\u3000\u3 China Vanke Co.Ltd(000002) 410 Glodon Company Limited(002410) )
Event: on March 28, Glodon Company Limited(002410) released the annual report of 2021. In 2021, the company achieved a 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%, and the deduction of non net profit was 651 million yuan, a year-on-year increase of 115.93%.
Comments:
The growth rate of revenue reached a new high, and the net profit attributable to the parent doubled. In 2021, the company achieved a revenue of 5.619 billion yuan, a year-on-year increase of 40.32%, and a net profit attributable to the parent company of 661 million yuan, a year-on-year increase of 100.06%. Among them, the digital cost business increased by 36.64% to 3.813 billion yuan, the digital construction business increased by 27.82% to 1.206 billion yuan, and the digital design business revenue was 131 million yuan. The company’s sales expense rate, management expense rate and R & D expense rate decreased by 3.11, 2.39 and 3.31 percentage points respectively year-on-year.
Cost business cloud transformation covers the whole region. By the end of 2020, the company’s digital cost business cloud transformation has covered 25 regions in China. In 2021, the last four regions, Zhejiang, Jiangsu, Anhui and Fujian, entered a comprehensive cloud transformation, and the overall transformation progressed smoothly. In the year of transformation, they achieved positive growth of restored income for the first time. The subscription mode has improved the cost performance of products and services, and the application rate of the company’s data services has broken through a new high, which has driven the improvement of customer satisfaction, transformation rate and renewal rate. By the end of 2021, the conversion rate and renewal rate of transition regions in 20172020 had exceeded 80%, and the conversion rate of new transition regions in 2021 had also exceeded 60%. With the full completion of the cloud transformation of cost business, the company will continue to operate customers in depth, provide different products and services for different customer segments, and actively promote data value-added services.
Rapid contract volume + more complete product system, and large-scale expansion of digital construction business. In 2021, the company’s digital construction business realized an operating revenue of 1.206 billion yuan, a year-on-year increase of 27.82%. The reason is that, on the one hand, the company seized the opportunity of digital transformation of construction enterprise customers, gave priority to expanding contracts and expanding increment in the first half of the year, and focused on the implementation of delivery guarantee income and payment collection in the second half of the year, so as to achieve high-speed business growth; On the other hand, the company has formed a relatively complete digital construction product system of “platform + component”, covering all levels and business lines. The company’s project level BIM + smart site series products and project enterprise integration products for the construction enterprise level continue to implement the product value, the project level single products realize the group’s large-scale procurement, and the construction cloud product line (BIM Technology product line) realizes the rapid expansion of the number of customers and projects.
Independent multi-dimensional architectural design products to achieve a breakthrough. The company has completed the integration with Hongye Technology, ensured the integration of Hongye Technology and Glodon Company Limited(002410) design business from R & D management, marketing and customer service system, talent and salary system, digital operation management, it infrastructure and other aspects, and accelerated the team integration with the help of the discussion of core values 3.0 – North g star. At the same time, the independent digital architectural design products made a breakthrough. In October 2021, the digital architectural design products based on Glodon Company Limited(002410) independent graphics platform (stand-alone public beta) were officially released in the field of housing construction, and the research and development of structures, electromechanical, components and collaborative products were accelerated, committed to creating an architectural design solution with the integration of professional design and construction cost.
Investment suggestion: according to the data of the annual report for 21 years, slightly raise the performance forecast for 22-23 years. We expect the operating revenue of the company from 2022 to 2024 to be 6.868 billion yuan, 8.399 billion yuan and 10.256 billion yuan respectively, the net profit attributable to the parent company to be 964 million yuan, 1.281 billion yuan and 1.611 billion yuan respectively, and the EPS to be 0.81, 1.08 and 1.35 yuan respectively, 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.
