Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported a stable revenue growth with a slight increase in cost control capabilities. In the first half of 2024, the company achieved an operating income of 3.127 billion yuan, a year-on-year increase of 2.34%, and a net profit attributable to shareholders of 459 million yuan, a year-on-year decrease of 4.28% [2][3] - The revenue share from the mineral processing and environmental protection sectors has increased, while the share from the new energy sector has decreased [2] - The company has improved its cost control, with sales, management, and R&D expense ratios decreasing [3] Summary by Sections Financial Performance - In the first half of 2024, the revenue breakdown is as follows: 1) Mineral processing revenue: 907 million yuan, accounting for 29.02%, up 2.40 percentage points from 2023 2) Environmental protection revenue: 819 million yuan, accounting for 26.18%, up 0.42 percentage points from 2023 3) New energy revenue: 702 million yuan, accounting for 22.46%, down 2.17 percentage points from 2023 4) Chemical revenue: 248 million yuan, accounting for 7.92%, down 1.88 percentage points from 2023 5) Aggregate revenue: 203 million yuan, accounting for 6.48%, up 0.19 percentage points from 2023 6) Bio-food revenue: 156 million yuan, accounting for 5.00%, up 1.11 percentage points from 2023 7) New materials revenue: 50 million yuan, accounting for 1.59%, down 0.34 percentage points from 2023 8) Pharmaceutical and health products revenue: 43 million yuan, accounting for 1.36%, up 0.28 percentage points from 2023 [2] Cost Control and Financial Structure - The company has enhanced its cost control capabilities, with sales, management, and R&D expense ratios at 4.49%, 2.60%, and 2.39%, respectively, down 0.35, 0.35, and 0.78 percentage points year-on-year. The company maintains a healthy financial structure with a debt ratio of 2.34% and financial expenses of -21 million yuan [3] Market Outlook and Profit Forecast - The company is expected to see growth in the filter plate market, with an increase in market share. The first phase of the complete equipment project was partially put into production in 2023, and the second phase is expected to be operational by 2026. The company is projected to achieve net profits of 1.04 billion, 1.17 billion, and 1.31 billion yuan for 2024, 2025, and 2026, respectively, with corresponding earnings per share of 1.80, 2.03, and 2.27 yuan. The current stock price corresponds to P/E ratios of 10.57, 9.36, and 8.35 times for the respective years [3][6]

证券代码:603279 证券简称:景津装备 景津装备股份有限公司 2024 年半年度业绩说明会会议记录 景津装备股份有限公司(以下简称"公司")于 2024 年 9 月 24 日上午 9:00-10:00 在上海证券交易所上证路演中心召开 2024 年半年度业绩说明会， 关于本次业绩说明会的召开事项，公司已于 2024 年 9 月 13 日在上海证券交 易所网站上披露了《景津装备股份有限公司关于召开 2024 年半年度业绩说明 会的公告》。 一、本次业绩说明会召开情况 2024 年 9 月 24 日，公司董事长、总经理姜桂廷先生，董事、副总经理、 董事会秘书张大伟先生，董事、财务总监李东强先生，独立董事张玉红女士参 加了本次业绩说明会，就投资者关心的问题在信息披露允许的范围内进行了回 答。 二、本次业绩说明会投资者关心的主要问题及公司答复情况 （一）预征集问题 问题 1. 1、成套设备一期项目计划于 23 年 10 月投产，但目前只有部分投产，产 能建设进度放缓的原因是什么？在一期放缓的情况下，为何还要上马二期工程？ 2、成套设备一期项目目前的产能利用率是多少？部分投产是因为建设进 度问题还是订单不足问题？估 ...

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [5][6]. Core Viewpoints - The company has maintained its leading position in the filter press industry, achieving a market share of 53% in China as of 2022, and has seen its revenue grow from 3.31 billion to 6.25 billion RMB from 2019 to 2023 [2][22]. - Despite a slowdown in downstream demand, the company is expected to see slight revenue growth in filter presses due to its strong product reputation and competitive pricing [2][3]. - Short-term growth opportunities are identified in the accessories business and complete equipment, while long-term growth is anticipated from international expansion [3][8]. Summary by Sections Company Overview - The company focuses on filter presses and related accessories, having established a strong reputation over 30 years through innovation and value [2][17]. - The company has a stable shareholding structure, with significant ownership by its founders, ensuring a solid governance framework [20][21]. Market Demand and Growth - The demand for filter presses in downstream industries is expected to slow down, particularly in environmental and mineral processing sectors [2][31]. - The company’s revenue from the mineral processing sector grew significantly from 0.83 billion to 1.66 billion RMB between 2019 and 2023, driven by increased capital expenditure in the industry [30]. Growth Drivers - The accessories business, particularly filter plates and filter cloths, presents a significant growth opportunity, with expected revenue growth rates of 13.71% to 19.20% from 2024 to 2026 [3][7]. - The complete equipment projects are projected to contribute an annual revenue of 2.94 billion RMB and a net profit of 416 million RMB once fully operational [3][4]. - The company’s international business, which has a gross margin of over 45%, is expected to enhance long-term performance, with overseas revenue currently at 318 million RMB, accounting for 5.09% of total revenue [3][8]. Financial Performance and Forecast - The company has maintained a high and stable dividend payout ratio of over 50% from 2019 to 2023, with a current dividend yield of 6.68% [4][8]. - Forecasted net profits for 2024-2026 are 1.04 billion, 1.17 billion, and 1.31 billion RMB, respectively, with corresponding earnings per share of 1.80, 2.03, and 2.27 RMB [4][6].

