\u3000\u3 China Vanke Co.Ltd(000002) 410 Glodon Company Limited(002410) )
Investment Event: on April 14, the company released the performance forecast for the first quarter of 2022. In 2022q1, the company expects to realize a net profit attributable to the parent company of 105114 million yuan, with a year-on-year increase of 36.98% - 48.72%; It is expected to realize a non net profit of RMB 90.21-99.21 million, with a year-on-year increase of 19.99% - 31.96%.
Overcome the positive development of the epidemic, adhere to investment and strengthen operation management: during the reporting period, the company's digital cost cloud subscription mode covered the whole country, and the comprehensive cloud of cost business helped the company effectively smooth the downstream customer cycle and the impact of the epidemic in some regions. Digital construction business involves more implementation and delivery, and its contract transformation and income acquisition are vulnerable to the epidemic, but the company overcomes the difficulties of the epidemic and actively promotes contract delivery. The positive development of cost and construction business effectively ensured the year-on-year 30% + growth of the company's revenue during the reporting period. Under the economic weakness, during the reporting period, the company maintained the R & D investment in platform technology and new products, and strengthened the construction of regional marketing platform. At the same time, the company continued to promote the digital Glodon Company Limited(002410) construction, continuously improved the comprehensive budget control from strategy to implementation, improved the cost-effectiveness ratio / input-output ratio, and achieved rapid growth in net profit.
Release the new digital cost solution and accelerate the connection of cost to the whole life cycle cost: on March 10, the "together, towards the future - Glodon Company Limited(002410) digital new cost solution press conference" hosted by the company was held online, in which the company released a new Glodon Company Limited(002410) digital new cost solution. The digital new cost solution is oriented to the demand of project cost refinement management. With the closed-loop connection of cost data accumulation and application as the core, it enables enterprise data capitalization, operation efficiency and intelligent decision-making. Based on the integration of the whole process and measurement and investment, it helps customers realize the cost refinement management of the project. . We believe that the launch of the company's new digital cost solution is an important breakthrough in implementing the strategy of connecting cost to cost management. With the accumulation of cost business, we can help construction customers break through the pain points, difficulties and blocking points in the current project cost control, form a joint force of cost reduction and efficiency, improve the digital level of enterprise project cost control, and will also help accelerate the digital transformation and upgrading of enterprises on the whole.
Release the draft of the employee stock ownership plan to encourage employees to improve efficiency: on April 13, the company released the draft of the employee stock ownership plan for 2022. The total capital of the draft employee stock ownership plan will not exceed 67.79 million yuan, and the participants will include the company's core management personnel and core business (technical) personnel, a total of 841 people. 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 in the employee stock ownership plan is 1375625 shares, accounting for about 0.12% of the total share capital of the company at the time of the announcement of the draft employee stock ownership plan. We believe that by giving rights and obligations to the holders, this ESOP will condense and cultivate a group of compound cadres and business leaders with common values for the company, and further lay a solid foundation for the long-term growth of the company.
Investment suggestion: we predict that the company's revenue from 2022 to 2024 will be 68.25/84.83/10.231 billion yuan respectively, the net profit attributable to the parent company will be 972/13.27/1.601 billion yuan respectively, the EPS will be 0.82/1.11/1.34 yuan respectively, and the corresponding PE will be 61 / 45 / 37 times respectively, maintaining the "buy" rating.
Risk tip: the prosperity of the construction industry is declining and the informatization progress is less than expected; The release rhythm of construction business needs is delayed; The breakthrough of digital design business technology has encountered bottlenecks.
