蓝晓科技（300487）2025年中报解析：生命科学业务爆发，新材料布局打开成长空间

<h4 data-pm-slice="0 0 []"><span leaf=""><span textstyle="" style="font-size: 18px;font-weight: bold;">一、业绩速览：净利润超预期，生命科学成最大亮点</span></span><br /><span leaf=""><br /></span></h4><h4 data-pm-slice="0 0 []"><span leaf="">2025年上半年，蓝晓科技交出了一份"超预期"的成绩单：</span></h4><ul class="list-paddingleft-1"><li><strong><span leaf="">总营收</span></strong><section><span leaf="">：27.6亿元（同比增长204%）</span></section></li><li><strong><span leaf="">净利润</span></strong><section><span leaf="">：7.2亿元（同比大增397%），超UBS预期5%</span></section></li><li><strong><span leaf="">毛利率</span></strong><section><span leaf="">：52.3%（同比提升6.3个百分点）</span></section></li><li><strong><span leaf="">研发投入</span></strong><section><span leaf="">：1.8亿元（占营收6.5%）</span></section></li></ul><p><strong><span leaf="">分业务表现</span></strong><span leaf="">：</span></p><ol class="list-paddingleft-1"><li><strong><span leaf="">生命科学</span></strong><section><span leaf="">：收入占比首次突破60%（同比+258%）</span></section></li><li><strong><span leaf="">金属提取</span></strong><section><span leaf="">：收入增长30%（镓/铀需求稳定）</span><p><span x-noteelement="excluded" aria-describedby=":r4u:"></span></p></section></li><li><strong><span leaf="">环保与水处理</span></strong><section><span leaf="">：收入增速放缓至9%（下游CAPEX延迟）</span><p><span x-noteelement="excluded" aria-describedby=":r50:"></span></p></section></li></ol><p><br /><em><span leaf="">（生命科学业务已成业绩核心驱动力）</span></em></p><hr style="border-style: solid;border-width: 1px 0 0;border-color: rgba(0,0,0,0.1);-webkit-transform-origin: 0 0;-webkit-transform: scale(1, 0.5);transform-origin: 0 0;transform: scale(1, 0.5);" /><h4><span leaf=""><br /></span></h4><h4><span leaf=""><br /></span></h4><h4><span leaf=""><span textstyle="" style="font-size: 18px;font-weight: bold;">二、生命科学业务：两大产品线进入爆发期</span></span></h4><p><br /><strong><span leaf="">1. 固相合成载体（SPSC）</span></strong><span leaf="">：</span></p><ul class="list-paddingleft-1"><li><section><span leaf="">核酸药物领域覆盖10+临床阶段项目</span><p><span x-noteelement="excluded" aria-describedby=":r52:"></span></p></section></li><li><section><span leaf="">针对乙肝、高胆固醇等常见病的新应用突破</span></section></li><li><section><span leaf="">Q2短暂停产影响已消除，下半年产能翻倍</span></section></li></ul><p><strong><span leaf="">2. 色谱介质（CM）</span></strong><span leaf="">：</span></p><ul class="list-paddingleft-1"><li><section><span leaf="">王牌产品ProteinA性能比肩国际龙头Cytiva</span></section></li><li><section><span leaf="">海外：通过多家全球药企测试</span></section></li><li><section><span leaf="">国内：新增1个III期+2个IND阶段抗体药项目</span><p><span x-noteelement="excluded" aria-describedby=":r54:"></span></p></section></li></ul><p><strong><span leaf="">产能扩张</span></strong><span leaf="">：</span></p><ul class="list-paddingleft-1"><li><section><span leaf="">投资12亿元的蒲城新基地启动建设</span></section></li><li><section><span leaf="">2026年产能预计提升300%</span></section></li></ul><p><br /><em><span leaf="">（生物制药全流程解决方案提供商雏形初现）</span></em></p><hr style="border-style: solid;border-width: 1px 0 0;border-color: rgba(0,0,0,0.1);-webkit-transform-origin: 0 0;-webkit-transform: scale(1, 0.5);transform-origin: 0 0;transform: scale(1, 0.5);" /><h4><span leaf=""><br /></span></h4><h4><span leaf=""><br /></span></h4><h4><span leaf=""><span textstyle="" style="font-size: 18px;font-weight: bold;">三、非生命科学业务：金属提取逆势增长</span></span></h4><p><br /><strong><span leaf="">细分领域表现</span></strong><span leaf="">：</span></p><ul class="list-paddingleft-1"><li><strong><span leaf="">镓提取</span></strong><section><span leaf="">：受益半导体国产化，收入增长45%</span></section></li><li><strong><span leaf="">铀提取</span></strong><section><span leaf="">：核电站建设加速带动需求</span></section></li><li><strong><span leaf="">锂提取</span></strong><section><span leaf="">：海外项目延期但技术储备领先</span></section></li></ul><p><strong><span leaf="">复苏信号</span></strong><span leaf="">：</span></p><ul class="list-paddingleft-1"><li><section><span leaf="">环保板块已触底（订单环比+15%）</span></section></li><li><section><span leaf="">超纯水树脂市占率提升至28%</span></section></li><li><section><span leaf="">食品级树脂通过FDA认证</span></section></li></ul><p><br /><em><span leaf="">（吸附分离技术在多领域实现突破）</span></em></p><hr style="border-style: solid;border-width: 1px 0 0;border-color: