Guanglianda (002410): Rapid revenue growth, cloud transformation progressing smoothly

Guanglianda (002410): Rapid revenue growth, cloud transformation progressing smoothly

Event description: The company released its 2018 annual report on the evening of March 28, 2019, and achieved total operating income of 29 during the period.

40,000 yuan, an increase of 23 in ten years.

24%; Net profit attributable to shareholders of listed companies4.

$ 3.9 billion, with a ten-year average of 7.

02%; net profit attributable to shareholders of listed companies4.

09 million yuan, the ten-year average of 0.

61%.

The advancement of cloudification accelerated, and the balance of related advance receipts continued to increase. The company’s revenue growth accelerated significantly, reaching 23.

twenty four%.

Among them, the engineering cost business contribution rate, the annual business income in 2018 was 20.

570,000 yuan, an increase of 25 in ten years.

24%, mainly due to the company’s gradual implementation 杭州桑拿养生会所 of cloud transformation while the full launch of new cloud computing products and the 2019 inventory update expected to promote business.

The main reasons that caused the growth rate of net profit to be slower than revenue growth came from two aspects: 1) As the company’s cost business shifted to cloudification, its business model shifted from selling software products to providing SaaS services, and related revenue also changed from once.The recognition of assets has been changed to be recognized in stages according to the service period; 2) The company’s asset impairment losses in 2018 increased significantly, reaching 0.

5.6 billion.

However, if the net increase in advance receipts is resumed, it is expected that after the recovery in 2018, the revenue will be approximately $ 3.2 billion, which will increase the growth rate by 28%, and the net profit will increase by 7 trillion after recovery, and the growth rate will be close to 20%.
The internal integration is completed and the construction business is ready to go. After gradually overcoming the impact of business integration in the first half of the year, the company’s construction business gradually achieved revenue.

59 ppm, an increase of 17 in ten years.

97%.

With the increasing complexity of building structures and construction sites, there is a clear need for informatization and refinement of construction management.

As early as the product size, the company’s smart construction platform release version, BIM5D production module, construction enterprise project management (GEPS) fully integrated application, BIM decorative cloud platform has been released in 2018, and the product line is getting richer.

We believe that through the initial improvement of the company’s internal organization, product and channel integration, the application value of key products has also been transformed and a system solution has been formed, and its construction business is expected to achieve accelerated growth in 2019.

Earnings forecast and investment advice Estimate the company’s net profit in 2019-2021.

1.2 billion, 5.

89 yuan, 8.

13 trillion, corresponding to 0 EPS.

37 yuan, 0.

52 yuan, 0.

72 yuan, corresponding to 74 for PE.

3 times, 51.

9 times, 37.

6 times, maintaining the “overweight” level.

Risk reminder: the progress of cloud transformation has exceeded expectations; the recovery of construction business has exceeded expectations.