Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 4.704 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 1.20%, while the net profit attributable to the parent company was 0.665 billion yuan, down 10.09% [3] - The company is experiencing short-term pressure on profit margins, but has demonstrated strong cost control capabilities [3] - There is significant growth potential in downstream industries, particularly in the overseas market, with a focus on complete equipment and exports [3] Financial Performance Summary - For the first three quarters of 2024, the company achieved a gross margin of 29.06%, a decrease of 3.67 percentage points year-on-year, and a net profit margin of 14.14%, down 1.77 percentage points year-on-year [3] - The company’s operating cash flow for the first three quarters was 5.89 billion yuan, an increase of 492.66% [3] - The company’s revenue forecast for 2024-2026 has been adjusted to 6.347 billion, 6.915 billion, and 7.483 billion yuan respectively, with net profit forecasts of 0.887 billion, 0.986 billion, and 1.102 billion yuan [3][4] Market and Industry Outlook - The company’s complete equipment for filtration has a broad demand in various downstream industries, with the mineral and processing sector accounting for the highest revenue share of 29.02% in the first half of 2024 [3] - The company is actively pursuing international expansion, achieving 0.151 billion yuan in overseas revenue in the first half of 2024, which represents 4.84% of total revenue [3] - The market for filtration equipment is expected to grow, particularly in the renewable energy sector, driven by the recycling of lithium batteries [3]

Investment Rating - Buy rating maintained for the stock [2] Core Views - Revenue remained stable but short-term performance was under pressure In Q1-Q3 2024, the company achieved revenue of 15 07, 16 20, and 15 77 billion yuan respectively, with year-on-year growth rates of 2 66%, 2 04%, and -0 98% Net profit attributable to the parent company was 2 29, 2 30, and 2 06 billion yuan, with year-on-year growth rates of 6 70%, -13 16%, and -20 77% [3] - Gross margin and expense ratio both declined The gross margin for Q1-Q3 2024 decreased by 3 67 percentage points to 29 06%, with Q3 gross margin dropping by 4 94 percentage points to 28 36% The expense ratio for the same period decreased by 1 38 percentage points to 8 94% [3] - Cash flow improved significantly, and dividend payout ratio increased The net cash flow from operating activities for Q1-Q3 2024 was 5 89 billion yuan, a year-on-year increase of 492 66% The dividend yield exceeded 5 6% based on the 2023 cash dividend of 6 1 billion yuan and the total market value of 107 6 billion yuan as of November 6 [3] - Complete equipment is expected to become a new growth point, with continued expansion in domestic and international markets The company is committed to developing into a world-leading manufacturer of filtration complete equipment [3] Financial Performance Summary - Revenue and profit forecasts For 2024-2026, the company's revenue is expected to be 62 58, 66 84, and 72 66 billion yuan, with year-on-year growth rates of 0 14%, 6 81%, and 8 70% Net profit attributable to the parent company is expected to be 8 88, 9 58, and 10 64 billion yuan, with year-on-year growth rates of -11 90%, 7 91%, and 10 99% [3][5] - Valuation metrics The company's PE ratios for 2024-2026 are 12 11, 11 22, and 10 11 times respectively [3][5] Financial Ratios and Key Metrics - Profitability Gross margin for 2024-2026 is expected to be around 29 0%, with net margin at 14 2%, 14 3%, and 14 6% respectively ROE is forecasted to be 18 4%, 18 6%, and 19 3% for the same period [6] - Debt and liquidity The debt-to-asset ratio is expected to remain stable at around 47 4% to 48 1% from 2024 to 2026 The current ratio is forecasted to be between 1 47 and 1 54 [6] - Operational efficiency The accounts receivable turnover ratio is expected to be around 8 0, while inventory turnover is forecasted to be between 1 55 and 1 60 [6]

Investment Rating - The report maintains a "Buy" investment rating for the company, with an expected relative return of over 20% within the next six months [6][15]. Core Views - The company has shown a significant improvement in cash flow, with a notable increase in operating cash flow by 237.57% year-on-year in Q3 2024 [2][4]. - Despite a strategic price reduction to maintain volume, the company's profit margins have declined, with a gross margin of 29.06% and a net profit margin of 14.14%, both down year-on-year [2][3]. - The company plans to distribute a cash dividend of 0.66 CNY per share, totaling 3.80 billion CNY, which represents 57.21% of the net profit attributable to shareholders for the first three quarters of 2024 [4]. Financial Performance Summary - For the first three quarters of 2024, the company reported a revenue of 4.704 billion CNY, a year-on-year increase of 1.20%, and a net profit of 666 million CNY, a decrease of 10.09% [1][2]. - In Q3 2024, the revenue was 1.577 billion CNY, down 0.98% year-on-year, with a net profit of 206 million CNY, down 20.77% year-on-year [1][2]. - The company has effectively controlled expenses, with a period expense ratio of 8.94%, down 1.38 percentage points year-on-year [3]. Profit Forecast and Valuation - The company is expected to have a net profit of 904 million CNY in 2024, a decrease of 10.28% year-on-year, followed by growth of 14.02% and 14.07% in 2025 and 2026, respectively [5][8]. - The projected price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are 11.71, 10.27, and 9.00, respectively [5][8].

