景津装备：出海及配套装备为新动力，关注高股息价值

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 29.41 CNY per share based on a 15x PE valuation for 2024 [34]. Core Insights - The company is a leader in the domestic filter press industry, leveraging its technological advantages to ensure product quality and cost-effectiveness. The revenue and net profit have shown a compound annual growth rate (CAGR) of 13% and 23% respectively from 2014 to 2023 [1]. - The company has diversified its revenue streams, with significant contributions from mineral processing, new energy materials, and environmental sectors, each accounting for approximately 27%, 27%, and 26% of total revenue in 2023 [1]. - The report highlights the potential for overseas expansion and the development of complete equipment as new growth drivers, despite concerns about the slowing growth in new energy investments [22]. Summary by Sections Company Overview - The company has a self-manufacturing rate of 93% for its filter press components, which contributes to its high product quality and stability [1]. - In 2023, the company achieved filter press revenue of 4.885 billion CNY, with a year-on-year growth of 2.78% [13]. Financial Performance - The company’s net profit margin reached 16.1% in 2023, an increase of 1.4 percentage points year-on-year, with a return on equity (ROE) of 22.2% [21]. - The gross margin for filter press equipment was 29.1%, while the parts business achieved a gross margin of 47.6% [13][20]. Market Dynamics - The report indicates that the company’s revenue from the environmental sector is expected to stabilize, with a projected growth rate of 0% from 2024 to 2026 [16]. - The new energy and materials sector saw a significant revenue increase of 46% in 2023, reflecting strong market demand [6]. Future Outlook - The company plans to enhance its overseas market presence, with current overseas revenue at 318 million CNY, which is significantly lower than competitors like Andritz [22]. - The complete equipment business is anticipated to contribute approximately 2.94 billion CNY in revenue and 416 million CNY in net profit once fully operational [22][66].