湖南五新隧道智能装备股份有限公司 关于暂不召开股东大会的公告 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。 湖南五新隧道智能装备股份有限公司（以下简称"公司"）于 2024 年 12 月 9 日召开第四届董事会第三次会议，审议通过了《关于<湖南五新隧道智能装备 股份有限公司发行股份及支付现金购买资产并募集配套资金暨关联交易预案>及 其摘要的议案》等与本次交易相关的各项议案。具体内容详见公司于 2024 年 12 月 9 日在北京证券交易所指定披露平台（www.bse.cn）上披露的相关公告。 鉴于本次交易涉及的审计、评估等工作尚未完成，经第四届董事会第三次会 议审议通过，公司董事会决定暂不召开股东大会。待相关审计、评估工作完成后， 公司将另行召开董事会审议本次交易的相关事项并依法定程序召集公司股东大 会及公告股东大会通知。 特此公告。 证券代码：835174 证券简称：五新隧装 公告编号：2024-110 湖南五新隧道智能装备股份有限公司 董事会 2024 年 12 月 9 日 ...

证券代码：835174 证券简称：五新隧装 公告编号：2024-095 湖南五新隧道智能装备股份有限公司 第四届董事会第三次会议决议公告 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、会议召开和出席情况 （一）会议召开情况 1.会议召开时间：2024 年 12 月 9 日 2.会议召开地点：公司 1 号会议室 3.会议召开方式：现场+通讯会议 4.发出董事会会议通知的时间和方式：2024 年 12 月 2 日以书面方式发出 5.会议主持人：董事长杨贞柿先生 6.会议列席人员：全体监事、高级管理人员 董事王薪程因工作原因以通讯方式参与表决。 二、议案审议情况 （一）审议通过《关于公司符合发行股份及支付现金购买资产并募集配套资金暨 关联交易条件的议案》 1.议案内容： 公司拟通过发行股份及支付现金方式购买湖南五新投资有限公司等 13 名交 易对方合计持有的湖南中铁五新重工有限公司 100%股权；购买王薪程、郑怀臣 等 156 名交易对方合计持有的怀化市兴中科技股份有限公司 100%股权；同时， 拟向符 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for its stock performance in the near term [4][9][172]. Core Insights - The company, known for its intelligent equipment for tunnel construction and mining, has established strong partnerships with major state-owned enterprises and has shown significant revenue growth in the water conservancy and mining sectors [4][11][27]. - The company reported a revenue of 6.04 billion yuan and a net profit of 939.5 million yuan for the first three quarters of 2024, reflecting its robust market position [1][4]. - The report highlights the company's strategic focus on expanding its after-sales service and overseas market presence, aiming for after-sales to constitute 50% of total revenue in the next decade [4][11][125]. Summary by Sections 1. Company Overview - The company specializes in intelligent equipment for tunnel construction and mining, recognized as a national-level "specialized and innovative" enterprise [1][27]. - It has a diverse product range, including intelligent drilling rigs and various tunnel construction machinery [29][33]. 2. Market Performance - The company has seen substantial growth in the water conservancy and mining sectors, with revenues from these areas increasing by 90% and 116% year-over-year, respectively [4][58]. - The overall revenue for 2023 reached 9.54 billion yuan, marking a 76.34% increase from the previous year [47][172]. 3. Strategic Initiatives - The company plans to enhance its after-sales service, which has maintained a high gross margin of around 50%, and aims to expand its service network domestically and internationally [4][11][125]. - It is actively pursuing overseas projects in collaboration with state-owned enterprises, participating in significant international infrastructure projects [107][141]. 4. Mergers and Acquisitions - The company intends to acquire Hunan Zhongtie Wuxin Heavy Industry Co., Ltd. and Huaihua Xingzhong Technology Co., Ltd., which are expected to strengthen its capabilities in specialized equipment manufacturing for railway and highway construction [5][147][161]. 5. Financial Projections - The report forecasts the company's net profit for 2024-2026 to be 1.56 billion, 1.85 billion, and 2.23 billion yuan, respectively, with corresponding P/E ratios of 15.7, 13.3, and 11.0 [5][172][173]. - Revenue growth rates are projected at -3%, 16%, and 19% for the same period, indicating a recovery trajectory following a temporary decline [10][172]. 6. Competitive Position - The company is positioned favorably against peers in the industry, with a gross margin of 36.84% in 2023, comparable to competitors [52][54]. - It has established a strong customer base, primarily consisting of large state-owned enterprises, which enhances its market stability [41][169].

