Guanglianda (002410): Faster revenue growth, cost business, cloud transformation accelerated

Event: Recently, Guanglianda released the 2018 annual report, and the company achieved total operating revenue of 29 in 2018.

40,000 yuan, an annual increase of 23.

24%; net profit attributable to shareholders of the parent company4.

39 ‰, a decrease of 7 per year.

02%; net profit attributable to shareholders of the parent company after deduction.

09 million yuan, a year to reduce 0.


Opinion: Revenue has grown steadily, and higher management expenses have resulted in lower net interest rates.

In the beginning of 2018, the company’s revenue achieved stable growth, and its net profit attributable to its mother fluctuated slightly.

In 2018, the company’s gross sales margin and net sales margin were 93.

42% and 15.

12%, of which the gross profit margin of sales remained at a relatively high level, and the net profit margin of sales decreased by about 6 percentage points.

The decrease in net profit margin was mainly due to the continuous increase in management expenses and research and development expenses, of which the total annual increase was 33.

8%, higher than the company’s revenue growth rate in ten years.

The two growths were mainly due to the increase in the company’s staff budget and more R & D investment.

In addition, the total asset impairment losses due to the suspected sale of financial assets reached 5,581.

20,000 yuan, a significant increase each year.

The company’s net cash flow from operating activities in 2018 was 4.

53 trillion, down 23 a year.

99%, mainly due to the rapid increase in the amount of loans released by financial businesses.

The cloud transformation of costing business is advancing rapidly, and the strategic integration of construction business is gradually deepening.

The growth of the two main business segments of the company’s engineering cost and engineering construction is the leader in performance growth.

Among them, the engineering cost business realized income20.

570,000 yuan, an increase of 25 in ten years.

24% of which cloud revenue3.

$ 70 million, a previous substantial increase of 717%.

The cloud transformation of the cost business has been accelerated, and the transition area has been expanded from six to eleven, and the scope of conversion has been expanded from engineering valuation business to full cost business.

In 2018, the company signed new cloud business related contract amounts6.

55 percent, an annual increase of 274 percent.

The balance of accounts received in advance as of the end of 2018 was 4.

1.4 billion US dollars, an annual growth of 219%, meanwhile, the user conversion rate and renewal rate in the transition area continue to increase.

Engineering construction business realized income 6.

59 ppm, an increase of 17 in ten years.


In 2018, in order to achieve a rapid breakthrough in the construction business, the company strategically integrated a number of associated subsidiaries to achieve organization, personnel, channel and product integration.

Although internal integration has a certain impact on the short-term business development of engineering construction business, the advantages of internal integration and synergies gradually emerge, and the company’s competitive advantage in engineering construction business will continue to be consolidated in the future.

Considering that the informatization in the overall construction stage is still at a certain level, the rapid market development in the future is still worth looking forward to.

Positive progress was made in innovative business 武汉桑拿 and ecological business.Innovative business and ecological business are business segments that are still in the early stages of development.

In terms of innovative business, projects such as the integrated management and construction platform, the builder’s integration platform, and the fully-customized integration platform have continued to expand and have achieved positive breakthroughs, but have not yet formed large-scale sales.

New industrial business in ecological business is gradually expanding the issue of loans8.

37 ppm, a 108-year increase.

73%, and no bad or overdue loans.

At the same time, the transaction verification risk control model relying on the company’s business data has been applied to the supply chain financial business of continuous medium-sized enterprise customers, helping to solve the problem of difficult and expensive financing for SMEs.

Earnings forecast and rating: What do we expect in 2019?
In 2021, the company’s total operating income will be 33.

10, 38.

59, 45.

55 ppm, the net profit attributable to the parent company was 4, respectively.

66, 5.

86, 6.

410,000 yuan, according to the latest share capital11.

The calculated dilutive yield of 2.7 billion shares is 0.

41, 0.

52, 0.

57 yuan, the latest expected corresponding PE is 69, 55, 50 times, maintaining the “overweight” level.

Risk factors: business cloud transformation has an impact on performance; new technology and new product promotion are less than expected; national construction industry growth forecast.