Investment Rating - The report maintains a "Buy" investment rating for the company, with an expected relative return of over 20% within the next six months [6][15]. Core Views - The company has shown a significant improvement in cash flow, with a notable increase in operating cash flow by 237.57% year-on-year in Q3 2024 [2][4]. - Despite a strategic price reduction to maintain volume, the company's profit margins have declined, with a gross margin of 29.06% and a net profit margin of 14.14%, both down year-on-year [2][3]. - The company plans to distribute a cash dividend of 0.66 CNY per share, totaling 3.80 billion CNY, which represents 57.21% of the net profit attributable to shareholders for the first three quarters of 2024 [4]. Financial Performance Summary - For the first three quarters of 2024, the company reported a revenue of 4.704 billion CNY, a year-on-year increase of 1.20%, and a net profit of 666 million CNY, a decrease of 10.09% [1][2]. - In Q3 2024, the revenue was 1.577 billion CNY, down 0.98% year-on-year, with a net profit of 206 million CNY, down 20.77% year-on-year [1][2]. - The company has effectively controlled expenses, with a period expense ratio of 8.94%, down 1.38 percentage points year-on-year [3]. Profit Forecast and Valuation - The company is expected to have a net profit of 904 million CNY in 2024, a decrease of 10.28% year-on-year, followed by growth of 14.02% and 14.07% in 2025 and 2026, respectively [5][8]. - The projected price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are 11.71, 10.27, and 9.00, respectively [5][8].

景津装备股份有限公司 2024年第二次临时股东大会会议资料 （603279） | 2024 年 第 二次 临 时 股东 大 会会 议 须知 | | 3 | | --- | --- | --- | | 2024 年 第 二次 临 时 股东 大 会会 议 议程 | | 5 | | 议案 一 ：关 于 续聘 公司 2024 | 年 度财 务 审计 机 构及 内 部控 制审 计 机构 | | | 的议 案 | | 7 | | 议案 二 ：关于 变 更 经营 范 围 、修 订《 公司 章 程 》并 办 理 变更 登 记的 议 | | | | 案 | | 11 | | 议案 三 ：关 | 于 修订《景 津 装备 股 份有 限公 司 股东 大 会议 事规 则 》的 议 | | | 案 | | 34 | | 议案 四 ：关 | 于 修订《景 津 装备 股 份有 限公 司 董事 会 议事 规则 》的议 案 | | | | | 40 | | 议案 五 ：关 | 于 修订《景 津 装备 股 份有 限公 司 监事 会 议事 规则 》的议 案 | | | | | 45 | 2 / 47 景津装备股份有限公司 2024 年第二次临时股东 ...

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The company reported a revenue of 4.7 billion yuan for the first three quarters of 2024, a year-on-year increase of 1.2%, while the net profit attributable to shareholders decreased by 10.1% to 670 million yuan [1]. - The third quarter revenue was 1.58 billion yuan, down 1.0% year-on-year and 2.7% quarter-on-quarter, with a net profit of 210 million yuan, reflecting a 20.8% year-on-year decline [1]. - The decline in profit margins is attributed to price reductions on some products, leading to a comprehensive gross margin of 29.1% for the first three quarters, down 3.7 percentage points year-on-year [1][2]. Summary by Sections Financial Performance - The company’s operating cash flow improved significantly, with a net cash flow from operating activities of 590 million yuan, a year-on-year increase of 492.7% [2]. - The gross margin for the third quarter was 28.4%, down 4.9 percentage points year-on-year, while the net margin was 13.1%, down 3.3 percentage points year-on-year [1][2]. Cost Management - The company has effectively controlled its expenses, with a period expense ratio of 8.9% for the first three quarters, down 1.4 percentage points year-on-year [2]. - The sales, management, R&D, and financial expense ratios showed minor fluctuations, indicating stable cost management practices [2]. Market Opportunities - Domestic demand for equipment upgrades is expected to provide incremental growth, while the overseas market presents significant potential, estimated to be 2-3 times the size of the domestic market [2]. - The company holds over 40% market share in the domestic filter press market, with ongoing efforts to expand its presence internationally [2]. Profit Forecast and Valuation - The forecast for net profit attributable to shareholders for 2024-2026 is 1.03 billion yuan, 1.18 billion yuan, and 1.32 billion yuan, respectively, with a compound annual growth rate of 9.4% [3]. - The projected price-to-earnings ratios for the next three years are 11, 9, and 8 times, respectively, reflecting the company's leading position in the filter press market and expected growth [3].

