Guanglianda (002410): Cloud transformation is progressing smoothly Non-public offering layout future
Event: On the evening of October 28, the company announced the third quarter report for 2019.
The company achieved revenue in Q3 20198.
35 ppm, an increase of 15 in ten years.
51%; net profit attributable to mother was 6,930.
400,000 yuan, down 52 every year.
The company achieved revenue of 21 in the first three quarters.
83 ppm, an increase of 22 in ten years.
78%; net profit attributable to mothers1.
59 trillion, down 45 a year.
At the same time, the company released the “Preliminary Plan for Non-public Issuance of A Shares in 2019”.
Comments: Revenue has maintained rapid growth, and apparent performance has dropped significantly. In the first three quarters of 2019, the company achieved revenue of 21.
83 ppm, an increase of 22 in ten years.
78%, maintained a rapid growth, and gross margin growth decreased3.
54%, mainly because the digital construction business with the highest gross profit margin continued to grow, driving down the overall gross profit margin.
The company achieved net profit attributable to mothers in the first three quarters1.
5.9 billion, an annual decline of 45.
74%, apparently penetrating the decline, mainly due to: 1) the company’s digital cost business cloud transformation is accelerating, the company’s pre-received revenue has significantly increased under the SaaS model, and this part of the revenue cannot be recognized as current income, resulting in apparent revenue and profit.Impact; 2) Expenses increased rapidly during the period, of which sales expenses increased by 42 each year.
27%, mainly due to the increase in sales staff compensation and marketing promotion conference fees, each increase in research and development expenses of 35.
32%, mainly due to the increase in the company’s R & D staff budget.
Digital transformation business cloud transformation continues to advance, new construction digital product business release 2019 is a key year for digital transformation business cloud transformation, including Beijing, Shanghai and other first-tier cities with 10 business volume through the region began cloud transformation, the end of the third quarterThe budget surplus received in advance was 8.
5.2 billion, an annual increase of 78.
93%, indicating that the transition is progressing smoothly.
At the same time, the digital cost business accelerated the incubation of new businesses: cloud computing released a steel-concrete business version, and cloud pricing released a national tax reform version.
In terms of digital construction business, in October at the “2019 China International Digital Economy 苏州桑拿网 Expo”, the company released a one-stop service product for construction enterprises, “Digital Project Management Overall Solution”, and BIM technology-based project management software “BIM5D V4”.
The company issued a non-public issuance plan to strengthen the technical foundation to ensure long-term development. The size of the raised funds for this non-public issuance is no more than 2.7 billion U.S. dollars. It is intended to be used for the following projects after replacing the issuance costs: cost big data and AI application projects, digital project integration managementPlatform project, BIMDeco decoration integration platform project, BIM 3D graphics platform project, Guanglianda digital construction product research and development and industrialization base, repayment of corporate bonds.
We believe that 杭州桑拿 this non-public offering is conducive to the company’s further deepening of the construction informatization layout and further enhances the company’s profitability. At the same time, this financing will further strengthen the company’s capital strength, optimize asset and liability structure, and reduce financial risks.
Investment advice and profit forecast The company focuses on the two major businesses of digital cost and digital construction.
Digital costing business is a mature business, currently undergoing cloud transformation, and is a pioneer of cloud transformation in the domestic software industry.
The digital construction business is a brand new blue ocean market with a larger market space than the cost business, which will promote rapid growth in the future.
The company’s operating income is expected to be 31 in 2019-2021.
3.9 billion, 36.
3.8 billion, 47.
1.8 billion, net profit attributable to mother is 3.
4.8 billion, 5.
5 billion, 9.30,000 yuan, corresponding to 0 EPS.
80 yuan / share.
Maintain “Overweight” investment rating.
Risk warnings The progress of cloud transformation of the cost business is less than expected; the expansion of construction business is less than expected; the growth rate of newly started housing areas is rapidly shifting.