[Table_Summary] 事件：公司发布 2023年年报及 2024年一季报，2023年实现营收 62.5亿元， 同比增长 10.0%；归母净利润为 10.1 亿元，同比增长 20.9%。2024Q1，公司 实现营收 15.1亿元，同比增长 2.7%；归母净利润为 2.3亿元，同比增长 6.7%。 海外市场提供市场弹性，配件及配套设备打开成长空间。公司压滤机国内市占 率超过 40%，但当前海外市占率非常低，近年来重点拓展海外市场，2023年营 收同比增长约 17%；预计海外市场规模是国内的 2-3 倍，进军海外将为公司提 供市场弹性。2）大力拓展配套设备及配件，打造第二成长曲线：国内压滤机配 套设备市场空间较大，公司大力开拓配套设备及配件业务，新建产能持续释放， 配套设备将成为公司业绩增长的第二曲线。 | --- | --- | --- | --- | --- | |----------------------------|--------|--------|---------------------------------|--------| | | | | | | | 营业收入（百万元） | | | ...

证券代码:603279 证券简称:景津装备 景津装备股份有限公司 投资者关系活动记录 景津装备股份有限公司2024年3月份与投资者在信息披露范围内互动交 流情况:  接听投资者来电6通。 投资者关注的主要问题及回复如下： 1.问题：公司2023年前三季度经营性现金流同比减少较多的原因是什么？ 回答：公司2023年前三季度经营活动产生的现金流量净额同比减少的原 因系客户合同预付款减少及收到票据增加导致经营活动现金流入减少，以及支 付职工薪酬和税费增加导致经营活动现金流出增加。 2.问题：公司近年来营业收入持续增长的原因？公司在行业里的竞争优势 ...

| --- | --- | |--------------------------|--------| | | | | | | | 每股净资产 ( 元 ,LF) | 7.22 | | 资产负债率 (%,LF) | 49.48 | | 总股本 ( 百万股 ) | 576.68 | | 流通 A 股 ( 百万股 ) | 568.74 | 东吴证券投资评级标准 | --- | --- | --- | --- | --- | --- | |------------------------------|--------|----------|----------|----------|----------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 5,682 | 6,249 | 6,764 | 7,641 | 8,645 | | 同比（ % ） | 22.17 | 9.98 | 8.24 | 12.96 | 13.14 | | 归母净利润（百万元） | 833.92 | 1,008.09 | 1,091 ...

免责声明 买入—未来 6-12 个月的投资收益率领先市场基准指数 15%以上； 增持—未来 6-12 个月的投资收益率领先市场基准指数 5%至 15%； 中性—未来 6-12 个月的投资收益率与市场基准指数的变动幅度相差-5%至 5%； 减持—未来 6-12 个月的投资收益率落后市场基准指数 5%至 15%； 卖出—未来 6-12 个月的投资收益率落后市场基准指数 15%以上； 无评级—因无法获取必要的资料，或者公司面临无法预见结果的重大不确定性事件，或者其他原因，致使无 法给出明确的投资评级。 [Table_StockNameRptType] 景津装备（603279） 公司研究/公司点评 业绩稳健，成套化和出口驱动未来业绩成长 | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------|-------------|--- ...

环保 | --- | --- | |---------------------------------------------|-------------------------------| | 市场数据： | 2024 年 04 月 25 日 | | 收盘价（元） | 23.37 | | 一年内最高 / 最低（元） | 32.24/16.53 | | | | | 市净率 息率（分红 / 股价） | 3.2 4.54 | | | 13291 | | 流通 A 股市值（百万元） 上证指数 / 深证成指 | 3052.90/9264.48 | | 注："息率"以最近一年已公布分红计算 | | 相关研究 合同负债稳步提升，未来增长有保障。截止 2023 年底，公司合同负债 25.76 亿元，截止 2024Q1，合同负债为 25.98 亿元（2023Q1 为 22.05 亿元），整体稳步提升。 上 市 公 司 ——压滤机稳步增长，配件+配套装备+出海逐步发力 一年内股价与大盘对比走势： 原料价格下降推动配件毛利率提升，公司利润增速高于收入增速。2023 年公司总体毛利 率提升 1 个百分点至 32%，其中配件销售毛 ...

