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% ...

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]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 58.57 CNY based on a 30x PE for 2024 [4][15]. Core Views - The company achieved a record high in both revenue and net profit for 2023, with revenue of 2.489 billion CNY, up 29.64% year-on-year, and a net profit of 717 million CNY, up 33.35% year-on-year [1][2]. - The growth in revenue is attributed to significant increases in both adsorption materials and system devices, with the former generating 1.556 billion CNY (up 13.45%) and the latter 825 million CNY (up 76.44%) [1]. - The company has been investing in R&D, with 147 million CNY spent in 2023, representing 5.93% of revenue, and a total of 463 million CNY over the past five years [2]. - The company has developed advanced products in the life sciences sector, including a new generation of alkaline-resistant proteins, enhancing its competitive edge [2]. Financial Summary - The company forecasts revenues of 3.058 billion CNY for 2024, 3.865 billion CNY for 2025, and 4.685 billion CNY for 2026, with corresponding net profits of 986 million CNY, 1.267 billion CNY, and 1.513 billion CNY respectively [2][3]. - The projected EPS for 2024, 2025, and 2026 are 1.95 CNY, 2.51 CNY, and 3.00 CNY respectively [3][12]. - The company’s gross margin improved to 48.9% in 2023, an increase of 4.88 percentage points year-on-year, driven by high-margin segments and improved cost management [1].

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].