7月21日晚，汇绿生态（001267.SZ）发布筹划重大资产重组公告，公司拟发行股份及支付现金并募集配 套资金购买资产，标的是武汉钧恒科技有限公司（以下简称"武汉钧恒"）49%股权。若交易顺利完成， 汇绿生态将持有武汉钧恒100%股权。 回过头来看，汇绿生态收购武汉钧恒可谓是"神之一笔"。公司通过股权转让+增资的方式，共分四步拿 下武汉钧恒100%股权。前述操作使得汇绿生态从挣扎于园林工程泥潭，一跃成为14个月股价飙升近4倍 的"光通信新贵"，撬开炙手可热的光通信赛道大门。 然而，高溢价的收购方式，使得汇绿生态面临巨大的财务压力。尽管公司股价实现大幅上涨，但这也意 味着市场早已将收购成功的预期，甚至对未来数年的乐观展望充分计入。一旦增速放缓或整合不及预 期，高估值将无以为继，"高台跳水"的风险如影随形。 "四步棋"拿下武汉钧恒100%股权 回溯汇绿生态对武汉钧恒的"征服"之路，呈现出设计精巧、节奏分明的特征。 2024年5月，汇绿生态突然宣布作价1.95亿元收购武汉钧恒30%股权，正式跨界闯入炙手可热的光通信 赛道。由于涉及金额高、跨界收购、盘中突击涨停等多种敏感因素，深交所火速下发关注函，要求公司 对收购原 ...

Core Viewpoint - The company has a solid foundation in its TV ODM business, significant advantages in the LED industry chain, and is actively expanding into the optical communication sector, which is expected to open up long-term growth opportunities [1][2]. Financial Performance - In 2024, the company achieved revenue of 20.33 billion, a year-on-year increase of 18.4%, and a net profit attributable to shareholders of 1.6 billion, a year-on-year increase of 0.9% [3]. - For Q4 2024, the company reported revenue of 4.16 billion, a year-on-year decrease of 7.1%, and a net profit of 230 million, a year-on-year decrease of 27.4% [3]. - In Q1 2025, the company generated revenue of 3.72 billion, a year-on-year decrease of 9.33%, with a net profit of 330 million, a year-on-year decrease of 19.30% [3]. - The company plans to distribute a cash dividend of 1.07 per 10 shares, totaling 484 million, with a dividend payout ratio of 30.23% [3]. Revenue Breakdown - In 2024, the smart display terminal business generated revenue of 15.0 billion, a year-on-year increase of 18.4%, with a gross margin of 13.1%, down 3.2 percentage points [3]. - The LED series business generated revenue of 5.33 billion, a year-on-year increase of 18.3%, with a gross margin of 28.6%, up 2.8 percentage points [3]. Profitability and Expense Ratios - In 2024, the overall gross margin decreased by 1.66 percentage points to 17.17%, with net profit margin down by 1.39 percentage points to 7.87% [4]. - For Q4 2024, the gross margin was 20.48%, with a net profit margin of 5.52%, down 1.55 percentage points year-on-year [4]. - In Q1 2025, the gross margin increased by 0.56 percentage points to 18.34%, while the net profit margin decreased by 1.11 percentage points to 8.99% [4].