\u3000\u3 China Vanke Co.Ltd(000002) 410 Glodon Company Limited(002410) )
Event: on April 14, 2022, the company released the performance forecast for the first quarter of 2022, realizing a net profit of 105114 million yuan attributable to the shareholders of the listed company, with a year-on-year increase of 36.98% - 48.72%; The net profit after deducting non recurring profits and losses was 90.21 million yuan to 99.21 million yuan, with a year-on-year increase of 19.99% - 31.96%; The year-on-year growth rate of operating revenue exceeded 30%, exceeding market expectations.
The cost cloud subscription model covers the whole country, with steady improvement in revenue and continuous release of profits. 1) During the reporting period, 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, and developed steadily. 2) During the reporting period, we 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 continued to improve the comprehensive budget control from strategy to implementation, improved the cost-effectiveness ratio / input-output ratio, and achieved rapid growth in net profit. 3) In 2021, Jiangsu, Zhejiang, Anhui and Fujian, the last four regions of the cost business, began to enter a comprehensive cloud transformation. By the end of the year, the transformation rate had exceeded 60%, and the positive growth of restored revenue was realized for the first time in the year of transformation. The subscription mode improves the cost performance of products and services. The application rate of data services such as cloud pricing, cloud computing volume main products and engineering information, guangcai.com and Guangcai assistant has broken through a new high, which has driven the improvement of customer satisfaction, transformation rate and renewal rate. At the same time, under the background of cost market-oriented transformation, the company's concept of "digital cost management" has been upgraded, and the company's related products have been officially applied by many state-owned investment pilot projects. We expect that with the gradual advancement of cloud transformation, cost marketization reform, cost management value-added services, infrastructure and other subdivided industry products, the ceiling of the company's cost business is expected to continue to rise.
Digital construction actively promoted contract delivery, and the overall revenue exceeded 30% year-on-year. 1) During the reporting period, the digital construction business overcame the epidemic difficulties and actively promoted contract delivery. The company's overall operating revenue grew steadily, with a growth rate of more than 30%. 2) In 2021, the company's digital construction business paid close attention to the needs of customers for digital transformation, made use of the first half of the year to give priority to expanding contracts and expanding increments, and focused on the implementation of the strategy of ensuring revenue and payment collection in the second half of the year, realizing the large-scale expansion of the business. Among the newly signed contracts in the whole year, the enterprise and project enterprise integrated solution contracts accounted for about 15%, and a rapid breakthrough was achieved 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.
Digital design accelerates the layout and strides forward to the global digital building platform service leader. 1) In October 2021, the company officially released the public beta version of architectural digital design software, which has three main characteristics: two-dimensional and three-dimensional integrated design, conforming to design habits and improving design efficiency. It is committed to making design software that best meets the habits of Chinese designers. With the release of relevant public beta versions, we expect that the polishing process and business development process of the company's software design based on its own platform are expected to accelerate. By the end of 2021, the installed capacity of public beta versions of digital architectural design products had exceeded 1700. 2) According to the announcement on changing the purpose of raised funds, the company will transfer about 212 million raised funds proposed to be invested in "bimdeco decoration integration platform project" to "BIM design professional software project", the third growth curve or accelerate the cultivation. 3) With the smooth progress of various businesses, the company's design products are expected to play a synergistic role with cost and construction products to jointly help customers in the construction industry complete the integrated, digital and intelligent management transformation.
Maintain the "buy" rating. According to the key assumptions, the company is expected to realize the total apparent operating revenue of 6.954 billion yuan, 8.350 billion yuan and 9.912 billion yuan from 2022 to 2024, and the apparent net profit attributable to the parent company is 1.043 billion yuan, 1.247 billion yuan and 1.431 billion yuan.
Risk tip: the growth of cloud transformation performance is less than expected, the promotion of cost-added products is less than expected, the construction business is less than expected, and the construction information industry is affected by macroeconomic fluctuations