证券代码：835174 证券简称：五新隧装 公告编号：2024-094 □向境内其他证券交易所申请股票转板 □股票交易异常波动 □退市相关 □规定的其他停牌事项 湖南五新隧道智能装备股份有限公司 关于筹划发行股份及支付现金购买资产并配套募集资金事项的 停牌进展公告 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、停牌情况概述 公司当前停牌事项类别为： √重大事项 □强制停牌事项 重大事项的具体内容是： □涉及要约收购 □涉及破产重整 □北京证券交易所认定的其他重大事项 因公司筹划上述事项，根据《北京证券交易所股票上市规则（试行）》第 9.2.1 条、《北京证券交易所上市公司重大资产重组业务指引》等相关规定，经向北京 证券交易所申请，公司股票自 2024 年 11 月 26 日起停牌。 二、停牌事项进展 公司已于 2024 年 11 月 25 日在北京证券交易所指定的信息披露平台公开披 露了《关于筹划发行股份及支付现金购买资产并配套募集资金事项的停牌公告》 （公告编号：2024-092）。截至本公告披 ...

证券代码：835174 证券简称：五新隧装 公告编号：2024-093 湖南五新隧道智能装备股份有限公司 关于本次交易停牌前一个交易日前十大股东和前十大无限售条件流 通股股东持股情况的公告 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。 湖南五新隧道智能装备股份有限公司（以下简称"公司"）拟以发行股份并 支付现金方式购买湖南中铁五新重工有限公司（简称"五新重工"）股东所持有 的五新重工 100%股权、怀化市兴中科技股份有限公司（简称"兴中科技"）股 东所持有的兴中科技 100%股权，并募集配套资金（简称"本次交易"）。 为保证公平信息披露，维护投资者利益，避免造成公司股价异常波动，根据 《北京证券交易所股票上市规则（试行）》第 9.2.1 条、《北京证券交易所上市 公司重大资产重组业务指引》等相关规定，经向北京证券交易所申请，公司股票 自 2024 年 11 月 26 日起停牌，预计将于 2024 年 12 月 10 日前复牌。具体内容详 见公司在北京证券交易所指定披露平台（www.bse.cn）上披露 ...

