Core Insights - As of May 20, the total margin financing and securities lending balance on the Beijing Stock Exchange reached 5.531 billion yuan, an increase of 101 million yuan from the previous trading day, marking two consecutive days of increase [1] - The stocks with the highest margin financing balances include Jinbo Biological, Better Ray, and Airong Software, with latest financing balances of 313 million yuan, 147 million yuan, and 143 million yuan respectively [1] - A total of 137 stocks received net margin purchases on May 20, with 71 stocks having net purchases exceeding one million yuan, led by Wuxin Tunnel Equipment with a net purchase of 22.27 million yuan [1][2] Industry Analysis - The industries with the highest concentration of stocks receiving net margin purchases over one million yuan include machinery equipment, basic chemicals, and power equipment, with 17, 14, and 6 stocks respectively [2] - On average, stocks that received net margin purchases exceeding one million yuan rose by 3.52% on May 20, with notable gainers including Wuxin Tunnel Equipment, Donghe New Materials, and Driving Force, which increased by 30.00%, 14.48%, and 14.10% respectively [2] - The average turnover rate for stocks with net margin purchases over one million yuan was 10.19%, with the highest turnover rates seen in Baolijie, Huaguang Source Sea, and Micro-Innovation Optoelectronics at 38.59%, 38.14%, and 34.91% respectively [2]

证券代码：835174 证券简称:五新隧装 公告编号：2025-077 电话询问、口头询问、微信询问等方式。 3、 核实结论： 目前公司正在推进重大资产重组事项，前期公告的事项不存在需要更正、补 充之处,未发现可能或已经对本公司股票交易价格产生较大影响的媒体报道或市 场传闻，不涉及热点概念事项；近期公司经营情况及内外部经营环境未发生重大 变化；公司、控股股东和实际控制人不存在关于本公司的应披露而未披露的重大 事项，或处于筹划阶段的重大事项；存在其他可能对股价产生较大影响的重大事 件。 公司拟通过发行股份及支付现金方式购买湖南中铁五新重工有限公司 100% 股权、怀化市兴中科技股份有限公司 100%股权并募集配套资金暨关联交易（以 下简称"本次交易"）。 湖南五新隧道智能装备股份有限公司股票交易异常波动公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 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个别及连 带法律责任。 一、股票交易异常波动的具体情况 公司股票最近 2 个有成交的交易日（2025 年 5 月 19 日至 2025 年 5 月 20 日） 以内收盘价涨幅偏 ...

Group 1: Investor Relations Activities - The company held an earnings briefing on May 20, 2025, from 15:00 to 17:00 at the China Securities Journal Roadshow Center [3] - Participants included the company's chairman, general manager, and financial director, among others [3][4] Group 2: Major Asset Restructuring - The share price for asset acquisition is set at 17.95 CNY per share, which is not less than 80% of the average trading price over the previous 120 trading days [5] - The fundraising share price will be determined post-approval by the Beijing Stock Exchange and the China Securities Regulatory Commission, based on the average price over the previous 20 trading days [5] Group 3: International Expansion - The company has established a dedicated service and sales team in Russia and is actively developing a local agent sales network [6] - The company aims to enhance its presence in the water conservancy and hydropower market, having already supplied equipment for several major projects [6][7] Group 4: Mergers and Acquisitions - The company is in the process of merging with Wuxin Heavy Industry and Xingzhong Technology, which is expected to enhance synergies in tunnel, road, and port construction [8] - The timeline for submission to the Beijing Stock Exchange for approval remains uncertain [8] Group 5: Overseas Business Strategy - The company is focusing on international markets, particularly in the Russian-speaking regions, South America, Africa, and Southeast Asia, with a strategy aligned with the Belt and Road Initiative [9] - The establishment of subsidiaries in Singapore and the launch of a comprehensive marketing strategy are part of the efforts to strengthen global competitiveness [9] Group 6: Investor Communication - The company emphasizes transparent communication with investors through various channels, including regular reports and social media platforms [10][11] - Future plans include organizing investor open days and factory tours to enhance direct engagement [11]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][2]. Core Views - The company is expected to achieve significant revenue growth through a doubling of revenue in water conservancy and mining sectors, alongside a 2.6 billion acquisition aimed at establishing itself as a leader in infrastructure across various scenarios [1]. - The company reported a revenue of 1.73 billion yuan in Q1 2025, with a net profit of 32.54 million yuan [2]. - The overall market for the company remains under pressure, particularly in the railway and highway sectors, leading to a downward adjustment in profit forecasts for 2025-2026, while increasing the forecast for 2027 [2]. Revenue and Profit Forecasts - The company is projected to achieve net profits of 1.15 billion, 1.41 billion, and 1.75 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 1.28, 1.57, and 1.95 yuan [2][4]. - The total revenue for 2024 is expected to be 799 million yuan, with a net profit of 104.64 million yuan [5]. Industry Performance - In 2024, the water conservancy and hydropower sectors are expected to see revenue growth of 96% and 78% respectively, while the aftermarket revenue is projected to increase by 103% [3][8]. - The railway market is anticipated to generate 4.54 billion yuan in revenue, a decrease of 20.32% year-on-year, while the highway market is expected to generate 2.40 billion yuan, down 25.75% year-on-year [3][14]. Acquisition and Expansion - The company plans to acquire 100% of the shares of Wuxin Heavy Industry and Wuxin Technology through a combination of share issuance and cash payment, with a total transaction value of 2.65 billion yuan [4][10]. - The acquisition is expected to enhance the company's capabilities in the port machinery and road and bridge construction sectors, with projected net profits from the acquired companies estimated at 2.32 billion, 2.43 billion, and 2.48 billion yuan for 2025-2027 [4][10]. Financial Summary - The company’s financial metrics indicate a revenue of 954 million yuan in 2023, with a projected increase to 861 million yuan in 2025, and a net profit forecast of 115 million yuan for the same year [5]. - The gross profit margin is expected to stabilize around 32.4% in 2025, with a net profit margin of 13.3% [5][37].