2024 年 9 月 19 日 公司研究 压滤机行业龙头，矿山机械出海打开新空间 全球压滤机龙头，深耕三十余年。景津装备创立于 1988 年，是专业成套过滤装 备制造商，中国制造业单项冠军示范企业，压滤机国家标准主起草人。公司压滤 机产销量居世界第一，2022 年国内压滤机行业的市场占有率在 47%左右。公司 产品主要分为压滤机整机、配件、配套装备三大类。 公司关注下游细分领域市场的变化，积极扩大公司产品的应用范围，拓展新市场 和新领域。2023 年，公司过滤装备主要下游应用行业收入占比排序为：1）矿物 及加工，26.6%；2）环保，25.8%；3）新能源，24.6%；4）化工，9.8%。 1）环保："泥水并重"带动污泥处置投资。2022 年，城市+县城口径下，我国 污泥处置市政公用设施建设固定资产投资 62.4 亿元，同比+42.9%。公司在油田 泥浆行业、造纸废水行业、市政污泥领域拥有丰富的客户案例。 3）矿山：受益于全球矿山资本开支上行，积极出海。压滤机等过滤成套装备广 泛应用于矿物的洗选、尾矿处理和湿法冶炼领域。2018-2022 年，我国矿业对外 投资 CAGR 达到 34.4%。公司在矿山领域布局 ...

本公司董事会、全体董事及相关股东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：2024-033 景津装备股份有限公司董事、高级管理人员集中竞价 减持股份期间届满暨减持结果公告 重要内容提示： 董事、高级管理人员持股的基本情况 本次减持计划披露前，景津装备股份有限公司（以下简称"公司"）董事杨 名杰持有公司股份 434,570 股，持股比例为 0.0754%。副总经理卢毅持有公司股 份 677,520 股，持股比例为 0.1175%。 注 1、表格中杨名杰、卢毅"其他方式取得"为根据公司 2020 年限制性股 票激励计划授予取得、2022 年限制性股票激励计划授予取得及根据公司 2021 年 年度利润分配及资本公积金转增股本方案（每股转增 0.4 股）取得。其中，公司 2020 年限制性股票激励计划授予的股份均为无限售条件流通股；公司 2022 年限 制性股票激励计划授予的第一个限售期的股份和第二个限售期的股份已上市流 通为无限售条件流通股，第三个限售期的股份尚未解除限售为有限售条件流通股。 注 ...

证券代码：603279 证券简称：景津装备 公告编号：2024-034 景津装备股份有限公司 关于召开 2024 年半年度业绩说明会的公告 （一） 会议召开时间：2024 年 09 月 24 日 上午 09:00-10:00 （二） 会议召开地点：上证路演中心 （三） 会议召开方式：上证路演中心网络互动 三、 参加人员 董事长、总经理：姜桂廷先生 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： 投资者可于 2024 年 09 月 13 日(星期五) 至 09 月 23 日(星期一)16:00 前登 录上证路演中心网站首页点击 " 提问预征集 " 栏目或通过公司邮箱 jjhbzqb@163.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回 答。 景津装备股份有限公司（以下简称"公司"）已于 2024 年 8 月 27 日发布公 司 2024 年半年度报告，为便于广大投资者更全面深入地了解公司 2024 年半年度 经营成果、财务状况，公司计划于 2024 年 09 月 24 日上午 09:00-10: ...

