数据宝统计显示，近10日共有566家公司获机构调研，调研机构类型显示，证券公司调研达 537家，占比最多；基金公司调研468家，位列其后；海外机构共对214家上市公司进行走访。 海外机构调研榜单中，蓝晓科技参与调研的海外机构达到38家，最受关注；其次是迈瑞医疗，参与调研 的海外机构共有30家。 | 002698 | 博实股份 | 3 | 16.35 | 2.06 | 机械设备 | | --- | --- | --- | --- | --- | --- | | 300003 | 乐普医疗 | 8 | 11.10 | 2.02 | 医药生物 | | 300083 | 创世纪 | 8 | 8.37 | 1.82 | 机械设备 | | 002833 | 弘亚数控 | 4 | 16.89 | 1.81 | 机械设备 | | 002335 | 科华数据 | 6 | 41.03 | 1.76 | 电力设备 | | 688213 | 思特威 | 1 | 95.76 | ...

Core Insights - The company reported a slight increase in revenue for 2024, with total revenue, net profit attributable to shareholders, and net profit excluding non-recurring items reaching 2.554 billion, 787 million, and 745 million respectively, representing year-on-year growth of 2.62%, 9.79%, and 2.99% [1] - The company experienced a significant decline in Q4 2024 revenue and net profit compared to the previous quarter, with revenue down 27.4% year-on-year [1] - In Q1 2025, the company reported revenue, net profit attributable to shareholders, and net profit excluding non-recurring items of 577 million, 193 million, and 190 million respectively, with year-on-year changes of -8.58%, +14.18%, and +15.17% [1] Revenue Breakdown - The company's non-lithium basic warehouse business showed strong growth, with total revenue excluding the lithium extraction project from salt lakes reaching 2.455 billion, a year-on-year increase of 24.71% [2] - The salt lake lithium extraction project generated only 99 million in revenue, down 81% year-on-year, impacting overall revenue growth [2] - Revenue from various application areas in adsorption materials included: 256 million from metal resources (+30%), 568 million from life sciences (+28%), 688 million from water treatment and ultrapure water (+34%), 181 million from energy conservation and environmental protection (-2%), 56 million from food processing (+28%), and 200 million from chemicals and catalysis (+42%) [2] Profitability and Margins - The company achieved a gross margin of 49.47% in 2024, an increase of 0.8 percentage points year-on-year, benefiting from a higher proportion of mid-to-high-end adsorption materials and a decrease in the proportion of lower-margin system device revenue [2] - In Q1 2025, the gross margin improved to 50.79%, up 5.37 percentage points year-on-year, with continued strong growth in the life sciences, metal resources, and water treatment sectors [2] International Expansion - The company saw a significant increase in overseas revenue, which reached 655 million in 2024, a year-on-year growth of 45.1%, accounting for 25.65% of total revenue [3] - The company established a wholly-owned subsidiary in the United States and set up warehousing units in North America and Europe to facilitate localized business development [3] Future Projections - Revenue projections for 2025-2027 are estimated at 3.085 billion, 3.824 billion, and 4.679 billion respectively, with year-on-year growth rates of 20.78%, 23.98%, and 22.34% [3] - Net profit attributable to shareholders is expected to reach 959 million, 1.204 billion, and 1.548 billion for the same period, with growth rates of 21.85%, 25.55%, and 28.53% respectively [3] - The current stock price corresponds to a price-to-earnings ratio of 23.34, 18.59, and 14.47 for 2025-2027, reflecting the company's strong growth potential as a leading platform for adsorption materials [3]

Core Viewpoint - The company reported a stable revenue growth in 2024, with a total revenue of 2.554 billion yuan, reflecting a year-on-year increase of 2.62%, while net profit attributable to shareholders reached 787 million yuan, up 9.79% year-on-year [1] Group 1: Financial Performance - In 2024, the company achieved a revenue of 2.554 billion yuan, with a net profit of 787 million yuan and a non-recurring net profit of 745 million yuan, showing year-on-year increases of 9.79% and 2.99% respectively [1] - The profit distribution plan for 2024 proposes a dividend of 6.00 yuan per 10 shares (including tax) [1] - For Q1 2025, the company reported a revenue of 577 million yuan, down 8.58% year-on-year and 12.91% quarter-on-quarter, while net profit attributable to shareholders was 193 million yuan, up 14.18% year-on-year [1] Group 2: Business Segments - The basic warehouse business showed robust growth, with a revenue of 2.45 billion yuan excluding the lithium extraction project, marking a 24.7% year-on-year increase and accounting for 96.1% of total revenue [2] - The ion exchange adsorption resin segment generated 1.99 billion yuan in revenue, a 27.6% increase year-on-year, with a gross margin of 52.85%, reflecting a 1.72 percentage point increase [2] - Revenue from water treatment, life sciences, metal resources, and chemical & catalysis segments grew by 34%, 28%, 30%, and 42% respectively [2] Group 3: Project and Market Dynamics - The revenue from the lithium extraction project was 100 million yuan, accounting for 3.9% of total revenue, which represents an 81.0% year-on-year decline due to cyclical downturns in the lithium resource industry [3] - The company has received 195 million yuan from a contract signed in March 2022 for the supply of adsorption equipment, indicating a discrepancy with the expected progress [3] Group 4: Research and Development - The company invested 146 million yuan in R&D in FY 2024, representing 5.72% of revenue, and 33 million yuan in Q1 2025, maintaining a similar ratio of 5.71% [4] - The ongoing antitrust investigation into DuPont may accelerate the company's penetration into high-end product markets [4] - In the life sciences sector, the company completed the scale-up validation of a new generation ProteinA affinity filler, receiving positive feedback from multiple clients [4] Group 5: Investment Outlook - The company is expected to achieve net profits of 1.012 billion yuan, 1.262 billion yuan, and 1.526 billion yuan for 2025-2027, with corresponding PE ratios of 22x, 18x, and 15x [4] - A target price of 59.70 yuan is set for 2025 based on a 30x PE valuation, maintaining a strong buy rating [4]

