\u3000\u3000 Glodon Company Limited(002410) (002410)
Event:
The company issued the 2021 annual performance forecast after the closing on January 27, 2022.
Comments:
The operating revenue grew rapidly, and the net profit attributable to the parent company increased by 96.74% - 111.87% year-on-year
In 2021, the company expects to realize a net profit attributable to the parent company of 650-700 million yuan, with a year-on-year increase of 96.74% - 111.87%; It is expected to realize a net profit of 622-672 million yuan, a year-on-year increase of 106.32% - 122.90%. The company's main business revenue grew rapidly. Among them, the cloud transformation of digital cost business 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. Driven by the comprehensive cloud transformation, the revenue increased steadily; Digital construction business pays close attention to the needs of customers for digital transformation, actively expands contract orders, increases the penetration of project-level single products and the coverage of enterprise level solutions, breaks through key customers and key regions, and has a rapid growth in revenue.
Promote the construction of LTC, ITR and other processes of major businesses, and the cloud transformation has entered a new stage
The company accelerated the transformation of "digital Glodon Company Limited(002410) ", promoted the construction of LTC (lead to cash), ITR (issue to resolution) 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 expenses, continued to improve per capita efficiency, and had a positive impact on performance growth. From the first half of the year, the company's main businesses were carried out smoothly and the cloud transformation entered a new stage: the last four regions of cost business, Jiangsu, Zhejiang, Anhui and Fujian, entered a comprehensive cloud transformation; In the first half of the year, 8000 new projects and 600 new customers were added to the construction business; The design business completed the relevant integration of Hongye Technology and released the invitation experience version of digital design product set.
Glodon Company Limited(002410) the new products of digital architectural design were launched heavily, and the third growth curve was gradually opened
In the Glodon Company Limited(002410) design vision, building a real independent technology platform, providing integrated solutions and helping the transformation and upgrading of the design industry is a close-range goal. In the further future, we also hope to build a digital ecosystem, so as to build a scientific, cultural and green construction industry with industry stakeholders. According to the information on the company's official website, Glodon Company Limited(002410) one of the main development achievements of Glodon Company Limited(002410) design at this stage - Glodon Company Limited(002410) new products of digital architectural design were released in 2021 · 100 entrepreneurs forum of China Digital Architecture summit. As a new generation of architectural construction drawing design software for architectural designers, it has the ability of all stages from three-dimensional design modeling, interdisciplinary collaboration to rapid drawing. Based on the independent graphics platform and parametric driving as the core, it supports the deployment of cloud component library and public / private cloud, greatly reduces the learning cost of 3D design, and is more in line with the habits of China State Construction Engineering Corporation Limited(601668) designers.
Profit forecast and investment suggestions
The company is deeply engaged in the field of building informatization and digitization, complies with the reform trend of science and technology industry, constantly expands business boundaries, and is expected to grow into the world's first digital building platform service provider. Digital design is an emerging business. With the integration with Hongye Technology, the long-term growth space has been gradually opened. The company has opened the third growth curve after cost and construction. It is predicted that the operating revenue of the company from 2021 to 2023 will be 4.955, 6.049 and 7.289 billion yuan, the net profit attributable to the parent company will be 658, 952 and 1.249 billion yuan, the EPS will be 0.55, 0.80 and 1.05 yuan / share, and the corresponding PE will be 110.63, 76.48 and 58.28 times. The major businesses of the company are in different development stages, and there are great differences in the future growth space. The segment valuation method is applicable. The target market value in 2022 is 112.704 billion yuan, and the corresponding target price is 94.74 yuan. Maintain the "buy" rating.
Risk tips
Covid-19 recurrent pneumonia; The implementation of the "August 3rd" plan was less than expected; The cloud transformation of digital cost business is less than expected; The expansion of digital construction business is less than expected; The integration and development of digital design business are not as expected.
