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 ...

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]

Core Viewpoint - Hunan Wuxin Tunnel Intelligent Equipment Co., Ltd. (835174.BJ) reported a decline in both revenue and net profit for 2024 due to market demand pressures in the railway and highway sectors, alongside increased investment in new market development [2][3] Financial Performance - In 2024, Wuxin Tunnel achieved revenue of 799 million yuan, a year-on-year decrease of 16.26% - The net profit attributable to shareholders was 105 million yuan, down 36.07% year-on-year - The net profit after deducting non-recurring items was 104 million yuan, a decline of 33.73% year-on-year [3][4] Market Conditions - The railway market generated revenue of 454 million yuan, a decrease of 20.32%, with a gross margin reduction of 1.48 percentage points to 34.16% - The highway market saw revenue of 240 million yuan, down 25.75%, with a gross margin decrease of 1.18 percentage points to 29.57% [4] Strategic Focus - In response to market challenges, the company prioritized high-quality orders with favorable payment terms to ensure operational quality and cash flow safety [2][3] - Wuxin Tunnel is actively expanding into incremental markets such as water conservancy, hydropower, mining, overseas markets, and aftermarket services, which have shown rapid growth [5] Incremental Market Growth - In 2024, the water conservancy and hydropower market achieved revenue of 50.34 million yuan, a year-on-year increase of 96.06% - The mining market generated revenue of 47.41 million yuan, up 78.36% year-on-year - In Q1 2025, the water conservancy and hydropower market revenue was 12.05 million yuan, a growth of 38.08%, while the mining market revenue surged to 20.19 million yuan, a staggering increase of 695.61% [5][6]