Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's basic warehouse business is developing steadily, while the adsorption materials segment is experiencing rapid growth. The performance in Q3 2024 met expectations, with the adsorption separation materials segment maintaining good growth momentum. The system device segment showed revenue fluctuations, but the overall gross profit margin is stable and slightly increasing, indicating stable profitability [1] - The company achieved a revenue of 597 million yuan in Q3 2024, representing a year-on-year growth of 4.92% and a quarter-on-quarter decline of 10.00%. The net profit attributable to the parent company was 192 million yuan, up 11.71% year-on-year but down 18.13% quarter-on-quarter [1] - In the first three quarters of 2024, the revenue from adsorption materials reached 1.46 billion yuan, accounting for 77.19% of total revenue, maintaining its position as the core driver of performance. The Q3 revenue for this segment was 486 million yuan, a year-on-year increase of 14.42% [1] - The company is accelerating the commercialization of domestic substitution in the ultra-pure water sector, with capacity expansion enhancing its competitiveness. The global ultra-pure water market is projected to reach 8.8 billion USD in 2024 and 25.4 billion USD by 2032, driven by growth in the electronics and pharmaceutical industries [1] Financial Summary - The company is expected to achieve net profits attributable to the parent company of 973 million, 1.21 billion, and 1.45 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 35.6%, 24.8%, and 19.9% [2] - The projected revenue for the company is 2.49 billion, 3.24 billion, 4.01 billion, and 4.81 billion yuan for the years 2024 to 2026, with corresponding year-on-year growth rates of 30.3%, 23.5%, and 20.1% [4] - The gross profit margin is expected to improve from 48.7% in 2023 to 51.0% in 2026, indicating an upward trend in profitability [4][7] - The company's cash flow from operating activities is projected to be 669 million, 678 million, 953 million, and 1.45 billion yuan for the years 2024 to 2026 [5]

公 司 点 评 报 告 ＃assAuthor＃ 公 司 研 究 | --- | --- | |---------------------------|------------| | | | | ＃市场数据 市场数据日期 | 2024-10-23 | | 收盘价（元） | 56.70 | | 总股本（百万股） | 505.01 | | 流通股本（百万股） | 304.13 | | 净资产（百万元） | 3727.53 | | 总资产（百万元） | 5787.4 | | 每股净资产 ( 元 ) | 7.38 | ＃相关报告 relatedReport＃ 《【 兴 证 化 工 】 蓝 晓 科 技 （300487.SZ）2024年中报点评： 主营业务齐头并进，公司处于良 性增长通道》2024-08-27 《【 兴 证 化 工 】 蓝 晓 科 技 （300487.SZ）2023 年报及 2024 年一季报点评：主业稳健发展， 吸附材料平台型公司持续成长》 2024-04-23 《【 兴 证 化 工 】 蓝 晓 科 技 （300487.SZ）2023 年三季报点 评：主营业务呈快速发展态势， 平台型公司未来潜力充足》 2 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][3]. Core Views - The company's Q3 2024 performance was slightly below expectations, leading to a downward adjustment of the 2024 EPS forecast to 1.79 CNY from 1.86 CNY, while maintaining the 2025 and 2026 EPS forecasts at 2.33 CNY and 2.99 CNY respectively [2]. - The target price has been raised to 60.47 CNY from 50.11 CNY, based on a 26x PE for 2025, considering comparable companies and the company's growth potential [2]. - For the first three quarters of 2024, the company achieved revenue of 1.892 billion CNY, a year-on-year increase of 19.99%, and a net profit attributable to shareholders of 596 million CNY, up 15.10% year-on-year [2]. - In Q3 2024, the company reported revenue of 597 million CNY, a year-on-year increase of 4.93%, but a quarter-on-quarter decline of 10.00%, with a net profit of 192 million CNY, up 11.71% year-on-year but down 18.13% quarter-on-quarter [2]. - The gross margin for Q3 2024 was 51.20%, showing improvements both year-on-year and quarter-on-quarter, maintaining a high level [2]. Business Segments Summary - The adsorption materials business continues to develop steadily, with revenue from adsorption separation materials reaching 1.460 billion CNY in the first three quarters of 2024, accounting for 77.19% of total revenue [2]. - The system device revenue was 366 million CNY, making up 19.36% of total revenue, with a notable increase in high-margin products in life sciences and metals driving the growth [2]. - The life sciences sector is expected to maintain high growth due to the significant increase in sales of GLP-1 peptide drugs [2]. - The company achieved overseas revenue of 490 million CNY in the first three quarters of 2024, a remarkable year-on-year growth of 48% [2]. - The lithium extraction market from salt lakes continues to lead, with over 15 industrialization projects completed or in execution, totaling nearly 100,000 tons of lithium carbonate/hydroxide capacity, of which 6 have successfully commenced operations [2].

