Summary of the report:
Recently, we have conducted a survey on the development and operation of the architectural design industry.
Main points of research:
The main contents are as follows: 1. The company's business chain is expanded, and the comprehensive service capability and competitive advantage are highlighted. In 2019, the company realized the acquisition of Hangshi shares, extending the company's business to architectural design, municipal public design, gas thermal design, decorative landscape design, etc., expanding the company's business chain, further improving business qualifications and main business areas, further enhancing the ability to undertake EPC general contracting projects, and highlighting comprehensive service capabilities and competitive advantages.
2. With the coordinated development of the two major business sectors, EPC business has become an important growth point. Hanjia Design has expanded the EPC project general contracting business since 2017. The scope of the company's EPC project general contracting business has expanded from the field of architectural design to municipal, garden, decoration, environmental sanitation and other fields. at the same time, the company's original design business has also maintained a steady development, and the two business managers are highly complementary.
3. Increase the investment in R & D and lay a good foundation for informatization. The company further increases its R & D investment, mainly related to green energy saving, BIM technology application, concrete steel structure research, deep foundation pit enclosure research, prefabricated housing, intelligent building, ecological environment treatment and restoration and other fields. It is committed to establishing an integrated management information platform with auxiliary decision support ability, which takes the database as the center, takes the network as the foundation, covers all design specialties, runs through the whole design process and main management levels, and lays a good information foundation.
4. The region has obvious advantages and takes the lead to obtain high-quality customer resources. The company's director triangle core area, is an early establishment of private architectural design enterprises in Zhejiang Province, first opened the situation in the Zhejiang market, and gradually been widely recognized by the national market, with relatively high-quality customer resources.
Rich customer resources and project reserves lay the foundation for the sustainable development of the company.
5. taking advantage of the old reform, there are broad prospects for the development of urban and rural design and health projects. As an engineering exploration and design company with large volume and complete qualification in East China, it has design qualifications such as architecture, municipal public use, garden landscape, gas heat, indoor and outdoor decoration, environmental sanitation, geotechnical, river regulation, intelligence, curtain wall, floodlighting and so on. There will be more room for development in the process of "old reform" and urban planning.
Cover for the first time, give the company a "buy" rating, with a target price of 15 yuan. It is estimated that the EPS of the company from 2020 to 2022 is 0.59,0.80,1.05 yuan respectively.
Risk hint: the risk that the performance does not meet expectations, systemic risk