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [2]. Core Insights - The company reported a revenue of 3.127 billion yuan for the first half of 2024, reflecting a year-on-year increase of 2.34%. However, the net profit attributable to shareholders decreased by 4.28% to 459 million yuan due to price reductions on some products and a decline in gross margin [2]. - The company is experiencing stable revenue growth, with significant improvements in cash flow and an increased dividend payout ratio, resulting in a dividend yield exceeding 6% based on the latest market capitalization [2]. - The company aims to become a leading manufacturer of complete filtration equipment by expanding its product range and enhancing its market presence both domestically and internationally [2]. Financial Summary - For 2024, the company is projected to achieve revenues of 6.424 billion yuan, with a growth rate of 2.79%. The net profit is expected to be 960 million yuan, reflecting a decline of 4.78% [3][5]. - The company's earnings per share (EPS) for 2024 is estimated at 1.67 yuan, with a price-to-earnings (P/E) ratio of 10.33 [3][5]. - The gross margin is projected to decrease to 29.3% in 2024, while the net profit margin is expected to be 14.9% [5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown stable revenue growth and a recovery in profit margins, with significant improvement in operating cash flow [2] - The demand for environmental protection is recovering, while the new energy and new materials sectors are under pressure; the biopharmaceutical sector has seen high revenue growth [2] - The company is a global leader in filter press manufacturing, with a market share consistently above 40%, and is expected to benefit from integrated equipment and international market expansion [2] Financial Performance Summary - In H1 2024, the company achieved revenue of 3.127 billion yuan (up 2.34% year-on-year) and a net profit attributable to shareholders of 459 million yuan (down 4.28%) [2] - The gross profit margin for H1 2024 was 29.42%, a decrease of 3.02 percentage points, primarily due to price reductions on some products [2] - The operating cash flow for H1 2024 was 267 million yuan, a significant increase of 6,477.59% year-on-year, attributed to increased cash receipts from product sales and reduced cash outflows for raw material purchases [2] Revenue Breakdown - In H1 2024, revenue by sector was as follows: - Environmental protection: 815 million yuan (up 14.85%), accounting for 26.18% of total revenue - Mineral processing: 903 million yuan (up 7.08%), accounting for 29.02% - New energy and new materials: 749 million yuan (down 8.34%), accounting for 24.05% - Chemical: 247 million yuan (down 32.96%), accounting for 7.92% - Sand and gravel: 156 million yuan (up 0.56%), accounting for 5.00% - Biopharmaceutical: 244 million yuan (up 58.62%), accounting for 7.84% [2] Profit Forecast and Valuation - The forecast for net profit attributable to shareholders for 2024-2026 has been adjusted to 1.025 billion yuan, 1.131 billion yuan, and 1.245 billion yuan, respectively, with corresponding P/E ratios of 10, 9, and 8 times [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a stable revenue growth of 31.27 billion yuan in the first half of 2024, reflecting a year-on-year increase of 2.34%, while the net profit attributable to the parent company decreased by 4.28% to 4.59 billion yuan [3][4] - The company has improved its product technology, holding 875 domestic patents and 33 international invention patents as of June 30, 2024, with significant applications in various industries [3][4] - The company is focusing on expanding its overseas market, achieving 1.51 billion yuan in overseas revenue in the first half of 2024, accounting for 4.84% of total revenue, despite a year-on-year decline of 12.81% [3][4] Financial Performance - In the first half of 2024, the company achieved a net cash flow from operating activities of 2.67 billion yuan, a significant increase of 6477.59% [3] - The company’s revenue forecast for 2024-2026 has been adjusted to 65.48 billion yuan, 70.65 billion yuan, and 76.41 billion yuan respectively, with net profit forecasts of 10.12 billion yuan, 11.22 billion yuan, and 12.45 billion yuan [4] - The diluted EPS for 2024-2026 is projected to be 1.76 yuan, 1.95 yuan, and 2.16 yuan respectively, with corresponding P/E ratios of 10, 9, and 8 [4][6] Market Position and Future Outlook - The company has established a leading position in the domestic filtration machinery industry, with a strong customer base and long-term partnerships [3][4] - The demand in downstream industries, particularly in the renewable energy sector, is expected to grow rapidly, especially in lithium battery recycling, which presents significant market opportunities [3][4]

Investment Rating - The investment rating for the company is "Buy" (maintained) as of August 27, 2024 [2][8]. Core Insights - The company's revenue for H1 2024 reached 3.13 billion yuan, a year-on-year increase of 2.3%, while the net profit attributable to shareholders was 460 million yuan, down 4.3% year-on-year. In Q2 2024, revenue was 1.62 billion yuan, up 2.0% year-on-year, with a net profit of 230 million yuan, down 13.2% year-on-year [3][4]. - The main revenue growth in H1 2024 came from the mineral processing, environmental protection, and biopharmaceutical sectors, with respective revenues of 910 million, 820 million, and 750 million yuan, showing year-on-year growth of 7.3%, 15.1%, and a decline of 8.2% [4]. - The company's gross margin in Q2 2024 was 28.9%, a decrease of 5.7 percentage points year-on-year, primarily due to product price reductions and a high base from Q2 2023 [4]. - Operating cash flow significantly improved, with Q2 2024 operating cash flow reaching 188 million yuan, a 453% increase from 34 million yuan in Q2 2023, driven by increased cash receipts from sales and reduced cash payments for raw materials [4]. Financial Summary - The company is projected to achieve revenues of 6.65 billion, 7.09 billion, and 7.68 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 1.04 billion, 1.13 billion, and 1.22 billion yuan, corresponding to P/E ratios of 9, 8, and 8 times [4][6]. - The company's total market capitalization is approximately 9.52 billion yuan, with a circulating market capitalization of about 9.44 billion yuan [4]. - The stock price as of August 27, 2024, is 16.51 yuan, with a 52-week price range of 16.00 to 28.60 yuan [4].