2025 年 11 月 04 日 公司点评 买入/维持 蓝晓科技(300487) 昨收盘:54.77 盈利质量持续提升，生命科学板块前景广阔 走势比较 (20%) (10%) 0% 10% 20% 30% 24/11/4 25/1/15 25/3/28 25/6/8 25/8/19 25/10/30 蓝晓科技 沪深300 股票数据 总股本/流通(亿股) 5.08/3.07 总市值/流通(亿元) 278.05/167.94 12 个月内最高/最低价 (元) 60/41 相关研究报告 <<蓝晓科技（300487.SZ）：业绩稳健 增长，生命科学板块业务值得期 待>>--2025-08-24 <<蓝晓科技（300487.SZ）：基本仓业 务稳健增长，吸附材料产销双增>>-- 2025-04-29 <<业绩同比增长，平台型公司行稳致 远>>--2024-04-28 证券分析师：王亮 E-MAIL：wangl@tpyzq.com 分析师登记编号：S1190522120001 证券分析师：王海涛 E-MAIL：wanght@tpyzq.com 分析师登记编号：S1190523010001 事件：公司近期发布 2025 年 ...

资料显示，西安蓝晓科技新材料股份有限公司位于陕西省西安市高新区锦业路135号，成立日期2001年4 月5日，上市日期2015年7月2日，公司主营业务涉及研发、生产和销售吸附分离材料以及围绕吸附分离 材料核心形成的配套系统装置和吸附分离技术一体化的柔性解决方案。主营业务收入构成为：吸附材料 80.71%，系统装置14.70%，技术服务2.95%，其他1.63%。 11月3日，蓝晓科技盘中下跌2.07%，截至10:29，报54.40元/股，成交1.13亿元，换手率0.67%，总市值 276.17亿元。 资金流向方面，主力资金净流出806.37万元，特大单买入348.15万元，占比3.09%，卖出494.48万元，占 比4.39%；大单买入1910.34万元，占比16.94%，卖出2570.39万元，占比22.80%。 蓝晓科技今年以来股价涨15.52%，近5个交易日跌4.59%，近20日跌5.51%，近60日涨8.26%。 分红方面，蓝晓科技A股上市后累计派现12.27亿元。近三年，累计派现9.58亿元。 机构持仓方面，截止2025年9月30日，蓝晓科技十大流通股东中，香港中央结算有限公司位居第一大流 通股东，持 ...

蓝晓科技（ [Table_StockNameRptType] 300487） 公司点评 Q3 基本仓业绩稳步增长，生科板块加速布局 [Table_Rank] 投资评级：买入（维持） 报告日期： 2025-11-03 | [Table_BaseData] 收盘价（元） | 55.55 | | --- | --- | | 近 12 个月最高/最低（元） | 60.00/41.00 | | 总股本（百万股） | 508 | | 流通股本（百万股） | 307 | | 流通股比例（%） | 60.40 | | 总市值（亿元） | 282 | | 流通市值（亿元） | 170 | [公司价格与沪深 Table_Chart] 300 走势比较 -25% -11% 3% 17% 31% 11/24 2/25 5/25 8/25 蓝晓科技 沪深300 [Table_Author] 分析师：王强峰 执业证书号：S0010522110002 电话：13621792701 邮箱：wangqf@hazq.com 分析师：刘天其 执业证书号：S0010524080003 电话：17321190296 邮箱：liutq@hazq.com ...

Financial Performance - In the first three quarters of 2025, the company achieved operating revenue of 1.933 billion CNY, a year-on-year increase of 2.20% [2] - The net profit attributable to the parent company was 0.207 billion CNY, reflecting a year-on-year growth of 9.27% [2] - Excluding the impact of large-scale lithium extraction project revenue, the revenue growth for the first three quarters was 8% [2] - In Q3 2025, the company reported operating revenue of 0.686 billion CNY, a year-on-year increase of 14.86% [2] - The overall gross profit margin for the reporting period was 52.81%, up by 4 percentage points year-on-year [3] Business Segments - Revenue from adsorption separation materials was 1.565 billion CNY, accounting for 80.95% of total revenue [4] - Revenue from system devices was 0.248 billion CNY, representing 12.83% of total revenue [4] - The company’s product structure has been optimized, with high-margin products in life sciences and metals showing significant growth [4] Growth Potential - The metal resources segment is one of the top three areas in the adsorption separation materials business, with ongoing expansion in the lithium industry chain [5] - The company has signed multiple industrial projects in nickel extraction, cobalt recovery, and vanadium extraction, indicating strong growth potential in the metal resources sector [5] Development Plans - The life sciences high-end materials industrial park will produce various products, including chromatography media and polymer chromatography fillers, with phased production based on market demand [6]

