证券研究报告：机械设备|公司点评报告 发布时间：2025-09-05 公司基本情况 | 最新收盘价（元） | 15.42 | | --- | --- | | 总股本/流通股本（亿股）5.76 | / 5.76 | | 总市值/流通市值（亿元）89 | / 89 | | 52 周内最高/最低价 | 21.50 / 14.51 | | 资产负债率(%) | 48.5% | | 市盈率 | 10.35 | | 第一大股东 | 景津投资有限公司 | 研究所 分析师:刘卓 SAC 登记编号:S1340522110001 Email:liuzhuo@cnpsec.com 分析师:陈基赟 SAC 登记编号:S1340524070003 Email:chenjiyun@cnpsec.com 景津装备(603279) 业绩受新能源影响，现金流表现亮眼 l 事件描述 公司发布 2025 年中报，2025H1 实现营收 28.26 亿元，同减 9.62%；实现归母净利润 3.28 亿元，同减 28.51%；实现扣非归母净利 润 3.20 亿元，同减 28.18%。 股票投资评级 资料来源：聚源，中邮证券研究所 l 事件点评 短期业 ...

Group 1 - The core viewpoint of the article highlights the performance of various companies in the first half of 2025, focusing on revenue and profit changes due to market conditions and operational strategies [5][6][9][7][8][4]. Group 2 - Oriental Shenghong (000301.SZ) reported a revenue of 609 billion, down 16.4% year-on-year, with a net profit of 3.86 billion, up 21.2% year-on-year. Q2 revenue was 306 billion, down 15.2% year-on-year, and net profit was 0.45 billion, down 37.1% year-on-year [5]. - China Railway Construction (601186.SH/1186.HK) achieved a revenue of 489.2 billion and a net profit of 10.7 billion in H1 2025, with Q2 revenue at 232.4 billion, down 3.6% year-on-year [6]. - Haili Wind Power (301155.SZ) saw significant growth with H1 revenue of 2.03 billion, up 461.08% year-on-year, and a net profit of 205 million, up 90.61% year-on-year. Q2 revenue reached 1.59 billion, up 570.63% year-on-year [6]. - Jingjin Equipment (603279.SH) reported H1 revenue of 2.83 billion, down 9.6% year-on-year, and a net profit of 330 million, down 28.5% year-on-year. Q2 revenue was 1.42 billion, down 12.3% year-on-year [7]. - Bertley (603596.SH) had H1 revenue of 5.16 billion, up 30.0% year-on-year, with a net profit of 520 million, up 14.2% year-on-year [8]. - Bull Group (603195.SH) reported H1 revenue of 8.17 billion, down 2.6% year-on-year, and a net profit of 2.06 billion, down 8.0% year-on-year. Q2 revenue was 4.25 billion, down 7.4% year-on-year [9]. - Mengniu Dairy (2319.HK) achieved H1 revenue of 41.57 billion, down 6.95% year-on-year, with a net profit of 2.05 billion, down 16.37% year-on-year, with liquid milk revenue down 11.2% [9].

