Guanglianda (002410): Cloud transformation results in significant revenue growth faster than expected
Event description: The company released its semi-annual report for 2019. The report merged and the company realized total operating revenue13.
80 ppm, an increase of 28 in ten years.
72%; realized operating profit1.
28 ppm, a decrease of 19 per year.
89%; net profit attributable to mother is 0.
9 trillion, down 39 a year.
The 13% cloud conversion effect appears, and the profit after the restoration exceeds the company’s digital cost business. The cloud conversion effect has fully manifested, and its business model has been changed from the original sales software product to the service SaaS model.Confirmation is changed to instalment by service period.
As of H1 2019, the balance of the company’s pre-received budget related to cloud conversion has increased rapidly to 6.
7.2 billion, an increase of 62% over the beginning of the period, of which the number of new cloud orders signed in the first half of the year was 6.
29 trillion, an increase of 151% in ten years.
If the influencing factors of cloud pre-recovery are restored, the total operating income after the restoration will be approximately 16.
380,000 yuan, an increase of 36 in ten years.
70%, the net profit after returning to the mother is about 3.
22 ppm, an increase of 23 in ten years.
The comprehensive effect of the construction business appeared, and the 四川耍耍网 clouding results of the construction cost benefited from the integration effect of the digital construction business. Based on this, the company achieved revenue in the first half of the year.
900,000 yuan, an increase of 33 in ten years.
07%; 716 new corporate customers, an annual increase of 83%; 4870 new projects, an annual increase of 80%.
With the increasing complexity of building structures and construction sites, there is a clear need for informatization and refinement of construction management.
Finally, the product size, based on “platform + components”, the company integrated the four core technologies of the company’s BIM, the Internet of Things, big data, and artificial intelligence.Comprehensive digital project solutions to meet customer customization needs.
The SaaS conversion of digital cost business has 杭州桑拿网 entered the deepwater area. As of H1 2019, the company’s scale business has achieved operating income9.
68 ppm, an increase of 28 in ten years.
31%, of which cloud revenue is 3.
710,000 yuan, an increase of 197% in ten years.
In cloud products, the comprehensive conversion rate of calculated and calculated product users exceeds 80%; the current renewal rate reached the expected, the comprehensive conversion rate of calculated product users reached 31%, and the comprehensive conversion rate of calculated product users reached 45%.
Earnings forecast and investment advice Estimate the company’s net profit in 2019-2021.
09 billion, 5.
7.6 billion, 7.
97 ppm, corresponding to 0 EPS.
36 yuan, 0.
51 yuan, 0.
71 yuan, corresponding to PE is 94.
8 times, 67.
3 times, 48.
6 times, maintaining the “overweight” level.
Risk warning: the progress of cloud transformation gradually exceeds expectations; the development of construction business exceeds expectations.