Core Insights - Blue Sky Technology's stock increased by 5.01%, reaching 59.50 CNY per share, with a trading volume of 250 million CNY and a turnover rate of 1.41%, resulting in a total market capitalization of 30.206 billion CNY [1] Company Overview - Xi'an Blue Sky Technology New Materials Co., Ltd. was established on April 5, 2001, and went public on July 2, 2015. The company specializes in the research, production, and sales of adsorption separation materials, along with integrated flexible solutions surrounding these materials [1] - The revenue composition of the company includes: 80.71% from adsorption materials, 14.70% from system devices, 2.95% from technical services, and 1.63% from other sources [1] Fund Holdings - A fund under Galaxy Fund holds a significant position in Blue Sky Technology, with the Galaxy New Materials Stock Initiation A (020276) holding 11,600 shares, accounting for 4.97% of the fund's net value, making it the sixth-largest holding [2] - The Galaxy New Materials Stock Initiation A fund was established on December 27, 2023, with a latest scale of 11.2819 million CNY. It has achieved a year-to-date return of 30.98%, ranking 1424 out of 4220 in its category [2] Fund Manager Performance - The fund manager of Galaxy New Materials Stock Initiation A is Jin Ye, who has been in the position for 3 years and 286 days. The total asset size of the fund is 54.3398 million CNY, with the best return during his tenure being 60.53% and the worst being -1.51% [3]

Core Viewpoint - Blue Sky Technology's stock has experienced fluctuations, with a recent decline of 2.08% and a year-to-date increase of 14.66%, indicating volatility in market performance [1]. Financial Performance - For the first half of 2025, Blue Sky Technology reported revenue of 1.247 billion yuan, a year-on-year decrease of 3.64%, while net profit attributable to shareholders increased by 10.01% to 445 million yuan [2]. - Cumulative cash dividends since the company's A-share listing amount to 1.136 billion yuan, with 866 million yuan distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 9.84% to 19,000, while the average number of circulating shares per person increased by 10.92% to 16,100 shares [2]. - The largest circulating shareholder is Hong Kong Central Clearing Limited, holding 50.0449 million shares, an increase of 1.0271 million shares from the previous period [3]. Stock Market Activity - As of September 15, 2023, Blue Sky Technology's stock price was 54.20 yuan per share, with a market capitalization of 27.515 billion yuan [1]. - The stock has seen a trading volume of 147 million yuan, with a turnover rate of 0.87% on the same day [1].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Viewpoints - The company reported a significant increase in Q2 performance, with a quarter-on-quarter revenue growth of 16.27% and a net profit increase of 30.16% [5] - The company achieved a total revenue of 12.47 billion yuan in the first half of 2025, a year-on-year decrease of 3.64%, while the net profit attributable to the parent company rose by 10.01% to 4.45 billion yuan [4] - The company is focusing on expanding its capacity in the life sciences sector and enhancing its global presence, with significant growth in high-margin businesses such as life sciences and ultra-pure water materials [6][9] Summary by Relevant Sections Financial Performance - In Q2 2025, the company achieved a revenue of 6.71 billion yuan, a year-on-year increase of 1.06% and a quarter-on-quarter increase of 16.27% [5] - The gross profit margin for the first half of 2025 was 51.26%, an increase of 3.8 percentage points year-on-year [6] - The company expects to achieve net profits of 9.69 billion, 11.89 billion, and 14.49 billion yuan for the years 2025 to 2027, corresponding to P/E ratios of 27, 22, and 18 times respectively [10] Business Segments - The revenue from the adsorption separation materials segment reached 10.07 billion yuan, with a year-on-year growth of 3.40% [6] - The life sciences materials segment generated 3.20 billion yuan in revenue, up 12.43% year-on-year, driven by the growth of peptide solid-phase synthesis carriers [6] - The company has successfully launched the first production line of the salt lake lithium extraction project, which is expected to contribute to future revenue growth [7][8] Strategic Initiatives - The company plans to establish a high-standard industrial park in Weinan, Shaanxi, to enhance its production capacity in chromatography media and other high-value products [9] - The company has signed long-term contracts with leading semiconductor clients in the ultra-pure water segment, indicating strong demand and growth potential [9]

