\u3000\u3 China Vanke Co.Ltd(000002) 410 Glodon Company Limited(002410) )
On April 25, the company released the performance report for the first quarter of 2022. In the first quarter of 2022, the company achieved a revenue of 1.123 billion yuan, a year-on-year increase of 34.65%, a net profit attributable to the parent of 109 million yuan, a year-on-year increase of 41.91%, and a non net profit attributable to the parent of 94 million yuan, a year-on-year increase of 25.02%.
The cost business reflects resilience, and the delivery of construction business continues to advance: during the reporting period, the company achieved a revenue of 1.123 billion yuan, with a year-on-year increase of 34.65%, mainly due to the strong business resilience and good anti cycle effect after the transformation of digital cost business cloud, so as to achieve rapid revenue growth. Meanwhile, during the reporting period, the company's operating cost was 164 million yuan, with a year-on-year increase of 92.79%, mainly due to the growth of the company's solution business, resulting in more costs related to purchased raw materials, inventory goods and increased implementation and delivery personnel. On the whole, the cost business reflects strong performance toughness in the form of cloud services, while the delivery of construction business solutions has been affected to some extent and has not been fully converted into revenue, but it is still continuing to promote delivery.
Continuous bid winning for large-scale projects and accelerating the improvement of digital transformation methodology system: at the end of March, the company won the bid for Chengdu Xinjin CIM platform planning, construction, management and transportation system project. In this project, the company will focus on Xinjin global BIM Technology Application, CIM base construction, CIM + industrial ecological construction and digital construction of Tianfu Mushan digital new city by using independent, reliable, safe and controllable graphics platform and BIM / CIM technology advantages Carry out comprehensive cooperation with Xinjin in the intelligent development of various functional areas, and cooperate with local state-owned platform companies around the CIM basic platform to solve the difficult and painful problems in industrial upgrading, urban operation management and people's livelihood services. In mid April, the company won the bid for China Energy Engineering Corporation Limited(601868) 2022 digital transformation research and consulting service project, helping China Energy Engineering Corporation Limited(601868) build a perfect enterprise digital transformation system. At present, the company is continuously exploring ways and means to enable more enterprises and cities to carry out digital transformation. The above two winning bids will undoubtedly accelerate the promotion of this exploration. While the project is implemented smoothly, the company's digital transformation methodology system will be further improved.
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 56 / 41 / 34 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.
