Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's basic warehouse business shows strong resilience, with a year-on-year revenue increase of 2.62% to 2.554 billion yuan in 2024, and a net profit increase of 9.79% to 787 million yuan [4][6] - The company has a robust growth trajectory in its adsorption materials segment, with total production increasing by 33.4% to 65,700 tons and sales volume increasing by 33.6% to 63,700 tons [6][9] - The internationalization strategy is yielding results, with overseas revenue growing by 45.1% to 655 million yuan in 2024 [6] Summary by Sections Financial Performance - In Q1 2025, the company achieved revenue of 577 million yuan, a year-on-year decrease of 8.58%, but net profit increased by 14.18% to 193 million yuan [5][8] - The company’s gross profit margin for Q1 2025 was 50.79%, up 5.37 percentage points year-on-year, while the net profit margin was 33.90%, up 6.79 percentage points year-on-year [8] Business Segments - The life sciences segment generated revenue of 568 million yuan in 2024, a growth of 28% year-on-year, driven by the company's solid phase synthesis carriers [9] - The water treatment segment saw revenue of 688 million yuan in 2024, reflecting a year-on-year increase of 34% [9] Future Outlook - The company is expected to continue its growth trajectory, with projected revenues of 3.283 billion yuan, 4.245 billion yuan, and 5.561 billion yuan for 2025, 2026, and 2027 respectively [10][12] - The net profit forecasts for the same years are 1.059 billion yuan, 1.371 billion yuan, and 1.872 billion yuan, indicating a strong growth potential [10][12]

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [2][11]. Core Views - The company's basic warehouse business shows steady growth, while the large lithium extraction project from salt lakes has been a drag on performance [1]. - In 2024, the company achieved a revenue of 2.554 billion yuan, a year-on-year increase of 2.62%, and a net profit attributable to shareholders of 787 million yuan, up 9.79% year-on-year [1]. - For Q1 2025, the company reported a revenue of 577 million yuan, a year-on-year decrease of 8.58%, but a net profit of 193 million yuan, which is a 14.18% increase year-on-year [1]. Financial Performance - The basic business revenue, excluding the salt lake lithium extraction system, reached 2.45 billion yuan in 2024, growing 24.7% year-on-year, accounting for 96.1% of total revenue [5]. - The revenue from the adsorption materials segment was 1.99 billion yuan, representing 80.9% of the basic business revenue [5]. - The company has diversified its lithium-related projects, achieving a production capacity of 100,000 tons of lithium carbonate/hydroxide [5]. - The life sciences segment generated 568 million yuan in revenue in 2024, a 28% increase year-on-year, benefiting from the strong market performance of GLP-1 peptide drugs [5]. - The water treatment and ultra-purification segment achieved a revenue of 688 million yuan in 2024, growing 34% year-on-year [5][6]. International Expansion - The company reported a significant increase in overseas sales, reaching 655 million yuan in 2024, a 45.1% year-on-year growth, indicating successful international market penetration [11]. - The establishment of a wholly-owned subsidiary in the United States has further strengthened the company's overseas presence and improved response efficiency to key clients [11]. Financial Projections - Revenue projections for 2025-2027 are estimated at 3.060 billion yuan, 3.697 billion yuan, and 4.517 billion yuan, with year-on-year growth rates of 20%, 21%, and 22% respectively [11]. - The net profit attributable to shareholders is projected to be 925 million yuan, 1.107 billion yuan, and 1.344 billion yuan for the same period, with year-on-year growth rates of 18%, 20%, and 21% respectively [11]. Valuation Metrics - The company’s current price-to-earnings (PE) ratio is 31.6, projected to decrease to 16.8 by 2027, indicating potential for valuation improvement [14]. - The price-to-book (PB) ratio is currently at 6.6, expected to decline to 3.6 by 2027, suggesting a more attractive valuation over time [14].

Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Views - The company's performance is in line with expectations, and there is a sustained positive outlook on its development potential as a platform company [2][6] - The company reported a total revenue of 2.554 billion yuan for 2024, with a year-on-year growth of 3%, and a net profit attributable to shareholders of 787 million yuan, reflecting a year-on-year increase of 10% [6][7] - The company is expected to achieve a net profit of 1.015 billion yuan in 2025, representing a growth rate of 29% [5][6] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 3.098 billion yuan, with a year-on-year growth rate of 21.3% [5] - The net profit attributable to shareholders is projected to be 1.015 billion yuan for 2025, with a corresponding earnings per share of 2.00 yuan [5][6] - The company's gross margin is expected to be around 49.7% in 2025, with a return on equity (ROE) of 23.1% [5][6] - The company’s market capitalization is approximately 13.722 billion yuan, with a price-to-earnings (PE) ratio of 22 for 2025 [2][5] Business Performance Insights - The company’s core business, excluding the lithium extraction project, generated revenue of 2.455 billion yuan in 2024, showing a stable growth of 25% year-on-year [6] - The sales of adsorption materials reached 6.37 million tons, generating revenue of 1.986 billion yuan, with a gross margin of 52.85% [6] - The life sciences segment is benefiting from the growth of GLP-1 peptide drugs, while the water treatment and ultra-pure water sectors are experiencing significant breakthroughs [6]

