公司报告 | 年报点评报告 蓝晓科技（300487） 证券研究报告 吸附材料弥补提锂项目下滑，生命科学、超纯水突破 事件：蓝晓科技公布 2024 年年报，公司 2024 年实现营业收入 25.54 亿元， 同比+2.6%，实现归母净利润 7.87 亿元，同比+9.8%；其中第四季度实现营 业收入 6.62 亿元，同比-27.4%，环比+10.89%，实现归母净利润 1.91 亿元， 同比-4.0%，环比-0.79%。公司公布 2025 年一季报，一季度实现营业收入 5.77 亿元，同比-8.6%，环比-12.91%，实现归母净利润1.93 亿元，同比+14.2%， 环比+1.22%。 吸附材料收入保持较快增长，提锂项目下滑拖累系统装置下滑 按照业务模式：吸附材料业务保持增长，系统装置同比下滑拖累较大：离 子交换树脂/系统装置/技术服务 2024 年分别实现营业收入 19.86/4.69/0.64 亿元，同比分别+27.61%/-43.13%/-1.61%。其中吸附材料业务中，按照下游 应用划分，金属资源/生命科学/水处理与超纯化/节能环保/食品加工/化工 与催化六大应用领域收入分别为 2.56/5.68/6. ...

Core Viewpoint - The company reported steady revenue and profit growth in 2024, with a notable performance in its core business segments, despite challenges in specific projects like the lithium extraction project [1][3]. Financial Performance Summary - In 2024, the company achieved 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]. - The weighted average return on equity was 21.33%, down 1.79 percentage points year-on-year [1]. - The gross profit margin was 49.47%, an increase of 0.80 percentage points year-on-year, while the net profit margin was 31.11%, up 2.12 percentage points year-on-year [1]. - In Q4 2024, revenue was 662 million yuan, a year-on-year decrease of 27.40%, but a quarter-on-quarter increase of 10.89% [1]. - For Q1 2025, revenue was 577 million yuan, down 8.58% year-on-year and 12.91% quarter-on-quarter, while net profit was 193 million yuan, up 14.18% year-on-year [2]. Business Segment Performance - The lithium extraction project generated revenue of 99 million yuan in 2024, a significant decline of 80.96% year-on-year, primarily due to cyclical industry conditions and project execution delays [3]. - Excluding the lithium project, the core business achieved revenue of 2.455 billion yuan, a year-on-year increase of 24.71%, indicating strong growth momentum [3]. - Key segments such as water treatment and ultrapure water, life sciences, and metal resources reported revenues of 688 million, 568 million, and 256 million yuan, respectively, with year-on-year growth rates of 34%, 28%, and 30% [3]. - The chemical and catalysis, and food processing segments also showed strong performance, with revenues of 202 million and 56 million yuan, reflecting year-on-year increases of 42% and 28% [3]. Growth Drivers and Strategic Initiatives - The water treatment and ultrapure water business saw significant breakthroughs, with sales reaching 688 million yuan, a 34% increase year-on-year, driven by increased market penetration and long-term contracts with major clients [4]. - The life sciences segment is benefiting from the strong market performance of GLP-1 peptide drugs, leading to rapid growth in solid-phase synthesis carrier business [5]. - The company is expanding its international marketing and technical service network, enhancing its local team in North America and Europe, and investing in capacity expansion and upgrades to support long-term growth [5]. Profit Forecast and Valuation - The company is projected to achieve net profits of 1.026 billion, 1.283 billion, and 1.576 billion yuan for 2025-2027, with corresponding EPS of 2.02, 2.53, and 3.10 yuan [6]. - The current price corresponds to PE ratios of 22.85, 18.26, and 14.87 for the respective years, indicating a favorable long-term growth outlook [6].