Investment Rating - The report maintains a "Buy-B" rating for the company [1] Core Views - The company has shown steady revenue growth and is heavily investing in the life sciences sector, which is expected to benefit from the industrialization of Direct Air Capture (DAC) technology [1][3] - The company's revenue for the first half of 2025 was 1.247 billion yuan, a decrease of 3.64% year-on-year, while the total profit reached 501 million yuan, an increase of 12.35% year-on-year [1] - The gross profit margin improved to 51.26%, up 3.8 percentage points year-on-year, driven by a higher proportion of high-margin products and a decline in raw material prices [2] Financial Performance - The company is projected to achieve revenues of 3.094 billion yuan, 3.844 billion yuan, and 4.703 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 21.15%, 24.24%, and 22.36% [4] - The net profit attributable to the parent company is expected to be 1.011 billion yuan, 1.254 billion yuan, and 1.560 billion yuan for the years 2025, 2026, and 2027, reflecting year-on-year growth rates of 28.40%, 24.05%, and 24.39% [4] - The company’s earnings per share (EPS) are projected to be 1.99 yuan, 2.47 yuan, and 3.07 yuan for the years 2025, 2026, and 2027, with corresponding price-to-earnings (P/E) ratios of 27.62, 22.27, and 17.90 [4] Market Data - As of September 4, 2025, the closing price of the company's stock was 53.48 yuan, with a market capitalization of 27.15 billion yuan [7] - The company’s circulating A-shares account for 3.07 billion out of a total of 5.08 billion shares [7] Strategic Initiatives - The company plans to invest 1.15 billion yuan in a high-end materials industrial park focused on life sciences, which will include various chromatography media and separation materials [2] - The company is expected to benefit from the DAC market, projected to grow from 62 million USD in 2023 to 1.727 billion USD by 2030, with a compound annual growth rate (CAGR) of 60.9% [3]

Core Viewpoint - Blue Sky Technology (300487.SZ) has achieved steady growth amidst the global trend of self-sufficiency in the new materials industry and accelerated domestic high-end manufacturing [1] Financial Performance - In 2024, the company reported total revenue of 2.554 billion yuan, a year-on-year increase of 2.62% [1] - Net profit attributable to shareholders reached 787 million yuan, reflecting a year-on-year growth of 9.79% [1] - The increase in net profit outpaced revenue growth, indicating an improvement in the profit structure due to a higher proportion of high-value-added businesses [1] Business Segments - The core growth driver is the adsorption materials segment, which maintained a high gross margin [1] - Basic warehouse business showed stable growth, while life sciences, metal resources, water treatment, and ultra-purification segments experienced significant growth [1] - Basic business revenue reached 2.45 billion yuan, a year-on-year increase of 24.7%, accounting for 96.1% of total revenue [3] Key Business Highlights - Sales revenue from core adsorption materials was 1.99 billion yuan, representing 80.9% of total revenue [4] - The metal resources segment saw sales revenue of 256 million yuan, a year-on-year increase of 30% [4] - Life sciences segment revenue reached 568 million yuan, growing by 28% [5] - Water treatment and ultra-purification segment achieved sales revenue of 688 million yuan, a year-on-year increase of 34% [5] - Chemical and catalytic segment sales reached 202 million yuan, up 42% year-on-year [5] Strategic Focus - The company aims to maintain stable growth in its basic warehouse business and ensure high-quality delivery of major projects like the Tibet Jiezhe project [1][7] - The internationalization strategy will be a key focus area moving forward [1] - The company plans to allocate resources according to the characteristics of its business segments, with metal resources and life sciences being priority areas [7] Market Opportunities - Emerging markets in life sciences, drinking water, new energy, and carbon emissions are expected to open new demand increments, providing a new supply-demand window for domestic upstream suppliers [6] - The company is expanding its local teams in North America and Europe to enhance competitiveness in international markets [5][8] - The establishment of a wholly-owned subsidiary in the U.S. aims to facilitate localized business development [8]