Investment Rating - The report maintains a "Buy" rating for the company, citing its strong position as a leading manufacturer of filter press equipment and robust profitability [4][6]. Core Views - The company experienced revenue growth of 1.2% year-on-year, reaching 4.7 billion yuan in the first three quarters of 2024, while net profit declined by 10.1% to 670 million yuan due to price reductions on certain products and a decrease in gross margin [1][4]. - The company has enhanced its cost control capabilities, with a significant improvement in cash flow, reporting a net operating cash flow of 590 million yuan, a year-on-year increase of 492.7% [2][4]. - The company is focusing on expanding its complete filtration equipment offerings, which are expected to generate substantial revenue once fully operational, with projected annual revenues of approximately 2.18 billion yuan from the first phase and 760 million yuan from the second phase of its filtration equipment project [3][4]. Financial Performance - For the first three quarters of 2024, the company achieved a gross margin of 29.1% and a net margin of 14.1%, reflecting slight declines of 3.7 percentage points and 1.8 percentage points year-on-year, respectively [2][4]. - The company has consistently maintained a high dividend payout ratio, with a proposed cash dividend of 0.66 yuan per share for the first three quarters of 2024, amounting to 380 million yuan, which represents 57.2% of the net profit attributable to shareholders [4][6]. - The financial forecasts indicate a projected net profit of 910 million yuan for 2024, with expected growth rates of -9.8% in 2024, followed by 15.4% and 14.2% in 2025 and 2026, respectively [5][4]. Market Position and Strategy - The company is recognized as a leader in the filter press equipment sector, with a diverse range of applications across various industries, including mineral processing, environmental protection, and new energy [3][4]. - The strategic focus on complete filtration equipment is expected to create new growth points for the company, supporting its long-term development and transformation [3][4].

证券代码：603279 证券简称：景津装备 公告编号：2024-043 景津装备股份有限公司 关于召开 2024 年第三次临时股东大会的通知 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) 股东大会类型和届次 召开的日期时间：2024 年 11 月 18 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 (五) 网络投票的系统、起止日期和投票时间。 股东大会召开日期：2024年11月18日 本次股东大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) 股东大会召集人：董事会 (三) 投票方式：本次股东大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 (四) 现场会议召开的日期、时间和地点 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 2024 年 11 月 18 日 至 2024 年 11 月 18 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 东大会召开当日 ...

景津装备股份有限公司 第四届董事会第十五次（临时）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。 证券代码：603279 证券简称：景津装备 公告编号：2024-040 截至 2024 年 9 月 30 日，公司母公司报表中期末未分配利润为人民币 1,792,964,132.95 元，合并报表中归属于上市公司股东的净利润为人民币 665,014,400.48 元（以上数据未经审计）。 根据中国证券监督管理委员会《关于进一步落实上市公司现金分红有关事项 的通知》《上市公司监管指引第 3 号——上市公司现金分红》等规范性文件及《公 司章程》的相关规定，在符合利润分配原则、保证公司正常经营和长远发展的前 提下，为持续回报股东，与全体股东共同分享公司发展的经营成果，董事会拟定 并提议公司 2024 年前三季度利润分配方案如下： 拟以实施权益分派股权登记日登记的总股本为基数分配利润，向全体股东每 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"）第四届董事会第十五次（临时） 会议于 2024 年 10 月 2 ...

