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]
五新隧装（835174）：北交所公司深度报告：水利、矿山营收翻倍+26亿并购打造基建全场景龙头，隧道设备隐形冠军开启双轮驱动