公司8 月20 日发布《拟购买土地使用权并投资建设生命科学高端材料产业园的公告》，拟在蒲城高新技 术开发区购买270 亩土地，建设生命科学高端材料产业园，内容为层析介质、聚合物色谱填料、酶载 体、小核酸载体、原料药及药用辅料吸附分离材料、固相合成载体、食品级吸附分离材料、超纯水级吸 附分离材料、色谱装置等产能及公辅配套设施。根据蓝晓科技官方公众号披露，近日，蓝晓科技在瑞典 成立子公司及生命科学业务欧洲区域总部，并聘任行业专家Hans Johansson 先生担任总经理，负责该区 域业务的整体运营和战略发展。瑞典子公司建址于欧洲生命科学技术核心区域，体现了蓝晓科技深耕欧 洲市场、对接全球前沿科技的前瞻性战略布局。 盈利预测：我们维持2025-2027 年归母净利润预期为10.11/13.22/15.96 亿元，维持"买入"评级。 风险提示：项目投产建设不及预期；医药行业技术迭代带来的产品迭代风险；宏观景气周期波动带来的 收入利润波动风险。 三季度收入续创24 年以来新高，单季度毛利率创历史新高公司前三季度营业收入、归母净利润同比增 速分别为+2.2%/+9.3%，2025年第三季度营业收入、归母净利润同比增速分 ...

公司报告 | 季报点评 蓝晓科技（300487） 证券研究报告 Q3 单季度毛利率历史新高，加速布局生命科学业务 蓝晓科技发布 2025 年三季报，前三季度实现营业收入 19.33 亿元，同比 +2.2%，实现归母净利润 6.52 亿元，同比+9.3%；其中第三季度实现营业收 入 6.86 亿元，同比+14.9%，环比+2.3%，实现归母净利润 2.07 亿元，同比 +7.7%，环比-17.6%。 三季度收入续创 24 年以来新高，单季度毛利率创历史新高 公司前三季度营业收入、归母净利润同比增速分别为+2.2%/+9.3%，2025 年第三季度营业收入、归母净利润同比增速分别为 14.9%/7.7%，同比增长 提速。其中第三季度实现营业收入 6.86 亿元，为 2024 年以来新高。盈利 能力方面，公司 2025 年前三季度毛利率 52.81%，其中第三季度毛利率 55.6%，单季度毛利率创上市以来历史最高纪录，在收入增长的同时，盈利 能力也随之上行。毛利率的进一步提升，主要得益于生命科学、金属资源 等高毛利业务占比提升，体现了公司的技术优势；同时，2025 年前三季度 部分主要原材料价格呈下降趋势，对毛利率 ...

Core Insights - The company achieved a record high gross margin of 55.62% in Q3 2025, driven by an increase in high-margin businesses such as life sciences and metal resources, alongside a decrease in the price of core raw material styrene by 22.51% year-on-year and 4.93% quarter-on-quarter [1] - The company plans to build a high-end materials industrial park for life sciences in Pucheng, Shaanxi, focusing on high-value-added products, which is expected to enhance the long-term return on equity (ROE) [2] - The establishment of a subsidiary in Sweden and a European regional headquarters for life sciences is aimed at attracting top global talent and enhancing the company's technological and customer resource accumulation in the life sciences sector [3] - Revenue forecasts for 2025-2027 are projected at 2.74 billion, 3.298 billion, and 4.018 billion yuan, with year-on-year growth rates of 7.28%, 20.35%, and 21.84% respectively, indicating a strong growth trajectory [4] Financial Performance - In Q3 2025, the company reported a gross margin of 55.62%, an increase of 4.42 percentage points quarter-on-quarter, although the net profit margin decreased by 1.84 percentage points due to rising expense ratios [1] - The company’s revenue for the first three quarters of 2025, excluding the impact of lithium project income, grew by 8% year-on-year, with continued growth in life sciences, metal resources, water treatment, and ultra-pure water businesses [1] Strategic Developments - The company is focusing capital expenditures on high-value-added life sciences businesses, with a strategic shift from industrial products to life sciences products, which is expected to improve the revenue structure and ROE levels [2] - The appointment of Hans Johansson as the general manager of the new Swedish subsidiary is expected to leverage his extensive experience in chromatography and bioprocessing to enhance the company's capabilities in life sciences [3]

Core Insights - The company reported its H1 2025 financial results, with revenue, net profit attributable to shareholders, and net profit excluding non-recurring items at 1.25 billion, 450 million, and 440 million yuan respectively, showing a year-on-year change of -3.6%, +10%, and +11.1% [1] - In Q2 2025, the company achieved revenue, net profit attributable to shareholders, and net profit excluding non-recurring items of 670 million, 250 million, and 250 million yuan respectively, with year-on-year changes of +1%, +7%, and +8.1%, and quarter-on-quarter changes of +16.3%, +30.2%, and +29.1% [1] - The revenue growth in Q2 was primarily impacted by maintenance activities, while structural optimization contributed to improved profitability [1] Financial Performance - H1 2025 basic warehouse business revenue increased by 4.3% year-on-year, demonstrating resilience [1] - Revenue growth in specific sectors for H1 2025 included metals (+22.8%), life sciences (+12.4%), water (+11.3%), while sectors like environmental protection (-43.2%), food (+30.6%), and chemicals (-29.7%) showed varied performance [1] - The gross margin and net margin for H1 2025 increased by 3.8 and 4.3 percentage points year-on-year, respectively, driven by a higher revenue share from high-margin segments [1] Strategic Developments - The company plans to invest 1.15 billion yuan in a high-end materials industrial park for life sciences in Pucheng, Shaanxi, expanding its capital expenditure in high-ROE sectors [2] - The product range will include chromatography media, polymer chromatography fillers, enzyme carriers, and ultra-pure water-grade adsorption separation materials, marking a deeper strategic shift from industrial to pharmaceutical sectors [2] - Key focus areas for the second half of the year include lithium and life sciences, with significant developments expected in lithium business projects and commercialization of chromatography media [2] Earnings Forecast and Investment Recommendations - The company is projected to achieve revenues of 3.085 billion, 3.824 billion, and 4.679 billion yuan for 2025-2027, with year-on-year growth rates of 20.78%, 23.98%, and 22.34% respectively [3] - Net profit attributable to shareholders is expected to reach 959 million, 1.204 billion, and 1.548 billion yuan for the same period, with growth rates of 21.85%, 25.55%, and 28.53% respectively [3] - The current stock price corresponds to P/E ratios of 28.29, 22.54, and 17.53 for 2025-2027, indicating potential for valuation re-rating as the company transitions towards higher value-added pharmaceutical sectors [3]