Investment Rating - Buy | Maintain [2] Core Views - Revenue slightly declined year-on-year, but profitability improved quarter by quarter [3] - Digital cost business showed resilience, while digital construction business adjusted its structure [4] - Digital design business achieved product breakthroughs, and overseas business grew steadily [5] - The company has broad growth potential as a digital construction platform service provider [6] Financial Performance - H1 2024 revenue: RMB 2.958 billion, down 3.61% YoY [3] - H1 2024 net profit attributable to parent company: RMB 192 million, down 22.70% YoY [3] - Q2 2024 net profit attributable to parent company: up 44.66% YoY [3] - Digital cost business revenue: RMB 2.459 billion, up 4.23% YoY [4] - Digital construction business revenue: RMB 288 million, down 37.46% YoY [4] - Digital design business revenue: RMB 35.49 million, down 22.03% YoY [5] - Overseas business revenue: RMB 106 million, up 11.29% YoY [5] Business Segments - Digital cost business: Transitioning from single-position tools to full-process cost application scenarios [4] - Digital construction business: Shifting focus from scale to quality, improving profitability and cash flow management [4] - Digital design business: Focusing on integrated solutions and product R&D to lay the foundation for market share expansion [5] - Overseas business: Growth driven by the acquisition of EQUA Simulation AB and steady development of other businesses [5] Financial Forecasts - 2024-2026 revenue forecast: RMB 6.557 billion, RMB 6.981 billion, RMB 7.380 billion [6] - 2024-2026 net profit attributable to parent company forecast: RMB 473 million, RMB 701 million, RMB 874 million [6] - 2024-2026 EPS forecast: RMB 0.29, RMB 0.42, RMB 0.53 [6] - 2024-2026 PE ratio: 34.30x, 23.16x, 18.58x [6] Key Financial Ratios - 2024-2026 gross margin: 84.54%, 84.61%, 84.73% [13] - 2024-2026 net margin: 7.22%, 10.04%, 11.84% [13] - 2024-2026 ROE: 7.34%, 10.10%, 11.65% [13] - 2024-2026 ROIC: 11.79%, 17.46%, 21.74% [13]

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of RMB 15.16, reflecting a significant adjustment from the previous target of RMB 97.07 after a stock split [5]. Core Insights - The company reported a revenue of RMB 2.96 billion for H1 2024, a decrease of 3.61% year-on-year, while the net profit attributable to shareholders was RMB 192 million, down 22.70% year-on-year. However, Q2 showed a recovery with a net profit of RMB 186 million, up 44.66% year-on-year, driven by effective cost control measures [2][12]. - The digital cost business demonstrated resilience with a revenue of RMB 2.46 billion, an increase of 4.23% year-on-year, attributed to enhanced product value and increased renewal rates. Conversely, the digital construction business faced a decline of 37.46% year-on-year, prompting a strategic shift towards quality over scale [3][12]. - The company launched an AI platform, AecGPT, aimed at transforming the construction industry through automation and decision-making capabilities across various sectors [3][12]. Summary by Sections Financial Performance - H1 2024 revenue was RMB 2.96 billion, down 3.61% YoY; net profit was RMB 192 million, down 22.70% YoY; Q2 revenue was RMB 1.66 billion, down 5.61% YoY, but net profit increased to RMB 186 million, up 44.66% YoY [2][12]. - The company expects revenue growth for 2024-2026 to be RMB 6.81 billion, RMB 7.25 billion, and RMB 7.79 billion, respectively, with net profits projected at RMB 614 million, RMB 860 million, and RMB 1.09 billion [5][12]. Business Segments - Digital cost business revenue was RMB 2.46 billion, up 4.23% YoY, while digital construction revenue was RMB 288 million, down 37.46% YoY. The digital design segment saw a revenue of RMB 35 million, down 22.03% YoY, and overseas business revenue was RMB 106 million, up 11.29% YoY [3][12]. - The company is focusing on enhancing its product structure and increasing the share of self-developed software and hardware in its construction business [3][12]. Future Outlook - The report anticipates a significant recovery in net profit for 2024, projecting a growth of 429.6% year-on-year, followed by 40.2% and 26.7% in the subsequent years [5][12]. - The introduction of AI-driven solutions is expected to enhance operational efficiency and market competitiveness, positioning the company favorably for future growth [3][12].

广联达(002410) 报告日期：2024 年 08 月 27 日 业绩符合预期，造价业务稳健 ——广联达 2024 半年报点评 事件 ❑ 公司发布 2024 年半年报：2024 H1 营业总收入为 29.58 亿元（同比 -3.61%），归 母净利润为 1.92 亿元（同比 -22.70%），扣非后归母净利润为 1.74 亿元（同比 - 17.44%）。 单 Q2：营业总收入为 16.59 亿元（同比 -5.61%），归母净利润为 1.86 亿元（同比 +44.66%），扣非后归母净利润为 1.76 亿元（同比 +50.12%）。 点评 | --- | --- | |-------|--------------------------------------------------------------------------| | ❑ | 业绩和快报披露一致，符合预期，上半年造价业务稳定，控费成效显著，预计全 | | | 年将维持该趋势。分业务看，数字成本业务（原造价业务）实现营业收入 24.59 | | | 亿， 同比增长 4.23%；数字施工业务实现营业收入 2.88 亿元，同比下降 | | | 3 ...