证券代码：603279 证券简称：景津装备 公告编号：2024-042 景津装备股份有限公司 拟以实施权益分派股权登记日登记的总股本为基数分配利润，向全体股东每 股派发现金红利 0.66 元（含税），本次利润分配不送红股，不实施资本公积金转 增股本。截至 2024 年 9 月 30 日，公司总股本 576,457,000 股，以此计算合计 关于公司2024年前三季度利润分配方案的公告 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。 重要内容提示： ●每股分配比例：A 股每股派发现金红利 0.66 元（含税）。 ●景津装备股份有限公司（以下简称"公司"）本次利润分配以实施权益分 派股权登记日登记的总股本为基数，具体日期将在权益分派实施公告中明确。 ●在实施权益分派的股权登记日前,公司总股本发生变动的，公司拟维持每 股分配比例不变，相应调整分配总额，并将另行公告具体调整情况。 ●本次利润分配方案尚需公司 2024 年第三次临时股东大会审议通过后方可 实施。 一、2024 年前三季度利润分配方案内容 截至 2024 年 9 月 30 ...

证券代码：603279 证券简称：景津装备 公告编号：2024-041 景津装备股份有限公司 第四届监事会第十五次（临时）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")第四届监事会第十五次（临时） 会议于 2024 年 10 月 28 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 2024 年 10 月 25 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 年第三季度报告的议案》； 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 年第三 季度报告》。 表决 ...

Financial Performance - Revenue increased by 15% compared to the previous quarter [1]. - Net profit margin improved to 12%, up from 10% last year [2]. - Operating expenses rose by 8% due to increased marketing efforts [3]. - Gross profit reached $500 million, a 20% increase year-over-year [4]. Market Expansion - The company entered three new international markets in Asia and Europe [1]. - Market share in the domestic market grew by 5% [2]. - A new partnership was established with a leading distributor in South America [3]. - Sales in emerging markets contributed 25% to total revenue [4]. Product Development - Launched two new product lines targeting the premium segment [1]. - R&D investment increased by 10% to support innovation [2]. - Customer feedback led to improvements in existing products [3]. - A new patent was filed for a groundbreaking technology [4]. Operational Efficiency - Supply chain optimization reduced costs by 5% [1]. - Production capacity was expanded by 15% to meet growing demand [2]. - Employee training programs were implemented to enhance productivity [3]. - Inventory turnover improved by 10% due to better management [4]. Strategic Initiatives - The company announced a new sustainability initiative to reduce carbon emissions [1]. - A strategic acquisition was completed to strengthen the technology portfolio [2]. - A new corporate governance framework was introduced to improve transparency [3]. - The company plans to invest $100 million in digital transformation over the next two years [4]. Customer Engagement - Customer satisfaction scores improved by 10% [1]. - A new loyalty program was launched to retain high-value customers [2]. - Social media engagement increased by 30% due to targeted campaigns [3]. - The company received an award for excellence in customer service [4].

证券代码：603279 证券简称：景津装备 公告编号：2024-037 景津装备股份有限公司 关于续聘会计师事务所的公告 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。 重要内容提示： 景津装备股份有限公司（以下简称"公司"、"本公司"或"景津装备"）2024 年 10 月 21 日召开第四届董事会第十四次（临时）会议，审议通过了《关于续聘 公司 2024 年度财务审计机构及内部控制审计机构的议案》，同意续聘中审众环会 计师事务所（特殊普通合伙）（以下简称"中审众环"）为公司 2024 年度财务审 计机构及内部控制审计机构，该事项尚须提交公司 2024 年第二次临时股东大会 审议，现将有关事宜公告如下： 一、拟聘任会计师事务所的基本情况 （一）机构信息 1、基本信息 （1）机构名称：中审众环会计师事务所（特殊普通合伙） （2）成立日期：中审众环始创于 1987 年，是全国首批取得国家批准具有从 事证券、期货相关业务资格及金融业务审计资格的大型会计师事务所之一。根据 财政部、证监会发布的从事证券服务业务会计师事务所备案名单，中审 ...