[Table_StockNameRptType] 景津装备（603279） 公司点评 业务稳定拓展，成套设备持续推进 | --- | --- | |---------------------------------------|-------------| | | | | [Table_Rank] 投资评级：买入（维持） | | | 报告日期： 2024-8-29 | | | 570 收盘价（元） | 17.62 | | 近 12 个月最高 / 最低（元） | 27.15/15.69 | | 总股本（百万股） | 576.46 | | 流通股本（百万股） | 572.05 | | 流通股比例（%） | 99.24 | | 总市值（亿元） | 101.57 | | 流通市值（亿元） | 100.79 | [公司价格与沪深 Table_Chart] 300 走势比较 -40% -30% -20% -10% 0% 10% 景津装备 沪深300 [分析师：张帆 Table_Author] 执业证书号：S0010522070003 邮箱：zhangfan@hazq.com [Table_Report] 相关报告 1.《 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) as of August 27, 2024 [2][8]. Core Insights - The company's revenue for H1 2024 reached 3.13 billion yuan, a year-on-year increase of 2.3%, while the net profit attributable to shareholders was 460 million yuan, down 4.3% year-on-year. In Q2 2024, revenue was 1.62 billion yuan, up 2.0% year-on-year, with a net profit of 230 million yuan, down 13.2% year-on-year [3][4]. - The main revenue growth in H1 2024 came from the mineral processing, environmental protection, and biopharmaceutical sectors, with respective revenues of 910 million, 820 million, and 750 million yuan, showing year-on-year growth of 7.3%, 15.1%, and a decline of 8.2% [4]. - The company's gross margin in Q2 2024 was 28.9%, a decrease of 5.7 percentage points year-on-year, primarily due to product price reductions and a high base from Q2 2023 [4]. - Operating cash flow significantly improved, with Q2 2024 operating cash flow reaching 188 million yuan, a 453% increase from 34 million yuan in Q2 2023, driven by increased cash receipts from sales and reduced cash payments for raw materials [4]. Financial Summary - The company is projected to achieve revenues of 6.65 billion, 7.09 billion, and 7.68 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 1.04 billion, 1.13 billion, and 1.22 billion yuan, corresponding to P/E ratios of 9, 8, and 8 times [4][6]. - The company's total market capitalization is approximately 9.52 billion yuan, with a circulating market capitalization of about 9.44 billion yuan [4]. - The stock price as of August 27, 2024, is 16.51 yuan, with a 52-week price range of 16.00 to 28.60 yuan [4].

Investment Rating - The report maintains a "Buy" rating for the company [1][2]. Core Insights - The company achieved a revenue of 3.13 billion yuan in the first half of 2024, representing a year-on-year growth of 2.3%. However, the net profit attributable to shareholders decreased by 4.3% to 460 million yuan [1]. - In Q2 2024, the revenue was 1.62 billion yuan, showing a year-on-year increase of 2.0% and a quarter-on-quarter increase of 7.5%. The net profit for this quarter was 230 million yuan, down 13.2% year-on-year but up 0.7% quarter-on-quarter [1]. - Domestic revenue grew by 3.2% year-on-year, while overseas revenue fell by 12.8%, primarily due to a high base in 2023. The company is seeing a shift in its downstream application sectors, with the proportion of revenue from new energy and chemical industries declining [1]. - The overall gross margin for the first half of 2024 was 29.4%, down 3.0 percentage points year-on-year, attributed to price reductions on some products. The net profit margin was 14.7%, a decrease of 1.0 percentage points year-on-year [1]. - The company is expected to benefit from domestic equipment upgrades and overseas market expansion, with the overseas market potentially being 2-3 times the size of the domestic market [1]. Financial Forecast and Valuation - The forecast for net profit attributable to shareholders for 2024-2026 is 1.08 billion yuan, 1.23 billion yuan, and 1.38 billion yuan, respectively, with an expected compound annual growth rate (CAGR) of 11.1% [2]. - The earnings per share (EPS) for the same period is projected to be 1.88 yuan, 2.13 yuan, and 2.40 yuan [2]. - The company’s price-to-earnings (PE) ratio is expected to decrease from 9 in 2024 to 7 in 2026, indicating a potentially attractive valuation [3].

环保 证 券 研 究 报 告 上 市 公 司 公 司 研 究/ 公 司 点 评 | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 08 月 26 日 | | | | | 收盘价（元） | 16.57 | | 一年内最高/最低（元） | 28.60/16.53 | | 市净率 息率（分红/股价） | 2.3 6.40 | | 流通 A 股市值（百万元） | 9,479 | | 上证指数/深证成指 | 2,855.52/8,194.65 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |-------------------------------|------------------------| | | | | | | | 基础数据 : | 年 06 月 30 日 | | 每股净资产（元） | 7.72 | | | | | 资产负债率 % | 48.31 | | 总股本 /流通 A 股（百万） | 576/572 | | 流 ...