上 市 公 司 证 券 研 究 报 告 基础化工 2024 年 10 月 25 日 蓝晓科技 (300487) —— 系统装置收入环比下滑，汇兑及所得税拖累业绩， 短期波动不改公司长期成长 | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 10 月 24 日 | | 收盘价（元） | 51.96 | | 一年内最高 / 最低（元） | 68.02/36.48 | | 市净率 | 7.4 | | 息率（分红/股价） | 1.09 | | 流通 A 股市值（百万元） | 15,803 | | 上证指数/深证成指 | 3,280.26/10,441.75 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |------------------------------|-------------------------------| | 基础数据 : | 2024 年 09 月 30 日 | | 每股净资产（元） | 7.03 | | ...

各位投资人大家早上好我是那个中研化工的孙振兴刚才调试了一遍问题所以这个耽误了一点时间今天的话我们还是很温馨的邀请到了蓝小科技的董事长高博士总编余总以及生态小组来对我们来对蓝小科技这个三季度的一个新情况做一下简要的一个分析然后因为这个时间有点耽误嘛我这边就不多的推述了我们就先请余总来简单的介绍一下公司的一个新情况后面开始我们的一个提问 诶 余总呢 听到吗诶 好 好的那个总统我用最简短的时间把这个数据的情况简单说一下整个二十四年前三个季度的话公司的这个营业收入是十八点九二亿同比增长百分之二十规模经济润的话是五点九六亿同比增长百分之十五这个扣除这个汇兑损益影响之后的规模经济润增长大概是百分之二十四收入结构里面洋务体理的这个装置的收入整个前三季度是零点九九亿 这个在一季度有这个养活体里的收入的确认二三季度都没有同比增长8%扣除养活体装置之后的这个其他的基础的业务的收入是17.93亿同比增长20%在这个业务里面基础材料是14.6亿同比增长26%这个这种装置的收入就是扣除养活体以外的是3.66亿同比增长72% 整体来说的话这个我们的基本上的业务还是比较稳健的增长前三个季度的话海外的业务收入是4.9亿同比增长48%这个增速 ...

52 周价格区间（元） 36.48-68.02 流通市值（百万） 15,802.50 2024 年 10 月 25 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 李永磊 S0350521080004 liyl03@ghzq.com.cn 证券分析师： 董伯骏 S0350521080009 dongbj@ghzq.com.cn 证券分析师： 陈云 S0350524070001 cheny17@ghzq.com.cn [Table_Title] 三季度业绩同比增长，看好公司持续成长 ——蓝晓科技（300487）2024 年三季报点评 最近一年走势 事件: 2024 年 10 月 23 日，蓝晓科技发布 2024 年第三季度报告：2024 年前三 季度公司实现营业收入 18.92 亿元，同比+19.99%；实现归母净利润 5.96 亿元，同比+15.10%；扣非后归母净利润 5.78 亿元，同比+15.43%；经 营活动现金流量净额 4.47 亿元，同比+3.32%。销售毛利率为 48.65%， 同比上升 0.19 个 pct，销售净利率为 31.84%，同比下降 1.21 个 pct。 2024Q3 ...

