Main points of the report
The company is an integrated enterprise of landscape engineering design and construction.
The company's main business is landscape ecological engineering design, construction and maintenance and seedling planting and so on. The company is one of the garden ecological engineering enterprises with "double A" qualification at the same time. In 2015, revenue / return net profit reached 8.2 billion yuan, with municipal gardens accounting for 73% of YOY+8.5%/+6.3%, revenue, real estate gardens accounting for 21%, and landscape design accounting for 6%. Luo Weiguo, the company's first and second largest shareholders, and Shi Dongwei signed a "agreement of concerted actors", with a total shareholding of 66.02%.
The annual investment in the garden industry will exceed 400 billion yuan, and PPP will lead the industry to change.
The expansion of demand for improving the public environment will lead to an increase in investment in municipal gardens, which is expected to exceed 200 billion in the future. At the same time, real estate gardens with the real estate cycle rebounded, the average annual investment is also about 200 billion yuan. With the development of PPP, the cash flow and profit situation of the garden industry have been improved, at the same time, the Matthew effect is obvious, and the industry concentration will be further improved.
The company has cross-regional management ability and rich accumulation of technological research and development.
The company has set up three major design centers in Beijing, Guangzhou, and 14 branches and a number of subsidiaries throughout the country. At present, the company has the ability of national business contracting and cross-regional garden construction project management, has accumulated rich cross-regional construction experience, and has strong cross-regional operation, construction and project management capabilities. it has laid a solid foundation for continuous expansion in the later stage. The company attaches importance to technological innovation and accumulation, has a sound research team, sets up academician and expert workstations, and cooperates with scientific research institutions. The company has advanced technology and rich management experience in the fields of comprehensive management of ecological environment of rivers and lakes and landscape engineering, saline-alkali land management, ecological wetlands and soil and water conservation in Northwest China, and has a technological competitive advantage in the field of garden ecological engineering.
Raise funds to improve the layout of the industrial chain and enhance the competitiveness of the company
The company plans to raise funds to invest in seedling base construction projects, as well as supplementary operating funds. The construction of seedling base can reduce the company's procurement cost, ensure the company's engineering quality, cooperate with the company's business expansion, and improve the company's profitability. The company has a good project contracting capacity, supplementary operating funds will alleviate the financial pressure of the company, so that the company can turn the contracting capacity into real performance, expand the scale of operation and improve the competitiveness of the company.
Risk tips: 1. Investment in fixed assets of landscaping is not up to expectations.
two。 Corporate cash flow risk
