蓝晓科技(300487)：基本仓业务稳步增长 生科产业园驱动未来成长

Core Insights - The company reported a revenue of 1.247 billion yuan for H1 2025, a year-on-year decrease of 3.64%, while net profit attributable to shareholders was 445 million yuan, an increase of 10.01% [1][2] - The decline in revenue was primarily due to the absence of income recognition from the large lithium extraction project in the salt lake; excluding this impact, revenue would have increased by 4.26% year-on-year [2] - The company’s gross profit margin reached 51.26%, up 3.78 percentage points year-on-year, indicating a positive trend in high-margin business segments [2] Revenue Breakdown - In H1 2025, the water treatment and ultrapure water segment generated 359 million yuan, a year-on-year increase of 11.25% - The life sciences segment achieved 320 million yuan in revenue, up 12.43% year-on-year - The metal resources segment reported 149 million yuan, a significant increase of 22.84% year-on-year [2] Future Growth Prospects - The company plans to invest 1.15 billion yuan in a new high-end materials industrial park for life sciences, which will enhance production capacity and support future growth [3] - The life sciences sector is characterized by high technical barriers and profitability, with ongoing projects showing promising market potential [3] - The ultrapure water segment is expected to see continued growth, particularly in the semiconductor and display panel industries, where the company has secured substantial orders [4] Lithium Extraction Developments - The company has made significant progress in lithium extraction from salt lakes, with the first production line of 3,300 tons of lithium hydroxide successfully trialed [5] - This project utilizes an environmentally friendly "zero-carbon" process, positioning the company as a leader in sustainable lithium production [5] Financial Forecast - The company’s projected net profits for 2025, 2026, and 2027 are 976 million yuan, 1.231 billion yuan, and 1.522 billion yuan, respectively, with corresponding EPS of 1.92, 2.42, and 3.00 yuan [6] - The current price corresponds to a PE ratio of 27.80, 22.06, and 17.83 for the respective years, indicating a favorable long-term growth outlook [6]