\u3000\u3 China Vanke Co.Ltd(000002) 410 Glodon Company Limited(002410) )
Event: Glodon Company Limited(002410) released the annual report of 2021, with a revenue of 5.619 billion yuan in 2021, a year-on-year increase of + 40.32%; The net profit attributable to the parent company was 661 million yuan, with a year-on-year increase of + 100%. In line with our expectations.
The smooth cloud transformation of cost business is the main growth point of revenue: the digital cost business achieved an operating revenue of 3.813 billion yuan in 2021, a year-on-year increase of + 36.64%. If the balance of the liabilities of the cloud contracts is reduced, the adjusted operating income will be 4 billion 353 million yuan, up from the same size +27.90%, with a cloud income of 2 billion 561 million yuan, accounting for 67.15% of the cost revenue. In 2021, the cloud contract signed was 3.1 billion yuan, a year-on-year increase of + 38.77%, and the cloud contract liability was 2.047 billion yuan, an increase of 537 million yuan compared with the beginning of the year. In 2021, the company's digital cost cloud transformation came to an end, and the cloud transformation in the last four regions of the cost business was smooth. In the year of transformation, the company realized the positive growth of restored revenue for the first time. In 2020, the conversion rate of the transition regions will reach 80%, the renewal rate will exceed 85%, and the conversion rate of the new transition regions will exceed 60% in 2021, which is further improved compared with the first year of the previous transition regions. The company's cloud platform shows its advantages, which keeps the comprehensive conversion rate and renewal rate high, which is the main reason for the company's revenue growth.
Guaranteed delivery is the core. The product strength of construction business has been recognized and began to increase gradually: the digital construction revenue is 1.206 billion yuan, a year-on-year increase of + 27.82%, and the revenue accounts for 21.67%. The amount of newly signed contracts has increased rapidly and achieved rapid growth. In 2021, the cumulative number of service items of digital construction project level products exceeded 55000, and the cumulative number of service customers exceeded 5000; 16000 new projects and 1600 new customers were added. The growth of construction benefits from the company's priority to ensure the implementation and delivery guarantee in the second half of the year. The cloud construction product line has realized the rapid expansion of the number of customers and projects. At the same time, the demonstration and application results of bimmake in the Shenzhen super high-rise project of China Construction Third Engineering Bureau have been unanimously recognized by academicians and experts. The product capacity of construction calculation components has passed the test and gradually promoted in large quantities. We believe that the company has strong product power in the field of digital construction business, the rapid expansion of business is smooth, and the revenue is expected to maintain a high growth in the future.
The sales conversion rate promoted the high growth of revenue, and was optimistic about the brand integration with Hongye Technology: the revenue of digital design business was 131 million yuan, a year-on-year increase of + 250.12%. The digital design business has successfully completed the integration with Hongye Technology, which ensures the integration of Hongye Technology and Glodon Company Limited(002410) design business from the aspects of R & D management, marketing and customer service system, talent and salary system, digital operation management, it infrastructure and so on, and accelerates the team integration with the help of the discussion of core values 3.0 - North g star. With the help of the data system, the company manages business opportunities and clues, improves the sales transformation efficiency, and achieves the rapid growth of sales revenue. At present, the product side has launched a new version of bimspace2022. We are optimistic about the integration of the company's digital design business and Hongye brand. Digital design will become the most powerful support for the pre simulation and integrated delivery of construction operation and maintenance scenarios.
Profit forecast and investment rating: as the leader of digital infrastructure, the company's performance is expected to maintain rapid growth with the continuous signing and delivery of construction business. Therefore, we will raise the revenue from 6.121/7.631 billion yuan to 6.764/8.029 billion yuan in 20222023, and the revenue in 2024 is expected to be 9.306 billion yuan, maintaining the "buy" rating.
Risk tip: the order growth rate of cost business is lower than expected, and the delivery is lower than expected.
