景津装备深度报告：估值已触底，龙头再启程

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [5][6]. Core Viewpoints - The company has maintained its leading position in the filter press industry, achieving a market share of 53% in China as of 2022, and has seen its revenue grow from 3.31 billion to 6.25 billion RMB from 2019 to 2023 [2][22]. - Despite a slowdown in downstream demand, the company is expected to see slight revenue growth in filter presses due to its strong product reputation and competitive pricing [2][3]. - Short-term growth opportunities are identified in the accessories business and complete equipment, while long-term growth is anticipated from international expansion [3][8]. Summary by Sections Company Overview - The company focuses on filter presses and related accessories, having established a strong reputation over 30 years through innovation and value [2][17]. - The company has a stable shareholding structure, with significant ownership by its founders, ensuring a solid governance framework [20][21]. Market Demand and Growth - The demand for filter presses in downstream industries is expected to slow down, particularly in environmental and mineral processing sectors [2][31]. - The company’s revenue from the mineral processing sector grew significantly from 0.83 billion to 1.66 billion RMB between 2019 and 2023, driven by increased capital expenditure in the industry [30]. Growth Drivers - The accessories business, particularly filter plates and filter cloths, presents a significant growth opportunity, with expected revenue growth rates of 13.71% to 19.20% from 2024 to 2026 [3][7]. - The complete equipment projects are projected to contribute an annual revenue of 2.94 billion RMB and a net profit of 416 million RMB once fully operational [3][4]. - The company’s international business, which has a gross margin of over 45%, is expected to enhance long-term performance, with overseas revenue currently at 318 million RMB, accounting for 5.09% of total revenue [3][8]. Financial Performance and Forecast - The company has maintained a high and stable dividend payout ratio of over 50% from 2019 to 2023, with a current dividend yield of 6.68% [4][8]. - Forecasted net profits for 2024-2026 are 1.04 billion, 1.17 billion, and 1.31 billion RMB, respectively, with corresponding earnings per share of 1.80, 2.03, and 2.27 RMB [4][6].