公司股权结构集中，财务稳健。公司于1990 年设立，前身为武汉市六渡桥百货公司，1997 年六百股份在深交所挂牌交易，证券简称六渡桥，后于2000年变更为华信股份，2004 年暂停上市。在经历一系列股权变更与资产重组后，于2021 年重登深交所上市。公司董事长李晓明直接持有公司29.35%股份，并通过宁波汇宁合计持有公司47.99%股份的表决权，系公司控股股东、实控人。2023 年公司收入为6.85 亿元，同比增长12.07%；归母净利润5735.89万元，同比下滑1.88%。截至2024 年3 月31 日，净资产15.24 亿元，货币资金3.01 亿元。2021-2023 年，股利支付率分别为61.18%、79.73%、54.36%。Key points of investment:
The entire garden industry chain layout is fully qualified. Huilu Ecology's main business is garden engineering construction, garden landscape design and seedling planting, etc., and can fully provide services throughout the entire industry chain such as seedling planting, garden engineering design, construction and subsequent greening maintenance. The company is fully qualified and has the ability to independently undertake landscaping projects and supporting construction services such as municipal administration, roads, urban lighting, ecological management, ancient buildings, etc.
The company gave full play to the collaborative advantages of its entire industry chain, constructed and completed multiple EPC and large-scale greening projects, and achieved good successful results and industry reputation.
The company's shareholding structure is concentrated and the finance is stable. The company was established in 1990, formerly known as Wuhan Liuduqiao Department Store. In 1997, 600 shares were listed and traded on the Shenzhen Stock Exchange. The stock name is Liuduqiao for short, then changed to Huaxin Co., Ltd. in 2000, and the listing was suspended in 2004. After a series of equity changes and asset restructuring, it was re-listed on the Shenzhen Stock Exchange in 2021. Li Xiaoming, the chairman of the company, directly holds 29.35% of the company's shares and holds a total voting power of 47.99% of the company's shares through Ningbo Huining. He is the controlling shareholder and actual controller of the company. In 2023, the company's revenue was 0.685 billion yuan, up 12.07% year on year; net profit to mother was 57.3589 million yuan, down 1.88% year on year. As of March 31, 2024, net assets were $1.524 billion and monetary capital was $0.301 billion. In 2021-2023, dividend payout rates were 61.18%, 79.73%, and 54.36%, respectively.
Acquired 30% of Wuhan Junheng's shares to invest in expanding new fields of optical communication. On May 18, 2024, the company announced that it intended to acquire 30% of Wuhan Junheng's shares at a price of no more than 0.195 billion yuan, and signed the “Equity Transfer Contract” on June 17. After completion, it became the largest shareholder of Wuhan Junheng. Established in 2012, Wuhan Junheng is engaged in R&D, manufacturing and sales of optical communication products, mainly optical modules. Its optical module products cover 10G to 800G rates and are widely used in AI, HPC, IDC, etc., and mainly carries out sales cooperation with customers through the ODM/JDM/OEM model. Revenue in 2023 was 0.443 billion yuan, up 82.75% year on year; net profit was 32.2306 million yuan, turning a year-on-year loss into a profit; according to the profit forecast simulated by Jun Heng's audited data, operating income is expected to be 0.569 billion yuan and net profit 44.68 million yuan (transaction valuation is 0.65 billion yuan, corresponding to 2024 PE 14.55 times). Meanwhile, Huilu Ecology and Wuhan Junheng reached a performance promise. The latter's net profit for 24/25/26 was not less than 45/55/68 million yuan.
In 2021-2022, Wuhan Junheng successively passed the certification of qualified suppliers from major customers such as Finisar and Xinhua. 2024Q1, Wuhan Junheng achieved batch delivery of new 800G products. 400G and 800G products accounted for more than 50% of sales revenue, and gross margin increased to 29.70%.
Investment advice. Huilu Ecology's entire industrial chain has a leading position in the industry. The acquisition of Wuhan Junheng is expected to increase profits and further open up room for growth. We estimate that the company's revenue for 24-26 will be 0.766, 0.86, and 0.96 billion yuan, respectively; net profit to mother will be 0.11, 0.153, 0.2 billion yuan, and EPS 0.14, 0.20, and 0.26 yuan, respectively. In terms of PE valuation, with reference to comparable companies, the 24/25 dynamic PE was given as 45/35X, corresponding to a reasonable value range of 6.33-6.88 yuan; in terms of segmented valuation, the reasonable value range was 5.94-6.68 yuan; combining the two methods, the final reasonable value range was 6.33-6.68 yuan; “superior to the market” rating.
Risk warning. Industry cycle risk, technological innovation risk, market competition risk, etc.
