景津装备：利润短期承压，期待过滤成套装备释放增量业绩

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].