蓝晓科技：2025Q3归母净利润同比+7.72% 生命科学业务值得期待

2025Q3归母净利润同比+7.72%，生命科学业务值得期待 Netprofit in 2025Q3increased by 7.72%YoY&Life science business worth looking forward 最新动态 ➢25Q3归母净利润同比上升7.72%。公司25Q3营业收入为6.86亿元，同比上升14.86%；归母净利润为2.07亿元，同比上升7.72%；扣非净利润为2.03亿元，同比上升9.46%。公司25年前三季度营业收入19.33亿元，同比上升2.20%；归母净利润6.52亿元，同比上升9.27%；扣非净利润为6.39亿元，同比上升10.56%。 ➢计划建设生命科学高端材料产业园。公司计划建设生命科学高端材料产业园，土地位置位于蒲城高新技术产业开发区，占地270亩。项目预计总投资11.50亿元，建设品种为层析介质、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。 动向解读 ➢涉锂板块逐步形成常态化订单。2025H1，公司无盐湖提锂大型项目收入确认，其他涉锂业务收入约6100万，包括吸附剂销售、中试装置、产品精制系统、设计等，涉锂板块逐步形成常态化订单。公司中标了国投罗钾的“老卤提锂综合利用扩能改造工程吸附系统”，合同金额为3577万元；同时公司继续推进国能矿业结则茶卡项目，持续保持西藏地区工业级“绿色零碳直接提锂”标杆项目的技术领先性。 ➢产品出海已形成优势局面。近年来，公司海外营收增长明显，国际业务占比提高，产品出海已形成优势局面；人员管理方面，外籍员工陆续增加，吸引了多国技术、管理人员加入公司，有利于开拓海外高端市场；结合业务需求，公司在不同的国家和地区设立子公司、仓库、实验室；同时，公司也在高度关注潜在的合作机会，为品牌出海打好基础。 策略建议 ➢盈利预测。我们预测2025-2027年公司归母净利润分别为9.91、12.14、14.49亿元，参考同行业公司，给予公司2026年26.5倍PE，对应目标价63.33元，首次覆盖给予“买入”评级。 风险提示 ➢项目建设进度不及预期，产品需求不及预期。 What’s New ➢The net profit in25Q3 increased by 7.72% YoY.The company's operating revenue for25Q3was RMB686 million(YoY+14.86%); The net profit was 207 million yuan (+7.72% YoY); Therecurringnet profitwas 203 million yuan(+9.46% YoY).The company's operating revenue for2025Q1-Q3was 1.933 billionyuan(YoY+2.20%); The net profit was 652 million yuan(+9.27%YoY); Therecurringnet was 639 millionyuan(+10.56%YoY). ➢Plan to build a high-end materials industry park for life sciences.The company plans to build a high-end materials industry park for life sciences, located in Pucheng High tech Industrial Development Zone,covering an area of 270 acres. The project is expected to have a total investment of 1.15 billion yuan,with the construction of various types of chromatography media, polymer chromatography fillers, enzymecarriers, small nucleic acid carriers, active pharmaceutical and pharmaceutical excipient adsorption andseparation materials, solid-phase synthesis carriers, food grade adsorption and separation materials,ultrapurewater grade adsorption and separation materials,chromatography devices and otherproduction capacity and public auxiliary facilities. What’s Different ➢The lithium sector is gradually forming normalized orders.In2025H1, the company has no revenuerecognition for large-scale lithium extraction projects from salt lakes. Other lithium related businessincome is approximately 61 million yuan, including sales of adsorbents, pilot plants, product refiningsystems, design, etc. The lithium-related sector is gradually forming normalized orders. The companyhas won the bid for the adsorption system of the "Comprehensive Utilization and Capacity ExpansionProject forLithium Extraction from Old Salts" of Guotou Luoyang Potassium, with a contract amount of35.77 million yuan; At the same time, the company continues to promote the Guoneng Mining JiezeChaka project, and continues to maintain the technological leadership of the industrial level "green zerocarbon direct lithium extraction" benchmark project in Xizang. ➢The product's overseas expansion has formed an advantageous situation.In recent years, thecompany's overseas revenue has grown significantly, the proportion of international business hasincreased, and its products have formed an advantageous situation for going global; In terms of personnelmanagement, the increasing number of foreign employees has attracted technology and managementpersonnel from multiple countries to join the company, which is conducive to exploring high-end overseasmarkets; Based on business needs, the company has established subsidiaries, warehouses,andlaboratories in different countries and regions; At the same time, the company is also highly concernedabout potential cooperation opportunities, laying a solid foundation for the brand to go global. Action Profit forecast.We predict that the company's net profitfrom 2025 to 2027 will be 991 million yuan, 1.214billion yuan, and 1.449 billion yuan, respectively. Referring to companies in the same industry, we will givethe company 26.5xPE forFY26, corresponding toTPof 63.33 yuan. We initiate with"Buy"rating. Risks The project construction progress is not as expected, and the product demand is not as expected. 分析师介绍 分析师庄怀超，本科毕业于北京航空航天大学，硕士毕业于香港大学金融学专业，主要覆盖化工和新材料行业。 该分析师2022-2024年曾任职于海通国际研究部，团队2022年获得过亚洲货币材料组第一名，该分析师2025年加入环球富盛理财有限公司，继续覆盖化工和新材料行业。环球富盛理财有限公司是一家香港的持牌券商机构，成立于2014年。 该分析师曾在wind发布报告超过600篇，主要覆盖A股化工行业及港股材料和能源行业，主要覆盖子版块包括化肥、农药、气体、炸药、氟化工、分子筛、电解液等。覆盖的公司包括：东岳集团、环球新材国际、中国心连心化肥、中化化肥、阜丰集团、中国三江化工、中国联塑、浦林成山、米高集团、中国石油化学、中国旭阳集团、彩客新能源、天德化工、理文化工等。 微信：zhuangcharles邮箱：charles.zhuang@gpf.com.hk电话：(852)97487114; (86) 188 01353 3537 The Benchmark: Hong Kong Hang Seng IndexTime Horizon: 6 to 18 months SECTOR RATING DEFINITIONThe Benchmark: Hong Kong Hang Seng Index Time Horizon: 6 to 18 months DISCLOSURE OF INTERESTS (1) The Analysts and their associates do not serve as an officer of the issuer mentioned in this Research Report. (2) The Analysts and their associates do not have any financial interests