Investment Rating - The report assigns an "Outperform" rating for the company [21]. Core Views - The company has a concentrated shareholding structure and stable finances, with a revenue of 685 million yuan in 2023, representing a year-on-year growth of 12.07%, while the net profit attributable to the parent company was 57.36 million yuan, down 1.88% year-on-year [3][5]. - The acquisition of a 30% stake in Wuhan Junheng is expected to enhance profits and further open up growth opportunities in the optical communication sector [4][25]. - The company is well-positioned in the landscaping industry with a full-chain layout and complete qualifications, allowing it to undertake various landscaping projects [24]. Financial Summary - Revenue and Profit Forecasts: The company is projected to achieve revenues of 766 million, 860 million, and 960 million yuan for 2024, 2025, and 2026 respectively, with net profits of 110 million, 153 million, and 200 million yuan [5][13]. - Earnings Per Share (EPS) is expected to be 0.14, 0.20, and 0.26 yuan for the years 2024, 2025, and 2026 [5][13]. - The company’s dividend payout ratios for 2021, 2022, and 2023 were 61.18%, 79.73%, and 54.36% respectively [3]. Business Segments - The core business of landscaping engineering construction accounted for 87.31% of total revenue in 2023, with a year-on-year growth of 11.58% [8]. - The design segment experienced a significant decline in revenue in 2022 but is expected to recover slightly in the coming years, with a projected gross margin of 39% [9][29]. - The nursery segment saw a substantial growth of 91.46% in 2022, with expectations for moderate growth in the following years [29]. Valuation - The report estimates a reasonable value range for the company between 6.33 and 6.68 yuan per share, based on both comparable company analysis and segment valuation [4][31][32]. - The projected price-to-earnings (PE) ratios for 2024 and 2025 are 45 and 35 respectively, indicating a strong valuation outlook [4][11].
汇绿生态：公司研究报告：收购武汉钧恒30%股权，投资拓展光通信领域