Investment Rating - The report maintains a "Buy" rating for the company [1][10][11] Core Insights - The company achieved significant growth in operating cash flow in Q4, with a year-on-year increase of 167% [7] - Despite a decline in revenue and net profit for 2024, the company is expected to see a recovery in revenue growth in the chemical sector in H2 2024 [6][10] - The expansion of supporting equipment business has shown remarkable results, with a 91.7% increase in related revenue [7] Financial Performance Summary - In 2024, the company reported operating revenue of 6.13 billion yuan, a decrease of 1.9% year-on-year, and a net profit attributable to shareholders of 850 million yuan, down 15.9% [5][10] - Q4 2024 revenue was 1.43 billion yuan, down 11% year-on-year, with a net profit of 180 million yuan, down 31.8% [5][10] - The company plans to distribute a cash dividend of 1.06 yuan per share for the year, totaling 611 million yuan, which represents 72.04% of the net profit [5] Revenue and Profit Forecast - Projected revenues for 2025-2027 are 6.46 billion, 7.11 billion, and 8.01 billion yuan respectively, with corresponding net profits of 890 million, 960 million, and 1.03 billion yuan [10][11] - The expected growth rates for revenue are 5%, 10%, and 13% for the years 2025, 2026, and 2027 respectively [10] Valuation Metrics - The report indicates a projected P/E ratio of 11 for 2025, decreasing to 9 for 2027 [10][11] - The company maintains a stable ROE of 19% across the forecast period [10][11]

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 18.60 CNY, maintaining the rating [6]. Core Views - The company reported a revenue of 6.129 billion CNY for 2024, a decrease of 1.92% year-on-year, and a net profit of 848 million CNY, down 15.86% year-on-year. In Q4 alone, revenue was 1.426 billion CNY, a decline of 10.97% year-on-year, with a net profit of 183 million CNY, down 31.75% year-on-year [1]. - The company is experiencing short-term pressure on performance, but cash flow has significantly improved, indicating that the fundamentals may have reached a bottom [4][12]. - The gross margin is under short-term pressure, but expense management is good, with a total expense ratio of 9.44%, down 0.71 percentage points year-on-year [3][11]. Summary by Sections Financial Performance - The company’s revenue for 2024 was 6.129 billion CNY, with a net profit of 848 million CNY. The revenue from filter press equipment was 4.348 billion CNY, down 11.20% year-on-year, while accessory revenue increased by 3.22% to 957 million CNY [11][15]. - The gross margin for 2024 was 29.06%, down 2.69 percentage points year-on-year, and the net profit margin was 13.84%, down 2.29 percentage points year-on-year [11]. Cash Flow and Debt - As of the end of 2024, the company had contract liabilities of 2.616 billion CNY, an increase of 1.67% from the previous quarter. The operating cash flow for 2024 was 1.041 billion CNY, a significant increase of 288.21% year-on-year [12]. Dividend Policy - The company has a strong dividend policy, with a total cash dividend distribution of 611 million CNY for 2024, resulting in a dividend payout ratio of 72.05% and a dividend yield of 5.9% based on the closing price at the end of 2024 [13]. Future Projections - Revenue projections for 2025-2027 are 6.465 billion CNY, 7.113 billion CNY, and 7.754 billion CNY, with year-on-year growth rates of 5.48%, 10.02%, and 9.01% respectively. Net profits are expected to be 891 million CNY, 993 million CNY, and 1.106 billion CNY for the same years [14][15].