Financial Performance - The company achieved a revenue of 1.892 billion CNY in the first three quarters of 2024, representing a year-on-year growth of 19.99% [1] - The net profit attributable to shareholders reached 192 million CNY, with a year-on-year increase of 15.10% [1] - In Q3 2024, the revenue was 597 million CNY, showing a growth of 4.93%, while the net profit was 192 million CNY, up by 11.71% [1] - The operating cash flow for the first three quarters was 447 million CNY, and the debt-to-asset ratio stood at 35.19%, indicating a stable financial condition [1] Revenue Breakdown - Revenue from adsorption separation materials was 1.460 billion CNY, accounting for 77.24% of total revenue [2] - Revenue from system devices was 366 million CNY, representing 19.36% of total revenue [2] - The proportion of revenue from adsorption separation materials has been steadily increasing, supported by robust business development and customer loyalty [2] International Business Development - The company reported overseas revenue of 490 million CNY in the first three quarters of 2024, marking a significant year-on-year growth of 48% [2] - Internationalization is viewed as a key sustainable competitive advantage, with a focus on high-quality products and reliable supply cycles [2] Product Development and Market Expansion - The company has made progress in the ultra-pure water sector, with electronic-grade resin meeting stringent requirements for chip manufacturing [2] - Collaborations with photovoltaic, panel, and semiconductor companies are underway to enhance market share through resin replacement initiatives [2]

证券代码：300487 证券简称：蓝晓科技 公告编号：2024-069 债券代码：123195 债券简称：蓝晓转 02 西安蓝晓科技新材料股份有限公司 关于作废 2021 年限制性股票激励计划 部分已授予尚未归属的限制性股票的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 西安蓝晓科技新材料股份有限公司（以下简称"公司"）于 2024 年 10 月 23 日召开第五届董事会第五次会议、第五届监事会第三次会议，审议通过了《关于 作废 2021 年限制性股票激励计划部分已授予尚未归属的限制性股票的议案》， 同意作废已授予尚未归属的第二类限制性股票共计 2,000 股，现就相关情况公告 如下： 一、2021 年限制性股票激励计划已履行的相关审批程序 2.2021 年 11 月 25 日，公司召开第四届监事会第七次会议，审议通过《关于 公司<2021 年限制性股票激励计划（草案）及其摘要>的议案》《关于公司<2021 年限制性股票激励计划实施考核管理办法>的议案》《关于核实公司<2021 年限制 性股票激励计划激励对象名单>核查意见的议案》。公司监事会对 202 ...

| 证券代码：300487 | 证券简称：蓝晓科技 | 公告编号：2024-066 | | --- | --- | --- | | 债券代码：123195 | 债券简称：蓝晓转 02 | | 西安蓝晓科技新材料股份有限公司 第五届董事会第五次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 三、审议通过《关于作废2021年限制性股票激励计划部分已授予尚未归属 的限制性股票的议案》 西安蓝晓科技新材料股份有限公司（以下简称"公司"或"蓝晓科技"）第五 届董事会第五次会议通知和议案等材料已于 2024 年 10 月 17 日以电子邮件、 书面送达等方式发送至各位董事，并于 2024 年 10 月 23 日在公司会议室召开 会议。本次会议应出席董事 9 人，实际到会 9 人，公司部分监事和相关人员参 加了会议。会议由董事长高月静女士主持。会议符合《中华人民共和国公司法》 （以下简称"《公司法》"）及《公司章程》的有关规定。会议审议通过了如 下决议： 一、审议通过《2024年第三季度报告》 表决情况：9 票赞成，0 票弃权，0 票反对。本议案获表决通过。 ...

| 证券代码：300487 | 证券简称：蓝晓科技 | 公告编号：2024-068 | | --- | --- | --- | | 债券代码：123195 | 债券简称：蓝晓转 02 | | 西安蓝晓科技新材料股份有限公司 关于 2021 年限制性股票激励计划预留授予部分 第一个归属期条件成就的公告 （一）本次激励计划主要内容 公司分别于 2021 年 11 月 25 日、2021 年 12 月 16 日召开第四届董事会第八 次会议、2021 年第四次临时股东大会，审议通过了《关于公司〈2022 年限制性 股票激励计划（草案）〉及其摘要的议案》，《激励计划》主要内容如下： 1.股份来源：公司向激励对象定向发行公司 A 股普通股。 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1.本次符合归属条件的激励对象人数 87 人； 2.本次拟归属股票数量：335,500 股，占目前公司总股本的 0.0664%； 3.归属股票来源：公司向激励对象定向发行的本公司人民币 A 股普通股股 票； 4.本次归属的限制性股票待相关手续办理完成后、股票上市流通前，公司将 ...