1. Company Profile The company is mainly engaged in the garden construction industry, with municipal gardens accounting for 60%. The company has a complete garden industry chain, strong comprehensive service capabilities, complete qualifications, and outstanding competitive advantages. In the future, it is expected to benefit significantly from the recovery of real estate sales and the government's vigorous promotion of the PPP model. 2. Competitive advantage The company's regional expansion is progressing smoothly, and the municipal business has increased dramatically. The company is mainly engaged in landscape engineering construction, accounting for about 95% of revenue in 2014, and achieved operating income of 603 million yuan in 2014, an increase of 3.06% over the previous year. Among them, real estate and municipal garden revenue were 39.60% and 6040% respectively, net profit attributable to the parent company was 81.3 million yuan, an increase of 7.55% over the previous year, and gross margin decreased slightly by 123 percentage points to 26.19%. The company's operating cash flow for the year was 51.12 million yuan, a significant net outflow from the same period in 2013 of 140 million yuan. Cross-district management advantages are outstanding. The business in the Northwest China and South China regions has grown dramatically, there are many award-winning projects, and the brand advantages are evident. Municipal gross profit is high, but repayment is slow, and diversification of financing channels has solved the growth dilemma. Since 2012, the company has adjusted its business model, and the share of municipal gardens has increased dramatically. While bringing high growth and high gross profit, accounts receivable plus inventory account for 96% of revenue, and cash flow seriously constrains the company's development. Of the capital raised this time, 188 million yuan will be used to supplement liquidity, and growth is expected to increase again with diversification of financing channels after listing. 3. Profit Forecast and Valuation Expect the Company's EPS to be 1.06 yuan, 1.17 yuan, and 1.29 yuan after dilution in 15-17 years. The company has a complete garden industry chain, strong comprehensive service capabilities, complete qualifications, and outstanding competitive advantages. The issue price is 22.19 yuan, and the price-earnings ratio of the issue is 22.88. Considering the valuation situation of comparable companies and the industry's room for growth, a recommended subscription rating was given.