每经AI快讯，有投资者在投资者互动平台提问：公司产品中有用于机器人的产品吗？ 景津装备（603279.SH）1月9日在投资者互动平台表示，公司是过滤成套装备制造商，目前不涉及生产 用于机器人的产品。 （文章来源：每日经济新闻） ...

中邮证券研报指出，景津装备为压滤机龙头企业，国内市占率超40%。公司是中国制造业单项冠军示范 企业，压滤机国家标准主起草人，世界压滤机产销量第一，所生产的各式过滤成套装备广泛应用于矿物 及加工、新能源、新材料、环保、化工、生物、食品、医药、保健品、砂石骨料领域。在行业逆风期， 公司一方面持续推进降本增效，另一方面加快现金回款，2025Q1-3公司经营性现金流远高于利润，经 营质量优异。展望未来，认为在高位的铜、金等有色金属价格刺激下，有色金属资本开支有望维持高景 气，同时随着环保等相关政策的逐步加强以及原矿开采成本的提高，尾矿污染防治和尾矿资源综合利用 成为未来的发展趋势，公司亦有望受益。选取空分设备龙头企业杭氧股份、锂电设备龙头企业先导智能 作为可比公司，景津装备对标同行业可比公司PE估值来看，处于较低水平，公司2025-2027年业绩对应 PE分别为15.58、12.24、9.77倍，维持"买入"评级。 ...

证券研究报告：机械设备 |公司深度报告 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 15.10 | | --- | --- | | 总股本/流通股本（亿股）5.76 | / 5.76 | | 总市值/流通市值（亿元）87 | / 87 | | 52 周内最高/最低价 | 18.39 / 14.51 | | 资产负债率(%) | 48.5% | | 市盈率 | 10.13 | | 第一大股东 | 景津投资有限公司 | 研究所 分析师:刘卓 SAC 登记编号:S1340522110001 Email:liuzhuo@cnpsec.com 分析师:陈基赟 SAC 登记编号:S1340524070003 Email:chenjiyun@cnpsec.com 景津装备(603279) 压滤机龙头企业，行业需求有望反转 l 投资要点 公司为压滤机龙头企业，国内市占率超 40%。景津装备股份有限 公司，创立于 1988 年，主要从事过滤成套装备的生产和销售，致力 于为固液提纯、分离提供专业的成套解决方案。公司是中国制造业单 项冠军示范企业，压滤机国家标准主起草人，世界压滤机产销量第 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% compared to the benchmark index within six months [7][12]. Core Views - The company's performance in the first half of 2025 was impacted by a decrease in demand from the new energy sector, leading to a revenue decline of 9.62% year-on-year to 2.826 billion yuan and a net profit drop of 28.51% to 328 million yuan [4][5]. - Despite short-term challenges, the company is actively developing its supporting equipment market, which has seen continuous growth in orders and revenue, although at lower margins [5]. - The company has initiated partial production of its second phase of complete equipment, which is expected to contribute to future growth [6]. Financial Summary - For the first half of 2025, the company's revenue from various sectors was as follows: minerals and processing (32.81%), environmental protection (29.78%), new energy (13.39%), and chemicals (9.02%) [5]. - The gross margin decreased by 3.53 percentage points to 25.89%, while the expense ratio increased slightly to 9.43% [5]. - The company reported a significant improvement in operating cash flow, with a net cash flow from operating activities of 425.07 million yuan, up 59.04% year-on-year [6]. Earnings Forecast and Valuation - Revenue projections for 2025-2027 are 5.811 billion yuan, 6.442 billion yuan, and 7.255 billion yuan, with year-on-year growth rates of -5.20%, 10.86%, and 12.63% respectively [7][10]. - The expected net profit for the same period is 685 million yuan, 784 million yuan, and 918 million yuan, with growth rates of -19.24%, 14.46%, and 17.03% respectively [7][10]. - The price-to-earnings (PE) ratios for 2025-2027 are projected to be 12.98, 11.34, and 9.69 [7][10].

