20240423-华创证券-蓝晓科技-300487.SZ-2023年报及2024一季报点评_研发创新驱动_业绩多点开花_品牌价值持续提升_6页_685kb

Synthetic Resin Research
April 23, 2024
Blue Dawn Technology (300487) 2023 Annual Report and 2024 Q1 Brief Commentary
Strong Recommendation (Maintained)
Innovation-Driven Development, Multi-Point Growth, and Continuous Brand Value Enhancement
Target Price: 6965 RMB
Current Price: 4438 RMB

Event Overview:
In 2023, the company achieved a revenue of 248.9 billion RMB, a 29.6% year-on-year increase. The net profit attributable to shareholders and adjusted net profit were 7.17 billion and 7.23 billion RMB, respectively, growing by 334% and 476% year-on-year. In Q1 2024, revenue reached 63.1 billion RMB, with a significant 2599% year-on-year increase and a 3084% decline compared to the same period last year.

Key Business Growth:
The company’s revenue reached a historical high, largely due to the successful expansion of its adsorption separation materials division, which recorded a 71.6 percentage point increase in gross margin to 51.13%. The growth is attributed to higher revenue in the life science sector (40% year-on-year growth) and improved cost management across operations. The salt lake lithium extraction project contributed 5.2 billion RMB in revenue, while the company’s stable basic business recovered 201% year-on-year growth since 2019.

Sector Developments:

1. Salt Lake Lithium Extraction: The company secured orders worth nearly 5 billion RMB in 2023 and secured 860,000 tons of lithium carbonate/hydroxide capacity through its projects.
2. Water Treatment & Ultra-Purification: The market penetration rate continues to rise, with major clients in electronics, nuclear power, and semiconductors. The company is pushing for domestic substitution, especially in ultra-pure water applications.
3. Life Sciences: Rapidly growing at 40% year-on-year, with strong supply in peptide synthesis and increasing brand recognition globally.

Innovation and R&D:
In 2023, R&D expenses reached 14.7 billion RMB (a 215% increase year-on-year), accounting for 59% of revenue. The company employs nearly 400 technical staff and over 20 international experts. Key technologies are held under self-owned intellectual property, supporting accelerated innovation and expansion in emerging fields like environmental protection and carbon capture.

Investment Recommendation:
Based on 2023 and Q1 2024 performance, the target price for 2024 is set at 6965 RMB, maintaining a "Strong Buy" rating. Risk factors include project delays, product validation delays, and potential declines in downstream demand.

Blue Dawn Technology Annual Report and Q1 Commentary
April 23, 2024

Blue Dawn Technology achieved significant year-on-year growth in 2023 and Q1 2024, driven by advancements in its core business segments, particularly in salt lake lithium extraction, water treatment, and life sciences. The company maintained a strong focus on research and development, with revenue growth fueled by strategic market expansion and enhanced operational efficiency. Despite the volatility in the market, the company projects stable growth in the coming years and has outlined a robust long-term strategy to solidify its position in the global adsorption materials industry.