\u3000\u3000 Glodon Company Limited(002410) (002410)
Core view
Cost business cloud transformation, force construction business, cultivate design and innovation business. Glodon Company Limited(002410) is a leading construction industry information company. Digital cost business is a mature business of the company. The cloud transformation of cost business began in 2016 and accelerated in 2017. At present, all regions of cost business have entered a comprehensive cloud transformation. The digital construction business segment is the key growth business of the company. It mainly focuses on the construction process of engineering projects and provides platform solutions and sales of software and hardware products for construction enterprises through the mode of "platform + component". The digital design business segment is an emerging business of the company, and bimspace and civil municipal products are in a leading position in the market.
BIM is the core of digital construction business and is expected to become a continuous driving force for future performance growth. China's digital construction business market is huge. At present, the penetration rate is low. The company has been deeply cultivated for many years and has obvious competitive advantages and industry influence. At present, the digital construction business is still in the growth stage, the user base is relatively small, and the products are still continuously polished. In the future, when the user base is large enough and the products are mature enough, The company may convert the construction business from sales mode to annual fee mode. Digital construction business is expected to become a strong engine for the company's performance growth and secondary entrepreneurship in the future.
Digital design business is expected to become a new growth pole. Glodon Company Limited(002410) based on the independent design platform, solve the problem of data island and open up the whole link of the industrial chain. The company started to build graphics underlying technology in 2010. In 2021, the company officially established digital design BG and launched digital design solutions based on its own core platform. The company focuses on promoting the integration of its subsidiary Hongye Technology, and strives to achieve the connection from product to market to channel. In June 2021, the company launched bimspace2022 forward design product, integrating the concept of Glodon Company Limited(002410) BIM three-dimensional forward design, and further improving the user application rate through single product update and iteration of collaborative platform.
Investment suggestion: the company's cost business continues to develop steadily, driven by both policy and demand, and vigorously develops digital construction and digital design business, which is expected to open up new growth space in the future. We expect the company to achieve net profits of 659 million yuan, 954 million yuan and 1278 million yuan in 21-23 years, with growth rates of 99.6%, 44.6% and 34.0% respectively. The segment valuation gives the company a 22-year target market value of 104.86 billion yuan, corresponding to the target price of 88.15 yuan, maintaining the "buy" rating.
Risk tip: the expansion of digital construction business is not as expected; Technology and product development are not as expected; The epidemic affects the economic downside risk.