rgba(0,0,0,0.1);-webkit-transform-origin: 0 0;-webkit-transform: scale(1, 0.5);transform-origin: 0 0;transform: scale(1, 0.5);" /><h4><span leaf=""><br /></span></h4><h4><span leaf=""><br /></span></h4><h4><span leaf=""><span textstyle="" style="font-size: 18px;font-weight: bold;">四、机构观点：UBS维持"买入"，目标价72元</span></span></h4><p><br /><strong><span leaf="">关键判断</span></strong><span leaf="">：</span></p><ul class="list-paddingleft-1"><li><strong><span leaf="">目标价逻辑</span></strong><section><span leaf="">：三阶段DCF模型（WACC 10.8%）</span></section></li><li><strong><span leaf="">盈利预测</span></strong><section><span leaf="">：2025-27年净利润CAGR达29%</span><p><span x-noteelement="excluded" aria-describedby=":r56:"></span></p></section></li><li><strong><span leaf="">估值水平</span></strong><section><span leaf="">：当前21倍2026年PE，低于增速</span><p><span x-noteelement="excluded" aria-describedby=":r58:"></span></p></section></li></ul><p><strong><span leaf="">风险提示</span></strong><span leaf="">：</span></p><ol class="list-paddingleft-1"><li><section><span leaf="">树脂更换需求不及预期</span><p><span x-noteelement="excluded" aria-describedby=":r5a:"></span></p></section></li><li><section><span leaf="">原材料成本上涨挤压利润</span></section></li><li><section><span leaf="">海外金属项目审批延迟</span></section></li></ol><table><thead><tr><th><section><span leaf="">指标</span></section></th><th><section><span leaf="">2025E</span></section></th><th><section><span leaf="">2026E</span></section></th><th><section><span leaf="">2027E</span></section></th></tr></thead><tbody><tr><td><section><span leaf="">营收(亿元)</span></section></td><td><section><span leaf="">55.3</span></section></td><td><section><span leaf="">70.1</span></section></td><td><section><span leaf="">86.1</span></section></td></tr><tr><td><section><span leaf="">净利润(亿元)</span></section></td><td><section><span leaf="">14.6</span></section></td><td><section><span leaf="">19.3</span></section></td><td><section><span leaf="">24.8</span></section></td></tr><tr><td><section><span leaf="">EPS(元)</span></section></td><td><section><span leaf="">2.54</span></section></td><td><section><span leaf="">3.36</span></section></td><td><section><span leaf="">4.31</span></section></td></tr></tbody></table><p><em><span leaf="">（未来三年业绩增长确定性较高）</span></em></p><hr style="border-style: solid;border-width: 1px 0 0;border-color: rgba(0,0,0,0.1);-webkit-transform-origin: 0 0;-webkit-transform: scale(1, 0.5);transform-origin: 0 0;transform: scale(1, 0.5);" /><h4><span leaf=""><br /></span></h4><h4><span leaf=""><br /></span></h4><h4><span leaf=""><span textstyle="" style="font-size: 18px;font-weight: bold;">五、未来催化剂：三季报关注三大信号</span></span><br /><strong><span leaf=""><br /></span></strong></h4><h4><strong><span leaf="">短期观察点</span></strong><span leaf="">：</span></h4><ol class="list-paddingleft-1"><li><strong><span leaf="">SPSC产能释放</span></strong><section><span leaf="">：Q3能否实现满产满销</span></section></li><li><strong><span leaf="">CM大订单</span></strong><section><span leaf="">：海外药企商业化采购进展</span></section></li><li><strong><span leaf="">锂项目重启</span></strong><section><span leaf="">：阿根廷盐湖提锂中试结果</span></section></li></ol><p><strong><span leaf="">长期价值锚</span></strong><span leaf="">：</span></p><ul class="list-paddingleft-1"><li><section><span leaf="">核酸药物载体市占率（当前约35%）</span></section></li><li><section><span leaf="">抗体药纯化介质进口替代进度</span></section></li><li><section><span leaf="">新型吸附材料在氢能领域的应用</span></section></li></ul><p><br /><em><span leaf="">（技术壁垒构建护城河）</span></em></p><hr style="border-style: solid;border-width: 1px 0 0;border-color: rgba(0,0,0,0.1);-webkit-transform-origin: 0 0;-webkit-transform: scale(1, 0.5);transform-origin: 0 0;transform: scale(1, 0.5);" /><blockquote><p><strong><span leaf="">核心结论</span></strong><span leaf="">：</span><br /><span leaf="">① 生命科学业务已进入收获期，未来三年占比有望超70%</span><br /><span leaf="">② 新材料平台型企业雏形显现，技术复用性强</span><br /><span leaf="">③ 当前估值具备吸引力，建议逢低布局</span></p></blockquote><p><span leaf="">（插入蓝晓科技研发中心实景图）</span><br /><em><span leaf="">数据来源：UBS《Sunresin 1H25 Review》2025年8月报告</span></em></p><section><span leaf=""><br /></span></section><p style="display: none;"><mp-style-type data-value="3"></mp-style-type></p>