景津装备股份有限公司 2024 年年度股东会会议资料 （603279） 二○二五年五月 1 / 43 目录 | 景津装备股份有限公司 | | | 2024 年年度股东会会议须知 3 | | | --- | --- | --- | --- | --- | | 景津装备股份有限公司 | | | 2024 年年度股东会会议议程 5 | | | 议案 | 1：关于公司 | 2024 | 年度董事会工作报告的议案 7 | | | 议案 | 2：关于公司 | 2024 | 年度监事会工作报告的议案 | 12 | | 议案 | 3：关于公司 | 2024 | 年度财务决算报告的议案 | 16 | | 议案 | 4：关于公司 | 2024 | 年年度报告全文及其摘要的议案 | 21 | | 议案 | 5：关于公司 | 2024 | 年年度利润分配方案的议案 | 22 | | 议案 | 6：关于公司 | 2025 | 年度中期分红安排的议案 | 24 | | 议案 | | | 7：关于公司未来三年股东分红回报规划（2025 年-2027 年）的议案 | 26 | | 议案 | 8：关于公司 | 2024 | 年度董事薪酬的议案 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 1,405,878,458.58, a decrease of 6.70% compared to CNY 1,506,824,330.95 in the same period last year[5] - Net profit attributable to shareholders was CNY 166,849,184.85, down 26.99% from CNY 228,531,883.32 year-on-year[5] - Basic and diluted earnings per share were both CNY 0.29, a decrease of 27.50% from CNY 0.40 in the same period last year[5] - Total operating revenue for Q1 2025 was CNY 1,405,878,458.58, a decrease of 6.67% compared to CNY 1,506,824,330.95 in Q1 2024[17] - Net profit for Q1 2025 was CNY 166,849,184.85, a decline of 26.96% from CNY 228,531,883.32 in Q1 2024[18] - Earnings per share for Q1 2025 was CNY 0.29, compared to CNY 0.40 in Q1 2024[19] Cash Flow and Liquidity - The net cash flow from operating activities increased by 107.51%, reaching CNY 164,771,156.28, compared to CNY 79,403,898.94 in the previous year[5] - Cash flow from operating activities for Q1 2025 was CNY 164,771,156.28, an increase from CNY 79,403,898.94 in Q1 2024[20] - Cash and cash equivalents at the end of Q1 2025 totaled CNY 1,451,659,622.35, up from CNY 912,715,348.60 at the end of Q1 2024[21] - The company incurred a net cash outflow of CNY 94,948,701.33 from financing activities in Q1 2025, compared to a net outflow of CNY 631,482,705.20 in Q1 2024[21] Assets and Liabilities - Total assets at the end of the reporting period were CNY 8,890,004,592.19, reflecting a 2.51% increase from CNY 8,672,531,611.61 at the end of the previous year[6] - The company's current assets totaled RMB 5,952,549,986.58, compared to RMB 5,696,172,614.86 at the end of 2024, indicating an increase of about 4.51%[14] - Total liabilities reached RMB 4,255,839,620.62, compared to RMB 4,208,442,385.48, marking an increase of about 1.13%[15] - The accounts receivable decreased to RMB 864,814,474.59 from RMB 872,554,672.94, indicating a decline of about 0.89%[13] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 17,054[9] - The largest shareholder, Jingjin Investment Co., Ltd., holds 31.36% of the shares, totaling 180,779,289 shares[10] Operational Efficiency - The company reported a significant increase in cash flow due to the use of bank acceptance bills for raw material procurement, reducing cash outflow for purchases[8] - The company reported a significant increase in prepayments, which rose to RMB 123,506,768.03 from RMB 21,769,366.30, a growth of approximately 467.5%[13] - The company experienced a significant increase in other income, which rose to CNY 10,844,552.11 in Q1 2025 from CNY 3,694,776.39 in Q1 2024[18] Cost Management - Total operating costs for Q1 2025 were CNY 1,190,417,992.18, down 1.01% from CNY 1,202,628,833.96 in Q1 2024[17] - Research and development expenses for Q1 2025 were CNY 27,250,082.40, down 21.67% from CNY 34,790,665.25 in Q1 2024[17] - The company reported a decrease in sales expenses to CNY 66,890,710.48 in Q1 2025 from CNY 74,087,528.25 in Q1 2024, a reduction of 9.06%[17] Future Plans - The company has approved a "Quality Improvement and Efficiency Enhancement" action plan for 2024, which was evaluated in a board meeting held on February 25, 2025[12] - The company will implement new accounting standards starting from 2025, which will involve adjustments to the financial statements at the beginning of the year[22]

2025 年 4 月 27 日 公司研究 2024 年收入微降，利润端承压，看好配套装备业务 ——景津装备（603279.SH）2024 年年报点评 要点 事件： 4 月 23 日景津装备发布 2024 年年报。2024 年公司实现营收 61.29 亿元， 同比-1.9%；实现归母净利润 8.48 亿元，同比-15.9%；实现扣非归母净利润 8.41 亿元，同比-14.8%。2024 年销售毛利率为 29.1%，同比-2.7pct。单季度来看， 2024Q4 公司实现营收 14.26 亿元，同比-11.0%，环比-9.6%；实现归母净利润 1.83 亿元，同比-31.8%，环比-11.2%；实现扣非归母净利润 1.9 亿元，同比 -26.2%，环比-7.1%。 点评：2024 年收入微降，利润端承压，现金流大幅改善。 2024 年公司营收同比下降 1.9%，主要由于 2024 年新能源客户设备需求减缓， 化工、环保等其他下游行业也缺乏较大订单增量；归母净利润同比下降 15.9%， 销售毛利率同比下滑 2.7pct，主要由于压滤机市场竞争加剧，公司主动调低产 品销售价格，压滤机产品销售收入及毛利降幅较大，导致公 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][8] Core Views - The company reported a revenue of 6.129 billion yuan in 2024, a decrease of 1.92% year-on-year, and a net profit attributable to shareholders of 848 million yuan, down 15.86% year-on-year [5][6] - The company's cash flow has significantly improved, with net cash flow from operating activities reaching 1.041 billion yuan, an increase of 288.21% year-on-year [7] - The company is focusing on becoming a leading manufacturer of complete filtration equipment, with revenue from complete equipment increasing by 91.71% year-on-year to 806 million yuan [7] Company Overview - The latest closing price is 17.20 yuan, with a total market capitalization of 9.9 billion yuan [4] - The company has a debt-to-asset ratio of 48.5% and a price-to-earnings ratio of 11.54 [4] Financial Performance - The company's gross margin for 2024 was 29.06%, a decrease of 2.69 percentage points year-on-year [6] - The company expects revenues of 6.328 billion yuan, 6.949 billion yuan, and 7.539 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 866 million yuan, 962 million yuan, and 1.061 billion yuan [8][10]

