Research Report Goldmine | Soochow Securities: Maintain a "Buy" rating for Jingjin Equipment, expecting the leading company's pricing power to recover

Dongwu Securities’ research report points out that Jingjin Equipment’s filter press holds a market share of over 40%, and profits will be under pressure from 2024 to 2025, with a turning point already visible. The company has been deeply involved in filtration equipment for over 30 years, maintaining a long-term market share of over 40%. Its products are widely used in minerals, environmental protection, new energy materials, chemicals, and other fields. From 2017 to 2024, the gross profit margin has remained around 30%, with a net present value ratio of over 1. Due to the decline in new energy demand since 2024 and the slowdown of the macro economy, compounded by the effects of price reductions, performance and profit margins have come under pressure in Q1 to Q3 of 2025. Currently, with the recovery of lithium battery beta and increased capital expenditure in mining, the downstream sector is迎来拐点, and we expect the leading companies’ pricing power to return; long-term integration, consumables, and overseas expansion have vast potential. The leading capabilities of solid-liquid separation equipment are derived, with integration, consumables, and overseas expansion equating to long-term eight-fold potential. Short-term market conditions and governance have shown a double bottom, and high dividends provide a safety margin. As demand improves, we anticipate a return of leading companies’ pricing power. Maintain a “buy” rating.