Core Viewpoint - The company reported a decline in revenue and net profit for H1 2025, primarily due to weakened market demand for its core product, filter presses [4][5]. Financial Performance - In H1 2025, the company achieved revenue of 2.83 billion, a year-on-year decrease of 9.6%, and a net profit attributable to shareholders of 330 million, down 28.5% year-on-year [4]. - For Q2 2025, revenue was 1.42 billion, a year-on-year decline of 12.3%, with a net profit of 160 million, down 30.0% year-on-year [4]. - The overall gross margin decreased by 3.5 percentage points to 25.9%, while the net profit margin fell by 3.1 percentage points to 11.6% [5]. Market Demand and Sales - The demand for filter presses has weakened, leading to pressure on both sales volume and profit margins [5]. - Revenue from the new energy sector decreased significantly, with its contribution to total revenue dropping by 9.1 percentage points to 13.4% [5]. - Domestic revenue accounted for 95.8% of total revenue, amounting to 2.71 billion, down 9.0% year-on-year, while international revenue was 120 million, down 21.4% [5]. Strategic Initiatives - The company is actively promoting new products and expanding into new markets, focusing on technological innovation and product upgrades [6]. - Orders and revenue from supporting equipment have been increasing, although their lower gross margins limit their contribution to overall net profit [6].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a projected investment return exceeding the market benchmark by more than 15% over the next 6-12 months [6][14]. Core Views - The company reported a revenue of 2.83 billion yuan in H1 2025, a year-on-year decline of 9.6%, with a net profit attributable to shareholders of 330 million yuan, down 28.5% year-on-year [2][3]. - The decline in performance is attributed to weak market demand for filter presses, leading to reduced sales volume and profit margins. The gross margin decreased by 3.5 percentage points to 25.9% [3]. - The company is actively expanding into new markets and promoting product innovation, with a focus on complete filtration equipment, although the contribution to net profit remains limited due to lower margins [4]. Summary by Sections Financial Performance - In Q2 2025, the company achieved a revenue of 1.42 billion yuan, a decrease of 12.3% year-on-year, while net profit was 160 million yuan, down 30% year-on-year [2][3]. - The gross margin for H1 2025 was 25.9%, reflecting a decline of 3.5 percentage points compared to the previous year, while the net profit margin fell to 11.6%, down 3.1 percentage points [3]. Market Dynamics - The company faced significant pressure from the overall demand for filter presses, particularly in the renewable energy sector, where revenue contribution dropped by 9.1 percentage points to 13.4% [3]. - Domestic revenue accounted for 95.8% of total revenue in H1 2025, amounting to 2.71 billion yuan, a decline of 9.0% year-on-year, while international revenue was 120 million yuan, down 21.4% [3]. Future Outlook - The company has adjusted its profit forecasts for 2025-2027, with net profit estimates revised down to 731 million yuan for 2025, a 19% decrease [4][5]. - The report suggests that despite current challenges, the company’s long-standing position as a leader in the filter press market and its ongoing efforts in product development may sustain future growth [4].

Core Viewpoint - The article discusses the recent legal troubles faced by Jiang Guiting, the actual controller and chairman of Jingjin Equipment, and its impact on the company's performance and stock value [4][6][7]. Group 1: Legal Issues and Company Response - On June 12, Jingjin Equipment announced that Jiang Guiting was placed under investigation, but the company stated that its operations remain normal and the situation would not significantly impact its business [4][7]. - The company emphasized its robust governance structure and that other executives continue to perform their duties normally [7][8]. Group 2: Company Background and Historical Performance - Jiang Guiting founded Jingjin Equipment in 1988, leading it to become a global leader in the filter press industry, with the highest production and sales volume worldwide [5][14]. - The company has developed numerous patents and has been recognized for its innovative products, contributing to its strong market position [16]. Group 3: Financial Performance and Challenges - Jingjin Equipment's revenue reached a historical peak of 62.49 billion yuan in 2023, but the growth rate has slowed significantly, dropping from 39.7% in 2021 to 9.98% in 2023 [18]. - In 2024, the company reported a revenue decline of 1.92% to 61.29 billion yuan, marking its first negative growth since going public [19]. - The net profit also decreased by 15.86% to 8.48 billion yuan, attributed to lower sales prices and increased competition in the filter press market [19][20]. Group 4: Stock Market Impact - Following the announcement of Jiang Guiting's investigation, Jingjin Equipment's stock price fell by 6.39%, with a market capitalization of 8.705 billion yuan [9][20]. - The couple's wealth has decreased significantly, from 80 billion yuan to 55 billion yuan, reflecting the impact of the company's challenges and the ongoing investigation [9][19].

