\u3000\u3000 Glodon Company Limited(002410) (002410)
Event: on January 27, the company released the performance forecast for 2021, realizing a net profit of 65-70 million yuan attributable to the shareholders of the listed company, with a year-on-year increase of 96.74-111.87%; The net profit after deducting non recurring profits and losses was 6221508-672150800 yuan, with a year-on-year increase of 106.32-122.90%.
Revenue and profits grew rapidly, and the long-term logic of cost cloud transformation was strongly verified. 1) In terms of digital cost revenue, the company’s cloud transformation of digital cost business has covered the whole country in 2021. 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. We expect that with the gradual progress of cloud transformation, value-added services and segmented industry products, the ceiling of the company’s cost business is expected to continue to rise. 2) In terms of profit, the company realized a net profit attributable to the parent company of 650-700 million yuan in 2021, with a year-on-year increase of 96.74-111.87%. We expect that the main reason is that the transformation of cost cloud is gradually coming to an end. At present, cost cloud products have become an important support for the company’s apparent profit, and the marginal profit index may rise rapidly. According to the third quarterly report of 2021, the net interest rate of the company from the beginning of the year to the end of the third quarter was 13.20%, an increase of 4.32 percentage points compared with the same period of the previous year; Among them, the net interest rate of Q3 in a single quarter reached 13.31%, an increase of 3.12 percentage points compared with the same period last year, and the cloud transformation logic has been strongly verified.
Digital construction revenue has achieved rapid growth, and the annual target of 30% is expected to be achieved. 1) During the reporting period, the company’s digital construction business paid close attention to the needs of customers for digital transformation, actively expanded contract orders, increased the penetration of project-level single products and the coverage of enterprise level solutions, broke through key customers and key regions, and achieved rapid income growth. 2) According to the record of investor relations activities of the company, the digital construction business achieved an operating revenue of 672 million yuan in the first three quarters, with a year-on-year increase of 28.85%; Among them, the operating revenue from July to September was 354 million yuan, a year-on-year increase of 90.87%. At the same time, the contract amount continued the high growth trend in the first half of the year, the contract doubled, and the delivery also achieved good results. According to the average period of 1-3 months from delivery to revenue recognition, we expect that the annual growth target of 30% of the company’s digital construction business is expected to be achieved.
Digital design accelerates the layout and strides forward to the global digital building platform service leader. 1) In October 2021, the company officially released the public beta version of architectural digital design software, which has three main characteristics: two-dimensional and three-dimensional integrated design, conforming to design habits and improving design efficiency. It is committed to making design software that best meets the habits of Chinese designers. With the release of relevant public beta versions, we expect that the polishing process and business development process of the company’s software design based on its own platform are expected to accelerate. 2) In the first half of 2021, the company will focus on promoting the integration of Hongye Technology, a subsidiary, and strive to open up products, markets and channels. On the product side, the company released the invitation experience version of Glodon Company Limited(002410) digital design product set in March, and completed 8 complete pilot projects in the first half of the year; Bimspace2022 positive design product was launched in June, and 6 benchmark customers were newly signed. On the market side, build a digital marketing system in stages by using Glodon Company Limited(002410) channel methodology, and complete the historical customer data migration and customer portrait verification of Hongye Technology; Introduce service objectives and plan management to gradually improve service quality. By the first three quarters of 2021, the company’s digital design business had achieved an operating revenue of 90 million yuan, of which the subsidiary Hongye technology contributed about 87 million yuan. 3) With the smooth progress of various businesses, the company’s design products are expected to play a synergistic role with cost and construction products to jointly help customers in the construction industry complete the integrated, digital and intelligent management transformation.
Maintain the “buy” rating. According to key assumptions, the company is expected to achieve total apparent operating revenue of 5.213 billion yuan, 6.568 billion yuan and 8.070 billion yuan from 2021 to 2023, and apparent net profit attributable to parent company of 667 million yuan, 972 million yuan and 1.101 billion yuan.
Risk tips: cloud transformation fails to meet expectations, cloud transformation affects performance growth, construction business fails to meet expectations, and the construction information industry is affected by macroeconomic fluctuations
