Guanglianda (002410): Revenue accelerates in Q1, new cloud contracts signed in Q1 continue to increase

Guanglianda (002410): Revenue accelerates in Q1, new cloud contracts signed in Q1 continue to increase

Event: The company achieved revenue 4 in the first quarter of 2019.

570,000 yuan, an increase of 37 in ten years.

42%; net profit attributable to mother is 0.

55 ppm, a decrease of 2 per year.

29%.

Investment Highlights New Q1 cloud contract signed in Q1.

31 ppm, a 72-year increase of 72.

61%.

As of Q1 2019, the company’s cloud-related advance receipts balance3.

8.5 billion (the balance of project valuation, project calculation, and project information is 1.

07/1.

03/1.

7.5 billion), compared with the end of 18 4.

14 ppm (the balance of engineering valuation, engineering calculation, and engineering information is 1.

09/1.

04/2.

(01 billion), a slight decrease, mainly due to the amount of income carried forward in Q1 greater than the amount of funds transferred in advance.

A new cloud contract was signed in Q1 2019.

31 ppm, a 72-year increase of 72.

61%, of which the value of the newly signed cloud contract for project valuation, engineering calculation and engineering information is 0.

40/0.

40/0.

5.1 billion.

The overall gross profit margin was 94.

17%, a year down 1pc; sales expenses, management expenses (excluding research and development expenses) increased by 23 respectively.

98%, 47.

04%; net interest rate is 14.

07%, down by 1 every year.

81 points.

R & D costs are 1.

23 ppm, a 67-year increase.

63%.

Net operating cash flow was -2.

380,000 yuan, -2 in the same period last year.

8.6 billion yuan.

Invest in Xi’an Guanglianda digital construction product research and development and industrialization base, and strive to become a demonstration project of digital construction concept.

In order to build an off-site R & D center and meet the needs of business development, the company intends to use the Xi’an subsidiary as the main body of implementation with an investment of no more than 7.

The 500 million USD under construction digital product research and development and industrialization base. The construction project is positioned as a “green, intelligent, healthy, and comfortable” digital building.The smart building products and big data 淡水桑拿网 production base demonstration projects of the construction industry Internet are mainly used for research and development, production, training, and display purposes. It can meet the office needs of about 3,000 people in the future.Fully implement the existing digital construction products, provide a testing ground for the company’s new product development, and strive to become a demonstration project of the digital building concept.

The completion of the construction business segment has begun a new stage of development.

Affected by the strategic integration factors of the construction business, the revenue growth rate of the construction business segment improved in 2018, and it achieved revenue in 20186.

$ 5.9 billion, an increase of 17 per year.

97%, but a slight increase over the first half of 2018, the synergy 佛山桑拿网 and integration advantages are becoming increasingly obvious, and we judge that subsequent growth will accelerate.

The core products such as material management, labor management, and safety and quality management in the central part of the smart site supplement thousands of projects each; BIM5D products will continue to gradually promote its coverage in small and medium-sized engineering projects, covering more than 1,000 construction companies nationwide.It has been implemented in many engineering projects in the year; in the 18 years of digital enterprise business, there were more than 200 and more than 60 new customers in project management and centralized procurement.

Investment suggestion: The company is expected to have a net profit of 4-20 years.

71/6.

07/8.

61 ppm, EPS is 0.

42/0.

54/0.

76 yuan, the current expected PE 66/51/36 times, optimistic about the company’s cloud business transformation and new business growth space, maintain a “buy” rating.

Risk Warning: The transition of cost business is blocked.