Group 1 - The actual controller, chairman, and general manager of Jingjin Equipment, Jiang Guiting, has been detained and is under investigation, as announced by the company on June 12 [1] - The company maintains that its organizational structure and governance system are sound, and operations will continue normally despite the investigation [1] - As of the announcement date, other board members and senior management are performing their duties normally, and the board's operations are unaffected [1] Group 2 - In the first quarter of 2024, Jingjin Equipment reported revenue of 1.406 billion yuan, a year-on-year decrease of 6.70%, and a net profit attributable to shareholders of 167 million yuan, down 26.99% [2] - For the full year 2024, the company achieved revenue of 6.129 billion yuan, a decline of 1.92%, and a net profit of 848 million yuan, down 15.86% [2] - The decline in performance is attributed to lower sales prices of core products, specifically filter presses, leading to decreased sales revenue and overall gross margin [2] Group 3 - Jingjin Equipment specializes in the production and sales of complete filtration equipment, providing professional solutions for solid-liquid purification and separation [3] - The company offers comprehensive solutions that include strategy communication, research and design, production and transportation of equipment, installation, and commissioning [3] - The filtration equipment produced by the company is widely used in various sectors, including minerals processing, new energy, new materials, environmental protection, chemicals, biotechnology, food, pharmaceuticals, health products, and sand and gravel aggregates [3] Group 4 - On June 12, Jingjin Equipment's stock closed down 0.43% at 16.13 yuan per share, with a total market capitalization of 9.298 billion yuan [4]

Core Viewpoint - The article discusses the recent legal troubles faced by Jiang Guiting, the actual controller and chairman of Jingjin Equipment, and the subsequent impact on the company's performance and stock value [2][4][6]. Group 1: Company Announcement and Leadership Issues - On June 12, Jingjin Equipment announced that Jiang Guiting was placed under investigation, but the company asserted that its operations remain normal and unaffected [2][4]. - Jiang Guiting and his wife have cashed out over 1 billion yuan through multiple share reductions since August 2022 [2][6]. - As of the first quarter of this year, Jiang Guiting and his wife control approximately 43.21% of the company's shares [5][6]. Group 2: Financial Performance - Jingjin Equipment reported a historical peak revenue of 62.49 billion yuan in 2023, but the growth rate has significantly slowed from 39.7% in 2021 to 9.98% in 2023 [14]. - In 2024, the company experienced its first-ever revenue decline, with a 1.92% drop to 61.29 billion yuan, and a 15.86% decrease in net profit to 8.48 billion yuan [14][15]. - The first quarter of 2025 saw a further decline in revenue by 6.7% to 14.06 billion yuan and a 26.99% drop in net profit to 1.67 billion yuan, with a record low gross margin of 25.14% [16][17]. Group 3: Historical Context and Achievements - Jiang Guiting founded Jingjin Equipment in 1988, leading it to become a global leader in the filter press industry, with significant innovations and patents [10][12]. - The company has developed a strong portfolio of products and has been recognized for its technological advancements, holding 885 domestic patents and 35 international patents [12]. - Jingjin Equipment has consistently paid dividends, with a total cash dividend of 28.95 billion yuan since its listing, reflecting a dividend payout ratio of 65.31% [7].

Core Viewpoint - The sudden detention of the actual controller and chairman of Jingjin Equipment, Jiang Guiting, has led to a significant drop in the company's stock price, raising concerns about its future performance and stability [1][3][12]. Company Announcement - Jingjin Equipment announced that Jiang Guiting has been placed under detention and is under investigation by the Baode County Supervisory Committee [3]. - The company stated that it is unaware of the progress and conclusions of the investigation but will continue to monitor the situation and fulfill its disclosure obligations [5]. - Other board members and senior management are functioning normally, and the company asserts that this incident will not significantly impact its operations [5]. Shareholding Structure - Jiang Guiting, aged 67, holds 54.08 million shares, representing a 9.38% stake in Jingjin Equipment, with a pre-tax annual salary of 1.01 million yuan [5]. - Jiang's investment company holds 31.36% of the shares, and his spouse also holds 4.19%, making them the actual controllers of the company [5]. Recent Stock Activity - In February 2023, Jiang Guiting and his investment company reduced their holdings by 34.59 million shares, accounting for 5.9981% of the total shares, with a total transaction value of approximately 1 billion yuan [8]. Financial Performance - Jingjin Equipment's revenue and net profit showed a decline in 2024, with total revenue falling to 6.13 billion yuan, a decrease of 1.92% year-on-year, and net profit dropping to 848 million yuan, down 15.86% [9][10]. - The company attributed the decline to reduced equipment demand from the new energy sector, lack of significant order growth in other industries, and intensified market competition leading to lower sales prices [10]. - In Q1 2025, the company reported a revenue of 1.41 billion yuan, a year-on-year decrease of 6.7%, and a net profit of 167 million yuan, down 26.99% [11].