\u3000\u3 China Vanke Co.Ltd(000002) 410 Glodon Company Limited(002410) )
Revenue growth exceeded expectations, profit growth was in line with expectations, and the “buy” rating was maintained
The company released its annual report for 2021, and achieved a total operating revenue of 5.619 billion yuan, a year-on-year increase of 40.32%; The net profit attributable to the parent company was 661 million yuan, a year-on-year increase of 100.06%. The balance of cloud contract liabilities increased to RMB 2.047 billion, the total operating income after restoration increased by 33.21% year-on-year, and the net profit attributable to the parent increased by 29.19% year-on-year. Considering the parent company’s net profit of 3.29 billion yuan in 2029 and 2.65 billion yuan in 2022, the company’s share price is expected to be 3.25 billion yuan in 2021 and 2022, corresponding to the original forecast of “1.29 billion yuan in 2021 and 2022, which is 6.65 billion yuan in 2021 and 2022, respectively.
The cloud transformation of cost business has entered the harvest period, and the newly signed cloud contract has exceeded expectations
The company’s digital cost business realized an operating revenue of 3.813 billion yuan, a year-on-year increase of 36.64%, of which the cloud revenue was 2.561 billion yuan, accounting for 67.15%. In 2021, the last four regions of the company’s cost business, Jiangsu, Zhejiang, Anhui and Fujian, began to enter a comprehensive cloud transformation, and the transformation rate of the new transformation regions exceeded 60%. Thanks to the smooth progress of cloud transformation, the company signed a new cloud contract of RMB 3.1 billion, with a year-on-year increase of 38.77%, exceeding our previous expectations.
The delivery of construction business accelerated in the second half of the year, and the group’s large-scale procurement model was rapidly promoted
The digital construction business realized an operating revenue of 1.206 billion yuan, a year-on-year increase of 27.82%. The amount of newly signed contracts was rapid and large-scale. In the newly signed contracts in the whole year, the enterprise and project enterprise integration solution contracts accounted for about 15%, achieving a rapid breakthrough 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.
The integration of digital design field is accelerated, and the integration of design and construction cost is expected to open up a new space
The digital design business realized an operating revenue of 131 million yuan, a year-on-year increase of 250.12%. The company’s digital design business has successfully completed the integration with Hongye Technology. At the same time, in the field of housing construction, the company officially released the digital architectural design products (stand-alone public beta version) based on Glodon Company Limited(002410) independent graphics platform, accelerated the research and development of structures, electromechanical, components and collaborative products, and was committed to creating an architectural design solution integrating full professional design and construction cost.
Risk warning: downward risk of real estate prosperity; Brain drain risk; New business expansion is less than expected risk.
