Guanglianda (002410): The first quarterly report meets expectations. The number of new contracts signed by the cloud has increased significantly.
Overall situation of the first quarter report of 2019 The company released the first quarter report of 2019, and the company realized operating income4.
570,000 yuan, an increase of 37 in ten years.
42%; the 杭州桑拿网 net profit attributable to the parent company is 55.36 million, which is extended every two years.
29%; Excluding non-recurring gains and losses attributable to the parent company’s net profit of 49.77 million, a fall of 6 alternately.
Revenue increased rapidly, but the company did not disclose the growth rate of revenue of various business lines; in terms of expenses, the sales expense ratio decreased3.
For 2 units, the management expense ratio increased by 6.
R & D expenses for the period are 1.
2.3 billion, an increase of 67 in ten years.
The advance payment at the end of the period was 4.
5.5 billion, down 4 from the beginning of the period.
45%, of which cloud related advances3.
8.5 billion, beginning at 4.
The company’s balance of advance receipts has continued to increase for several consecutive quarters, and has declined slightly this quarter. Taking into account factors such as the Spring Festival quarter and the company’s traditional first quarter revenue share is not high, the analysis is mainly based on the current advance receipt carry-over income greater than more advance receipts.
The cloud business transition continues to progress and gradually realize cloud-related data. It is worth looking forward to the company’s cloud business continuing to advance, and a new cloud contract1 was signed in the first quarter of 2019.
31 ppm, an increase of 72 per year.
61%, of which the value of new cloud contracts for project valuation is 0.
400 million, the amount of new contracts signed 0.
400 million, the new contract value of engineering information is 0.
According to the Air Force’s plan, 2019 will be a major year for the transformation of Guanglian Dayun, and 10 provinces will be added to divide cloudification pilots. We continue to be optimistic about the cloudization progress of the company’s existing users. Short-term cloud-related data is worth looking forward to.
Continue to pay attention to the growth of the company’s construction business in 2019. In the long run, the construction business is the key to Guanglian’s mid- and long-term revenue scale.
The company’s 2019 EPS is expected to be 0.
41 yuan / share, according to the latest closing price of PE in the next three years are 66, 60, 52 times.
As a leader in the segmentation software for the construction industry, the company has continued to promote cloud transformation since 17 years. The data side has continuously verified the company’s cloudization progress. Considering 深圳桑拿网 that the company’s cloud revenue will continue to increase in 19 years, combined with the company’s historical assessment level, it will remain at a reasonable value.Before 30.
75 yuan / share, maintain “Buy” rating.
Risks indicate that the cloud transformation is not up to expectations; the degree of acceptance of BIM by construction units is not up to expectations; and the impact of short-term downstream industry cycle changes on the company’s operating performance.