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [2][20]. Core Insights - The company's basic warehouse business continues to grow significantly, with a focus on accelerating domestic substitution [2]. - In 2024, the company achieved total revenue of 2.554 billion yuan, a year-on-year increase of 2.6%, and a net profit attributable to shareholders of 787 million yuan, up 9.8% year-on-year [9][10]. - The report highlights the company's strong performance in high-margin segments, particularly in ion exchange adsorption resins, which generated 1.99 billion yuan in revenue, reflecting a 27.6% year-on-year growth [9][10]. - The report notes that external factors have impacted revenue from major projects, particularly a significant decline in revenue from lithium extraction projects [9][10]. - The ongoing anti-monopoly investigation into DuPont is expected to accelerate the company's penetration into high-end markets [9][10]. - The investment recommendation is based on the current pace of domestic substitution and the potential revenue recognition from major projects, projecting net profits of 1.012 billion yuan, 1.262 billion yuan, and 1.526 billion yuan for 2025, 2026, and 2027, respectively [9][10]. Financial Summary - The company forecasts total revenue for 2025 to be 3.209 billion yuan, with a year-on-year growth rate of 25.6% [4]. - The projected net profit for 2025 is 1.012 billion yuan, representing a growth rate of 28.5% [4]. - The earnings per share (EPS) is expected to increase from 1.55 yuan in 2024 to 1.99 yuan in 2025 [4]. - The target price for the company's stock is set at 59.70 yuan, compared to the current price of 44.11 yuan [5].

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 近期，不少外资机构看多中国资产。 4月23日，富兰克林邓普顿新兴市场股票团队投资经理Yi Ping Liao在接受中国证券报记者采访时表示， 中国A股对外资的依赖度显著低于亚洲其他市场，这一结构性特征增强了A股市场的韧性。中国股市仍 可以自下而上发掘优质投资机会，目前主要看好内需导向型中资股等。 路博迈集团在近日发布的二季度股票市场展望中表示："海外投资者在中国股票资产的持仓比例仍相对 较低，且中国经济和企业业绩出现惊喜的可能性相对较高，我们对中国市场的观点为超配。" 中国资产韧性凸显受到外资机构密切关注。 Wind数据显示，今年4月份以来，已有236家A股公司接受外资机构调研。其中，接受外资机构调研次数 居前十的公司分别为：华明装备、宏发股份、立讯精密、安克创新、蓝晓科技、乖宝宠物、水晶光电、 澜起科技、伟星新材、蓝思科技，涉及出海板块，与内需相关的消费电子、宠物经济，以及与科技创新 相关的人形机器人、芯片、电气设备等板块。 具体来看，4月至今，华明装备已被81家外资机构调研，包括摩根士丹利、路博迈、瑞银资产管理、富 兰克林邓普顿等知 ...

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]

证券代码：300487 证券简称：蓝晓科技 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 投资者关系活动记录表 编号：2025—003 | | □特定对象调研 | □分析师会议 | | --- | --- | --- | | 投资者关 | □媒体采访 | □业绩说明会 | | 系活动 | □新闻发布会  | 路演活动 | | 类别 | □现场参观 | | | | □其他 | | | 参与单位 | HSZ Group：Ms. Selena Suen | | | | CIC：Mr. Albert Jin | | | | Library Group：Mr. Jinzhi Mu | | | | Luven Capital：Mr. Vincent Lu | | | 名称及人 | Manulife：Mr. Wenlin Li | | | 员姓名 | Sinopac Asset Management：Mr. Bing Lin | | | | Splenssay Capital：Mr. Yixin Wu | | | | Wealth Quay Asset：Mr. Jake Li | | | ...

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].