景津装备股份有限公司 2024年第二次临时股东大会会议资料 （603279） | 2024 年 第 二次 临 时 股东 大 会会 议 须知 | | 3 | | --- | --- | --- | | 2024 年 第 二次 临 时 股东 大 会会 议 议程 | | 5 | | 议案 一 ：关 于 续聘 公司 2024 | 年 度财 务 审计 机 构及 内 部控 制审 计 机构 | | | 的议 案 | | 7 | | 议案 二 ：关于 变 更 经营 范 围 、修 订《 公司 章 程 》并 办 理 变更 登 记的 议 | | | | 案 | | 11 | | 议案 三 ：关 | 于 修订《景 津 装备 股 份有 限公 司 股东 大 会议 事规 则 》的 议 | | | 案 | | 34 | | 议案 四 ：关 | 于 修订《景 津 装备 股 份有 限公 司 董事 会 议事 规则 》的议 案 | | | | | 40 | | 议案 五 ：关 | 于 修订《景 津 装备 股 份有 限公 司 监事 会 议事 规则 》的议 案 | | | | | 45 | 2 / 47 景津装备股份有限公司 2024 年第二次临时股东 ...

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The company reported a revenue of 4.7 billion yuan for the first three quarters of 2024, a year-on-year increase of 1.2%, while the net profit attributable to shareholders decreased by 10.1% to 670 million yuan [1]. - The third quarter revenue was 1.58 billion yuan, down 1.0% year-on-year and 2.7% quarter-on-quarter, with a net profit of 210 million yuan, reflecting a 20.8% year-on-year decline [1]. - The decline in profit margins is attributed to price reductions on some products, leading to a comprehensive gross margin of 29.1% for the first three quarters, down 3.7 percentage points year-on-year [1][2]. Summary by Sections Financial Performance - The company’s operating cash flow improved significantly, with a net cash flow from operating activities of 590 million yuan, a year-on-year increase of 492.7% [2]. - The gross margin for the third quarter was 28.4%, down 4.9 percentage points year-on-year, while the net margin was 13.1%, down 3.3 percentage points year-on-year [1][2]. Cost Management - The company has effectively controlled its expenses, with a period expense ratio of 8.9% for the first three quarters, down 1.4 percentage points year-on-year [2]. - The sales, management, R&D, and financial expense ratios showed minor fluctuations, indicating stable cost management practices [2]. Market Opportunities - Domestic demand for equipment upgrades is expected to provide incremental growth, while the overseas market presents significant potential, estimated to be 2-3 times the size of the domestic market [2]. - The company holds over 40% market share in the domestic filter press market, with ongoing efforts to expand its presence internationally [2]. Profit Forecast and Valuation - The forecast for net profit attributable to shareholders for 2024-2026 is 1.03 billion yuan, 1.18 billion yuan, and 1.32 billion yuan, respectively, with a compound annual growth rate of 9.4% [3]. - The projected price-to-earnings ratios for the next three years are 11, 9, and 8 times, respectively, reflecting the company's leading position in the filter press market and expected growth [3].

Investment Rating - The report maintains a "Buy" rating for the company, citing its strong position as a leading manufacturer of filter press equipment and robust profitability [4][6]. Core Views - The company experienced revenue growth of 1.2% year-on-year, reaching 4.7 billion yuan in the first three quarters of 2024, while net profit declined by 10.1% to 670 million yuan due to price reductions on certain products and a decrease in gross margin [1][4]. - The company has enhanced its cost control capabilities, with a significant improvement in cash flow, reporting a net operating cash flow of 590 million yuan, a year-on-year increase of 492.7% [2][4]. - The company is focusing on expanding its complete filtration equipment offerings, which are expected to generate substantial revenue once fully operational, with projected annual revenues of approximately 2.18 billion yuan from the first phase and 760 million yuan from the second phase of its filtration equipment project [3][4]. Financial Performance - For the first three quarters of 2024, the company achieved a gross margin of 29.1% and a net margin of 14.1%, reflecting slight declines of 3.7 percentage points and 1.8 percentage points year-on-year, respectively [2][4]. - The company has consistently maintained a high dividend payout ratio, with a proposed cash dividend of 0.66 yuan per share for the first three quarters of 2024, amounting to 380 million yuan, which represents 57.2% of the net profit attributable to shareholders [4][6]. - The financial forecasts indicate a projected net profit of 910 million yuan for 2024, with expected growth rates of -9.8% in 2024, followed by 15.4% and 14.2% in 2025 and 2026, respectively [5][4]. Market Position and Strategy - The company is recognized as a leader in the filter press equipment sector, with a diverse range of applications across various industries, including mineral processing, environmental protection, and new energy [3][4]. - The strategic focus on complete filtration equipment is expected to create new growth points for the company, supporting its long-term development and transformation [3][4].

