Investment Rating - The report assigns a "Cautious Recommendation" rating to the company [3]. Core Views - The company focuses on 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][3]. - The landscaping business remains stable, contributing 87.31% to the company's revenue in 2023, while the investment in Wuhan Junheng is expected to drive new profit growth opportunities [2][3][9]. Summary by Sections 1. Traditional Business Focused on Landscaping - The company, listed on the Shenzhen Stock Exchange since 1997, specializes in landscaping engineering, design, and plant sales, providing a full industry chain service [2][9]. - In 2023, landscaping engineering accounted for 87.31% of the company's revenue, making it the primary source of income and profit [2][9][12]. 2. Acquisition of Wuhan Junheng and Entry into Optical Module Sector - The company completed the acquisition of a 30% stake in Wuhan Junheng for up to 195 million yuan, marking its entry into the high-growth optical module market driven by AI [2][3][16]. - Wuhan Junheng has established itself in the optical module contract manufacturing sector, with a strong customer base and increasing sales of high-speed products [3][19]. - The company plans to establish an overseas production base in Malaysia to further penetrate international markets [35]. 3. Financial Forecast and Investment Recommendations - The company is projected 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 790 million, 1.43 billion, and 1.90 billion yuan [3][36]. - The expected PE ratios for the same years are 56, 31, and 23, indicating a reasonable valuation compared to peers [39].
汇绿生态：切入高成长光模块赛道，未来大有可为