Investment Rating - The report maintains a "Buy" rating for the company [1][2]. Core Insights - The company achieved a revenue of 3.13 billion yuan in the first half of 2024, representing a year-on-year growth of 2.3%. However, the net profit attributable to shareholders decreased by 4.3% to 460 million yuan [1]. - In Q2 2024, the revenue was 1.62 billion yuan, showing a year-on-year increase of 2.0% and a quarter-on-quarter increase of 7.5%. The net profit for this quarter was 230 million yuan, down 13.2% year-on-year but up 0.7% quarter-on-quarter [1]. - Domestic revenue grew by 3.2% year-on-year, while overseas revenue fell by 12.8%, primarily due to a high base in 2023. The company is seeing a shift in its downstream application sectors, with the proportion of revenue from new energy and chemical industries declining [1]. - The overall gross margin for the first half of 2024 was 29.4%, down 3.0 percentage points year-on-year, attributed to price reductions on some products. The net profit margin was 14.7%, a decrease of 1.0 percentage points year-on-year [1]. - The company is expected to benefit from domestic equipment upgrades and overseas market expansion, with the overseas market potentially being 2-3 times the size of the domestic market [1]. Financial Forecast and Valuation - The forecast for net profit attributable to shareholders for 2024-2026 is 1.08 billion yuan, 1.23 billion yuan, and 1.38 billion yuan, respectively, with an expected compound annual growth rate (CAGR) of 11.1% [2]. - The earnings per share (EPS) for the same period is projected to be 1.88 yuan, 2.13 yuan, and 2.40 yuan [2]. - The company’s price-to-earnings (PE) ratio is expected to decrease from 9 in 2024 to 7 in 2026, indicating a potentially attractive valuation [3].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [4][5]. Core Views - 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%, while the net profit attributable to shareholders was 459 million yuan, down 4.28% year-on-year [4]. - The revenue structure shows an increase in the mining sector's contribution, while the renewable energy sector has decreased. The environmental sector remains stable, but overseas revenue has declined [4][5]. - The company has seen a 16% year-on-year increase in contract liabilities, indicating resilient order growth despite challenges in the lithium battery sector [4]. - Profit decline is attributed to a high base from the previous year and price reductions in some products, leading to a decrease in gross margin [4][5]. - Operating cash flow has significantly improved, with a net cash flow of 267 million yuan for the first half of 2024, marking a 6478% year-on-year increase [5]. Summary by Sections Financial Performance - Total revenue for 2023 was 6.249 billion yuan, with projections of 6.494 billion yuan for 2024 and 7.128 billion yuan for 2025 [6]. - The net profit for 2023 was 1.008 billion yuan, with forecasts of 1.028 billion yuan for 2024 and 1.158 billion yuan for 2025 [6][7]. - The gross margin for 2024 is projected to be 31.5%, with a gradual increase to 32.2% by 2026 [6]. Market Comparison - The company's stock price has fluctuated between a high of 28.60 yuan and a low of 16.53 yuan over the past year, with a current closing price of 16.57 yuan [2][4]. - The company's market capitalization is approximately 9.479 billion yuan, with a price-to-earnings ratio projected at 9 for 2024 [2][6]. Operational Insights - The company’s revenue distribution shows mining at 29%, environmental at 26%, and renewable energy at 22% for the first half of 2024 [4]. - The company has reduced management and sales expenses, contributing to improved profitability [5].

Investment Rating - The report maintains a "Recommended" rating for the company [4] Core Insights - The company reported a steady revenue growth of 2.34% year-on-year for H1 2024, achieving a total revenue of 3.127 billion yuan, while the net profit attributable to shareholders decreased by 4.28% to 459 million yuan [2] - The revenue growth is primarily driven by capital expenditures in downstream industries such as minerals and processing, and environmental protection [2] - The company is expanding its product offerings by developing complete equipment systems, which is expected to provide new growth engines [3] Revenue Breakdown - Revenue from the minerals and processing sector reached 907 million yuan, up 11.6% year-on-year, accounting for 29.02% of total revenue [2] - Revenue from the environmental protection sector was 819 million yuan, a 4% increase, representing 26.18% of total revenue [2] - The new energy sector saw a decline in revenue by 6.7% to 702 million yuan, making up 22.46% of total revenue [2] - The chemical sector experienced a significant drop in revenue by 17.3% to 248 million yuan, accounting for 7.92% [2] - The biopharmaceutical and food sectors reported revenue of 203 million yuan, up 5.4%, contributing 6.48% [2] - The sand and gravel sector showed strong growth with a 31.6% increase in revenue to 156 million yuan, also accounting for 6.48% [2] - Revenue from the new materials sector decreased by 15.7% to 50 million yuan, representing 5% [2] - The pharmaceutical and health products sector achieved revenue of 43 million yuan, up 28.9%, contributing 1.36% [2] Financial Performance - The company's gross margin for H1 2024 was 29.42%, down 3.02 percentage points year-on-year, while the net margin was 14.67%, down 1.02 percentage points [2] - Contract liabilities increased by 15.93% year-on-year to 2.612 billion yuan, indicating operational resilience [3] - The company has adjusted its net profit forecasts for 2024-2026 due to declining demand in the lithium battery sector and slower-than-expected overseas expansion [3]

景津装备股份有限公司 2024 年半年度报告 公司代码：603279 公司简称：景津装备 景津装备股份有限公司 2024 年半年度报告 1 / 164 景津装备股份有限公司 2024 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人姜桂廷、主管会计工作负责人李东强及会计机构负责人（会计主管人员）李东强 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告所涉及的各项公司对未来企业战略、业务发展、经营计划、财务状况等前瞻性描述， 是基于当前公司能够掌握的信息和数据对未来作出的评估或预测，不构成公司对投资者的实质性 承诺，投资者及相关人士均应当对此保持足够的风险认识，并且应当理解计划、预测与承诺之间 的差异。敬请投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营 ...

