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　　 Changjiang Securities Ma Xianwen

Key points of the report:

　　 Handing : Intelligent solution provider with impressive achievements.

There are many intelligent system integrators in China, with different texture levels. Handing is a project oriented enterprise with outstanding performance, and its net profit CAGR in the past three years is 109.0%. This report will describe the unique growth momentum of the company in the future from the four dimensions of industry, technology and qualification, channel and management.

Intelligent industry will be a big topic in the long term.

Intelligentization is one of the construction orientations proposed separately in the theme of new urbanization. Its depth and breadth enable it to become a strategic point. The intelligent buildings and public safety intellectualization involved in the company at this stage will also benefit from it for a long time: under the background of booming endogenous demand for building energy efficiency and increasing policy promotion, The new commercial business buildings and the intelligent transformation of existing buildings will lay a long-term high growth foundation for the intelligent building industry; In addition, the company's public security intelligence benefits from the government's rigid investment in the social transformation period. The frequent occurrence of social events in major public security sub fields also makes the investment in this field not slacken in the future, and the industry has strong long-term growth momentum.

Barriers+channels+efficient management become the core competitiveness of the company.

Through years of accumulated talents, R&D advantages and typical project experience, the company has formed efficient customized system integration capabilities and qualification barriers; At the same time, the company's regional center construction and nationwide layout have begun to show results, and the channel coverage and benefits are at the forefront of the industry; In addition, the company leads the industry in terms of personnel utilization efficiency, order quality, bid winning rate, etc. with its unique order strategy and flat management idea.

Maintain the "recommended" rating.

The company has excellent quality and is easy to grow rapidly under the background of "high growth industries and small companies". We are optimistic about the performance elasticity of future contributions of regional centers, HVAC business and overseas markets. It is estimated that the EPS from 2012 to 2014 will be 0.93, 1.44 and 2.08 yuan, corresponding to PE of 31, 20 and 14 times, maintaining the "recommended" rating.

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