\u3000\u3 China Vanke Co.Ltd(000002) 410 Glodon Company Limited(002410) )
Event: the company released its 2021 annual report. In 2021, it realized an operating revenue of 5.562 billion yuan, a year-on-year increase of 40.92%; The net profit attributable to the parent company was 661 million yuan, a year-on-year increase of 100.06%.
The performance is in line with expectations. In 2021, the company's gross profit margin was 83.95%, a decrease of 4.54 percentage points compared with the same period last year; The net profit margin of sales was 12.92%, an increase of 3.26 percentage points compared with the same period last year; The sales expense ratio was 28.24%, down 3.11 percentage points compared with the same period last year; The management expense ratio was 19.56%, down 2.39 percentage points compared with the same period last year; The R & D expense rate was 23.73%, down 3.31 percentage points from the same period last year.
All businesses have maintained good development. The digital cost business realized an operating revenue of 3.813 billion yuan in 2021, with a year-on-year increase of 36.64%; 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 digital design business realized an operating revenue of 131 million yuan in 2021, with a year-on-year increase of 250.12%.
Fixed growth to ensure the benign development of new business. The refinancing of the company mainly invested in the cost big data and AI application project, digital project integrated management platform project, bimdeco decoration integrated platform project, BIM three-dimensional graphics platform project and Glodon Company Limited(002410) digital building product R & D and industrialization base.
Investment suggestion: the company is one of the leading cloud computing enterprises in China. The vertical field of architecture continues to be internally extended. We expect the company's EPS from 2022 to 2024 to be 0.81 yuan, 1.06 yuan and 1.45 yuan respectively, maintaining the "buy" rating.
Risk warning: BIM landing is not as expected; New business expansion is less than expected; Industry competition intensifies.