報告摘要：

裝(zhuang)(zhuang)飾(shi)(shi)物(wu)(wu)(wu)(wu)(wu)聯(lian)網(wang)，未來將引領(ling)裝(zhuang)(zhuang)飾(shi)(shi)行(xing)業轉型升(sheng)級大潮(chao)，是(shi)裝(zhuang)(zhuang)飾(shi)(shi)行(xing)業未來發展的(de)(de)(de)新變革。顧名思義，物(wu)(wu)(wu)(wu)(wu)聯(lian)網(wang)就是(shi)物(wu)(wu)(wu)(wu)(wu)物(wu)(wu)(wu)(wu)(wu)相連的(de)(de)(de)互聯(lian)網(wang)。這有兩(liang)層意(yi)思：其一，物(wu)(wu)(wu)(wu)(wu)聯(lian)網(wang)的(de)(de)(de)核(he)心和基(ji)(ji)礎仍然是(shi)互聯(lian)網(wang)，是(shi)在互聯(lian)網(wang)基(ji)(ji)礎上的(de)(de)(de)延伸(shen)和擴展的(de)(de)(de)網(wang)絡(luo)；其二，其用戶端延伸(shen)和擴展到(dao)了任何物(wu)(wu)(wu)(wu)(wu)品與(yu)物(wu)(wu)(wu)(wu)(wu)品之(zhi)間，進行(xing)信息(xi)交換(huan)和通信，也就是(shi)物(wu)(wu)(wu)(wu)(wu)物(wu)(wu)(wu)(wu)(wu)相息(xi)。物(wu)(wu)(wu)(wu)(wu)聯(lian)網(wang)關鍵的(de)(de)(de)還是(shi)在于軟(ruan)件與(yu)硬件的(de)(de)(de)結合，尤其是(shi)是(shi)硬件的(de)(de)(de)布局，裝(zhuang)(zhuang)飾(shi)(shi)行(xing)業具有天然的(de)(de)(de)優勢，再輔之(zhi)強(qiang)大的(de)(de)(de)軟(ruan)件能力，裝(zhuang)(zhuang)飾(shi)(shi)物(wu)(wu)(wu)(wu)(wu)聯(lian)網(wang)將由此產生。

領(ling)先(xian)布局(ju)裝飾(shi)物聯網(wang)(wang)領(ling)域(yu)，或(huo)將引領(ling)行業(ye)突破新方向,未(wei)來成長(chang)空(kong)間廣闊。目前，公司已經在智慧家居、智慧辦公、智慧園區(qu)、智慧酒店等(deng)板塊穩步推進裝飾(shi)物聯網(wang)(wang)業(ye)務探(tan)索，已有初步成果(guo)并積累了(le)豐富的經驗。未(wei)來隨著這些板塊業(ye)務逐步發展壯大，或(huo)將打開公司廣闊的成長(chang)空(kong)間。

公(gong)(gong)(gong)(gong)(gong)司(si)(si)積極謀求主業(ye)(ye)(ye)轉型升(sheng)級，家裝(zhuang)高(gao)(gao)端定(ding)(ding)制、節(jie)能環保(bao)新材料(liao)(liao)、建筑供(gong)應(ying)(ying)鏈等新業(ye)(ye)(ye)務有望多點(dian)開花。首先，公(gong)(gong)(gong)(gong)(gong)司(si)(si)以高(gao)(gao)端定(ding)(ding)制的形式切入(ru)家裝(zhuang)業(ye)(ye)(ye)務領域，積累了大批高(gao)(gao)端優(you)質客戶，為公(gong)(gong)(gong)(gong)(gong)司(si)(si)進軍家裝(zhuang)藍海(hai)市場奠定(ding)(ding)了堅實基礎(chu)。其次，公(gong)(gong)(gong)(gong)(gong)司(si)(si)基于裝(zhuang)飾(shi)施工業(ye)(ye)(ye)務優(you)勢拓(tuo)展(zhan)節(jie)能環保(bao)材料(liao)(liao)領域，未(wei)來不排(pai)除(chu)通(tong)過外延形式完成(cheng)該業(ye)(ye)(ye)務領域的布局(ju)(ju)，與(yu)公(gong)(gong)(gong)(gong)(gong)司(si)(si)主業(ye)(ye)(ye)形成(cheng)深度協同。再次，公(gong)(gong)(gong)(gong)(gong)司(si)(si)與(yu)怡亞(ya)通(tong)合作(zuo)設立信通(tong)，有望開啟公(gong)(gong)(gong)(gong)(gong)司(si)(si)在建筑供(gong)應(ying)(ying)鏈發展(zhan)戰略上的布局(ju)(ju)。

2017年(nian)業(ye)績有望(wang)迎來反(fan)轉回(hui)升。一是(shi)受(shou)益于經濟轉型升級(ji)訂單出現較(jiao)大(da)幅度(du)增長；二是(shi)認定為(wei)高(gao)新技(ji)術(shu)企業(ye)，對公司業(ye)績形成(cheng)正(zheng)面影響，未(wei)來3年(nian)按15％的(de)稅率繳納企業(ye)所(suo)得稅，這(zhe)將(jiang)會對公司今(jin)后(hou)的(de)業(ye)績形成(cheng)正(zheng)面的(de)積(ji)極作用。

預計公司2016~2018年(nian)EPS分別(bie)為0.74/1.15/1.45元(yuan)。當前股價對應的PE分別(bie)為45/29/23倍(bei)。首次覆(fu)蓋，給予“買入”評級。

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風險提示：裝飾主業發展不及預(yu)期、智能(neng)化業務推(tui)進不及預(yu)期等。