\u3000\u3000 Glodon Company Limited(002410) (002410)
Leading construction informatization, maintaining the "buy" rating
We are optimistic about the long-term growth of the company and maintain the company's net profit attributable to the parent company from 2021 to 2023, which is predicted to be 669, 997 and 1.257 billion yuan, and EPS is 0.56, 0.84 and 1.06 yuan / share. The current share price corresponds to 108.8, 73.0 and 57.9 times of PE from 2021 to 2023. Considering that the company is the leader of construction informatization, we maintain the "buy" rating.
The performance was in line with expectations and the operating efficiency was significantly improved
The company released the performance forecast for 2021, and it is expected to realize the net profit attributable to the parent company of 650-700 million yuan, with a year-on-year increase of 96.74% - 111.87%, which is in line with our previous expectations. Among them, Q4 is expected to realize a net profit attributable to the parent company of 175-225 million yuan, with a year-on-year increase of 73.6% - 123.3%. It is expected to realize a net profit of 622-672 million yuan, a year-on-year increase of 106.32% - 122.90%. The rapid growth of net profit is mainly due to: (1) the company's cost and construction income have achieved rapid growth. (2) The company accelerated the transformation of "digital Glodon Company Limited(002410) ", promoted the construction of LTC, ITR and other processes of main businesses, launched digital human and digital financial systems, improved the comprehensive budget management system from strategy to implementation, made reasonable expenditure and continued to improve the per capita efficiency. (3) As the cloud transformation of digital cost business is coming to an end, the company's apparent profit index is gradually restored.
Cloud transformation has basically won an all-round victory
In 2021, the company carried out comprehensive transformation across the country. Jiangsu, Zhejiang, Fujian and Anhui entered the transformation stage. The digital cost business cloud transformation covered the whole country. The transformation rate of new transformation regions and the renewal rate of old transformation regions increased, and the value-added services such as engineering information increased significantly.
The confirmation of construction business contract is accelerated from Q3, and it is expected to achieve rapid growth throughout the year
The digital construction business began to form a pattern of two core products, smart construction site and project enterprise integration, on the product side in 2021. It is expected that the construction orders of the whole year will increase rapidly. Since the second half of the year, the contract confirmation of the company has gradually resumed, and the construction business is expected to grow rapidly throughout the year.
Risk warning: the company's business development is not as expected; The risk of intensified competition in the market.