Core Viewpoint - The company is experiencing significant stock price fluctuations due to ongoing major asset restructuring efforts, which involve acquiring 100% equity of two companies and raising supporting funds [1] Group 1: Stock Performance - The company's stock price increased by a cumulative 65.34% over two trading days from May 19 to May 20, 2025, indicating abnormal trading volatility [1] Group 2: Business Operations - The company is in the process of acquiring 100% equity of Hunan China Railway Wuxin Heavy Industry Co., Ltd. and Huaihua Xingzhong Technology Co., Ltd. through a combination of share issuance and cash payment [1] - There have been no significant changes in the company's operational conditions or external business environment recently [1] Group 3: Disclosure and Governance - The company, its controlling shareholders, and actual controllers have no undisclosed significant matters that need to be reported [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][2] Core Views - The company has achieved significant revenue growth in the water conservancy and mining sectors, with a doubling of revenue and a projected net profit of 4.36 billion yuan in 2025 due to ongoing acquisitions [1][2][4] - The company is focusing on expanding its market presence through strategic acquisitions, including the purchase of 100% equity in Wuxin Heavy Industry and Wuxin Technology, which will enhance its capabilities in port machinery and road and bridge construction [4][5] Revenue and Profitability Summary - In Q1 2025, the company reported revenue of 173 million yuan and a net profit of 32.54 million yuan [1][2] - For the full year 2024, the company achieved revenue of 799 million yuan and a net profit of 104.64 million yuan, with significant contributions from the water conservancy and mining sectors [3][33] - The projected net profits for 2025-2027 are 115 million, 141 million, and 175 million yuan respectively, with corresponding EPS of 1.28, 1.57, and 1.95 yuan [2][5] Market Performance and Growth Areas - The water conservancy and mining sectors are expected to be the main growth drivers, with revenues increasing by 96% and 78% respectively in 2024 [3][8] - The after-market revenue is projected to grow by 103%, indicating a strong demand for maintenance and support services [3][8] - The company’s main revenue sources remain in the railway and highway markets, although these sectors are currently under pressure [3][14] Acquisition Strategy - The company plans to raise 1 billion yuan through a combination of share issuance and cash to fund the acquisition of Wuxin Heavy Industry and Wuxin Technology, with a total transaction value of 2.65 billion yuan [4][5] - The expected net profits from the acquired companies are projected to be 2.32 billion, 2.43 billion, and 2.48 billion yuan for 2025-2027 [4][5] Financial Metrics - The company’s financial metrics indicate a decline in revenue from the railway and highway sectors, with a 20.32% and 25.75% decrease respectively in 2024 [3][14] - The gross profit margins for the railway, highway, water conservancy, and mining sectors are reported at 34.16%, 29.57%, 26.34%, and 34.59% respectively [17][18] - The overall gross margin for the company is expected to maintain above 28% [61]