证券代码：603279 证券简称：景津装备 公告编号：2024-043 景津装备股份有限公司 关于召开 2024 年第三次临时股东大会的通知 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、 召开会议的基本情况 (一) 股东大会类型和届次 召开的日期时间：2024 年 11 月 18 日 14 点 30 分 召开地点：德州经济开发区晶华路北首景津装备股份有限公司 1 厂区会议室 (五) 网络投票的系统、起止日期和投票时间。 股东大会召开日期：2024年11月18日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四) 现场会议召开的日期、时间和地点 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 11 月 18 日 至 2024 年 11 月 18 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日 ...

景津装备股份有限公司 第四届董事会第十五次（临时）会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 证券代码：603279 证券简称：景津装备 公告编号：2024-040 截至 2024 年 9 月 30 日，公司母公司报表中期末未分配利润为人民币 1,792,964,132.95 元，合并报表中归属于上市公司股东的净利润为人民币 665,014,400.48 元（以上数据未经审计）。 根据中国证券监督管理委员会《关于进一步落实上市公司现金分红有关事项 的通知》《上市公司监管指引第 3 号——上市公司现金分红》等规范性文件及《公 司章程》的相关规定，在符合利润分配原则、保证公司正常经营和长远发展的前 提下，为持续回报股东，与全体股东共同分享公司发展的经营成果，董事会拟定 并提议公司 2024 年前三季度利润分配方案如下： 拟以实施权益分派股权登记日登记的总股本为基数分配利润，向全体股东每 一、董事会会议召开情况 景津装备股份有限公司（以下简称"公司"）第四届董事会第十五次（临时） 会议于 2024 年 10 月 2 ...

证券代码：603279 证券简称：景津装备 公告编号：2024-042 景津装备股份有限公司 拟以实施权益分派股权登记日登记的总股本为基数分配利润，向全体股东每 股派发现金红利 0.66 元（含税），本次利润分配不送红股，不实施资本公积金转 增股本。截至 2024 年 9 月 30 日，公司总股本 576,457,000 股，以此计算合计 关于公司2024年前三季度利润分配方案的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ●每股分配比例：A 股每股派发现金红利 0.66 元（含税）。 ●景津装备股份有限公司（以下简称"公司"）本次利润分配以实施权益分 派股权登记日登记的总股本为基数，具体日期将在权益分派实施公告中明确。 ●在实施权益分派的股权登记日前,公司总股本发生变动的，公司拟维持每 股分配比例不变，相应调整分配总额，并将另行公告具体调整情况。 ●本次利润分配方案尚需公司 2024 年第三次临时股东大会审议通过后方可 实施。 一、2024 年前三季度利润分配方案内容 截至 2024 年 9 月 30 ...

证券代码：603279 证券简称：景津装备 公告编号：2024-041 景津装备股份有限公司 第四届监事会第十五次（临时）会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、监事会会议召开情况 景津装备股份有限公司(以下简称"公司")第四届监事会第十五次（临时） 会议于 2024 年 10 月 28 日上午在德州经济开发区晶华路北首公司会议室以现场 表决方式召开，本次会议由公司监事会主席高俊荣女士主持。本次会议通知和材 料已于 2024 年 10 月 25 日以专人送达方式发出。应出席本次会议的公司监事共 三人，实际出席本次会议的公司监事共三人。公司董事会秘书张大伟、证券事务 代表刘文君列席本次会议。本次会议的出席人数、召集、召开及表决程序均符合 《中华人民共和国公司法》等法律、行政法规、部门规章、规范性文件及《公司 章程》的相关规定。 二、监事会会议审议情况 （一）审议通过《关于公司 2024 年第三季度报告的议案》； 详情请见公司同日在指定媒体披露的《景津装备股份有限公司 2024 年第三 季度报告》。 表决 ...