Guanglianda (002410) Annual Report Comments： Construction Cost Cloud Transformation Accelerates Construction Integration
Guanglianda (002410) Annual Report Comments: Construction Cost Cloud Transformation Accelerates Construction Integration
Event: The company released its 2018 annual report, which reported a total turnover of 29.
4.0 billion, an annual increase of 23.
24%; realized operating profit 4.
8.5 billion, down 5 every year.
79%; realize net profit attributable to shareholders of listed companies.
3.9 billion, down 7 every year.
02%; It is planned to distribute a cash dividend of 2 yuan (including tax) to every shareholder for every 10 shares.
Key investment points: Revenue has grown steadily, expenses have increased and asset impairment has dragged down the performance report. The company ‘s revenue has achieved steady growth and its profit has improved.
Among them, the gross profit margin increased slightly (from 93 in 2017).
07% increased to 93 in 18 years.
42%), the defect is mainly due to increased costs and asset impairment.
The company’s period expense ratio was 81 in 2018.
05%, an increase of 3 from last year.
The 12 single ones were mainly due to the increase in the increase in employees in management expenses; the company accrued asset impairment losses of 5,581 million, which was mainly due to the full provision for impairment of colorful decorators.
However, it is worth noting that the company’s cloud transformation of its cost business has been further comprehensive and deepened. Nearly two-thirds of the reported cloud service fees have been carried forward to pre-received earnings. The current profit data alone cannot reflect the company’s long-term growth value.
The transformation of cost cloud has accelerated, and construction integration has achieved initial results. The company’s development foundation and basic business analysis have been integrated, and the company’s cost business has achieved revenue20.
5.7 billion, an annual increase of 25.
24%; construction business realized income 6.
$ 5.9 billion, an increase of 17 per year.
97%; revenue from overseas operations1.
2.3 billion, a slight increase every year.
Among them, the total revenue of cost + construction accounted for 94%, the company’s cost cloud transformation accelerated, construction integration achieved initial results, and long-term development foundation.
In 2018, the company’s cost-effective cloud transformation has achieved significant results and achieved cloud revenue3.
7 billion yuan, an increase of 717% per year; new cloud contracts6.
5.5 billion (valued at 1.
6.9 billion, the calculation of 1.
6.3 billion, engineering information 3.
2.3 billion), a year-on-year increase of 274%; the budget balance received in advance at the end of the period4.
1.4 billion (valued at 1.
09 billion, the calculation of 1.
0.4 billion, engineering information 2.
01 billion), a year-on-year increase of 219%.
And the transition area has expanded from 6 to 11. The business scope has also expanded from pricing to the full cost range. The user conversion rate and renewal rate have continued to increase. As of the end of the reporting period, the conversion rate and renewal rate of the denominated users in the six regions of the old conversion have exceeded 85.%, The conversion rate of denominated users in 5 newly transformed regions exceeded 40%, and the conversion rate of calculated users in 11 converted regions exceeded 50%.
The benefits of cloud transformation of costing business can be proved, which lays a solid foundation for the company’s sustainable development.
In 2018, the company’s construction business integration advantages and synergies increased significantly.
The construction business is the direction for the company to break through. Although the revenue growth rate has changed abruptly during the year affected by the integration, it has broken through the independent operating model of the series of subsidiaries and achieved the integration of the company’s overall organization, personnel, channels and products. The value of the company’s construction products has stabilized.Enhancement, the platform architecture initially appeared.
Among them, there are more than 1,000 new materials management projects in the smart 西安耍耍网 construction site business, more than 950 new labor service management projects, and more than 3,300 new safety and quality management projects; BIM construction business core products, BIM5D successfully launched a production management module, establishing more than 100A project application benchmark. At present, BIM5D products have covered more than 1,000 construction companies across the country, and have been applied in more than 2,000 engineering projects. The project management business in the digital enterprise business has continued to grow steadily, and the number of first-level construction enterprise customers has increased to 200.The number of customers in the centralized mining business has increased to more than 60.It is believed that the gradual synergy effect is gradually improved, and the company’s construction business is expected to resume high growth.
Maintaining the “Recommended” rating We are optimistic about the company’s leading layout in the field of construction informatization. The cloud transformation is deepening, construction integration is re-launching, and innovation ecology is seeking breakthroughs. With reference to the 2018 annual report, we adjust our profit forecast. It is expected that the company EPS for 2019-2021 will be 0.
72 yuan, corresponding to the current expected PE is 67, 55, 42 times, maintaining the “recommended” level.
Risk warning: weak cloud transformation of costing business in remaining regions; construction business integration effect is less than expected; downstream construction industry growth rate conversion