Investment Rating - The report assigns a "Cautious Recommendation" rating to the company [4][33]. Core Insights - The company focuses on stable development in its traditional landscaping business while strategically entering the high-growth optical module sector through the acquisition of a 30% stake in Wuhan Junheng Technology [2][14]. - The landscaping engineering business accounted for 87.31% of the company's revenue in 2023, making it the primary source of income and profit [2][8]. - The acquisition of Wuhan Junheng is expected to generate significant investment returns, with projected revenues from the optical module business reaching 8.33 billion, 17.86 billion, and 21.88 billion yuan in 2024, 2025, and 2026, respectively [27][30]. Summary by Sections 1. Traditional Business Focus - The company is a holding-type enterprise primarily engaged in landscaping engineering, design, and plant sales, providing a complete service chain from planting to maintenance [2][8]. - The landscaping engineering business is the main revenue source, with a revenue structure comprising landscaping engineering, design, plant sales, and other services [8][11]. 2. Acquisition of Wuhan Junheng - The company completed the acquisition of a 30% stake in Wuhan Junheng, marking its entry into the AI-driven optical module market [2][14]. - Wuhan Junheng has established strong relationships with major clients, benefiting from the growing demand for optical modules driven by AI [2][22]. - The company plans to establish an overseas production base in Malaysia to further penetrate international markets [26]. 3. Financial Forecast and Investment Recommendations - The company is expected to achieve revenues of 7.93 billion, 9.12 billion, and 10.40 billion yuan in 2024, 2025, and 2026, respectively, with corresponding net profits of 0.79 billion, 1.43 billion, and 1.90 billion yuan [27][33]. - The projected PE ratios for the same years are 56, 31, and 23, indicating a reasonable valuation level [30][33].
民生证券：汇绿生态：公司动态报告：切入高成长光模块赛道，未来大有可为-20240812