蓝晓科技：吸附树脂领军者，多领域纵横

Investment Rating - The report gives a "Buy" rating for the company, Blue Sky Technology [18][20]. Core Viewpoints - Blue Sky Technology is a leading enterprise in the adsorption separation materials industry, with a comprehensive layout across various downstream fields such as water treatment, ultra-purification, biomedicine, hydrometallurgy, food processing, energy conservation, and environmental protection [16][18]. - The company has seen rapid growth, with total revenue increasing from 330 million yuan to 2.49 billion yuan from 2016 to 2023, and net profit rising from 60 million yuan to 720 million yuan during the same period, reflecting compound annual growth rates of 33.3% and 42.0%, respectively [18][52]. Summary by Sections Market Overview - The global market for adsorption separation materials is estimated to be around 50 billion yuan, with the complete technology's output valued at 5-10 times that of the materials [7]. - The ion exchange resin market in China has grown significantly, with production increasing from 172,000 tons in 2009 to 399,000 tons in 2023, representing a compound annual growth rate of 6.1% [7]. Company Operations - Blue Sky Technology has a production capacity of 50,000 tons per year for adsorption separation materials and a designed capacity of 70,000 liters per year for chromatographic fillers [18]. - The company has established high-quality production bases in Gaoling and Pucheng, significantly increasing its production capacity [45]. Financial Performance - In the first three quarters of 2024, the company achieved total revenue of 1.89 billion yuan, a year-on-year increase of 20.0%, and a net profit of 600 million yuan, up 15.1% year-on-year [52]. - The company maintains a research and development expense ratio of around 6%, indicating a strong commitment to innovation [32]. Competitive Landscape - The domestic market for ion exchange resins is characterized by intense competition, with many small players lacking technological strength, while leading companies are moving towards high-level capacity upgrades and innovation [8][32]. - Blue Sky Technology is actively pursuing international expansion to tap into new markets [32]. Future Outlook - The company is expected to continue its growth trajectory, with projected net profits of 840 million yuan, 1.08 billion yuan, and 1.32 billion yuan for 2024, 2025, and 2026, respectively [20].