\u3000\u3 China Vanke Co.Ltd(000002) 410 Glodon Company Limited(002410) )
The total revenue of the company was 3.8 billion yuan in 2021, with a year-on-year increase of 5.6% on February 2023; The net profit attributable to the shareholders of the listed company was 661 million yuan, a year-on-year increase of 100.06%, which was in line with the pre notice range.
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 digital cost business realized a revenue of 3.813 billion yuan in 2021, with a year-on-year increase of 36.64%; Among them, the recognized cloud revenue is 2.561 billion yuan, accounting for 67.15% of the cost business revenue. According to the contract, during the reporting period, the company signed a cloud contract of 3 billion 100 million yuan, an increase of 38.77% compared to the same year, and a cloud contract liability of 2 billion 47 million yuan at the end of the term, an increase of 537 million yuan compared with the beginning of the year. After the reduction of the balance of the cloud contract liabilities, the adjusted operating income was 4 billion 353 million yuan, up 27.90% from the same year. 2) In 2021, Jiangsu, Zhejiang, Anhui and Fujian, the last four regions of the cost business, began to enter a comprehensive cloud transformation. By the end of the year, the transformation rate had exceeded 60%, and the positive growth of restored revenue was realized for the first time in the year of transformation. The subscription mode improves the cost performance of products and services. The application rate of data services such as cloud pricing, cloud computing volume main products and engineering information, guangcai.com and Guangcai assistant has broken through a new high, which has driven the improvement of customer satisfaction, transformation rate and renewal rate. At the same time, under the background of cost market-oriented transformation, the company’s concept of “digital cost management” has been upgraded, and the company’s related products have been officially applied by many state-owned investment pilot projects. 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 661 million yuan in 2021, with a year-on-year increase of 100.06%. 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 has rebounded rapidly. By the end of 2021, the net interest rate attributable to the parent company had reached 11.76%, an increase of 3.51 percentage points over the same period last year.
The construction business has expanded rapidly, and more than half of the representative single product contracts come from large-scale procurement. 1) During the reporting period, the digital construction business realized an operating revenue of 1.206 billion yuan in 2021, with a year-on-year increase of 27.82%; The amount of newly signed contracts has increased rapidly and achieved rapid growth. 2) During the reporting period, the company’s digital construction business paid close attention to the needs of customers for digital transformation, gave priority to expanding contracts in the first half of the year to expand increment, and focused on implementing the strategy of ensuring income and payment collection in the second half of the year, realizing the large-scale expansion of business. 2) Among the newly signed contracts in the whole year, the enterprise and project enterprise integrated solution contracts accounted for about 15%, and a rapid breakthrough was achieved in the head customers; Project level BIM + smart site contracts account for about 85%, among which the large-scale procurement mode of project level single product group has been rapidly promoted, and more than half of labor and bill of materials product contracts come from large-scale procurement. 3) In addition, this financial report specially proposes that the construction cloud product line (BIM Technology product line) has realized the rapid expansion of the number of customers and projects. Zebra progress has added 180000 users throughout the year, covering more than 70000 projects; The demonstration and application achievements of bimmake in Shenzhen super high-rise project of China Construction Third Engineering Bureau have been unanimously recognized by academicians and experts; After the joint verification with materials, cost and other products and the application in dozens of projects, the product capacity has passed the test and has been gradually popularized in large quantities.
Digital design accelerates the layout and strides forward to the global digital building platform service leader. 1) During the reporting period, the company’s digital design business realized an operating revenue of 131 million yuan in 2021, with a year-on-year increase of 250.12%. We expect that it will be mainly contributed by Hongye Technology. 2) 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. By the end of 2021, the installed capacity of public beta versions of digital architectural design products had exceeded 1700. 3) According to the announcement on changing the purpose of raised funds, the company will transfer about 212 million raised funds proposed to be invested in “bimdeco decoration integration platform project” to “BIM design professional software project”, the third growth curve or accelerate the cultivation. 4) 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 the key assumptions, the company is expected to realize the total apparent operating revenue of 6.954 billion yuan, 8.350 billion yuan and 9.912 billion yuan from 2022 to 2024, and the apparent net profit attributable to the parent company is 1.043 billion yuan, 1.247 billion yuan and 1.431 billion yuan.
Risk tip: the growth of cloud transformation performance is less than expected, the construction business is less than expected, and the construction information industry is affected by macroeconomic fluctuations.