Investment Rating - The report maintains a "Buy" rating for Wuxin Tunnel Equipment (835174 BJ) [2] Core Views - Wuxin Tunnel Equipment plans to issue shares to acquire Wuxin Heavy Industry and Xingzhong Technology, aiming to expand its business in railway and highway construction equipment [2] - The company's revenue for Q1-3 2024 was 604 million yuan, a year-on-year decrease of 14 11%, while net profit attributable to shareholders was 93 95 million yuan, down 19 10% [3] - The report highlights strong growth in the aftermarket, with aftermarket revenue increasing by 115 88% year-on-year, and significant growth in the water conservancy and hydropower (89 86%) and mining (115 65%) sectors [3] - The company's stock is expected to resume trading on December 10, 2024, following the acquisition announcement [3] Financial Performance and Forecast - The report forecasts net profit attributable to shareholders for 2024-2026 at 162 million yuan, 193 million yuan, and 230 million yuan, respectively, with EPS of 1 80 yuan, 2 14 yuan, and 2 55 yuan [3] - The current P/E ratio is 15 1x for 2024, 12 7x for 2025, and 10 7x for 2026 [3] - Revenue for 2024-2026 is projected at 925 million yuan, 1 106 billion yuan, and 1 313 billion yuan, with year-on-year growth rates of -3 1%, 19 6%, and 18 7%, respectively [6] - Gross margin is expected to remain stable, increasing slightly from 37 3% in 2024 to 37 6% in 2026 [6] Business Segments - The water conservancy and hydropower sector, along with mining, contributed 11 61% of total revenue in Q1-3 2024, up from 4 94% in the same period last year [3] - The aftermarket segment's revenue share increased to 7 06% in Q1-3 2024, compared to 2 81% in the same period last year [3] Acquisition Details - Wuxin Tunnel Equipment plans to acquire 100% equity of Wuxin Heavy Industry and Xingzhong Technology through a combination of share issuance and cash payment [3] - The acquisition is expected to enhance the company's growth in railway and highway construction equipment manufacturing [3] Financial Ratios - The company's ROE is projected to be 19 3% in 2024, 19 2% in 2025, and 19 1% in 2026 [6] - The net profit margin is expected to remain stable at around 17 5% from 2024 to 2026 [6] - The P/B ratio is forecasted to decrease from 2 9x in 2024 to 2 0x in 2026 [6]

Core Viewpoint - The announcement of Wuxin Tunnel Equipment's acquisition of 100% equity in Wuxin Heavy Industry and Xiongzhong Technology marks the first project of share issuance for asset acquisition on the Beijing Stock Exchange following the release of the "Six Opinions on Deepening the Reform of Mergers and Acquisitions and Restructuring of Listed Companies" [1][7] Group 1: Company Overview - Wuxin Tunnel Equipment specializes in the research, design, production, sales, and service of intelligent equipment for tunnel construction and mining, recognized as a national-level "Little Giant" enterprise [2] - The target companies, Wuxin Heavy Industry and Xiongzhong Technology, are also national-level "Little Giant" enterprises, with Wuxin Heavy Industry focusing on high-end intelligent lifting equipment for port terminals and Xiongzhong Technology being a supplier of specialized equipment and system solutions for transportation infrastructure [2] Group 2: Financial Performance - In 2023, Wuxin Tunnel Equipment achieved a historical high in operating revenue of 954 million yuan, a year-on-year increase of 76.34%, and a net profit attributable to shareholders of 164 million yuan, up 110.55% [4] - For the first three quarters of 2024, the company reported operating revenue of 604 million yuan, a decrease of 14.11% year-on-year, and a net profit of approximately 93.95 million yuan, down 19.10% [5] Group 3: Strategic Implications - The acquisition is expected to enhance Wuxin Tunnel Equipment's comprehensive strength in the manufacturing of specialized equipment for railway and highway construction, while also entering the high-end equipment manufacturing sector for ports, creating a new growth driver [4] - The company aims to achieve a sales scale exceeding 10 billion yuan within ten years, with the acquisition of quality assets and expansion of business scale being crucial steps towards this strategic goal [4] Group 4: Market Context - The current investment in high-grade waterways across various regions is opening new growth opportunities for port equipment, indicating a favorable market environment for the acquisition [3] - The Beijing Stock Exchange is actively promoting mergers and acquisitions as a means for companies to diversify and enhance their core competitiveness, particularly for innovative small and medium-sized enterprises [7]