表现 1M 3M 12M 2024 年 04 月 26 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 钟琪 S0350523080002 zhongq@ghzq.com.cn [Table_Title] 配件及配套设备利润增速亮眼，现金流修复明显 ——景津装备（603279）2023 年&2024Q1 业绩点评 最近一年走势 2024 年 4 月 24 日，景津装备发布 2023 年年报： 2）2024Q1 实现收入 15.1 亿元，同比+2.7%；实现归母净利润 2.3 亿元， 同比+6.7%。 投资要点: 新能源+环保板块贡献收入主要增量，核心配件及配套设备收入增速 亮眼。2023 年公司收入同比+10.0%，主要是订单持续增加，生产规 模不断扩大，其中，新能源新材料、环保板块贡献主要收入增量。 具体看，矿物及加工/新能源新材料/环保/化工/砂石/生物医药收入分 别 为 16.6/16.6/16.1/6.1/3.9/3.1 亿 元 ， 同 比 变 化 +7%/+46%/+10%/-16%/-5%/-18%。2023H2 公司砂石板块收入同比 +13.6%，较 2023H1 的-24.9%环比修 ...

证券研究报告 | 年报点评报告 2024 年 04 月 26 日 景津装备（603279.SH） 业绩持续增长，配套设备&出口打开增量成长空间 业绩持续增长。2023 年公司实现营收 62.5 亿元，同比+10.0%，归母净利 润 10.1 亿元，同比+20.9%；2024Q1 实现营收 15.1 亿元，同比+2.7%， 归母净利润 2.3 亿元，同比+6.7%。营收增加主要系公司积极开拓新客户， 推动新产品的市场化，在矿物及加工、新能源、新材料等领域收入持续增长； 归母净利润增速高于收入增速，主要系 2023 年聚丙烯、钢材等主要原材料 价格总体处于低位，公司销售毛利率上升所致。 公司盈利能力稳步提升，费用管控能力进一步改善。公司 2023 年毛利率为 31.7%（同比+1.0pct）、净利率为 16.1%（同比+1.5pct），盈利能力稳步 提升。公司 2023 年销售费用率 4.6%（同比-0.1pct），管理费用率 2.7%（同 比-0.9pct），财务费用率-0.4%（同比+0.1pct），三费合计比率 6.8%（同 比-0.9pct），整体费用率进一步下降。公司 2023 年经营现金净流量 2.7 ...

景津装备（603279.SH）2023 年年报及 2024 年一季报点评： ➢ 事件：公司披露 2023 年年报及 2024 年一季报。2023 年公司实现营业收 入 62.49 亿元，同比增长 9.98%，归母净利润 10.08 亿元，同比增长 20.89%， 扣非归母净利润 9.87 亿元，同比增长 19.72%。2024Q1 公司实现营业收入 15.07 亿元，同比增长 2.66%，归母净利润 2.29 亿元，同比增长 6.7%，扣非归母净利 润 2.19 亿元，同比增长 5.06%。 ➢ 产品结构：隔膜压滤机占比稳步提升，配套装备装备单独披露。2023 年公 司实现压滤机整机收入 48.84 亿元，同比增长 2.78%，毛利率 29.1%，同比0.43%，其中隔膜压滤机实现营业收入 39.44 亿元，同比+5.72%，毛利率 31.11%，同比-0.29%，厢式压滤机实现营业收入 9.4 亿元，同比-7.96%，毛利 率 20.65%，同比+4.65%；配件销售收入 9.27 亿元，同比+1.45%，毛利率 47.63%，同比+10.17%。公司首次单独披露配套装备，2023 年配套装备业务实 现营业 ...

