Investment Rating - The report assigns a "Buy" rating to the company, citing its stable core business and the potential for a second profit growth point through its acquisition of Wuhan Junheng [52][42] Core Views - The company's main business includes landscape engineering, landscape design, and seedling cultivation, with 2023 revenue reaching 685 million yuan, a year-on-year increase of 12.07% [5] - Net profit attributable to the parent company was 57 million yuan, a year-on-year decrease of 1.88%, while non-GAAP net profit was 48 million yuan, a year-on-year decrease of 6.53% [5] - The acquisition of a 30% stake in Wuhan Junheng aims to diversify the company's industrial layout and enhance its comprehensive competitiveness, with the optical module industry presenting significant growth opportunities [5][47] Business Overview - Wuhan Junheng, founded in 2012, specializes in the optical module sector and has seen rapid revenue growth from 209 million yuan in 2021 to 443 million yuan in 2023 [24] - In Q1 2024, Wuhan Junheng achieved revenue of 138 million yuan and a net profit of 16 million yuan, with 400G and 800G products accounting for over 50% of sales [24] - The company's gross margin improved from 20.28% in 2023 to 29.70% in Q1 2024, driven by the increased proportion of high-speed optical module products [24] Financial Projections - Revenue is projected to grow from 685 million yuan in 2023 to 967 million yuan in 2026, with a compound annual growth rate (CAGR) of approximately 12% [53] - Net profit attributable to the parent company is expected to increase from 57 million yuan in 2023 to 199 million yuan in 2026, with a significant growth rate of 83% in 2024 [53] - The company's ROE is forecasted to rise from 3.8% in 2023 to 11.8% in 2026, reflecting improved profitability [53] Industry Analysis - The optical module industry is technology-intensive, with high barriers to entry in terms of technology, production processes, and market access [27] - The industry is benefiting from data center construction, network architecture upgrades, and AI computing power development, with 400G and above high-speed optical modules entering a product iteration cycle [27] - The company's acquisition of Wuhan Junheng aligns with the national strategy of developing new productive forces, aiming to enter high-tech fields such as new technologies and materials [27] Market Performance - The company's stock price has shown significant volatility, with a 52-week range of 3.4 to 6.42 yuan [21] - The current stock price is 5.29 yuan, with a daily average trading volume of 68.4 million yuan [40]
汇绿生态：公司事件点评报告：收购武汉钧恒30%股权，大力布局新质生产力