Guanglianda (002410): Revenue growth accelerated in the first quarter

The company achieved total operating revenue for the first quarter of 20194.

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

42%, achieving net profit attributable to listed shareholders of 0%.

55 ppm, at least -2.

29%, the basic profit return is 0.


The company’s revenue growth accelerated in the first quarter, and the effect of cloud transformation was initially realized. The construction business is expected to usher in an inflection point this year after the organization structure adjustment is finally completed.

The growth rate of the company’s net profit in the first quarter fluctuated slightly, mainly due to the fact that the 杭州养生会所 company is currently in a critical period of cloud transformation, and related expenses still maintained rapid growth, of which the company’s research and development expenses increased by 68%.

In addition, the company’s engineering construction business will usher in a turning point this year.

Last year the company’s construction business growth reached the highest level expected, so that the company adjusted and unified management of the original subsidiary.

After the company’s engineering construction business is organized, products and channels are integrated, subsequent synergies and integration advantages will gradually begin to be realized.

The cloud transformation in the first quarter continued to maintain a high-speed growth trend on the basis of last year, and the company’s new cloud contracts and cloud-related advance receipts achieved significant growth.

The company signed a new cloud contract in the first quarter of 20191.

31 ppm, an increase of 72 per year.

61%, of which, the project valuation, project calculation volume, and engineering information newly signed cloud contract finance are 0.

4, 0.

4, 0.

51 ppm, cloud-related advance receipt budget balance 3 at the end of the first quarter.

85 trillion, of which the project valuation, engineering calculations, and project information cloud related advance receipt budget surplus is 1.

07, 1.

03, 1.

7.5 billion yuan.

In addition to the initial cloud pricing products, the company’s cloud transformation business scope is gradually expanding from engineering valuation business to full cost business, BIM5D in the construction stage, real-name management of labor services, material acceptance management and other products will be cloudized.

Profit forecast and investment advice: It is expected that the company will achieve a net profit attributable to the parent company of 4, respectively, in 2019-2021.

88, 5.

76, 7.

09 million yuan, 11%, 18%, 23% a year, respectively, and earnings per share for 2019-2021 are 0.

43, 0.

51, 0.

63 yuan / share.

Maintain the “Highly Recommended” rating.

Risk 杭州夜网论坛 warning: breakdown of real estate investment growth rate; new business is not performing as expected.