证券研究报告·北交所报告·北交所专题报告 北交所专题报告 20260226 工程机械复苏动能稳步释放，建议关注北交 所工程机械相关标的 [Table_Tag] [Table_Summary] 观点 2026 年 02 月 26 日 证券分析师 朱洁羽 执业证书：S0600520090004 zhujieyu@dwzq.com.cn 证券分析师 易申申 执业证书：S0600522100003 yishsh@dwzq.com.cn 证券分析师 余慧勇 执业证书：S0600524080003 yuhy@dwzq.com.cn 研究助理 武阿兰 执业证书：S0600124070018 wual@dwzq.com.cn 研究助理 陈哲晓 执业证书：S0600124080015 sh_chenzhx@dwzq.com.cn 相关研究 《年度业绩快报密集发布，北证 50 上 涨 0.77%》 2026-02-25 《人民银行开展 5260 亿元 7 天期逆 回购操作，北证 50 上涨 0.37%》 2026-02-24 东吴证券研究所 1 / 21 请务必阅读正文之后的免责声明部分 ◼ 工程机械行业自 2025 年下半年进 ...

Investment Rating - The investment rating for the company is "Buy" [2] Core Viewpoints - The company focuses on the tunnel construction and mining equipment sector, emphasizing research, design, production, sales, and service across various markets including railways, highways, and hydropower [5][12] - The company has achieved self-research and industrialization of full-process equipment for the drilling and blasting method, which is widely used in the market [12][17] - The company is actively expanding into new growth areas such as hydropower and mining, which are expected to become key growth drivers [6][7] Summary by Relevant Sections 1. Business Overview - The company has a clear focus on tunnel intelligent equipment, with a robust governance structure supporting healthy cash flow [5][11] - It has developed a comprehensive product matrix that includes various types of equipment tailored for tunnel and mining construction [12][17] 2. Market Opportunities - The tunnel construction industry is rooted in traditional infrastructure, with ongoing demand driven by high-speed rail and urbanization [5][6] - The company is expanding its market presence in hydropower and mining, which are expected to provide significant growth opportunities [6][7] 3. Financial Performance - The company's revenue reached a historical high of 9.54 billion yuan in 2023, reflecting a year-on-year increase of 76.34% [33] - In 2024, revenue is projected to decline to 7.99 billion yuan due to funding pressures in the highway sector, leading to reduced equipment procurement [5][33] - The company maintains a strong cash flow, with cash reserves increasing from 0.52 billion yuan in 2020 to 2.68 billion yuan in the first three quarters of 2025, a year-on-year increase of 25.54% [5][33] 4. Strategic Developments - The company is undergoing significant asset restructuring, which has been approved by regulatory authorities, aimed at enhancing performance and creating synergies [7][8] - The acquisition of related companies is expected to significantly boost earnings and establish a second growth curve in high-end port logistics equipment manufacturing [7][8] 5. Customer Base - The company primarily serves large state-owned enterprises and top domestic construction and mining groups, with a growing focus on international markets due to the Belt and Road Initiative [22][25] - Major clients include China Railway, China Communications Construction, and China State Construction, contributing significantly to the company's revenue [22][25]

Group 1 - The core point of the news is the significant asset restructuring plan of Beijiao Company, which aims to acquire 100% equity of two specialized "little giant" companies, Hunan Zhongtie Wuxin Heavy Industry Co., Ltd. and Huaihua Xingzhong Technology Co., Ltd., for a total transaction price of approximately 2.65 billion yuan [1][2] - The restructuring plan is the first project initiated by a North Exchange listed company under the "Six Merger Guidelines" since its release, indicating a shift in policy direction that may serve as a reference for other small and medium-sized listed companies [1][5] - The transaction price has been adjusted from a previous estimate of no more than 3 billion yuan to 2.65 billion yuan, corresponding to a price-to-earnings ratio of around 8 times, with specific ratios for the acquired companies being 7.82 times for Xingzhong Technology and 8.24 times for Wuxin Heavy Industry [2][3] Group 2 - The acquired companies, Wuxin Heavy Industry and Xingzhong Technology, are both classified as "little giant" enterprises, with Wuxin Heavy Industry being a national-level specialized and innovative key "little giant" enterprise [3][4] - The performance commitments for the acquired companies include achieving a total net profit of 935 million yuan over four complete financial periods from 2024 to 2027, with specific targets of 748 million yuan for Xingzhong Technology and 284 million yuan for Wuxin Heavy Industry [3] - The restructuring is expected to enhance the performance and competitiveness of the listed company, bringing new vitality to the market and serving as a model for other small and medium-sized enterprises to improve their strength and development quality through mergers and acquisitions [6][8] Group 3 - The North Exchange has seen increased activity in mergers and acquisitions since the release of the "Six Merger Guidelines," which support cross-industry mergers and encourage private equity funds to participate in mergers and acquisitions [5][7] - Analysts believe that the successful implementation of the Wuxin Heavy Industry restructuring project may become a demonstration case for mergers and acquisitions in the North Exchange market, attracting more quality small and medium-sized enterprises to explore capital market entry through mergers and acquisitions [5][6] - The focus of future mergers and acquisitions in the North Exchange is expected to be on resource optimization, new production capabilities, and strengthening supply chains, with particular attention to "snake swallowing elephant" mergers and the integration of quality resources within the same group [8]