Guanglianda (002410) 2019 First Quarterly Report Review: High-speed Revenue Growth SAAS Transformation Continues to Accelerate
The company released the 2019 first quarter report and achieved total operating income4.
73 trillion, an increase of 38 in ten years.
81%; realized net profit attributable to mother 5536.
40,000 yuan, down 2 every year.
29%; net profit attributable to non-parents is 4976.
860,000 yuan, down 6 every year.
Comment: High-speed revenue growth, expansion and increase affect profit growth.
1) 19Q1 company’s main business income is 4.
5.7 billion, a rapid growth of 37.
42%, net profit attributable to mothers fell by 2.
29%, mainly affected by the following factors: First, due to the increase in the cost of business materials, the gross profit margin was slightly 0.
91 single; the second is due to the increase in expense ratio.
The company’s ten-year average selling expense ratio.
42 in total; management expense ratio increased by 1 due to salary increase.
58 single; at the same time, the company continued to expand research and development investment, increasing research and development expense ratio4.
2) The industrial finance business is developing well, driving the company’s interest income to increase by 109 per year.
At the same time, the company’s operating net cash flow increased for ten years.
67%, due to the cancellation of loans by the industrial finance business.
The SaaS transition of the cost business continued to accelerate.
The company’s advance payment 杭州桑拿网 is 4.
55 ‰, earlier in the early 19th year 4.
45%, mainly because the amount of income carried over from the transition-related funds was greater than the amount transferred to the pre-collection budget account.
Specifically, a new cloud contract was signed in Q1 2019.
31 ‰, an increase of 72 per year.
61%; cloud related advance receipt budget balance3.
85 trillion, down 7% from the beginning of 19; based on this preliminary calculation, the revenue from the cloud business carried forward in 19Q1 was about 1.
600 million, accounting for 35% of the main business income.
Therefore, as a whole, the carry-over of revenue from cloud contracts has gradually led to an improvement in advance receipts, but the company’s cloud conversion continues to accelerate.
The construction business platform architecture has initially 北京夜网 shown, and the synergy effect is expected to further improve.
1) The smart construction site platform connects the IoT data with the BIM model, and the product platformization capability is further strengthened.
2) The BIM construction business maintained healthy development. The core product BIM5D successfully launched the BIM5D production management module on the basis of continuously consolidating the value of product transformation. It has set benchmarks for more than 100 project applications. The continued BIM5D products will further promote its use in small and medium-sized projects.Project coverage.
3) The project management business is deeply integrated with multiple products / businesses such as the company’s BIM5D, smart construction site platform, zebra progress, industrial new finance, etc., to achieve product interconnection and interoperability.
Investment suggestion: We maintain the company’s net profit forecast for its mother company for 19-21 to 5.
4.9 billion, 6.
85 billion, 8.400 million, corresponding to PE is 56 times, 45 times, 37 times.
Maintain target market value of 394 million and corresponding target price of 34.
96 yuan, maintain the “recommended” level.
Risk reminders: Cloud transformation is worse than expected; construction business is progressing slowly; new housing starts are accelerating.