证券研究报告 | 公司深度 | 环保设备Ⅱ | --- | --- | |------------------------|------------------------------------------| | 景津装备 (603279) | 报告日期： 2024 年 09 月 22 日 | | 估值已触底，龙头再启程 | | | ——景津装备深度报告 | | 投资要点 ❑ 公司坚持创新、务实，凭借产品力和性价比赢得口碑，稳坐行业头把交椅。 公司主营产品为压滤机及其配件，可根据客户的不同需求，制造和销售定制化产 品。三十年来，公司坚持物有所值的理念，持续创新，务实经营，凭借过硬的产 品力和合理的价格树立了良好的口碑和形象。凭借此，公司压滤机产销量位居世 界第一，2022 年在国内压滤机市场市占率已达到 53%，稳坐行业头把交椅。 ❑ 下游行业需求增速趋缓，预计公司压滤机收入将呈现小幅增长的态势。 受益于下游环保、矿物及加工、新能源等行业的增长，公司压滤机快速放量， 2019-2023 年，公司营收从 33.11 亿元增长至 62.49 亿元，归母净利润从 4.13 亿元 增长至 10.08 亿元。 202 ...

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].

证券研究报告·公司研究简报·环保设备Ⅱ 景津装备（603279） 收入平稳增长&利润率回归，经营性现金流 大幅改善 2024 年 08 月 30 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|----------|----------|----------|----------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 5682 | 6249 | 6614 | 7297 | 8032 | | 同比（ % ） | 22.17 | 9.98 | 5.83 | 10.33 | 10.07 | | 归母净利润（百万元） | 833.92 | 1,008.09 | 1,024.81 | 1,130.53 | 1,244.91 | | 同比（ % ） | 28.89 | 20.89 | 1.66 | 10.32 | 10.12 | | EPS- 最新摊薄（元 / 股） | 1. ...

[Table_StockNameRptType] 景津装备（603279） 公司点评 业务稳定拓展，成套设备持续推进 | --- | --- | |---------------------------------------|-------------| | | | | [Table_Rank] 投资评级：买入（维持） | | | 报告日期： 2024-8-29 | | | 570 收盘价（元） | 17.62 | | 近 12 个月最高 / 最低（元） | 27.15/15.69 | | 总股本（百万股） | 576.46 | | 流通股本（百万股） | 572.05 | | 流通股比例（%） | 99.24 | | 总市值（亿元） | 101.57 | | 流通市值（亿元） | 100.79 | [公司价格与沪深 Table_Chart] 300 走势比较 -40% -30% -20% -10% 0% 10% 景津装备 沪深300 [分析师：张帆 Table_Author] 执业证书号：S0010522070003 邮箱：zhangfan@hazq.com [Table_Report] 相关报告 1.《 ...

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].

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].

环保 证 券 研 究 报 告 上 市 公 司 公 司 研 究/ 公 司 点 评 | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 08 月 26 日 | | | | | 收盘价（元） | 16.57 | | 一年内最高/最低（元） | 28.60/16.53 | | 市净率 息率（分红/股价） | 2.3 6.40 | | 流通 A 股市值（百万元） | 9,479 | | 上证指数/深证成指 | 2,855.52/8,194.65 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |-------------------------------|------------------------| | | | | | | | 基础数据 : | 年 06 月 30 日 | | 每股净资产（元） | 7.72 | | | | | 资产负债率 % | 48.31 | | 总股本 /流通 A 股（百万） | 576/572 | | 流 ...