证券代码：835174 证券简称：五新隧装 公告编号：2024-092 为保证公平信息披露，维护投资者利益，避免造成公司股价异常波动，根据 《北京证券交易所股票上市规则（试行）》第 9.2.1 条、《北京证券交易所上市公 司重大资产重组业务指引》等相关规定，申请公司股票停牌。 二、停牌日期及预计复牌日期 湖南五新隧道智能装备股份有限公司 关于筹划发行股份及支付现金购买资产并配套募集资金事项的停牌 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、停牌情况概述 重大事项的具体内容是： （一）停牌事项类别 公司本次申请股票停牌的事项类别为： √重大事项 □向境内其他证券交易所申请股票转板 □未在规定期限内披露季度报告 □股票交易异常波动 □退市相关 □规定的其他停牌事项 √发行股份购买资产 □筹划控制权变动 □涉及要约收购 □涉及破产重整 □北京证券交易所认定的其他重大事项 （二）停牌情况及规则依据 湖南五新隧道智能装备股份有限公司（简称"公司"或"五新隧装"）拟以 发行股份并支付现金方式购买湖南中 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6][9] Core Views - The report highlights that proactive fiscal policies are expected to boost the railway and highway infrastructure market, while the water conservancy, hydropower, and mining sectors continue to experience rapid growth [1][5][6] - The company's performance in Q3 2024 was impacted by a decline in demand from the railway and highway sectors, but it saw significant growth in the water conservancy and mining markets [3][5] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 604 million yuan, a year-on-year decrease of 14.11%, and a net profit of 94 million yuan, down 19.10% [2][3] - In Q3 2024, the company reported revenue of 199 million yuan, a decline of 25.64% year-on-year, and a net profit of 24 million yuan, down 44.66% [2][3] - The overall gross margin for the first three quarters was 36.67%, an increase of 1.26 percentage points year-on-year, while the net margin was 15.56%, a decrease of 0.96 percentage points [2][3] Market Segment Performance - The railway market revenue in Q3 2024 was 112 million yuan, down 30.74% year-on-year, and the highway market revenue was 50 million yuan, down 45.26% [3] - The water conservancy and hydropower market revenue in Q3 2024 was 16 million yuan, an increase of 79.54% year-on-year, while the mining market revenue was 20 million yuan, up 422.94% [3] - The main equipment market revenue for the first three quarters was 541 million yuan, down 18.44% year-on-year, while the aftermarket revenue was 43 million yuan, up 115.88% [3] Future Outlook - The report anticipates that with increased fiscal policy support and a recovery in downstream infrastructure projects, the company's performance is expected to improve and maintain growth elasticity [6][9] - Revenue projections for 2024-2026 are set at 863 million yuan, 1.127 billion yuan, and 1.455 billion yuan, with year-on-year changes of -10%, +30%, and +29% respectively [6][7][9] - The forecasted net profit for the same period is 147 million yuan, 192 million yuan, and 241 million yuan, with year-on-year changes of -10%, +31%, and +25% respectively [6][7][9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's revenue and profit are under short-term pressure due to weak demand in the railway market, with a revenue of 604 million yuan in the first three quarters of 2024, down 14.11% year-on-year, and a net profit of 94 million yuan, down 19.10% year-on-year [2] - The company's gross margin has slightly improved, while the net profit margin has decreased due to increased selling expenses [3] - The trend of overseas expansion in the engineering machinery sector is confirmed, and the rapid growth of the aftermarket business is expected to enhance the company's profitability [4] Revenue and Profit Forecast - The company is expected to generate total revenue of 861.57 million yuan in 2024, a decrease of 9.70% year-on-year, with net profit forecasted at 137.90 million yuan, down 15.75% year-on-year [1][4] - The projected earnings per share (EPS) for 2024 is 1.53 yuan, with a price-to-earnings (P/E) ratio of 15.61 based on the current stock price [1] Financial Performance - In the first three quarters of 2024, the company's main product revenue was 541 million yuan, down 18.44% year-on-year, while aftermarket revenue was 43 million yuan, up 115.88% year-on-year [2] - The gross margin for the first three quarters of 2024 was 36.67%, an increase of 1.26 percentage points year-on-year, while the net profit margin was 15.56%, a decrease of 0.96 percentage points year-on-year [3] Market Data - The closing price of the stock is 23.91 yuan, with a market capitalization of 2,152.11 million yuan [5] - The company has a price-to-book (P/B) ratio of 2.86 and a total asset-liability ratio of 33.25% [6]