Investment Rating - The report maintains a "Buy" rating for Lanxiao Technology (300487 SZ) [1] Core Views - Lanxiao Technology achieved significant growth in revenue and net profit in 1H24, with revenue reaching 1 295 billion yuan, a year-on-year increase of 28 50%, and net profit attributable to the parent company reaching 404 million yuan, a year-on-year increase of 16 79% [1] - The company's adsorption materials business remains the core growth driver, contributing 82% of total revenue with a gross margin of 51 00% in 1H24 [2] - Lanxiao Technology continues to lead in the salt lake lithium extraction market, with over 15 completed and ongoing projects, totaling nearly 100,000 tons of lithium carbonate/lithium hydroxide capacity [5] - The company's international strategy is progressing well, with overseas revenue reaching 352 million yuan in 1H24, a year-on-year increase of 56% [5] Financial Performance - The company's revenue is expected to grow from 3 149 billion yuan in 2024E to 4 726 billion yuan in 2026E, with a compound annual growth rate of 21 3% [1] - Net profit attributable to the parent company is projected to increase from 951 million yuan in 2024E to 1 463 billion yuan in 2026E, with a compound annual growth rate of 23 8% [1] - ROE is expected to improve from 22 9% in 2024E to 23 3% in 2026E, reflecting the company's strong profitability [1] Business Segments - The adsorption materials business achieved revenue of 974 million yuan in 1H24, with significant growth in life sciences (33%), metal resources (45%), and water treatment and purification (30%) [2] - The salt lake lithium extraction system equipment generated revenue of 99 million yuan in 1H24, a year-on-year increase of 8% [5] Capacity Expansion - The company's adsorption material production reached 31,600 tons in 1H24, a year-on-year increase of 27%, with sales reaching 30,800 tons, a year-on-year increase of 35% [4] - Lanxiao Technology plans to build 20,000 tons of high-end material capacity to meet the growing demand in high-end application markets [4] International Strategy - The company has established a South American R&D center in Argentina, serving as a strategic pivot for the "Lithium Triangle" region [5] - Lanxiao Technology actively engages in technical exchanges and customized solutions with clients in South and North America to promote project implementation [5] Valuation - The company's current P/E ratio is 23 7X for 2024E, expected to decrease to 15 4X by 2026E, indicating attractive valuation levels [6] - The P/B ratio is projected to decline from 5 7X in 2024E to 3 7X in 2026E, reflecting the company's strong asset base [1]

2024 年 09 月 05 日 蓝晓科技(300487.SZ) 吸附材料毛利率进一步提升，下游多领 域蓬勃发展 公司发布 2024 年中报 2024 年上半年实现营业收入 12.95 亿元，同比+28.50%；实现归母净 利润 4.04 亿元，同比+16.79%；实现扣非归母净利润 3.93 亿元，同 比+16.41%。 其中 2024 年二季度公司实现营业收入 6.64 亿元，同比+30.98%，环 比+5.18%；实现归母净利润 2.35 亿元，同比+10.75%，环比+38.90%； 实现扣非归母净利润 2.27 亿元，同比+9.23%，环比+37.48%。 基础业务稳健增长，吸附材料业务毛利率提升 ✔营收：2024 年上半年，盐湖提锂系统装置收入 0.99 亿元，同比 +8%。扣除盐湖提锂大项目后，基础业务收入 11.96 亿元，同比+31%， 占上半年总营收的 92.36%，"基本仓"业务保持稳健增长，其中吸附 材料营收 9.74 亿元，占比 82%；系统装置营收 1.90 亿元，占比 16%。 2024 年上半年，公司实现海外销售收入 3.52 亿元，同比+56%，产品 在海外市场渗透率逐步提升 ...

股 票 研 究 [table_Authors] 钟浩(分析师) 沈唯(分析师) 021-38038445 0755-23976795 zhonghao027638@gtjas.com shenwei024936@gtjas.com [当前价格： Table_CurPrice] 40.18 登记编号S0880522120008 S0880523080006 公 司 更 新 报 告 52 周内股价区间（元） 36.83-61.50 总市值（百万元） 20,291 总股本/流通A股（百万股） 505/304 流通 B股/H 股（百万股） 0/0 [Table_Balance] 资产负债表摘要(LF) 股东权益（百万元） 3,554 每股净资产（元） 7.04 市净率（现价） 5.7 净负债率 -54.05% 证 券 研 究 报 告 [Table_Trend] 升幅(%) 1M 3M 12M 绝对升幅 9% -16% -32% 相对指数 11% -5% -12% 24 中报业绩符合预期，生科持续高增长 蓝晓科技(300487) 基础化工 [Table_Industry] /原材料 [Table_Invest] 评级： ...

国信证券股份有限公司 关于西安蓝晓科技新材料股份有限公司 | 事 项 | 存在的问题 | 采取的措施 | | --- | --- | --- | | 1.信息披露 | 无 | 无 | | 2. 公司内部制度的建立和执行 | 无 | 无 | | 3．"三会"运作 | 无 | 无 | | 4.控股股东及实际控制人变动 | 无 | 无 | | 5.募集资金存放及使用 | 无 | 无 | | 6.关联交易 | 无 | 无 | | 7.对外担保 | 无 | 无 | | 8.购买、出售资产 | 无 | 无 | | 9.其他业务类别重要事项（包括 对外投资、风险投资、委托理财、 | 无 | 无 | | 财务资助、套期保值等） | | | 2 | 10．发行人或其聘请的证券服 | 无 | 无 | | --- | --- | --- | | 务机构配合保荐工作的情况 | | | | 11.其他（包括经营环境、业务 | 无 | 无 | | 发展、财务状况、管理状况、核 | | | | 心技术等方面的重大变化情况） | | | 三、公司及股东承诺事项履行情况 | 保荐人名称：国信证券股份有限公司 | 被保荐公司简称：蓝晓科技 | ...