Core Viewpoint - Blue Sky Technology's stock has experienced fluctuations, with a recent decline of 2.00% on August 25, 2023, while the company has shown a year-to-date increase of 10.83% in stock price [1] Group 1: Financial Performance - As of June 30, 2023, Blue Sky Technology reported a revenue of 1.247 billion yuan, a year-on-year decrease of 3.64%, while the net profit attributable to shareholders was 445 million yuan, reflecting a year-on-year growth of 10.01% [2] - The company has distributed a total of 1.136 billion yuan in dividends since its A-share listing, with 866 million yuan distributed over the past three years [3] Group 2: Shareholder and Market Activity - The number of shareholders decreased by 9.84% to 19,000 as of June 30, 2023, while the average circulating shares per person increased by 10.92% to 16,100 shares [2] - Major shareholders include Hong Kong Central Clearing Limited, holding 50.0449 million shares, an increase of 1.0271 million shares from the previous period [3] - The stock's trading activity on August 25, 2023, showed a net outflow of 35.78 million yuan in principal funds, with significant selling pressure [1]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6] Core Views - The company achieved a record high profit in the second quarter, with a net profit margin showing significant improvement [2] - The revenue for the first half of 2025 was CNY 12.47 billion, a year-on-year decrease of 3.6%, while the net profit attributable to the parent company was CNY 4.45 billion, an increase of 10.0% [1][3] - The company is expected to see growth in its life sciences, ultra-pure water, and lithium extraction projects, with a forecasted net profit of CNY 10.11 billion, CNY 13.22 billion, and CNY 15.96 billion for 2025-2027 [4] Revenue and Profitability - In Q2 2025, the company reported revenue of CNY 6.71 billion, a year-on-year increase of 1.1% and a quarter-on-quarter increase of 16.3% [1] - The gross margin for Q2 was 51.66%, and the net margin was 37.75%, both showing upward trends [2] - Excluding the impact of the large lithium extraction project, revenue for the first half of 2025 grew by 4.26% [3] Business Segments - The revenue from adsorption materials was CNY 10.07 billion, a year-on-year increase of 3.40%, while system device revenue decreased by 36.53% [3] - The technical service revenue saw a significant increase of 217.55%, primarily due to increased project design income in the lithium extraction sector [3] - Key projects in life sciences and ultra-pure water have made significant progress, with plans for a new high-end materials industrial park in Shaanxi Province [4] Financial Forecasts - The company’s financial projections indicate a steady increase in revenue and net profit over the next few years, with expected revenues of CNY 3.07 billion in 2025 and CNY 5.36 billion in 2027 [5] - The projected net profit for 2025 is CNY 1.01 billion, with a growth rate of 28.48% [5] Market Position - The company operates in the basic chemicals and plastics industry, with a current market capitalization of approximately CNY 26.84 billion [7] - The stock has shown a price range between CNY 37.35 and CNY 68.02 over the past year [7]

Core Viewpoint - Blue Sky Technology has shown a mixed performance in stock price and financial results, with a notable increase in net profit despite a slight decline in revenue [1][2]. Financial Performance - As of June 30, 2025, Blue Sky Technology reported a revenue of 1.247 billion yuan, a year-on-year decrease of 3.64% [2]. - The net profit attributable to shareholders was 445 million yuan, reflecting a year-on-year growth of 10.01% [2]. - Cumulative cash dividends since the A-share listing amount to 1.136 billion yuan, with 866 million yuan distributed over the past three years [3]. Stock Performance - On August 22, 2023, Blue Sky Technology's stock price increased by 2.00%, reaching 53.93 yuan per share, with a total market capitalization of 27.378 billion yuan [1]. - Year-to-date, the stock price has risen by 14.09%, with a 5-day increase of 5.54% and a 60-day increase of 18.89% [1]. Shareholder Structure - As of June 30, 2025, the number of shareholders decreased by 9.84% to 19,000, while the average circulating shares per person increased by 10.92% to 16,100 shares [2]. - The largest circulating shareholder is Hong Kong Central Clearing Limited, holding 50.0449 million shares, an increase of 1.0271 million shares from the previous period [3].