Investment Rating - The report maintains a "Recommended" rating for the company [4] Core Insights - The company reported a steady revenue growth of 2.34% year-on-year for H1 2024, achieving a total revenue of 3.127 billion yuan, while the net profit attributable to shareholders decreased by 4.28% to 459 million yuan [2] - The revenue growth is primarily driven by capital expenditures in downstream industries such as minerals and processing, and environmental protection [2] - The company is expanding its product offerings by developing complete equipment systems, which is expected to provide new growth engines [3] Revenue Breakdown - Revenue from the minerals and processing sector reached 907 million yuan, up 11.6% year-on-year, accounting for 29.02% of total revenue [2] - Revenue from the environmental protection sector was 819 million yuan, a 4% increase, representing 26.18% of total revenue [2] - The new energy sector saw a decline in revenue by 6.7% to 702 million yuan, making up 22.46% of total revenue [2] - The chemical sector experienced a significant drop in revenue by 17.3% to 248 million yuan, accounting for 7.92% [2] - The biopharmaceutical and food sectors reported revenue of 203 million yuan, up 5.4%, contributing 6.48% [2] - The sand and gravel sector showed strong growth with a 31.6% increase in revenue to 156 million yuan, also accounting for 6.48% [2] - Revenue from the new materials sector decreased by 15.7% to 50 million yuan, representing 5% [2] - The pharmaceutical and health products sector achieved revenue of 43 million yuan, up 28.9%, contributing 1.36% [2] Financial Performance - The company's gross margin for H1 2024 was 29.42%, down 3.02 percentage points year-on-year, while the net margin was 14.67%, down 1.02 percentage points [2] - Contract liabilities increased by 15.93% year-on-year to 2.612 billion yuan, indicating operational resilience [3] - The company has adjusted its net profit forecasts for 2024-2026 due to declining demand in the lithium battery sector and slower-than-expected overseas expansion [3]

景津装备股份有限公司 2024 年半年度报告 公司代码：603279 公司简称：景津装备 景津装备股份有限公司 2024 年半年度报告 1 / 164 景津装备股份有限公司 2024 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人姜桂廷、主管会计工作负责人李东强及会计机构负责人（会计主管人员）李东强 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告所涉及的各项公司对未来企业战略、业务发展、经营计划、财务状况等前瞻性描述， 是基于当前公司能够掌握的信息和数据对未来作出的评估或预测，不构成公司对投资者的实质性 承诺，投资者及相关人士均应当对此保持足够的风险认识，并且应当理解计划、预测与承诺之间 的差异。敬请投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营 ...

证券代码：603279 证券简称：景津装备 公告编号：2024-031 二、董事会会议审议情况 （一）审议通过《关于公司 2024 年半年度报告及其摘要的议案》； 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 年半年 度报告》及其摘要。 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，并同意提交董事会审议。 （二）审议通过《关于公司"提质增效重回报"行动方案的议案》； 景津装备股份有限公司 第四届董事会第十三次会议决议公告 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。 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"）第四届董事会第十三次会议于 2024 年 8 月 26 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 2024 年 8 月 16 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董事 6 人， 实际出席本次会议的公司董事 6 人。公司监事列席了 ...

2024 年度"提质增效重回报"行动方案 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：2024-032 为深入贯彻党的二十大和中央金融工作会议精神，落实国务院《关于进一步 提高上市公司质量的意见》要求，积极响应上海证券交易所发布的《关于开展沪 市公司"提质增效重回报"专项行动的倡议》，推动公司高质量发展和投资价值 提升，景津装备股份有限公司（以下简称"景津装备"、"公司"）结合公司实际 经营情况和发展战略，维护全体股东利益，制定了公司 2024 年度"提质增效重 回报"行动方案（以下简称"本行动方案"）。 景津装备股份有限公司 一、聚焦做强主业，提升经营质量 四、加强投资者沟通，传递公司价值 公司将加强投资者关系管理，2024 年公司将进一步强化信息披露工作，关 注投资者需求，增强信息披露的有效性和针对性，不断拓展与资本市场沟通的广 度与深度，多渠道回复投资者关切，加深投资者对于公司生产经营等情况的了解， 更好地传达公司的投资价值。一是持续提升信息披露质量，不断提高信息 ...

一、本次限制性股票回购注销的决策与信息披露 证券代码：603279 证券简称：景津装备 公告编号：2024-029 景津装备股份有限公司 2022 年限制性股票激励计划部分限制性股票 回购注销实施公告 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： 回购注销原因：因景津装备股份有限公司（以下简称"公司"）《2022 年 限制性股票激励计划》（以下简称"《激励计划》"）中 4 名激励对象在第二个限售 期届满前离职，不再具备激励资格，公司决定对该 4 人所持已获授但尚未解除限 售的限制性股票合计 78,400 股进行回购并注销。 本次注销股份的有关情况 | 回购股份数量 | 注销股份数量 | | 注销日期 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 78,400 股 | 78,400 | 股 | | 2024 年 | 7 | 月 | 29 | 日 | 1、2024 年 5 月 13 日，公司召开第四届董事会第十二次（临时 ...

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