Dividend Distribution and Profit Allocation - The company plans to distribute a cash dividend of 1.06 yuan per share (including tax) based on the total share capital of 576,682,400 shares, totaling 611,283,344 yuan (including tax)[2] - The company's 2023 annual profit distribution plan does not include cash dividends, stock dividends, or capital reserve to share capital conversion, with undistributed profits carried forward to the next year[2] - The company's cash dividend for the year is RMB 611,283,344, accounting for 60.64% of the net profit attributable to ordinary shareholders[122] - The company's total dividend payout ratio for the year is 60.64% of the net profit attributable to ordinary shareholders[122] - The company's cash dividends for 2019, 2020, 2021, 2022, and 2023 were 480 million yuan, 286 million yuan, 330 million yuan, 577 million yuan, and 611 million yuan, respectively, accounting for 116.21%, 55.56%, 50.93%, 69.15%, and 60.64% of the net profit attributable to shareholders in those years[150] Product Applications and Industry Trends - The company's products are widely used in environmental protection, mineral processing, new energy, new materials, sand and gravel aggregates, chemical, biological, food, pharmaceutical, and health products fields[14] - The company's filtration equipment is applied in the mineral processing industry, including coal, iron, gold, silver, copper, aluminum, zinc, nickel, cobalt, manganese, phosphorus, rare earth, kaolin, and graphite sectors[14] - The company's filtration equipment supports green mining trends, including resource utilization of tailings and recycling of mining water[14] - The company's products align with the large-scale, energy-saving, green, and intelligent development trends in the mining machinery industry[14] - The company's filtration equipment is part of the national encouragement for the development of energy-saving, efficient, and environmentally friendly production technologies[14] - The company's filtration equipment and sand-wastewater zero-discharge treatment systems have been applied in large-scale sand and gravel projects, with potential for increased market penetration as the industry consolidates[16] - The company's filtration equipment has been applied in the new energy sector, including lithium batteries, photovoltaics, and hydrogen energy, with significant growth in demand driven by the expansion of the lithium battery industry[152] - The company's filtration equipment is also used in the recycling of lithium batteries, with applications in wet recycling processes, and has been commercially applied both domestically and internationally[152] - The company's filtration equipment is widely used in the chemical industry, which saw a 2.7% decline in revenue to 9.27 trillion yuan and a 31.2% decline in profit to 486.26 billion yuan in 2023[152] - The company's filtration equipment is applied in the sand and gravel aggregate industry, which saw a 4.49% decline in demand to 15.172 billion tons in 2023[152] - The company's products are widely used in the mineral processing, new energy, and new materials industries, driving continuous performance growth[194] - The company's filtration equipment is applied in new energy fields such as lithium batteries, photovoltaics, and hydrogen energy, expanding downstream market space[194] Financial Performance and Metrics - The company's R&D expenses increased by 13.81% to 210,426,000.99 yuan in 2023[28] - Net cash flow from operating activities decreased by 73.79% to 268,029,962.68 yuan in 2023[28] - Accounts receivable financing increased by 194.43% to 82,686,081.82 yuan in 2023[23] - Contract assets grew by 41.89% to 128,364,067.67 yuan in 2023[23] - The company's short-term borrowing stood at 200,140,555.55 yuan, accounting for 2.32% of total assets in 2023[23] - The company's revenue growth is attributed to continuous order increases and expanding production scale[28] - Total revenue for the fiscal year reached 4,884,605,174.23 RMB, with a year-over-year increase of 29.10%[30] - Revenue from diaphragm filter presses, a key product, amounted to 3,944,771,045.19 RMB, marking a 31.11% increase compared to the previous year[30] - Domestic sales revenue was 5,913,352,224.28 RMB, with a 30.62% increase in operating costs[30] - International sales revenue stood at 318,329,586.38 RMB, with a 54.37% increase in operating costs[30] - Direct sales revenue reached 6,231,681,810.66 RMB, showing a 31.83% increase year-over-year[30] - The company achieved a revenue of 6.249 billion yuan in 2023, a year-on-year increase of 9.98%, and a net profit attributable to shareholders of 1.008 billion yuan, a year-on-year increase of 20.89%[96] - The net cash flow from operating activities was 268 million yuan, a year-on-year decrease of 73.79%, mainly due to reduced cash receipts from product sales and increased cash payments for employee salaries[96] - Revenue for 2023 reached 6,249,319,078.33 RMB, a 9.98% increase compared to 2022[164] - Net profit