\u3000\u3000 Glodon Company Limited(002410) (002410)
Event:
The company released the performance forecast for the past 21 years, realizing a net profit attributable to the parent company of 650-700 million, with a year-on-year increase of 96.74% – 111.87%, and a net profit attributable to the parent company of 622-672 million after deduction, with a year-on-year increase of 106.32% – 122.9%.
The performance meets the expectation and is expected to achieve the equity incentive goal
The company expects to realize a net profit attributable to the parent company of 650-700 million, with a year-on-year increase of 96.74% – 111.87%. The predicted profit exceeds the unlocking conditions of equity incentive of 650 million in 21 years. The reasons for performance changes mainly come from two parts: 1) the cloud transformation of digital cost business 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 increased steadily; Digital construction business pays close attention to the needs of customers for digital transformation, actively expands contract orders, and the income increases rapidly. 2) digital Glodon Company Limited(002410) is accelerated, the process construction is continuously launched, and the per capita efficiency is continuously improved. We believe that the forecast profit shows that the company is expected to achieve the equity incentive goal, and the cost business transformation is smooth, with the continuous release of profits. Through the construction of business line process, the company will improve the comprehensive budget management system from strategy to implementation, and make reasonable expenditure, which will continue to improve performance growth.
The cost transformation is expected to be completed by the end of this year, and the three-dimensional degree will improve the market space
The company expects to complete the digital cost cloud transformation goal by the end of 2022. Most of the digital cost business revenue will be contributed by cloud related products and services, and the rest is mainly composed of e-government business and some non subscription software. We believe that the company further improves the cost market space through three dimensions: cost marketization reform (data value-added services brought about by cost marketization reform), product segmentation (expanding categories for infrastructure and other subdivided industries), and customer segmentation (subdivided needs of cost consulting companies, construction enterprises and Party A).
The impact of the real estate industry is expected to be limited, and the construction business continues to expand rapidly
The company’s construction business in the past 21 years has increased the penetration of project level single products and the coverage of enterprise level solutions, breaking through key customers and key areas. At the same time, the customers of digital construction business are mainly construction units, and most of the business is public buildings in the field of housing construction. We believe that since the downstream construction units of the company mainly focus on public buildings in the field of real estate construction, the overall impact of the real estate industry is expected to be limited, and the construction performance target is expected to be achieved in 21 years. At present, the digitization of the construction industry has been started, and relatively mature products such as labor services, materials and project Bi have entered the stage of large-scale promotion. The company will rapidly expand its business in the future.
Investment suggestion: according to the company’s performance forecast for 21 years, we maintained the income of 54.06/68.46/82.61 million in 21-23 years, adjusted the net profit from 712 / 10.81/1386 million to 693 / 10.81/1386 million, and maintained the “buy” rating.
Risk tip: the cloud result is less than expected, the development of construction and design business is less than expected, and the development of cost value-added business is less than expected. The performance forecast is a preliminary calculation, and the specific financial figures are subject to the disclosure of the company