2024 年度"提质增效重回报"行动方案 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：2024-032 为深入贯彻党的二十大和中央金融工作会议精神，落实国务院《关于进一步 提高上市公司质量的意见》要求，积极响应上海证券交易所发布的《关于开展沪 市公司"提质增效重回报"专项行动的倡议》，推动公司高质量发展和投资价值 提升，景津装备股份有限公司（以下简称"景津装备"、"公司"）结合公司实际 经营情况和发展战略，维护全体股东利益，制定了公司 2024 年度"提质增效重 回报"行动方案（以下简称"本行动方案"）。 景津装备股份有限公司 一、聚焦做强主业，提升经营质量 四、加强投资者沟通，传递公司价值 公司将加强投资者关系管理，2024 年公司将进一步强化信息披露工作，关 注投资者需求，增强信息披露的有效性和针对性，不断拓展与资本市场沟通的广 度与深度，多渠道回复投资者关切，加深投资者对于公司生产经营等情况的了解， 更好地传达公司的投资价值。一是持续提升信息披露质量，不断提高信息 ...

证券代码：603279 证券简称：景津装备 公告编号：2024-031 二、董事会会议审议情况 （一）审议通过《关于公司 2024 年半年度报告及其摘要的议案》； 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 年半年 度报告》及其摘要。 表决结果：同意票 6 票；反对票 0 票；弃权票 0 票。 公司董事会审计委员会事前已审议通过本议案，并同意提交董事会审议。 （二）审议通过《关于公司"提质增效重回报"行动方案的议案》； 景津装备股份有限公司 第四届董事会第十三次会议决议公告 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。 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"）第四届董事会第十三次会议于 2024 年 8 月 26 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，本次会议由公司董事长姜桂廷先生主持。本次会议通知和材料已于 2024 年 8 月 16 日以专人送达或电子邮件方式发出。应出席本次会议的公司董事 6 人， 实际出席本次会议的公司董事 6 人。公司监事列席了 ...

一、本次限制性股票回购注销的决策与信息披露 证券代码：603279 证券简称：景津装备 公告编号：2024-029 景津装备股份有限公司 2022 年限制性股票激励计划部分限制性股票 回购注销实施公告 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： 回购注销原因：因景津装备股份有限公司（以下简称"公司"）《2022 年 限制性股票激励计划》（以下简称"《激励计划》"）中 4 名激励对象在第二个限售 期届满前离职，不再具备激励资格，公司决定对该 4 人所持已获授但尚未解除限 售的限制性股票合计 78,400 股进行回购并注销。 本次注销股份的有关情况 | 回购股份数量 | 注销股份数量 | | 注销日期 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 78,400 股 | 78,400 | 股 | | 2024 年 | 7 | 月 | 29 | 日 | 1、2024 年 5 月 13 日，公司召开第四届董事会第十二次（临时 ...

北京市东城区 电话 (Te 北三环东路 36 号环球贸易中 邮编 (P ( ) · 心 B 座 11 层 100013 北京市君致律师事务所 BEIJING JUNZHI LAW FIRM 关于景津装备股份有限公司 2022 年 限 制 性 股 票 激 励 计 划 部分限制性股票回购注销实施情况之 法律意见书 君致(法)字[2024]332 号 北京市君致律师事务所 北京市东城区北三环东路 36 号环球贸易中心Ｂ座 11 层 邮编(100013) Add: 11/F, Tower B, Global Trade Center, No.36 North Third Ring Road East, Dongcheng District, Beijing, 100013, PRC Tel: 010-52213236/7 www.junzhilawyer.com 1 北京市君致律师事务所 关于景津装备股份有限公司 2022 年限制性股票激励计划部分限制性股票 第一节 引言 为出具本法律意见书,本所律师特作如下声明: 一、本所及经办律师依据《公司法》《证券法》《管理办法》《律师事务所从 回购注销实施情况之法律意见书 君 ...

Summary of Conference Call Transcript Company Overview - The company is experiencing an imminent inflection point in its performance growth, which is a core reason for the recommendation at this time [1] - The overall fundamentals of the company are very strong, which is a widely accepted consensus [1] Key Points - The company has a 43% rate, indicating a stable industry structure [1] - The financial statements of the company reflect its robust performance [1] Additional Important Content - No additional significant content was identified that may have been overlooked in the summary [1]

Summary of Conference Call Company/Industry Involved - The conference call pertains to the environmental equipment industry, specifically focusing on a company referred to as "公司" in the context of the call [1]. Core Points and Arguments - The company is experiencing a turning point in performance growth, indicating a positive outlook for future expansion and profitability [1]. - There is a strong emphasis on the company's commitment to high dividend payouts, which reflects confidence in its financial health and shareholder returns [1]. Other Important but Possibly Overlooked Content - The call highlights the elite status of all participants, suggesting a high level of expertise and engagement in the discussion [1].