Guanglianda (002410): The cost of cloud is awaiting construction recovery

Guanglianda (002410): The cost of cloud is awaiting construction recovery

Event: On April 25, 2019, the company announced a quarterly report, and the company achieved operating income4.

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

42%, deducting non-net profit of 0.

500 million, down 6 every year.

86%.

The overall stable revenue growth performance was in line with expectations, and the cloud transformation was smooth.

The company achieved operating income4.

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

42%, advance payment 4.

55 ppm, an increase of 116 in ten years.

67%.

The SaaS transition of the cost business continued to accelerate, and new cloud contracts were signed in the first quarter of 20191.

31 ppm, an increase of 72 per year.

61%, the balance of cloud-related advance receipts at the end of the reporting period3.

8.5 billion.

Pre-recovery recovery profits increased by 25.

58%, cash flow started to improve.

The first quarter quarterly supplementary advances2.

450,000 yuan, 90% increase in pre-received profits after reduction to 2.

70,000 yuan, an annual increase of 25.

58%.

The company’s operating cash flow was -2.

38 ppm, an increase of 16 per year.

67%, initially from the withdrawal of loans from the financial business.

R & D continues to be heavily invested, and off-site R & D centers are established to reduce costs.

The company’s R & D expenses for the first quarter were 1.

23 ppm, a 67-year increase.

63%.

Management costs are 1.

34 ppm, a 47-year increase of 47.

04%.

The company 杭州夜网论坛 announced at the same time that it invested 7.

The US $ 500 million constructive Xi’an digital building product research and development and industrialization base will provide a testing ground for the company’s new product research and development, and strive to become a demonstration project of the digital building concept; at the same time, it is located in Xi’an and gradually reduces the company’s research and development costs.

Considering the steady growth of operating cash flow brought by the future cloudification transformation and the overall recovery of the construction business, we maintain the “Buy” rating.

The continuous transformation of cloudification, the increasing demand for BIM and the development of the entire cycle of construction are the core driving forces for the company’s mid-term growth. Considering that the revenue of cloudification is included in the advance receipts to affect the apparent profit, maintaining the profit forecast unchanged. It is expected that 2019-2021The income is 36.

36, 45.

28 and 60.

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