Core Viewpoint - The company reported a decline in revenue and net profit for H1 2025, primarily due to weakened market demand for its core product, filter presses [4][5]. Financial Performance - In H1 2025, the company achieved revenue of 2.83 billion, a year-on-year decrease of 9.6%, and a net profit attributable to shareholders of 330 million, down 28.5% year-on-year [4]. - For Q2 2025, revenue was 1.42 billion, a year-on-year decline of 12.3%, with a net profit of 160 million, down 30.0% year-on-year [4]. - The overall gross margin decreased by 3.5 percentage points to 25.9%, while the net profit margin fell by 3.1 percentage points to 11.6% [5]. Market Demand and Sales - The demand for filter presses has weakened, leading to pressure on both sales volume and profit margins [5]. - Revenue from the new energy sector decreased significantly, with its contribution to total revenue dropping by 9.1 percentage points to 13.4% [5]. - Domestic revenue accounted for 95.8% of total revenue, amounting to 2.71 billion, down 9.0% year-on-year, while international revenue was 120 million, down 21.4% [5]. Strategic Initiatives - The company is actively promoting new products and expanding into new markets, focusing on technological innovation and product upgrades [6]. - Orders and revenue from supporting equipment have been increasing, although their lower gross margins limit their contribution to overall net profit [6].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a projected investment return exceeding the market benchmark by more than 15% over the next 6-12 months [6][14]. Core Views - The company reported a revenue of 2.83 billion yuan in H1 2025, a year-on-year decline of 9.6%, with a net profit attributable to shareholders of 330 million yuan, down 28.5% year-on-year [2][3]. - The decline in performance is attributed to weak market demand for filter presses, leading to reduced sales volume and profit margins. The gross margin decreased by 3.5 percentage points to 25.9% [3]. - The company is actively expanding into new markets and promoting product innovation, with a focus on complete filtration equipment, although the contribution to net profit remains limited due to lower margins [4]. Summary by Sections Financial Performance - In Q2 2025, the company achieved a revenue of 1.42 billion yuan, a decrease of 12.3% year-on-year, while net profit was 160 million yuan, down 30% year-on-year [2][3]. - The gross margin for H1 2025 was 25.9%, reflecting a decline of 3.5 percentage points compared to the previous year, while the net profit margin fell to 11.6%, down 3.1 percentage points [3]. Market Dynamics - The company faced significant pressure from the overall demand for filter presses, particularly in the renewable energy sector, where revenue contribution dropped by 9.1 percentage points to 13.4% [3]. - Domestic revenue accounted for 95.8% of total revenue in H1 2025, amounting to 2.71 billion yuan, a decline of 9.0% year-on-year, while international revenue was 120 million yuan, down 21.4% [3]. Future Outlook - The company has adjusted its profit forecasts for 2025-2027, with net profit estimates revised down to 731 million yuan for 2025, a 19% decrease [4][5]. - The report suggests that despite current challenges, the company’s long-standing position as a leader in the filter press market and its ongoing efforts in product development may sustain future growth [4].

融券方面，当日融券卖出300.0股，融券偿还2.12万股，融券净买入2.09万股，融券余量1.4万股。 | 交易日 | 融券净卖用(股) | | 融券会量(股) | 融券余额(元) | | --- | --- | --- | --- | --- | | 2025-08-29 | | -2.09万 | 1.40万 | 21.95万 | | 2025-08-28 | | -2.32万 | 3.49万 | 54.97万 | | 2025-08-27 | | -300.0 | 5.81万 | 91.28万 | | 2025-08-26 | | -2800.0 | 5.84万 | 94.90万 | | 2025-08-25 | | -700.0 | 6.12万 | 98.96万 | 融资融券余额2.65亿元，较昨日上涨0.03%。 证券之星消息，8月29日，景津装备（603279）融资买入775.3万元，融资偿还733.66万元，融资净买入 41.63万元，融资余额2.65亿元，近3个交易日已连续净买入累计485.35万元，近20个交易日中有13个交 易日出现融资净买入。 | 交易日 | 融资净买入(元) | 融资余额 ...

Core Insights - The company Jingjin Equipment reported an increase in shareholder accounts, reaching 21,105 as of June 30, 2025, which is an increase of 4,051 accounts or 23.75% compared to March 31, 2025 [1][2] - The average shareholding value per account is 407,800 yuan, which is higher than the industry average of 195,700 yuan for A-share listed companies in the general equipment sector [1][2] - Despite the increase in shareholder accounts, the company's stock price declined by 11.42% during the period from March 31, 2025, to June 30, 2025 [1][2] Company Performance - As of June 30, 2025, Jingjin Equipment's average shareholding quantity per account decreased to 27,300 shares from 33,800 shares as of March 31, 2025 [1][2] - The company experienced a net inflow of 54.44 million yuan from institutional investors and a net inflow of 38.59 million yuan from retail investors during the same period, while retail investors saw a net outflow of 93.03 million yuan [2] Industry Context - The average number of shareholders in the general equipment industry is 29,200, indicating that Jingjin Equipment's shareholder count is below the industry average [1][2] - The average shareholding value in the general equipment sector is lower than that of Jingjin Equipment, highlighting the company's relatively strong position in terms of shareholder value [1][2]

据证券之星公开数据整理，近期景津装备（603279）发布2025年中报。截至本报告期末，公司营业总收 入28.26亿元，同比下降9.62%，归母净利润3.28亿元，同比下降28.51%。按单季度数据看，第二季度营 业总收入14.2亿元，同比下降12.33%，第二季度归母净利润1.61亿元，同比下降30.02%。本报告期景津 装备公司应收账款体量较大，当期应收账款占最新年报归母净利润比达102.95%。 本次财报公布的各项数据指标表现不尽如人意。其中，毛利率25.89%，同比减11.99%，净利率11.6%， 同比减20.9%，销售费用、管理费用、财务费用总计2.13亿元，三费占营收比7.52%，同比增16.94%，每 股净资产8.0元，同比增3.73%，每股经营性现金流0.74元，同比增59.06%，每股收益0.57元，同比减 28.75% 财务报表中对有大幅变动的财务项目的原因说明如下： 交易性金融资产变动幅度为99.78%,原因:本期末结构性存款余额增加。 预付款项变动幅度为355.24%,原因:本期末预付材料采购款增加。 使用权资产变动幅度为-37.06%,原因:本期办公场所租赁费减少。 应付票据变动幅 ...

