\u3000\u3 China Vanke Co.Ltd(000002) 410 Glodon Company Limited(002410) )
Event:
The company issued the 2021 annual report after the closing on March 28, 2022.
Comments:
All major businesses were carried out smoothly, and the net profit attributable to the parent company increased by 100.06% year-on-year. In 2021, the company 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%. At the end of 2021, the balance of contract liabilities related to cloud transformation increased to RMB 2.047 billion. If the influencing factors of cloud contract liabilities are restored, the total operating income after restoration will be RMB 6.156 billion, with a year-on-year increase of 33.21% in the same caliber; The net profit attributable to the parent company after reduction was 1.144 billion yuan, with a year-on-year increase of 29.19% in the same caliber. In 2021, the company's overseas business overcame the difficulties of the epidemic and achieved an operating revenue of 153 million yuan, a year-on-year increase of 3.89%. In terms of R & D, the company accelerated the forward-looking technology layout, and invested 1.626 billion yuan in R & D throughout the year, accounting for 29.23% of the operating revenue.
The cloud transformation of digital cost business covers the whole country, and the transformation rate of new transformation regions has increased
The digital cost business realized an operating revenue of 3.813 billion yuan in 2021, with a year-on-year increase of 36.64%. If the balance of the cloud contract liabilities is reduced, the adjusted operating income will be 4 billion 353 million yuan, up 27.90% from the same year. In 2021, the cost business signed cloud contracts of RMB 3.1 billion, with a year-on-year increase of 38.77%. The cloud contract liabilities at the end of the period were RMB 2.047 billion, an increase of RMB 537 million compared with the beginning of the year. The recognized cloud revenue is 2.561 billion yuan, accounting for 67.15% of the cost business revenue. In 2021, Jiangsu, Zhejiang, Anhui and Fujian, the last four regions of the cost business, began to enter a comprehensive cloud transformation, and the transformation progressed smoothly throughout the year. In the year of transformation, they realized the positive growth of restored income for the first time. In 2021, the conversion rate of the new transition region exceeded 60%, which was further improved compared with the first year of the previous transition region.
The digital construction business actively expanded orders and completed the integration of digital design business
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. By the end of 2021, the cumulative number of service projects of digital construction project level products has exceeded 55000, and the cumulative number of service customers has exceeded 5000; In 2021, 16000 new projects and 1600 new customers were added. The digital design business has successfully completed the integration with Hongye Technology, launched a new version of bimspace2022 and successively iterated and upgraded. In 2021, the operating revenue was 131 million yuan, an increase of 250.12% year-on-year. In October 2021, the company officially released the digital architectural design products (single beta version) based on Glodon Company Limited(002410) independent graphics platform in the field of housing construction. By the end of 2021, the installed capacity of the public beta version of digital architectural design products had exceeded 1700.
Profit forecast and investment suggestions
The company is deeply engaged in the field of building informatization and digitization, complies with the reform trend of science and technology industry, constantly expands business boundaries, and is expected to grow into the world's first digital building platform service provider. Digital design is an emerging business. With the completion of integration with Hongye Technology, the long-term growth space has been gradually opened, and the company has opened the third growth curve after cost and construction. It is predicted that the operating revenue of the company from 2022 to 2024 will be 6.840, 8.222 and 9.801 billion yuan, the net profit attributable to the parent company will be 970, 1.312 and 1.682 billion yuan, the EPS will be 0.82, 1.10 and 1.41 yuan / share, and the corresponding PE will be 58.43, 43.19 and 33.71 times. The major businesses of the company are in different development stages, and there are great differences in the future growth space. The segment valuation method is applicable. The target market value in 2022 is 102200 billion yuan, and the corresponding target price is 85.88 yuan. Maintain the "buy" rating.
Risk tips
Covid-19 recurrent pneumonia; The implementation of the "August 3rd" plan was less than expected; The development of digital cost business is less than expected; The expansion of digital construction business is less than expected; The growth of digital design business is less than expected.
