证券研究报告 公司深度（R4）- 五新隧装(920174.BJ) 机械设备 ｜ 工程机械 布局高景气增量赛道，并购协同成长 | 2026 年 01 月 27 日 | | | | --- | --- | --- | | 评级 | 增持 | | | | 评级变动 | 维持 | | 交易数据 | | | | 当前价格（元） | | 47.98 | | 52 周价格区间（元） | 25.46-82.27 | | --- | --- | | 总市值（百万） | 4318.62 | | 流通市值（百万） | 4174.30 | | 总股本（万股） | 9000.87 | | 流通股（万股） | 8700.08 | 涨跌幅比较 | | 五新隧装 | | 工程机械 | | | --- | --- | --- | --- | --- | | 248% | | | | | | 198% | | | | | | 148% | | | | | | 98% | | | | | | 48% | | | | | | -2% | | | | | | 2025-01 | 2025-04 | 2025-07 | 2025-10 | 2026-0 ...

Core Viewpoint - Wuxin Tunnel Equipment's major asset restructuring has been approved by the China Securities Regulatory Commission, allowing the company to acquire 100% of Hunan Zhongtie Wuxin Heavy Industry Co., Ltd. and 99.9057% of Huaihua Xingzhong Technology Co., Ltd. through a combination of share issuance and cash payment [1] Group 1: Transaction Details - The acquisition aims to solidify the company's core business and expand its product range, enhancing its capabilities in manufacturing specialized equipment for railway and highway construction while entering the high-end port logistics equipment manufacturing sector [2][5] - After the completion of the transaction, Xingzhong Technology will become a controlling subsidiary of Wuxin Tunnel Equipment, and Wuxin Heavy Industry will be a wholly-owned subsidiary, with Wuxin Heavy Industry holding 7.94% of Wuxin Tunnel Equipment's shares [4] Group 2: Financial Impact - The transaction is expected to significantly increase Wuxin Tunnel Equipment's revenue and profit, with projected revenue growth of 228.10% to 2.621 billion yuan and net profit growth of 303.73% to 422 million yuan for the fiscal year 2024 [5][6] - The financial performance of the acquired companies is promising, with Xingzhong Technology projected to generate revenues of approximately 1.243 billion yuan and 1.029 billion yuan in 2024 and the first three quarters of 2025, respectively, and net profits of 219 million yuan and 191 million yuan [5] Group 3: Synergies and Operational Efficiency - The companies involved in the transaction are expected to benefit from synergies in procurement, sales channels, technology research and development, and talent resources, which will help reduce management costs and enhance brand value [3][6] - The integration of the new businesses is anticipated to create a collaborative effect that will drive sales across different product lines, thereby improving operational efficiency and reducing costs associated with market expansion [2][6]

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]