GLODON(002410):CLEAR ROADMAP TO DIGITALIZE THE CONSTRUCTION VALUE CHAIN
摘要: 投资者据此操作,风险请自担。
Glodon delivered strong FY4Q22 results and gave upbeat FY23E guidance with revenue and net profit growth of +30% YoY. Core segment Construction Costing has completed SaaS migration with conversion/ renewal rate of 90%/ 80% respectively. Leveraging on this cash cow business, Glodon will focus on the ramp-up of Construction Management platform and proprietary Digital Design products in FY23-25E. The Company is targeting FY25E revenue to double compared to FY22 level with net margin of 15%. We like Glodon for its leadership in driving digitalization along the construction value chain. FY4Q22 beat on tight opex control, FY23E guidance promising. Glodon reported FY4Q22 revenue of RMB2.13bn (+6% YoY) and net profit of RMB328mn (+77% YoY). GPM/ OPM both recorded solid improvement of +4 pts/ +7.6 pts YoY on 1) lower project based construction management revenue (-19% YoY) and 2) -3.6 pts decline in opex ratio in FY4Q22.Meanwhile, Glodon guided a promising FY23E outlook with revenue and net profit both growing at +30% YoY. Construction costing: transforming into a stable cash cow as SaaS migration completed. Glodon’s costing SaaS revenue was RMB879mn in FY4Q22 (+21% YoY), accounting for 41% of total revenue. SaaS metrics including newly signed contract of RMB1.13bn (+23% YoY) and contracted liabilities of RMB2.68bn (+31% YoY) suggested a steady growth outlook.FY22 marked the last year of SaaS migration. High conversion rate (90%) and renewal rate (80%) are the pillars for future cash flow. We believe FCF margin improvement (FY22 FCF margin:12%) will drive further re-rating. The 9th three-year plan (FY23-25E) targets: FY25E revenue to double compared to FY22 level with net margin exceeding 15%. Glodon laid out The 9th three-year plan with solid targets in revenue and margin, driven by the ramp-up of 1) Digital project integration management platform (PaaS+ module) and 2) Digital design businesses. In FY22, 21,000 new Construction Management projects were initiated, involving 1,600 new customers although revenue recognition was being affected in FY4Q22. For Digital Design, Glodon has expanded from Housing to Road design products. In 2022, Glodon’s Road design products involved more than 100km of roads, 70 bridges, 11 tunnels and 10 interchanges. Maintain BUY. We raised FY23-24E net profit by 11-15% to reflect 1) higher revenue growth in construction management and digital design segments and 2) better opex control. Our new target price of RMB82.34 (prior RMB78.56) is based on unchanged 11x FY23E EV/sales (3-year mean). 【免责声明】本文仅代表第三方观点,不代表和讯网立场。投资者据此操作,风险请自担。
【免责声明】本文仅代表第三方观点,不代表和讯网立场。投资者据此操作,风险请自担。
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