Guanglianda (002410): Cost cloud and construction informatization business exceeded overall expectations

Guanglianda (002410): Cost cloud and construction informatization business exceeded overall expectations

Investment event: The company released the 2019 semi-annual report express report: Total operating income13.

80 ppm, a 10-year growth rate of 28.

72%, net profit attributed to mother 8954.

470,000 yuan, 39 in the previous ten years.

13%.

The cost business accelerated, cloud products continued to grow rapidly, and the company’s overall performance was good.

The company’s costing business is accelerating cloudification. The material price information, pricing and calculation products are fully cloudified. At present, the scope has been expanded to 21 regions across the country. In addition, the company has also accelerated the incubation of new business.

In 2019, H1 company’s 佛山桑拿网 cost business income was about 9.

650,000 yuan, a year-on-year growth rate of about 28%, revenue growth rate exceeded expectations.

As of the first half of 2019, the balance of advance budget related to cloud transformation was 6.
.

7.2 billion, an increase of 62% over the beginning of the period.

If the donations received in advance are added back, the average growth rate of total revenue and cost revenue in the first half of the year is about 40%, and net profit growth will exceed 20%.

The apparent profit was improved due to factors such as fair incentive fees, financial bookkeeping differences due to product cloudification, and more new product development.

The upgrade of construction business products and performance growth exceeded expectations, which is expected to open up the company’s business growth 重庆耍耍网 space.

In the first half of the year, the company released a digital project management (BIM + smart construction site) platform that provides one-stop services for the digital transformation of the construction industry, providing “platformization + booking” project-level products.

The further upgrade of the company’s construction business will strengthen the company’s competitive advantage in the field of construction informatization.

In 2019, H1’s construction business realized revenue of approximately 2.

90 ppm, a year-over-year growth rate of more than 33%, and construction business revenue in the second quarter of 2019 was approximately 1.

9.5 billion, a previous growth rate of over 38%.

The construction business showed an accelerated development trend, and the growth rate exceeded the market’s 30% expectation.

The steady progress of construction business and high growth performance means that the demand from customers is strong and the company’s products have a competitive advantage.

The construction business is expected to open up the company’s performance growth space.

The strategic cooperation between Beijing Construction Engineering and Beijing Construction Engineering promotes the digital transformation in an all-round way, which is beneficial to the company’s product upgrade and business promotion.

The company signed a strategic cooperation agreement with Beijing Construction Engineering.

Beijing Construction has accelerated the digital transformation of the large-scale construction and construction groups across the country, and will deepen the digital business on a company-wide scale.

The launch of the cooperation is conducive to the company’s further development and upgrading of the construction information product ecosystem, and meets a series of digital requirements of the group company, rather than other types of work, and the informatization needs of individual projects, which is beneficial to the company’s product service upgrade and business promotion.

Investment suggestion: The company is expected to correspond to EPS 0 in 2019/2020/2021.

26/0.

43/0.

97 yuan, corresponding to about 130 for PE.

34/77.

22/34.

71 times, give “Buy” rating.

Risk warning: performance development is less than expected, and product cloudification is slow to advance