\u3000\u3 China Vanke Co.Ltd(000002) 410 Glodon Company Limited(002410) )
Core view
Event: on April 14, Glodon Company Limited(002410) released the performance forecast for the first quarter of 2022. In 2022q1, the company expects to realize the net profit attributable to the parent company of 105114 million yuan, a year-on-year increase of 36.98% - 48.72%, and the deduction of non net profit of 90.21-99.21 million yuan, a year-on-year increase of 19.99% - 31.96%.
Comments:
Revenue grew steadily and actively promoted the delivery of construction business contracts. In 2022q1, the company's digital cost cloud subscription mode covered the whole country, smoothed the downstream customer cycle and the impact of the epidemic in some regions, overcame the epidemic difficulties in digital construction business and actively promoted contract delivery. The company achieved steady growth in overall operating revenue, with a growth rate of more than 30%.
Strengthen regional marketing and increase R & D and sales personnel. The company continued to maintain the R & D investment in platform technology and new products, strengthened the construction of regional marketing platform, and the R & D personnel and sales personnel increased compared with the same period last year; However, the company continues to improve the comprehensive budget control from strategy to implementation, improve the cost-effectiveness ratio / input-output ratio, and achieve rapid growth in net profit. It is expected to realize a net profit attributable to the parent of 105114 million yuan, a year-on-year increase of 36.98% - 48.72%. In 2022q1, the company completed several national scientific research projects, and confirmed that the relevant government subsidies formed non recurring profits and losses of about 14 million yuan, deducting non net profits of 90.21-99.21 million yuan, with a year-on-year increase of 19.99% - 31.96%.
It is proposed to launch the employee stock ownership plan in 2022. Recently, the company released the draft employee stock ownership plan for 2022. The total number of copies of the employee stock ownership plan does not exceed 67790834. According to the closing price of 49.28 yuan / share of the company's shares on April 13, 2022, the upper limit of the number of subject shares that can be held is 1375625 shares. The participants are the company's core management personnel and core business (technical) personnel, and the total number of employees participating is expected to be no more than 841. In 2022, the company plans to comprehensively start the transformation of business from cost line to cost line, and expand cost products in the field of infrastructure; The construction business will continue to promote the capacity building of project enterprise integration, and strengthen the opening-up capacity building of the digital project integrated management platform; The digital design business will continue to develop a collection of digital design products including architecture, structure, electromechanical, component and collaborative products.
Investment suggestion: we expect the company's operating revenue in 22-24 years 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.
