\u3000\u3 China Vanke Co.Ltd(000002) 410 Glodon Company Limited(002410) )
Event overview
1) on April 15, Glodon Company Limited(002410) released the performance forecast for the first quarter of 2022. 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%; 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%. The basic earnings per share is 0.0892-0.0968 yuan / share.
2) on April 14, Glodon Company Limited(002410) issued the employee stock ownership plan (Draft) for 2022. The total capital of this ESOP is no more than 67.79 million yuan, and the number of shares involved accounts for about 0.12% of the total share capital of the company. The participants are the company's core managers and core business (technical) personnel, no more than 841 people.
Cloud subscription mode creates performance resilience, and continues to invest to stabilize the basic disk
Under the pressure of the economy, the company's digital cost cloud subscription mode covers the whole country, smoothing the downstream customer cycle and the impact of the epidemic in some regions. The digital construction business overcomes the difficulties of the epidemic and actively promotes contract delivery. The company's overall operating revenue increased steadily in the first quarter of 2022, and the growth rate of net profit exceeded 35%. At the same time, 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 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.
New digital cost solutions were released to start a new journey of cost reduction and efficiency increase
On March 10, "together, to the future - Glodon Company Limited(002410) digital new cost solution press conference" was successfully held online. With the gradual formation of data assets in the construction industry, cost refinement management is imminent. The company has shifted from providing post end products and tools in the field of cost to providing enterprise level overall solutions in the field of project cost control. Jointly with Alibaba cloud, the company officially released Glodon Company Limited(002410) digital new cost solutions. It mainly includes three aspects: 1) digitization of operation scene. Realize the closed-loop of each operation scene from achievement preparation, achievement collection, achievement analysis, achievement collection and reuse, and realize the digitization of each scene; 2) Platform of cost capability. Provide one-stop digital application services to help enterprises build a cost data center, precipitate data assets and algorithms, develop API interfaces, and help enterprises build digital systems; 3) Digitalization of organizational manpower. The enterprise digital service mode provides enterprises with talent capability upgrading, helps enterprises to precipitate the capability data of employees and organizations, provides customized enterprise talent construction services based on the capability data, and supports the upgrading of enterprise talent strategy.
ESOP binds core talents, increases incentives and demonstrates development confidence
In order to mobilize the enthusiasm of employees, retain core talents and enhance the company's competitive advantage, the company plans to implement the employee stock ownership plan in 2022. The participants are the company's core managers and core business (technical) personnel, which is expected to be no more than 841, accounting for about 8.87% of the company's total employees. The total capital of the employee stock ownership plan does not exceed 67.79 million yuan, accounting for about 10.26% of the net profit of the company's audited consolidated statements in 2021. According to the calculation of 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 1.38 million 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. Based on the principle of equal incentives and constraints, this plan sets up individual level performance appraisal. The appraisal year is 2022 and 2023, and the appraisal is conducted once in each accounting year. Only if the appraisal result is qualified can the corresponding underlying stock rights and interests in this period be unlocked. While fully motivating employees, corresponding constraints shall be imposed on them to promote the further development of the company.
Investment advice
Glodon Company Limited(002410) as the absolute leader in the field of China State Construction Engineering Corporation Limited(601668) cost, is accelerating its growth into a leader and enabler of the digital construction industry. It has multiple attributes such as digital transformation, cloud transformation and domestic substitution. It has broad growth space, business model optimization and enjoys a certain valuation premium in the future. It is estimated that the revenue growth rate of the company from 2022 to 2024 will be 24.0% / 22.1% / 21.6% respectively, and the growth rate of net profit attributable to the parent company will be 29.7% / 29.9% / 22.8% respectively, maintaining the investment rating of buy-a. Give a six-month target price of 70.25 yuan, equivalent to 12 times the dynamic market sales rate in 2022.
Risk warning: the promotion of construction business is not as expected; The increase of customer unit price of cost business is less than expected.