Market Overview - On May 20, the total trading volume of stocks on the Beijing Stock Exchange reached 1.975 billion shares, with a total transaction value of 41.723 billion yuan, an increase of 9.135 billion yuan compared to the previous trading day [1] - Among the tradable stocks, 237 stocks closed higher, accounting for 89.10% of the total, while 29 stocks closed lower [1] Stock Performance - The stocks with the highest closing price increases included Xujie Technology, Lusi Co., and Donghe New Materials, which rose by 19.66%, 18.10%, and 14.48% respectively [1] - Conversely, the stocks with the largest declines were Guohang Ocean, Qifeng Precision, and Changfu Co., which fell by 17.92%, 15.25%, and 8.89% respectively [1] Trading Activity - A total of 145 stocks had transaction values exceeding 10 million yuan, with Guohang Ocean, Wuxin Tunnel Equipment, and Lusi Co. leading at 1.138 billion yuan, 985.37 million yuan, and 770.12 million yuan respectively [1] - The trading activity was notably high, with 101 stocks having a turnover rate exceeding 10%, and 30 stocks exceeding 20% [1] Notable Stocks - Guohang Ocean closed at 11.04 yuan with a decline of 17.92% and a turnover rate of 34.58% [1] - Wuxin Tunnel Equipment closed at 55.69 yuan with a significant increase of 30.00% and a turnover rate of 22.17% [1] - Lusi Co. closed at 31.78 yuan, up by 18.10% with a turnover rate of 26.01% [1]

Group 1: M&A Activity Overview - From May 12 to May 18, there were a total of 86 M&A events involving listed companies, with 33 classified as significant M&A transactions[8] - Out of the total M&A events, 19 were completed, including 1 significant M&A transaction[8] Group 2: Policy Updates - The China Securities Regulatory Commission (CSRC) revised the "Management Measures for Major Asset Restructuring of Listed Companies," emphasizing a phased payment mechanism for restructuring shares and simplifying the review process[6] - The new rules allow for a 48-month validity period for registration decisions on phased share issuances for asset purchases[21] Group 3: Encouragement for Private Equity - The revised measures encourage private equity funds to participate in M&A activities, with a reduction in lock-up periods for certain transactions[21] - For private equity funds with a 48-month investment period, the lock-up period for third-party transactions is reduced from 12 months to 6 months[21] Group 4: Market Performance - During the week of May 12 to May 18, the restructuring index outperformed the Wind All A index by 1.19%[16] - The rolling 20-day return difference between the restructuring index and the Wind All A index remained near the zero axis, indicating stable performance[16] Group 5: Failed M&A Events - There were 5 failed M&A events during the week, involving companies such as Xinkeng Intelligent and Aisen Co., with total transaction values including 600,000 CNY for Huafeng Chemical's failed acquisition[13]

5月19日，三大指数小幅低开，个股跌多涨少；截至收盘，沪指翻红，全市3541只个股上涨，120家上市公司涨停。 板块行情中，航运港口、化纤行业、房地产相关产业链、食品饮料、美容护理等多板块活跃。概念板块中，并购重组概念板块，全天强势领涨，截至收盘， 该概念板块大涨4.06%。 具体来看，并购重组概念板块成分股中，北交所上市公司五新隧装（835174）以"30CM"幅度收涨停；江天化学（300927）（300927）、光智科技 （300489）（300489）"20CM"涨停；天汽模（002510）（002510）、本钢板材（000761）（000761）、四川双马（000935）（000935）等个股"10CM"涨 停；此外新巨丰（301296）（301296）、阳谷华泰（300121）（300121）个股纷纷跟涨。 消息面上，并购重组市场迎来重磅利好！5月16日，证监会发布了修改后的《上市公司重大资产重组管理办法》（以下简称《管理办法》），沪深北交易所 同步修订发布重组审核规则和配套业务指南。 此外，《关于深化上市公司并购重组市场改革的意见》（以下简称"并购六条"）发布以来，并购重组市场规模和活跃度大幅提升 ...

5月19日，北交所个股合计成交量15.42亿股，成交额325.88亿元，成交额相对上一交易日减少20.96亿 元，个股来看，收盘上涨的共166只。 | 831961 | 创远信科 | 23.40 | 5.64 | 12.41 | 30152.90 | | --- | --- | --- | --- | --- | --- | | 837242 | 建邦科技 | 37.76 | -2.55 | 19.08 | 27420.76 | | 920029 | 开发科技 | 107.10 | 2.54 | 8.12 | 27318.15 | | 832876 | 慧为智能 | 37.36 | -6.60 | 17.94 | 26292.62 | | 834599 | 同力股份 | 22.58 | 5.81 | 3.43 | 26057.63 | | 832171 | 志晟信息 | 30.39 | 2.12 | 12.58 | 25041.75 | | 838971 | 天马新材 | 33.35 | 6.55 | 9.14 | 25033.59 | | 873576 | 天力复合 | 36.75 | 2.65 | 6.3 ...