Group 1 - The core viewpoint of the news is that Jingjin Equipment (603279.SH) has reported its semi-annual results for 2025, highlighting significant institutional investor holdings and changes in share ownership [1] - As of August 26, 2025, a total of 26 institutional investors hold 273 million shares of Jingjin Equipment, accounting for 47.33% of the total share capital [1] - The top ten institutional investors collectively hold 45.93% of the shares, with a decrease of 1.98 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, six funds increased their holdings, representing a 0.14% increase, while ten funds decreased their holdings, accounting for a 0.40% decrease [2] - One social security fund, specifically the Dachen Fund Management Co., Ltd. - Social Security Fund 1101 Combination, reported a decrease in holdings by 0.50% compared to the previous quarter [2]

自行动方案发布以来，公司积极开展落实相关工作。公司于2025年8月26日召开第四届董事会第二十次 会议审议通过了《关于公司2024年度"提质增效重回报"行动方案年度评估报告暨2025年度"提质增效重 回报"行动方案的议案》，对2024年度"提质增效重回报"行动方案年度实施情况进行评估，并明确2025 年度"提质增效重回报"行动方案目标，具体内容如下： 一、聚焦做强主业，提升经营质量 （一）公司2024年经营情况概况 公司坚持"精细、创新、诚信、责任"的经营理念，积极开展各项工作，推动技术创新和产品升级。2024 年由于新能源行业客户设备需求减缓，其他行业也缺乏较大订单增量，压滤机市场需求受到影响，公司 主动调低销售价格，导致压滤机产品销售收入及毛利降幅较大。2024年公司实现营业收入612,946.12万 元，较上年同期下降1.92%，实现归属于上市公司股东的净利润84,823.12万元，较上年同期下降 15.86%。公司积极开发配套装备市场，2024年配套装备订单和收入显著增长，但由于毛利率较低，因 此无法抵消压滤机产品的毛利下降，导致净利润降幅大于销售收入降幅。 登录新浪财经APP 搜索【信披】查看更多考 ...

Core Viewpoint - The financial performance of Jingjin Equipment in the first half of 2025 shows a significant decline in both revenue and net profit compared to the previous year, indicating potential challenges for the company moving forward [1]. Financial Performance Summary - The main operating revenue for the first half of 2025 was 2.826 billion yuan, a year-on-year decrease of 9.62% [1]. - The net profit attributable to shareholders was 328 million yuan, down 28.51% year-on-year [1]. - The net profit after deducting non-recurring gains and losses was 320 million yuan, reflecting a decline of 28.18% year-on-year [1]. - In Q2 2025, the single-quarter operating revenue was 1.42 billion yuan, a decrease of 12.33% year-on-year [1]. - The single-quarter net profit attributable to shareholders was 161 million yuan, down 30.02% year-on-year [1]. - The single-quarter net profit after deducting non-recurring gains and losses was also 161 million yuan, a decline of 29.06% year-on-year [1]. Financial Ratios and Metrics - The debt ratio stood at 48.6% [1]. - Investment income was recorded at 21,180 yuan, while financial expenses amounted to -1.124 million yuan [1]. - The gross profit margin was 25.89%, showing a year-on-year decrease of 11.98% [8]. - The return on equity was 7.15%, down 31.77% year-on-year [8]. - Earnings per share were 0.57 yuan, reflecting a decrease of 28.75% year-on-year [8]. - The net asset per share was 8.00 yuan, an increase of 3.72% year-on-year [8]. - Operating cash flow per share was 0.74 yuan, up 59.06% year-on-year [8]. Shareholder Information - The largest shareholder is Jingjin Investment Co., Ltd., holding 31.37% of shares [12]. - Other significant shareholders include Jiang Guiting with 9.38% and Song Guihua with 4.19% [12]. - The number of shareholders has shown a slight increase, with 2.11 million shareholders reported in Q2 2025 [14].