汇绿生态的主营业务包括园林工程施工、园林景观设计及苗木种植等，2023 年营业收入达6.85 亿元，同比增长12.07%；归母利润为0.57 亿元，同比下降1.88%；扣非净利润为0.48 亿元，同比下降6.53%。在美丽中国的大背景下，汇绿生态提供苗木种植、园林工程设计、施工及后续绿化养护等全产业链服务，保持了稳健经营。然而，随着我国明确多元供给、优化布局等原则，推动算力基础设施高质量发展，武汉钧恒所处的光模块行业存在重大机遇，有望成为汇绿生态的新利润增长点。光模块行业是一个技术密集型行业，具有较高的技术及生产工艺壁垒和市场准入门槛。公司收购武汉钧恒30%股权，旨在丰富产业布局，提升综合竞争实力。On May 19, 2024, Huilu Ecological Technology Group Co., Ltd. signed an “Equity Transfer Intent Agreement” and “Letter of Commitment” with Hangzhou Hangshiqing Zizeyuan No.1 Equity Investment Partnership and Suzhou Polymery Pengfei Venture Capital Partnership to acquire 30% of Wuhan Junheng Technology Co., Ltd.'s shares at a price of no more than 0.195 billion yuan. On June 17, 2024, the two parties officially signed the “Equity Transfer Contract” and completed the registration of industrial and commercial changes. Huilu Ecology became the largest shareholder of Wuhan Junheng Technology.
Key points of investment
Stable main business, opening up a new curve
Huilu Ecology's main business includes garden engineering construction, landscape design and seedling planting. In 2023, revenue reached 0.685 billion yuan, up 12.07% year on year; profit to mother was 0.057 billion yuan, down 1.88% year on year; after deducting non-net profit, it was 0.048 billion yuan, down 6.53% year on year. In the context of beautiful China, Huilu Ecology has maintained steady operation by providing services throughout the entire industry chain, such as seedling planting, garden engineering design, construction, and subsequent greening maintenance. However, as China clarifies principles such as diversified supply and optimized layout to promote high-quality development of computing power infrastructure, the optical module industry in which Wuhan Junheng is located has major opportunities and is expected to become a new profit growth point for Huilu Ecology. The optical module industry is a technology-intensive industry with high technical and production process barriers and market entry thresholds. The company acquired 30% of Wuhan Junheng's shares with the aim of enriching the industrial layout and enhancing overall competitive strength.
Deeply involved in the field of optical modules, and revenue is rising steadily
Wuhan Junheng Technology was founded in 2012, focusing on the field of optical modules. In 2021 and 2022, it successively passed the qualified supplier certification of major customers such as Finisar and Xinhua. In recent years, with the rapid growth of downstream cloud computing, AI and other markets, civilian optical modules have become the company's main source of profit. The company mainly cooperates with customers through the ODM/JDM/OEM model. As the industry product iteration cycle accelerates, the main products are also shifting from 200G and below products to mainly 400G and 800G products, and the scale of cooperation continues to increase. From 2021 to 2023, the company achieved revenue of 0.209 billion yuan, 0.242 billion yuan, and 443 million yuan respectively, showing a rapid growth trend. In the first quarter of 2024, Wuhan Junheng achieved revenue of 0.138 billion yuan, net profit of 0.016 billion yuan, completed batch delivery of new 800G products, and sales of 400G and 800G products accounted for more than 50%. The increase in the share of high-speed optical module products has boosted the company's gross margin from 20.28% in 2023 to 29.70% in the first quarter of 2024.
Expanding into new fields, Wuhan Junheng welcomes opportunities
The optical module industry is a technology-intensive industry with high technical and production process barriers and market entry thresholds. Optical module manufacturers need strong R&D capabilities, stable production capacity and perfect customer channels. In recent years, the market competition pattern in the domestic optical module industry has gradually stabilized, and the market share of leading manufacturers has steadily increased, while excellent second-tier manufacturers have also laid out ahead in terms of high-speed products and gradually shortened the product upgrade time gap with first-tier manufacturers. Wuhan Junheng's optical module industry has benefited from continuous growth in data center construction, network architecture upgrades, and AI computing power development. In particular, 400G and above high-speed optical modules have entered the product iterative upgrade cycle, and the industry currently has great opportunities for development.
Through this equity investment, Huilu Ecological is trying to enter high-tech fields such as new technologies and materials to obtain new profit growth and development opportunities, in line with the country's guidelines for “vigorously developing new quality productivity.”
Profit forecasting
The company's revenue for 2024-2026 is 0.766, 0.861, and 0.967 billion yuan, respectively, and EPS is 0.13, 0.19, and 0.25 yuan respectively. The current stock price corresponds to PE of 38.4, 26.5, and 20.2 times, respectively. The company's main business is operating steadily, and the acquisition of Wuhan Junheng enters the optical module industry. It is expected to create the company's second profit growth point and give it a “buy” investment rating.
Risk warning
Macroeconomic risks, risk of product development falling short of expectations, risk of increased industry competition, risk of downstream demand falling short of expectations, risk of new business development falling short of expectations.