attributable to shareholders in 2023 was 1,008,089,458.88 RMB, up 20.89% year-over-year[164] - Operating cash flow in 2023 decreased by 73.79% to 268,029,962.68 RMB compared to 2022[164] - Total assets at the end of 2023 were 8,628,787,997.62 RMB, an 8.18% increase from 2022[164] - Basic earnings per share for 2023 were 1.78 RMB, a 19.46% increase from 2022[164] - Revenue in Q4 2023 was 1,601,388,521.39 RMB, showing steady growth across quarters[165] - The company achieved a revenue of 6.249 billion yuan, a year-on-year increase of 9.98%, and a net profit attributable to shareholders of 1.008 billion yuan, a year-on-year increase of 20.89%[194] - Revenue for the period increased by 9.98% to 6,249,319,078.33 RMB compared to the same period last year[200] - Operating costs rose by 8.37% to 4,265,327,595.67 RMB year-over-year[200] - Sales expenses grew by 6.80% to 285,858,877.31 RMB[200] - Management expenses decreased by 18.80% to 165,913,428.14 RMB[200] R&D and Innovation - The company holds 874 domestic patents and 29 international invention patents as of the end of 2023[26] - The company increased its R&D investment, successfully advancing key national research projects such as the "Solid Waste Resource Utilization" sub-project[194] - The company has a robust R&D system and has undertaken significant national research projects, including those related to water pollution control and treatment[198] Market and Competitive Position - The company's business scale in the mineral and processing fields has been expanding in recent years[14] - The company's market share in the solid-liquid separation equipment industry is increasing, with filter presses gradually replacing other filtration equipment in some industries[101] - The company's export volume of filter presses significantly exceeds import volume, indicating strong global competitiveness[101] - The company's revenue growth was driven by high demand from new energy and new materials industries, as well as the development of new products and expansion into new industry applications[96] - The company is recognized as a "National Manufacturing Single Champion Demonstration Enterprise" and has a strong competitive position in the filtration equipment industry[198] Operational and Investment Activities - The company's investment in Bo Tian stock resulted in a loss of 7,264 RMB due to fair value changes[40] - The total investment for the first phase of the filtration equipment industrialization project is approximately 1.28 billion yuan, with partial production already achieved[66] - The total investment for the second phase of the filtration equipment industrialization project is approximately 480 million yuan, with construction expected to be completed by February 2026[66] - The company actively promoted the construction of the first phase of the filtration equipment industrialization project and acquired land use rights for the second phase project on December 24, 2023[150] - The company's stock investments resulted in a fair value change loss of 7,264 yuan, with a total purchase amount of 167,379 yuan and a total sale/redemption amount of 151,489 yuan, leaving an ending balance of 8,626 yuan[187] Corporate Governance and Compliance - The company's 2020 restricted stock incentive plan was approved during the third board meeting on September 13, 2020[61] - The company's cash dividend policy complies with the articles of association and shareholder meeting resolutions, with clear standards and proportions[60] - The company's 2023 first extraordinary general meeting approved the remuneration for the fourth board of directors and supervisors[76] - The company's 2022 annual general meeting approved the 2022 financial report and profit distribution plan[76] - The company's 2023 second extraordinary general meeting approved changes to the business scope and amendments to the articles of association[76] - The company's current and former directors, supervisors, and senior management personnel have no changes in shareholding or remuneration during the reporting period[78] - The company has not been subject to any penalties from securities regulatory authorities in the past three years[81] - The company maintains independence in assets, personnel, finance, and operations from its controlling shareholders[47] Employee and Organizational Structure - The company's total number of employees is 5,476, with 3,983 production personnel, 538 sales personnel, 560 technical personnel, 28 financial personnel, and 367 administrative personnel[87] - The company's employee education level distribution is: bachelor's degree or above (300), college degree (820), and high school or below (4,356)[87] Industry and Policy Environment - China's food industry achieved revenue of 9.0 trillion yuan in 2023, a 2.5% year-on-year increase, with the company's filtration equipment contributing to green development in the sector[16] - The global pharmaceutical market is expected to grow at a CAGR of 5%-8% over the next five years, reaching