Investment Rating - The report maintains a "Cautious Recommendation" rating for the company [5]. Core Views - The company is increasing its stake in Wuhan Junheng from 30% to 35%, reflecting confidence in its future development [3]. - Wuhan Junheng focuses on high-end optical module manufacturing and has established a strong presence in both military and civilian markets, with significant growth potential driven by cloud computing, AIGC, and 5G communication [3]. - The company is also expanding its overseas production capacity by investing in a subsidiary in Singapore, which will serve as a base for its optical communication business in Malaysia [3]. - The traditional landscaping business remains stable, while the investment in optical modules opens up significant growth opportunities [3]. Financial Forecasts - Projected revenues for 2024, 2025, and 2026 are 793 million, 912 million, and 1,040 million respectively, with growth rates of 15.7%, 15.1%, and 14.1% [4][6]. - Expected net profits for the same years are 79 million, 143 million, and 190 million, with growth rates of 37.9%, 80.1%, and 33.1% [4][6]. - The PE ratios are projected to decrease from 62 in 2024 to 26 in 2026, indicating improving valuation [4][6].
汇绿生态：公司点评：增资优质光模块公司武汉钧恒，持股比例将提升至35%