景津装备（603279）：短期业绩承压，现金流明显好转

Investment Rating - The investment rating for the company is "Buy" and is maintained [2][8]. Core Insights - The company reported a revenue of 6.129 billion yuan in 2024, a decrease of 1.92% year-on-year, and a net profit attributable to shareholders of 848 million yuan, down 15.86% year-on-year [5][6]. - The company's cash flow has significantly improved, with a net cash flow from operating activities of 1.041 billion yuan in 2024, an increase of 288.21% year-on-year [7]. - The company aims to become a world-leading manufacturer of complete filtration equipment, with a 91.71% year-on-year increase in revenue from complete equipment to 806 million yuan in 2024 [7]. Financial Performance Summary - In 2024, the company's gross profit margin was 29.06%, a decrease of 2.69 percentage points year-on-year [6]. - The company expects revenues of 6.328 billion, 6.949 billion, and 7.539 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 3.23%, 9.82%, and 8.48% [8][10]. - The projected net profit attributable to shareholders for 2025, 2026, and 2027 is 866 million, 962 million, and 1.061 billion yuan, with growth rates of 2.13%, 11.02%, and 10.32% [8][10].