Investment Rating - The investment rating for the company is "Buy" and is maintained [2][8]. Core Insights - The company reported a revenue of 6.129 billion yuan in 2024, a decrease of 1.92% year-on-year, and a net profit attributable to shareholders of 848 million yuan, down 15.86% year-on-year [5][6]. - The company's cash flow has significantly improved, with a net cash flow from operating activities of 1.041 billion yuan in 2024, an increase of 288.21% year-on-year [7]. - The company aims to become a world-leading manufacturer of complete filtration equipment, with a 91.71% year-on-year increase in revenue from complete equipment to 806 million yuan in 2024 [7]. Financial Performance Summary - In 2024, the company's gross profit margin was 29.06%, a decrease of 2.69 percentage points year-on-year [6]. - The company expects revenues of 6.328 billion, 6.949 billion, and 7.539 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 3.23%, 9.82%, and 8.48% [8][10]. - The projected net profit attributable to shareholders for 2025, 2026, and 2027 is 866 million, 962 million, and 1.061 billion yuan, with growth rates of 2.13%, 11.02%, and 10.32% [8][10].

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： 一、 召开会议的基本情况 (一)股东会类型和届次 证券代码：603279 证券简称：景津装备 公告编号：2025-007 景津装备股份有限公司 关于召开2024年年度股东会的通知 2024年年度股东会 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 5 月 13 日 14 点 30 分 召开地点：德州经济开发区晶华路北首景津装备股份有限公司 1 厂区会议室 股东会召开日期：2025年5月13日 本次股东会采用的网络投票系统：上海证券交易所股东大会网络投票系 统 (二)股东会召集人：董事会 (三)投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合的方 式 (五)网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 5 月 13 日 至2025 年 5 月 13 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交易时间段，即 9:1 ...

证券代码：603279 证券简称：景津装备 公告编号：2025-004 景津装备股份有限公司 第四届监事会第十六次会议决议公告 本公司监事会及全体监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、 监事会会议召开情况 景津装备股份有限公司(以下简称"公司")第四届监事会第十六次会议于 2025 年 4 月 21 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，本次会议由公司监事会主席高俊荣女士主持。本次会议通知和材料已于 2025 年 4 月 11 日以专人送达方式发出。应出席本次会议的公司监事共三人，实 际出席本次会议的公司监事共三人。公司董事会秘书张大伟、证券事务代表刘文 君列席本次会议。本次会议的出席人数、召集、召开及表决程序均符合《中华人 民共和国公司法》等法律、行政法规、部门规章、规范性文件及《公司章程》的 相关规定。 二、监事会会议审议情况 （一）审议通过《关于公司 2024 年度监事会工作报告的议案》； 表决结果：3 票同意，0 票反对，0 票弃权。 本议案需提交公司股东会审议。 （二）审议通过《关于公司 202 ...

证券代码：603279 证券简称：景津装备 公告编号：2025-003 景津装备股份有限公司 第四届董事会第十七次会议决议公告 表决结果：同意票 6 票；反对票 0 票；弃权票 0 票。 本议案需提交公司股东会审议。 （二）审议通过《关于公司 2024 年度总经理工作报告的议案》； 表决结果：同意票 6 票；反对票 0 票；弃权票 0 票。 （三）审议通过《关于公司 2024 年度财务决算报告的议案》； 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，并同意提交公司董事会审议。 本议案需提交公司股东会审议。 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"）第四届董事会第十七次会议于 2025 年 4 月 21 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 2025 年 4 月 11 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 ...