Guanglianda (002410) 2018 Annual Report Review: Cloud Transformation Promotes Strategic Integration of Construction Business

Guanglianda (002410) 2018 Annual Report Review: Cloud Transformation Promotes Strategic Integration of Construction Business

The report guide company announced the 2018 annual report on the evening of March 27, and achieved operating income of 28.

6.2 billion, an annual increase of 22.

30%, net profit attributable to mother 4.

3.9 billion, a decrease of 7 per year.

02%.

Realize net profit after deduction to non-return mother 4.

0.9 billion yuan, a decrease of 0 a year.

61%, in line with our expectations.

Investment Highlights Engineering cost business has grown steadily, Saas’s transition progress has accelerated in 2018, and engineering cost business has achieved steady growth with revenue reaching 20.

5.7 billion, an annual increase of 25.

24%, of which cloud revenue is 3.

7 billion yuan, an annual increase of 717%.

The transition area has been expanded from 6 to 11. The scope of the transition business has been expanded from the engineering valuation business to the full cost business, and a new cloud contract amount of 6 has been gradually signed.

5.5 billion US dollars, an annual increase of 274%, and the budget surplus at the end of the period was 4.

1.4 billion US dollars, an annual growth of 219%.

The conversion rate and renewal rate of users in the conversion area continued to increase. The conversion rate and renewal rate of the denominated users in the six old conversion areas exceeded 85%. The conversion rate of the denominated user in the five newly converted areas exceeded 40%.User conversion rate exceeds 50%.

Looking ahead to 2019, cloud transformation will accelerate, and the transition region will continue to expand.

Engineering construction business is strategically integrated, and synergy effects and integration advantages are becoming increasingly apparent. Engineering construction business is the company’s future focus and breakthrough direction, and is the main driving force for future growth.

In 2018, the business achieved operating income6.

$ 5.9 billion, an increase of 17 per year.

97%.

The company broke through the original mode of supplementary independent operation of the subsidiary, strategically integrated the overall construction business, quickly realized integration of organization, personnel, channels and products, and steadily increased product value.

Among them, the BIM construction business has maintained healthy development, and the corresponding products have been verified by the value of several national engineering projects. The BIM5D product has covered 1,000 construction enterprises nationwide, and has been applied in more than 2,000 engineering projects.

The project management business has continued to grow steadily, and the number of customers for first-level construction enterprises has increased 200 times, covering all provinces across the country.

Expense structure has been continuously optimized, and high R & D investment has increased core competitive companies’ 2018 sales expenses7.

9.3 billion, an annual increase of 16.

27%, the growth rate is significantly lower than the growth rate of revenue, and the effect of cloud transformation has begun to manifest.

At the same time, in order to maintain competitiveness, the company has continuously expanded its R & D investment and the R & D expansion has reached 8.

3.0 billion, an annual increase of 21.

74%, accounting for 28% of operating income.

05%, basically the same as in 2017, with 2,402 R & D personnel, an increase of 38.

47%.

We believe that the continuous high R & D investment can effectively promote the company’s continuous breakthrough in the fields of graphics technology, cloud technology, big data technology, Internet of Things technology and artificial intelligence, and provide customers with complete solutions to meet customers’ multiple application scenarios.demand.

Profit forecast and forecast The company is fully pushing forward the cloud transformation of the engineering cost business while maintaining steady growth. The market demand for the engineering construction business is urgent. After the strategic integration is completed, it is expected to usher in accelerated growth.

Taking into account the cloud transformation of 10 new regions in 2019, we have slightly lowered the net return to motherhood for 2019-2020, while increasing the forecast for 2021. The net profit for motherhood for 2019-2021 is expected to be: 4.

9.6 billion, 6.

7.5 billion, 8.

7.7 billion yuan, EPS is 0.44, 0.

60, 0.

78 yuan / share, the net profit attributable to the mother increases by 13 each year.

05%, 35.

90%, 30.

03%, maintain “Buy” rating.合肥夜网

Risks prompt cloud transformation of engineering cost business gradually exceeds expectations; unfavorable expansion of engineering construction business; brain drain.