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].

Summary of Conference Call Company/Industry Involved - The conference call pertains to the environmental equipment industry, specifically focusing on a company referred to as "声望活跃环保" (Reputation Active Environmental) [1]. Core Points and Arguments - The company is experiencing a turning point in performance growth, indicating a positive outlook for future growth and high dividend distribution [1]. Other Important but Possibly Overlooked Content - The call emphasizes the elite status of all participants, suggesting a high level of expertise and engagement in the discussion [1].

就先回答一下就是一个问题就是为啥在这个时间节点我们来推荐就是我们核心的一个理由是公司的一个业绩增速的一个拐点在即因为公司的一个公司整体上其实也就核心关注两点第一点因为公司的这个基本面非常好我觉得这个应该是大家的一个共识就是不管是公司的这个43%率这个行业格局非常稳定还是说它的这个财务报表 我们看到它ROE在22以上然后分红现金流这些都比较好然后24年的话分红的话我们看至少在5个点以上所以说我觉得这基本面应该是有基本共识的大家比较担心的就是这个公司未来的一个持续的成长性甚至有一些客户比较担心这个公司是一个顺周期是否现在的一个业绩就是一个在周期的一个高点上 那我们认为这个公司其实肯定是还有一个持续的成长而且在这个二季度会我们觉得会看到一个这个不仅不会下滑而且会看到一个增速的拐点也就是说这个公司的这个业绩增速从过去的一个高增速然后到今年一季度这个业绩增速降为六七个点 然后在二期度可能我们觉得差不多可能在七八个点然后再往后的话可能就是业绩增速会持续提高了就是会进一步重新进入到一个逐步修复的一个增速的一个过程所以说这个就会带来整体的估值的一个修复 那这个是他的一个基本的一个逻辑那我们去讲他的这个这个业绩拐点在其的时候我 ...

Summary of Conference Call Company/Industry Involved - The conference call pertains to the environmental equipment industry, specifically focusing on a company involved in this sector. Core Points and Arguments - The company emphasizes the importance of being vigilant about the potential inflection point in the growth rate of the equipment industry, indicating a need for caution moving forward [1] - There is a strong belief in the company's growth potential and commitment to high dividend payouts, suggesting confidence in financial stability and shareholder returns [1] Other Important but Possibly Overlooked Content - The call begins with a formal welcome and acknowledgment of participants being on mute, indicating a structured approach to the meeting [1]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 29.41 CNY per share based on a 15x PE valuation for 2024 [34]. Core Insights - The company is a leader in the domestic filter press industry, leveraging its technological advantages to ensure product quality and cost-effectiveness. The revenue and net profit have shown a compound annual growth rate (CAGR) of 13% and 23% respectively from 2014 to 2023 [1]. - The company has diversified its revenue streams, with significant contributions from mineral processing, new energy materials, and environmental sectors, each accounting for approximately 27%, 27%, and 26% of total revenue in 2023 [1]. - The report highlights the potential for overseas expansion and the development of complete equipment as new growth drivers, despite concerns about the slowing growth in new energy investments [22]. Summary by Sections Company Overview - The company has a self-manufacturing rate of 93% for its filter press components, which contributes to its high product quality and stability [1]. - In 2023, the company achieved filter press revenue of 4.885 billion CNY, with a year-on-year growth of 2.78% [13]. Financial Performance - The company’s net profit margin reached 16.1% in 2023, an increase of 1.4 percentage points year-on-year, with a return on equity (ROE) of 22.2% [21]. - The gross margin for filter press equipment was 29.1%, while the parts business achieved a gross margin of 47.6% [13][20]. Market Dynamics - The report indicates that the company’s revenue from the environmental sector is expected to stabilize, with a projected growth rate of 0% from 2024 to 2026 [16]. - The new energy and materials sector saw a significant revenue increase of 46% in 2023, reflecting strong market demand [6]. Future Outlook - The company plans to enhance its overseas market presence, with current overseas revenue at 318 million CNY, which is significantly lower than competitors like Andritz [22]. - The complete equipment business is anticipated to contribute approximately 2.94 billion CNY in revenue and 416 million CNY in net profit once fully operational [22][66].

东吴证券研究所提醒您本次电话会议仅面向机构投资者或受邀客户第三方专家发言内容仅代表其个人观点所有信息或所表述的意见均不构成对具体证券在具体价位具体时点具体市场表现的判断或投资建议 未经合法授权 严禁录音 转发及相关解读涉嫌违反上述情形的我们将保留追究法律责任的权利感谢您给予的理解和配合谢谢 各位投资者大家下午好我是东吴环保研究员陈自文那么今天的话是我们这个策略会的线上交流景星装备的一个专场很高兴邀请到了公司的这个刘总来给咱们做一个线上的交流那景星呢作为这个压力及细分领域的龙头一直是这种 稳健增长的白马股的一个标杆我们看到其实在现在设备更新包括成套化的配套设备以及出海这些新的成长点也是给公司提供了一定的增长空间当前的话就估值也处在一个相对来说属于低位的一个状态所以我们还是非常看好公司在未来无论是基本面还是在整体的 这个走势上都会有一定很好这个趋势啊那接下来的话我们就还是先把时间给到刘总这边先请刘总对公司的经济情况做一个简要的介绍然后我们再开始问答交流环节有请刘总嗯尊敬的各位投资者大家下午好嗯挺一高贵的也是是一家这个经营程度来说资本市场上表现是比较稳健的一家企业嗯 这些年来活动的发力方向是配套设备应该是这块发展是 ...

证券代码：603279 证券简称：景津装备 公告编号：2024-028 成立日期：2010年12月28日 关于完成工商变更登记并换发营业执照的公告 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。 景津装备股份有限公司（以下简称"公司"）于 2023 年 7 月 14 日分别召开 第四届董事会第五次（临时）会议审议通过了《关于回购注销 2022 年限制性股 票激励计划中部分激励对象已获授但尚未解除限售的限制性股票的议案》《关于 变更注册资本、修订<公司章程>并办理变更登记的议案》；第四届监事会第五次 （临时）会议审议通过了《关于回购注销 2022 年限制性股票激励计划中部分激 励对象已获授但尚未解除限售的限制性股票的议案》。公司于 2024 年 6 月 5 日办 理完成了6名激励对象共计14.70万股已获授但尚未解除限售的限制性股票的回 购注销手续，公司注册资本由人民币 57,668.24 万元变更为 57,653.54 万元， 公司股份总数由 57,668.24 万股变更为 57,653.54 万股。具体详见公司分别于 202 ...

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 6 名激励对象在第一个限售 期解除限售前离职，不再具备激励资格，公司决定对该 6 人所持已获授但尚未解 除限售的限制性股票合计 147,000 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 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 147,000 股 | 147,000 | 股 | | 2024 年 | 6 | 月 | 5 日 | 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：2024-027 1、2023 年 7 月 14 日，公司召开第四届董事会第五次（临时）会议和第四 ...