\u3000\u3 China Vanke Co.Ltd(000002) 410 Glodon Company Limited(002410) )
Event: the company achieved an operating revenue of 5.619 billion yuan, a year-on-year increase of 40.32%; The operating profit was 758 million yuan, a year-on-year increase of 83.10%; The net profit attributable to the parent company was 661 million yuan, a year-on-year increase of 100.06%. The annual revenue increased rapidly and the operating efficiency continued to improve
The company's annual revenue in the 21st year increased by 40.32% year-on-year, the net profit attributable to the parent company increased by 100.06% year-on-year, and the gross profit margin was 83.95%, with a year-on-year decrease of 4.54 percentage points, of which the cost business decreased by 1.86 percentage points and the construction business decreased by 6.3 percentage points. In terms of expense rate, the sales expense rate, management expense rate and R & D expense rate decreased by 3.11/2.4/3.31/0.51 percentage points respectively. We believe that the annual revenue of the company has increased rapidly in the past 21 years, while the operating efficiency has improved significantly. The decrease in gross profit margin is mainly due to the rapid expansion of construction business. It is expected that the revenue will maintain rapid growth and the operating efficiency will continue to improve in the next 22 years.
The cost of 22 years is expected to be completely cloud transformed, and ARPU is expected to continue to improve in the future
The cost business achieved an operating revenue of 3.813 billion yuan in 21 years, with a year-on-year increase of 36.64%. During the reporting period, the cloud contract signed was RMB 3.1 billion, with a year-on-year increase of 38.77%. The last four regions of the cost business in 21 years began to enter the comprehensive cloud transformation. The transformation was progressing smoothly throughout the year, and the positive growth of restored revenue was realized for the first time in the year of transformation. We believe that the subscription mode cloud transformation of digital cost business is expected to be completed in 22 years. Under the background of cost marketization transformation, market-oriented pricing products will grow rapidly, and the company will continue to promote the upgrading of digital cost management concept and ARPU.
The construction business grew rapidly, and the proportion of project enterprise integration projects continued to increase
The construction business realized an operating revenue of 1.206 billion yuan in 21 years, with a year-on-year increase of 27.82%; 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. We believe that the construction business will continue to strengthen the capacity of the underlying platform, promote the capacity-building of project enterprise integration, and realize the customer-oriented digital operation platform of the whole value chain by getting through the cost and construction data.
The design business has achieved rapid growth and continued to improve the integrated design solutions
The design business achieved a revenue of 131 million yuan in 21 years, with a year-on-year increase of 250.12%, realizing high-speed growth. In the field of housing construction, the digital architectural design products based on independent graphics platform (stand-alone public beta version) were officially released. The company's digital design business will continue to develop a collection of digital design products including architecture, structure, electromechanical, components and collaborative products, and further improve the integrated design solutions of the whole profession and the whole process.
Investment suggestion: considering the rapid growth of the company's design business and the continuous increase in the proportion of construction solution projects. We adjusted the profit forecast for 22-23 years, adjusted the income of 6.846/8.261 billion to 6.912/8.294 billion, the net profit of 10.81/13.86 to 1.086/13.93 billion, and maintained the "buy"
Rating.
Risk tip: the development of construction and design business is less than expected, and the result of cloud transformation is less than expected