approximately 2.3 trillion USD by 2028, with emerging markets and aging populations driving growth[16] - The global usage of power batteries for new energy vehicles in 2023 reached 705.5GWh, a year-on-year increase of 38.6%[152] - The company aims to increase the comprehensive utilization rate of bulk industrial solid waste to 57% by 2025, with specific targets for metallurgical slag and industrial by-product gypsum at 73%[196] - By 2025, the national water consumption per 10,000 RMB of industrial added value is targeted to decrease by 16% compared to 2020 levels[196] - The company's filtration equipment is widely used in industrial wastewater treatment and recycling, benefiting from the goal to increase the industrial water reuse rate to around 94%[196] - The company's products are expected to see increased demand in rural sewage treatment due to national policies aimed at improving rural environmental infrastructure[196] Subsidiaries and Related Entities - The subsidiary Beijing Wuxing Trading Co., Ltd. reported total assets of RMB 697,295,758.74, net assets of RMB 655,892,813.49, and annual revenue of RMB 2,411,691,172.06[118] - The company's subsidiary Beijing Wuxing Trading Co., Ltd. reported a net profit of RMB 155,687,513.91 for the year[118] Non-Recurring Items and Government Subsidies - The company received government subsidies of RMB 15,345,519.16, which are classified as non-recurring gains and losses[146] - The company's non-recurring gains and losses from the disposal of non-current assets amounted to RMB 9,193,482.68[146] Cost Structure and Profitability - Material costs for filter press and related equipment accounted for 78.26% of total costs in 2023[178] - Labor costs for filter press and related equipment increased by 13.49% in 2023 compared to 2022[178] - The company's gross profit margin increased due to lower prices of key raw materials such as polypropylene and steel, contributing to a higher net profit growth rate compared to revenue growth[96] - The company's sales gross margin increased due to lower prices of key raw materials like polypropylene and steel, contributing to a higher net profit growth rate compared to revenue growth[194] Customer and Sales Data - Sales to the top five customers accounted for 4.70% of total annual sales, with no related party sales[178] - The company's top five customers accounted for 1.25%, 0.91%, 0.90%, 0.85%, and 0.79% of the total annual sales, with sales amounts of 77,996,814.16 yuan, 56,622,662.25 yuan, 56,543,563.69 yuan, 53,041,897.68 yuan, and 49,567,903.53 yuan respectively[180] Product Portfolio and Technological Improvements - The company's product portfolio includes various filtration equipment such as filter presses, feed plunger pumps, belt conveyors, and spiral conveyors, with continuous technological improvements[194] - The company is classified under the general equipment manufacturing industry (code: C34) according to the China Securities Regulatory Commission's industry classification guidelines[185] Return on Equity and Shareholder Value - The weighted average return on equity (ROE) for the year is 23.53%, an increase of 0.74 percentage points compared to the previous year[143] - The company's weighted average return on equity (ROE) after deducting non-recurring gains and losses is 23.05%, an increase of 0.51 percentage points compared to the previous year[143] - The company's net profit attributable to ordinary shareholders for the year is RMB 1,008,089,458.88[122] Asset and Financial Position - The company's accounts receivable financing increased from 28,083,358.53 yuan to 82,686,081.82 yuan, a rise of 54,602,723.29 yuan[148] - The company's total assets increased from 28,083,358.53 yuan to 82,694,707.82 yuan, a rise of 54,611,349.29 yuan[148] - The company's trading financial assets increased by 8,626.00 yuan, but had a negative impact on current profits of -7,264.00 yuan[148] Executive Compensation and Shareholder Meetings - The total compensation for directors, supervisors, and senior management was 6,000,100 RMB for the fiscal year[52] - The company's 2023 first extraordinary general meeting approved the remuneration for the fourth board of directors and supervisors[76] - The company's 2022 annual general meeting approved the 2022 financial report and profit distribution plan[76] - The company's 2023 second extraordinary general meeting approved changes to the business scope and amendments to the articles of association[76]

单位：元 币种：人民币 2024 年第一季度报告 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，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。 □是 √否 | --- | --- | --- | |----------------------------------------------|------------------|-------------------------------------| | 项目 | 本报告期 | 本报告期比上年同期 增减变动幅度 (%) | | 营业收入 | 1,506,824,330.95 | 2.66 | | 归属于上市公司股东的净利润 | 228,531,883.32 | 6.70 | | 归属于上市公司股东的扣除非经常性损益的净利润 | 218,678,484.06 | 5.06 | | 经营活动产生的现金流量净额 | 79,403,898.94 | 不适用 | | 基本每股收益（元/股） | 0.40 | 8.11 | | 稀释每股收益（元/股） | 0.40 | 8.11 | | 加权平均净资产收益率（%） ...