\u3000\u3 China Vanke Co.Ltd(000002) 410 Glodon Company Limited(002410) )
Leading construction informatization, maintaining the "buy" rating
Considering that the company's cloud transformation has entered a mature stage, we maintain the company's net profit attributable to the parent company in 20222024 to be RMB 1.032, 1.346 and 1.726 billion, and EPS to be RMB 0.9, 1.1 and 1.4 per share. The current share price corresponds to 57.3, 44.0 and 34.3 times of PE in 20222024. Considering that the company is the leader of construction informatization, we maintain the "buy" rating.
The income exceeded expectations, and the anti risk ability of SaaS model appeared
The company expects to realize a net profit attributable to the parent company of 105114 million yuan in 2022q1, with a year-on-year increase of 36.98% - 48.72%; The net profit deducted from non parent company was RMB 90.21-99.21 million, with a year-on-year increase of 19.99% - 31.96%. At the same time, it is expected that the growth rate of operating revenue in 2022q1 will exceed 30%. The rapid growth of revenue is mainly due to the company's digital cost cloud subscription mode covering the whole country, smoothing the downstream customer cycle and the impact of the epidemic in some regions. At the same time, the company's digital construction business overcomes the difficulties of the epidemic and actively promotes contract delivery. It is expected that the digital cost and digital construction business in 2022q1 will achieve good growth.
Issue a new employee stock ownership plan and bind the core backbone
The company issued a new employee stock ownership plan, with a total number of participants expected to be no more than 841 and a duration of 36 months. The capital source of the stock ownership plan is the company's accrued incentive fund, with a total capital of no more than 677908 million yuan. According to the closing price of the company's shares of 49.28 yuan / share on April 13, 2022, the upper limit of the number of subject shares that can be held by the employee stock ownership plan is 1.3756 million shares, accounting for about 0.12% of the company's total share capital. This equity incentive is conducive to binding the core backbone of the company and stimulating growth vitality.
The delivery of construction business was accelerated, and the group's large-scale procurement model was rapidly promoted
In 2021, the newly signed contract amount of the company was rapid and large-scale. In the newly signed contracts in the whole year, the enterprise and project enterprise integration solution contracts accounted for about 15%, achieving a rapid breakthrough in the head customers; Project level BIM + smart site contracts account for about 85%, among which the large-scale procurement mode of project level single product group has been rapidly promoted, and more than half of labor and bill of materials product contracts come from large-scale procurement.
Risk warning: downward risk of real estate prosperity; Brain drain risk; New business expansion is less than expected risk.
