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　　 Changjiang Securities Ma Xianwen

Event description: This report hopes to explain to you the companies we focus on Handing Key investment points in 2013.

Event comment:

Intelligent buildings: the only way to pursue new urbanization: at present, building energy consumption accounts for more than 30% of the total social energy consumption, and 99% of existing buildings are high energy consumption, which seriously affects economic benefits and the development speed of new urbanization. Building energy conservation has become an insurmountable task. In recent years, policies related to building energy efficiency have emerged frequently. After the Central Economic Work Conference, intelligent buildings have been pushed to an unprecedented height by means of new urbanization. Under the guidance of intensive, intelligent, green and low-carbon construction, the energy-saving transformation of existing buildings has become the key point of work in most provinces and cities in China. The total amount allocated by the central government in the northern region alone has reached 5.3 billion yuan. Intelligent building is an important way to achieve energy conservation, which can effectively reduce building energy consumption by about 60%. With the joint promotion of policies, needs and funds, the intelligent building industry is expected to enjoy a high boom.

The company has no worries about orders in 2013: the construction of the regional center of the company has shown initial results, and the sales cost is still well controlled even though the channel coverage has been greatly expanded. It is expected to enter a large-scale contribution period in 2013.

At the same time, the HVAC business of subsidiary Hanjue Technology, which entered the stage of substantial order acquisition at the end of this year, is also expected to develop and rapidly expand the market in 2013. In addition, the company has won two large overseas orders this year, which are expected to contribute more than 50 million revenue in the next year. With the continuous enhancement of the company's secondary sales ability, the company will ensure the continuity of order acquisition for weak current construction projects in Algeria. Considering that the company has relatively complete business qualifications, we believe that under the background of high prosperity in the industry, the company's order growth in 2013 is basically safe.

The company has excellent comprehensive quality: so far, the company has achieved remarkable performance. As a project oriented company, it has taken the lead in the industry in many important indicators, such as channel coverage, channel cost, payment collection, gross profit, per capita income, R&D investment efficiency, etc. At present, the company is still able to adapt to the control of project quality and cost during scale expansion through continuous optimization of management mode and order strategy, as well as investment in channel and technology, and has obtained high-quality channels and qualifications through extension expansion, and gradually gained a strong industry position, It is a rare excellent quality in the intelligent industry and even in order driven companies.

Maintain the "recommended" rating: the company is an enterprise with excellent quality and strong industrial status, and it is easy to grow rapidly in the context of "large industries, small companies". It is estimated that from 2012 to 2014, the company's EPS will be 0.93 yuan, 1.44 yuan and 2.08 yuan respectively, and the corresponding PE will be 31, 20 and 14 times respectively, maintaining the "recommended" rating.

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