Financial Performance - In 2024, the company achieved operating revenue of 2.55 billion, a year-on-year increase of 2.6% [2] - The net profit attributable to shareholders reached 787 million, up 9.8%, with a profit growth rate exceeding revenue growth by 7.2 percentage points [2] - Excluding the salt lake lithium extraction project, the core business revenue was 2.46 billion, a 25% increase, accounting for 96.1% of total revenue [2] - The comprehensive gross profit margin for 2024 was 49.5%, remaining stable compared to the previous year [2] Q1 2025 Performance - In Q1 2025, the company reported revenue of 577 million, a decrease of 8% year-on-year, but net profit attributable to shareholders increased by 1.93% [2][3] - Excluding the salt lake lithium project, core business revenue in Q1 2025 was 577 million, reflecting a 9% year-on-year growth [3] Project Revenue Recognition - In Q1 2024, the company recognized approximately 99 million in revenue from the Guotou Luokai project [4] - Revenue from ongoing salt lake lithium projects will be recognized based on project progress and fulfillment of contractual obligations [4] Life Sciences Sector - The company has expanded production capacity in the life sciences sector, achieving capacities of 120 tons and 70,000 liters for solid-phase carriers and agarose/dextran respectively [5] - Plans are in place to establish a new GMP-grade production facility and an independent life sciences park to enhance product quality and stability [5] Domestic and International Market Strategy - The company achieved overseas sales revenue of 655 million, a significant increase of 45.1% year-on-year, outpacing domestic growth [10] - The internationalization strategy has been a key competitive advantage, with a focus on expanding into North America, Europe, Asia, South America, and Africa [10] - In 2024, the company established a wholly-owned subsidiary in the U.S. and set up storage units in North America and Europe to enhance operational efficiency [10] Technological Advancements - The company has achieved effective domestic substitution in various fields, including cephalosporin production and gallium extraction, leveraging proprietary adsorption technology [6] - The demand for solid-phase synthesis carriers is driven by the significant growth in GLP-1 peptide drug sales, maintaining a high market share [7] - The company is actively innovating in energy-saving and environmental protection technologies, with stable sales trends in CO2 capture and wastewater treatment products [9]

02 产品创新与供应链管理 | 产品责任 | 25 | | --- | --- | | 持续研发创新 | 30 | | 供应链管理 | 36 | 03 环境管理与可持续发展 | 安全生产 | 39 | | --- | --- | | 环境管理 | 41 | | 能源管理 | 43 | | 水资源管理 | 45 | | 排放物管理 | 46 | | 应对气候变化 | 50 | | 开展绿色行动 | 51 | SUÑRESIN 量而目 2024 环境、社会和公司治理(ESG)报告 西安蓝 晓 科 技 新 材 料 股 份 有 限 公 司 E蒙 CONTENTS | 关于本报告 | 01 | | --- | --- | | 董事长致辞 | 03 | | 走进蓝晓科技 | 05 | | 公司简介 | 05 | | 发展历程 | 07 | | 企业文化 | 09 | | ESG亮点数据回顾 | 10 | | 荣誉与奖项 | 11 | | ESG管理 | 12 | 01 公司治理 稳健的公司治理 商业道德与反贪腐 报告对标索引 63 64 读者反馈表 (0)47 员工关爱与社会公益 | 员工权益与福利 | 55 | | - ...

分行业来看，24只社保基金连续重仓股中，来自基础化工、医药生物、有色金属等行业的个股较为集 中，分别有7只、3只、3只。其中，基础化工行业连续持有的个股有蓝晓科技、华恒生物、江山股份 等。医药生物行业连续持有的个股有我武生物、艾德生物、华特达因等。分板块来看，社保基金连续重 仓股中，主板有15只，创业板有7只，科创板有2只。 财报季，机构持股动向逐渐浮出水面，社保基金一季度末共现身87只股，其中，24股已连续持有超8个 季度。 作为风格稳健的长期机构投资者，社保基金长线持有的重仓股引人关注，据证券时报·数据宝统计，截 至4月23日，公布一季报公司中，社保基金最新出现在87家公司前十大流通股东榜，向前追溯发现，共 有42只股获社保基金连续持有4个季度以上。其中，24只社保基金持有期超过两年，中原传媒、我武生 物等7只获社保基金连续持仓超5年。 社保基金持有期限最长的个股是中原传媒，自2014年三季度以来已累计持有43个季度，最新全国社保基 金六零四组合，位列公司第五大流通股东，持股量合计为1054.11万股，占流通股比例为1.58%，社保基 金持有期限较长的还有我武生物、蓝晓科技、亿联网络等，已连续持有42、2 ...

