\u3000\u3000 Glodon Company Limited(002410) (002410)
The company released the performance forecast for 2021, and the median of the forecast range exceeded expectations. The company released the performance forecast for 2021 on January 27, 2022, and expected the net profit attributable to the parent company to be 650-700 million yuan, with a year-on-year increase of 96.74% – 111.87%. According to the company’s 2021 restricted stock incentive plan (Draft), the performance evaluation target of the first restricted stock lifting period (2021) is that the net profit is no less than 650 million yuan. The median of the notice range was 675 million yuan, exceeding the expectation set in the equity incentive plan.
The growth rate of 21q4 performance was nearly 100%, and the profit of cloud leader maintained a high growth. Based on the median of the company’s performance forecast range, the company’s net profit attributable to the parent company in 2021q4 was about 200 million yuan, with a year-on-year growth rate of about 98%. The company’s 2021q1-q3 single quarter performance growth rate was about 45%, 171% and 89% respectively, and Q4 continued the trend of high performance growth.
The main business has blossomed at multiple points, and the transformation of “digital Glodon Company Limited(002410) ” has been actively promoted. 1) Digital cost: cloud transformation covers the whole country, the transformation rate of new transformation regions and the renewal rate of old transformation regions have increased, and the value-added services such as engineering information have increased significantly. Driven by the comprehensive cloud transformation, the revenue has achieved steady growth (the same below according to the performance forecast); 2) Digital construction: pay close attention to the needs of customers for digital transformation, actively expand contract orders, increase the penetration of project-level single products and the coverage of enterprise level solutions, break through key customers and key regions, and achieve rapid income growth. 3) Internal transformation: the company actively promotes the transformation of “digital Glodon Company Limited(002410) “, strengthens internal digitization, launches digital manpower and digital financial system, improves the comprehensive budget management system from strategy to implementation, makes reasonable expenditure, and continuously improves the per capita efficiency, thus having a positive impact on the performance.
The repurchase amount has exceeded 600 million within half a year, reflecting the company’s confidence in future development. According to the announcement on the implementation progress of share repurchase scheme issued by the company on January 5, 2022, as of December 31, 2021, the company has repurchased 10.0553 million shares through centralized bidding transaction through the special securities account for repurchase, accounting for 0.8455% of the total shares of the company, and the total transaction amount is RMB 644 million. According to the proposal on share repurchase scheme (deliberated and approved on September 1, 2021), the total capital of this repurchase shall not be less than 800 million yuan and not more than 1 billion yuan. In less than half a year, the repurchase amount of the company has exceeded 600 million. The active implementation of repurchase reflects the confidence of future development.
Investment suggestion: it is estimated that the company will realize a revenue of 5.206/65.08/7.874 billion yuan and a net profit attributable to the parent company of 677/9.96/1.318 billion yuan from 2021 to 2023. Considering that the company is in the cloud transition period, the PS valuation is more appropriate. The PS valuation of the company in 2022 is 11 times, and the average PS of Yonyou Network Technology Co.Ltd(600588) and Beijing Kingsoft Office Software Inc(688111) 22 years in the computer industry is 17 times (as unanimously expected by wind). The company has certain valuation advantages. Considering the long-term growth of the company, it maintains the “recommended” rating.
Risk tip: the prosperity of the construction industry is affected by factors such as the real estate industry, which will further affect the prosperity of construction informatization; The progress of new product research and development is less than expected.
