Landscape lighting head enterprise, the advantage is obvious. The company has been ploughing landscape lighting for more than 20 years, and is one of the few enterprises in the industry with "Shuangjia qualification" and can provide integrated design, engineering construction and later operation and maintenance services. it has undertaken a number of benchmarking landscape projects in Shanghai and won many important awards in the industry. at present, it is the leading overall solution supplier of landscape lighting in China, and has obvious advantages in creative design, technical research and development and comprehensive service capabilities.
Landscape lighting: high-quality track, the relationship between supply and demand is good, resources are concentrated to the head. At present, the industry space is about 1000-110 billion yuan, but because the landscape lighting usually involves the city image, the trial and error cost is high, and the later operation and maintenance is needed after the construction is completed, so it has the characteristics of high gross profit, high stickiness and weak cycle. With the construction of characteristic towns and the development of night economy, the landscape lighting industry is expected to expand steadily. As a result of 1) more and more cities with the help of landscape lighting to create urban business cards and tourism IP, the industry is becoming more and more creative, 2) the overall design and construction of the area is increasing, the volume of a single project is expected to rise, and 3) intelligent operation and maintenance requirements, we believe that customers' requirements for service providers' qualifications, qualifications and creditworthiness will gradually improve, and industry resources will be concentrated to the head enterprises.
Integrated service providers in transformed cities, improve their competitiveness and efficiency, and press the acceleration button for development. While the layout design business is earlier, in recent years, the company has increased its layout in big data, VR/AR and related fields of new energy, enhanced key capabilities in operation and maintenance phase, such as intelligent management and IP creation of literature and travel scenes, further improved service closed loops, and built up urban lifecycle service providers; in the future, the ability to obtain large orders among key customers is expected to be further enhanced, and operating efficiency is also expected to be further improved. At the same time, the rise of scene construction and IP building capacity is also expected to enhance the company's competitiveness in the literature, travel and business sectors, and enhance the C-end layout of the company.
Investment advice. It is estimated that from 2021 to 2023, the company's income will be 7.38 shock 9.28 / 1.22 billion yuan, and the net profit from its parent will be 1.40 pound 182 million EPS1.62/2.10/2.79, corresponding to 23.50 yuan on October 25. The closing price PE will be 14.50 shock 11.21 plus 8.43x, respectively. Give the company a target price of 31.50 yuan based on the price-to-earnings ratio valuation method, giving a "buy" rating for the first time.
Risk hint
Government financial resources are less than expected, industry integration is weaker than expected, and systemic risk.