Core Insights - Blue Sky Technology (蓝晓科技) reported a total revenue of 2.554 billion yuan for 2024, reflecting a year-on-year growth of 2.62% [1] - The net profit attributable to shareholders reached 787 million yuan, marking a year-on-year increase of 9.79% [1] - Despite the slowdown in revenue growth, the net profit showed strong performance [1] Business Performance - The core business of Blue Sky Technology demonstrated robust growth, with basic business revenue reaching 2.45 billion yuan, up 24.7% year-on-year, accounting for 96.1% of total revenue [4] - Sales revenue from adsorption materials was 1.99 billion yuan, representing 80.9% of the total revenue, while device sales revenue was 370 million yuan, making up 15.1% [4] - The significant decline in revenue from the salt lake lithium extraction project, which was only 100 million yuan, down 81.0% year-on-year, raised concerns about the overall performance [4] Sector Performance - The metal resources sector showed strong performance, with adsorption materials sales revenue of 256 million yuan, a 30% increase year-on-year [5] - Prices for metals such as gallium and uranium rose compared to the previous year, contributing to the sector's high prosperity [5] - The life sciences sector also performed well, with sales revenue of 568 million yuan, reflecting a 28% year-on-year growth [5] Growth in Other Segments - The water treatment and ultrapure water segment achieved explosive growth, with sales revenue of 688 million yuan, up 34% year-on-year [6] - The chemical and catalysis segment reported sales revenue of 202 million yuan, a 42% increase year-on-year, indicating strong market demand and potential for domestic substitution [6] - Overall, Blue Sky Technology maintained a healthy financial status and steady growth across various business segments, despite the significant decline in the salt lake lithium project revenue [6]

关于 2024 年度利润分配预案的公告 | 证券代码：300487 | 证券简称：蓝晓科技 | 公告编号：2025-017 | | --- | --- | --- | | 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 本公司及监事会全体成员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。 特别提示： 1.西安蓝晓科技新材料股份有限公司（以下简称"公司"）拟以未来实施 2024 年年度权益分配方案时股权登记日的总股本扣除公司回购专户上已回购股份为 基数，每 10 股派送现金股利 6.00 元（含税），不送红股，不以资本公积转增股 本。分配方案公告后至实施前，公司总股本由于股权激励、可转债转股等原因而 发生变化的，将按照分配比例不变的原则调整分配总额。 2.公司 2024 年度现金分红包括年度现金分红及 2024 年前三季度现金分红， 合计派发现金分红金额占 2024 年度合并报表归属于上市公司股东净利润的 46%， 旨在积极响应相关政策，切实回馈广大投资者。但需特别提示，本次分红方案不 代表公司每年度均按照此固定比例进行分红，未来年度的分红 ...

| 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 | | --- | | 保荐代表人姓名：雒晓伟 联系电话：010-88005285 | | 保荐代表人姓名：邵鹤令 联系电话：010-88005290 | | 现场检查人员姓名：雒晓伟、付杰 | | 现场检查对应期间：2024 年度 | | 现场检查时间：2025 年 4 月 10 日至 2025 年 4 月 21 日 | | 一、现场检查事项 现场检查意见 | | 不 适 （一）公司治理 是 否 | | 用 | | 现场检查手段： | | （1）查阅公司章程和各项规章制度； | | （2）查阅公司历次董事会、监事会、股东大会材料，包括会议通知、签到表、 | | 会议记录、会议决议、公告等； | | （3）与公司部分董事、高管人员进行访谈； | | （4）查看上市公司的主要生产、经营、管理场所。 | | 1.公司章程和公司治理制度是否完备、合规 √ | | 2.公司章程和股东会、董事会规则是否得到有效执行 √ | | 3.股东会、董事会会议记录是否完整，时间、地点、出席人员 √ | | 及会议内容等要件是否齐备，会议资料是否保存完整 | | 4. ...

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 使用闲置自有资金进行委托理财的核查意见 根据《证券发行上市保荐业务管理办法》《深圳证券交易所上市公司自律监 管指引第 13 号—保荐业务》《深圳证券交易所创业板股票上市规则》《深圳证券 交易所上市公司自律监管指引第 2 号—创业板上市公司规范运作》等有关法律法 规和规范性文件的要求，国信证券股份有限公司（简称"国信证券"或"保荐机 构"）作为西安蓝晓科技新材料股份有限公司（简称"蓝晓科技"或"公司"）的 持续督导保荐机构，对公司使用闲置自有资金进行委托理财事项进行了认真、审 慎的核查，具体核查情况如下： 一、使用闲置自有资金进行委托理财的情况 （一）额度及期限 公司拟使用不超过 80,000 万元的闲置自有资金购买理财产品，该额度自董 事会审议通过之日起 12 个月内有效。在上述额度内，资金可以滚动使用。 （二）投资品种 投资品种包括但不限于银行理财产品、券商理财产品及其他根据公司内部 决策程序批准的理财对象对及理财方式。 1、及时根据证券市场环境的变化，加强市场分析和调研工作，及时调整投 资策略及规模，严控风险； 1 2、严格筛选投资对象，尽量选择安 ...