Guanglianda (002410): The construction cost continues to advance, the construction is smooth, the construction adjustment is completed, and the growth is resumed.
Investment Highlights Performance Summary: The company achieved operating income in the first half of 201913.
8% ten percent, an annual increase of 28.
7%; net profit attributable to mother is 0.
9 trillion, a year-on-year decrease of 39%.
Revenue grew steadily, and performance basically met expectations.
From the perspective of revenue, the company’s overall operating status: of which, the engineering cost business and the engineering construction business have achieved rapid growth, respectively, achieving revenue 9
700 million, 2.
9 trillion, respectively, to achieve a growth rate of 28.
1%; overseas business with MagiCAD as the business carrier is steadily advancing, achieving zero revenue.
700 million, an increase of 9% in ten years.
From the perspective of the profit side, the decrease in the company’s profits is mainly due to the decrease in gross profit margin and the increase in the expense ratio during the period: 1) The overall gross profit margin of the company has decreased by about 2 percentages, mainly due to the increase in the corresponding hardware procurement costs and theThe highest interest rate dropped by about 7 averages; 2) The expense ratio increased overall during the period3.
The four singles were mainly due to the increase in sales labor costs and the company’s sales expense ratio rose by about three singles.
The cloud business developed smoothly, and the company’s performance grew steadily after the restoration.
Since the company’s costing business switched to the cloud, the previous one-time fee has been changed to the SAAS model fee. In the first half of 2019, the revenue from cloud revenue was 3.
7 ‰, an increase of 197% in ten years, and the number of cloud transformation regions also increased from 11 to 21.
From the core indicators of cloud business (comprehensive conversion rate of users of pricing and calculation products reaches 80%; comprehensive conversion rate of users of pricing products in the new conversion market reaches 31%, and comprehensive conversion rate of users of calculated products reaches 45%)Progressing well.
In the first half of the year, cloud advances were 6.
700 million, after the reduction, the company’s overall revenue was 16.
40,000 yuan, an increase of 36 in ten years.
7%, net profit attributable to mother is 3.
20,000 yuan, an increase of 23 in ten years.
5%, showing overall steady growth.
The adjustment of the engineering construction business is completed and it is back on the growth track.
Since 2018, the company has released a digital project management platform (BIM + smart site) for the original BIM and smart site product line related products., Artificial intelligence and other technologies to meet the construction needs of the digital transformation can not be staged. At present, there are 716 new corporate users and 4870 new projects.
Construction business grew 33% in the first half of the year.
1%, about 18% growth in 2018 significantly accelerated.
Earnings forecasts and investment advice.
It is expected that EPS for 2019-2021 will be 0.
4 yuan, 0.
5 yuan, 0.
64 yuan, the net profit attributable to the mother in the next three years will maintain a compound length of 17%.
Considering that the company is a leading company in the construction informatization industry, and that the cloud business and construction business will open up new growth space for the company, we are optimistic about the company’s development for the 武汉桑拿 first time, and give it an “overweight” rating for the first time.
Risk warning: the progress of cloud transfer may be less than expected; the progress of construction business may be less than expected.