工业领域并购策略报告

Table of Contents Market Observations ............................................................................... 3Transaction Highlights ............................................................................10Public Companies ..................................................................................13CFA Overview ..........................................................................................22 Market Summary Industrials Market The global industrials sector, seen as a backbone of economic activity for years, continued to show steady growth in 2026, reaching an estimated value of about US$15.6 trillion. It is expected to rise to nearly US$ 22.1 trillion by 2033, with a stable annual growth rate of 5.1%. In the first quarter of 2026, the sector showed notablestrength despite facing tariff pressures and uneven demand across regions. A key sign of this resilience came in February when the ISM Manufacturing PMI climbed to52.4%, marking the second month in a row above the 50% mark and indicating a return to expansion in U.S. manufacturing. However, this recovery phase happenedjust before geopolitical tensions and energy price swings increased. Investor confidence reflected these positive trends, with strong capital inflows pushing theIndustrials Select Sector SPDR (XLI) to record highs by late February. This change showed a broader shift, where value-focused industrial stocks outperformed growthsectors, even as the overall S&P 500 dropped by 4.6% during the quarter. Operationally, industrial production continued to grow, backed by higher output in electricalequipment and transportation components. Reshoring remained a key theme, with companies making significant investments in domestic manufacturing, especiallyin semiconductors, EV batteries, and grid infrastructure. Companies that localized their supply chains reported cost savingsof 15 to 20%. Globally, the outlookremains mixed; Europe is dealing with structural challenges while also trying to stimulate growth, whereas Asia-Pacific leads in electrification and capacity use. Public Company Valuation The publicindustrials marketincreased in the firstquarter of 2026... The CFA Select Industrials index increased by 2.4% in the first quarter of 2026, and the 12-month return on the index increased by25.8%. For Q1 2026, the Selected Specialty Chemical Index increased by 15.4%, and the Heavy Machinery Index increased by 61.7% forthe 12-month return. The Electrical Products Index had the highest median EBITDA and revenue multiple of 20.7x and 4.8x, respectively.The Building Products Index had the lowest median EBITDA multiple of 10.4x, and the Specialty Chemicals Index had the lowest revenuemultiple of 1.4x. The Automotive Parts, Specialty Chemicals, Diversified Industrials, Tool & Hardware Manufacturing, and HeavyMachinery Index had median EBITDA multiples of 13.4x, 15.2x, 17.5x, 12.1x, and 15.8x, respectively. Automotive Parts, BuildingProducts, Diversified Industrials, Tool & Hardware Manufacturing, and Heavy Machinery Index median revenue multiples of 1.8x,1.5x,3.9x, 1.5x, and 1.7x, respectively. Mergers and Acquisitions Global M&A activity in the industrials sector changed significantly in the first quarter of 2026. It moved away from the high-volume dealenvironment we saw in late 2025 and shifted toward a more focused “mega-deal” approach. Although the number of transactions stayed below historical averages,the overall deal value increased sharply because of a few large-scale acquisitions. A notable example is the $10.3 billion acquisition of InPost SA by a group thatincludes Advent International and FedEx. This changeshows a growing preference for strategic, high-impact deals, as companies work on improving their capabilitiesin areas like electrification and automation. Instead of going after many smaller transactions, buyers are focusing on scaleand long-term positioning in a morecomplex global environment. Industry Trends The Rise of Physical AI and Autonomous Perception Industrial automation is changing. It is no longer just about rigid, pre-programmed systems in predictable environments. We are now seeing a shift toward what is calledPhysical AI. This is where intelligence goes beyond software interfaces and enters machines that can sense, interpret, and respond to the real world. Unlike traditionalautomation that relies on fixed rules and structured settings, these systems use computer vision and edge computing to work well in dynamic and unstructuredenvironments. This change is significant. By 2026, over 38% of newly deployed industrial robots are expected to have embedded AI capabilities. This is up sharply from just12% in 2021. The real benefit is flexibility. Machines can now handle high-mix, variable production processes that once required constant human oversight. As a result,manufacturers are seeing improvements not only in efficiency but also in adaptability. The Physical AI market is projected to grow at a ra