| --- | --- | |---------------------------------------|-------------| | | | | [Table_Rank] 投资评级：买入（维持） | | | 报告日期： 2024-08-28 | | | [Table_BaseData] 收盘价（元） | 39.95 | | 近 12 个月最高 / 最低（元） | 62.99/36.48 | | 总股本（百万股） | 505 | | 流通股本（百万股） | 304 | | 流通股比例（ % ） | 60.22 | | 总市值（亿元） | 202 | | 流通市值（亿元） | 121 | | | | [公司价格与沪深 Table_Chart] 300 走势比较 -46% -31% -16% 0% 15% 8/23 11/23 2/24 5/24 8/24 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 联系人：刘天其 执业证书号：S0010122080046 电话：17321 ...

合成树脂 蓝晓科技（300487.SZ） 买入-B(维持) 海外业务高增长，国际化战略成效显著 公司近一年市场表现 事件描述 8 月 27 日，蓝晓科技发布 2024 年中报。2024 上半年公司实现营业收入 12.95 亿元，同比增长 28.5%；实现归属于母公司所有者净利润 4.04 亿元， 同比增长 16.79%；扣除汇兑损益影响后，归母净利润同比增长 30%；基本 每股收益 0.8 元，同比增长 15.94%。2024 年第二季度实现营业收入 6.64 亿 元，同比增长 30.98%，环比增长 5.18%；实现归属于母公司所有者净利润 2.35 亿元，同比增长 10.75%，环比增长 38.9%。 事件点评 市场数据：2024 年 8 月 28 日 平台型公司多板块共同成长，海外业务高速增长。2024 年上半年公司吸 收盘价（元）： 39.95 附材料毛利率为 51%，较 2023 年同期提升 1.5%，主要受益于吸附材料中金 年内最高/最低（元）： 64.21/36.48 属资源、生命科学、水处理与超纯化等板块业务占比较高，同时保持较快增 流通A股/总股本（亿）： 3.04/5.05 长。2024 ...

| --- | --- | |--------------|----------------------| | 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 | | --- | --- | --- | |--------------------|--------|-------------| | 最近一年走势 | | | | 相对沪深 | | 2024/08/27 | | 表现 | 3M | 12M | | 蓝晓科技 | -16.2% | -34.5% | | 沪深300 | -9.1% | -10.9% | | 市场数据 | | 2024/08/27 | | 当前价格（元） | | 39.60 | | 52周价格区间（元） | | 36.48-64.21 | | 总市值（百万） | | 19,998.46 | ...

公司研究 多板块收入维持高增速，Q2 业绩环比大幅增长 ——蓝晓科技（300487.SZ）2024 年半年度报告点评 要点 公司盈利预测与估值简表 | --- | --- | --- | --- | --- | --- | |--------------------------|--------|--------|--------|--------|--------| | 指标 | | | | | | | 营业收入（百万元） | 1,920 | 2,489 | 3,319 | 4,015 | 4,862 | | 营业收入增长率 | 60.69% | 29.62% | 33.37% | 20.95% | 21.10% | | 净利润（百万元） | 538 | 717 | 949 | 1,151 | 1,419 | | 净利润增长率 | 72.91% | 33.40% | 32.35% | 21.24% | 23.34% | | EPS（元） | 1.60 | 1.42 | 1.88 | 2.28 | 2.81 | | ROE（归属母公司)（摊薄） | 19.75% | 20.86% | 23.15% | 23. ...

Investment Rating - The report maintains a "Recommended" rating for the company, Blue Sky Technology [1][2]. Core Views - The company's revenue for the first half of 2024 reached 1.295 billion yuan, a year-on-year increase of 28.50%, with a net profit attributable to shareholders of 404 million yuan, reflecting a growth of 16.79% [1]. - The profitability of adsorption materials continues to improve, which is the core driver of performance growth. The gross margin for adsorption materials increased by 1.54 percentage points to 51.03% [1]. - The company is positioned as a leader in specialized adsorption materials, with significant growth potential in emerging fields such as life sciences, semiconductors, and new energy [2]. Financial Performance Summary - In the first half of 2024, the company achieved a net profit of 404 million yuan, with a return on equity (ROE) of 11.11%, a slight decrease of 0.55 percentage points year-on-year [1]. - The company's revenue from adsorption materials was 974 million yuan, accounting for 82% of total revenue, with a year-on-year growth of 32.84% [1]. - The financial forecast indicates that the company's net profit attributable to shareholders is expected to reach 952 million yuan, 1.192 billion yuan, and 1.462 billion yuan for 2024, 2025, and 2026, respectively [2][3]. Segment Performance - Life Sciences: Revenue in the first half of 2024 was 285 million yuan, a year-on-year increase of 33%, driven by significant growth in the sales of GLP-1 peptide drugs [1]. - Water Treatment: Revenue reached 323 million yuan, a 30% increase year-on-year, indicating strong market potential in high-end drinking water [1]. - Metal and Lithium Extraction: The metal segment's revenue was 121 million yuan, up 45% year-on-year, benefiting from high demand in the gallium and uranium markets [1][2].

公司点评报告 · 公用事业行业 盈利能力持续提升，特种吸附龙头长风破浪 —— 蓝晓科技 2024 年中报点评 2024 年 08 月 27 日 | --- | --- | --- | --- | |-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------|-----------------| | | | | | | ⚫ ...