上 市 公 司 计算机 2024 年 08 月 24 日 广联达 (002410) ——施工业务转型影响增速，建筑数智化具备潜力 | --- | |---------------------| | 2024 年 08 月 23 日 | | 9.68 | | 26.28/8.35 | | 2.7 | | 0.72 | | 15,375 | | 2,854.37/8,181.92 | | | | --- | --- | |--------------------------|----------------| | 基础数据: | 年 06 月 30 日 | | 每股净资产（元） | 3.54 | | 资产负债率% | 35.00 | | 总股本/流通 A 股（百万） | 1,652/1,588 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 08-2309-2310-2311-2312-2301-2302-2303-2304-2305-2306-2307-2308-23 -80% -60% -40% -20% 0% 20% 广联达 沪深300指数 (收益率) 证券分析师 黄忠煌 ...

研究所： 证券分析师： 刘熹 S0350523040001 liux10@ghzq.com.cn 2024 年 08 月 23 日 公司研究 评级：买入(首次覆盖) [Table_Title] 2024Q2 利润高增，成本费用管控成效显现 ——广联达（002410）2024 中报点评 事件: 2024/8/22，公司发布 2024 年半年报。2024H1，公司实现营业收入 29.58 亿元，同比-3.61%；归母净利润 1.92 亿元，同比-22.7%；扣非归母净利 润 1.74 亿元，同比-17.44%。 2024Q2，公司实现营业收入 16.59 亿元，同比-5.61%；归母净利润 1.86 亿元，同比+44.66%；扣非归母净利润 1.76 亿元，同比+50.12%。 投资要点: 数字成本收入同比+4.23%，造价产品续费率&应用率均有提升 2024H1 ， 公 司 数 字 成 本 / 数 字 施 工 / 数 字 设 计 / 海 外 业 务 收 入 24.59/2.88/0.35/1.06 亿元，同比+4.23%/-37.46%/-22.03%/+11.29%； 数字成本为公司基本盘业务，收入占比约 8 ...

2024 年 8 月 23 日 公司研究 提质控费效果逐步显现，看好公司业务高质量发展 ——广联达（002410.SZ）2024 年半年报点评 要点 事件： 2024 年 8 月 22 日，公司发布 2024 年半年度报告。2024 年上半年实现 营收29.38亿元，同比下降3.68%；实现归母净利润1.92亿元，同比下降22.70%； 实现扣非归母净利润 1.74 亿元，同比下降 17.44%。 数字成本业务韧性足，期待全年整体业绩逐步回暖。2024 年 H1 公司各主要业 务进展：1) 数字成本业务 2024 年 H1 实现营收 24.59 亿元，同比增长 4.23%； 收入增长主要来源于前期云合同的结转增加以及清标等产品的增长。2024 年上 半年，公司产品应用率持续提升，提质增效效果显著，其中成本测算 AI 版较手 工提效 7 倍，材料库、指标库建库提效 1 倍以上，数据审核提质 1 倍、提效 3 倍以上。2) 数字施工业务 H1 收入 2.88 亿元，同比下降 37.46%。 3) 数字设 计业务 H1 收入 0.35 亿元，同比下降 22.03%。数维房建设计累计进场项目 399 个，数维道路设计 ...

证券代码：002410 证券简称：广联达 公告编号：2024-068 《2024 年半年度报告》全文详见巨潮资讯网（www.cninfo.com.cn）； 第六届董事会第十二次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 一、董事会会议召开情况 广联达科技股份有限公司（以下简称"公司"）第六届董事会第十二次会议于 2024 年 8 月 21 日在北京市海淀区西北旺东路 10 号院东区 13 号楼广联达信息大厦 621 会议室召开。本次 会议的通知已于 2024 年 8 月 11 日以电子邮件方式向全体董事及监事发出。会议由公司董事长 袁正刚先生召集和主持，会议应到董事 9 名，实到董事 9 名，董事云浪生、王爱华、李伟及独 立董事马永义、柴敏刚、徐井宏以通讯形式参会；公司监事、董事会秘书列席了会议。本次会 议的召集、召开程序符合《公司法》和《公司章程》的有关规定。 二、董事会会议审议情况 1、审议通过《关于<2024 年半年度报告>全文及其摘要的议案》 表决结果：同意票 9 票，反对票 0 票，弃权票 0 票。 广联达科技股份有限公司 《202 ...

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性 陈述或重大遗漏。 根据中国证券监督管理委员会《上市公司监管指引第 2 号——上市公司募集资金管理和使 用的监管要求（2022 年修订）》（证监会公告〔2022〕15 号）、《深圳证券交易所上市公司自律 监管指引第 1 号——主板上市公司规范运作》以及《深圳证券交易所上市公司自律监管指南第 2 号——公告格式（2024 年修订）》的相关规定，本公司就 2024 年半年度募集资金存放与使用 情况作如下专项报告： 一、募集资金基本情况 经中国证券监督管理委员会《关于核准广联达科技股份有限公司非公开发行股票的批复》 （证监许可[2020]879 号）核准，公司向特定对象非公开发行人民币普通股（A 股）股票 53,486,529 股，发行价格为每股 50.48 元，募集资金净额 266,349.10 万元。上述募集资金已于 2020 年 6 月 2 日到位，立信会计师事务所（特殊普通合伙）已对本次募集资金到位情况进行 审验，并出具了信会师报字[2020]第 ZB11364 号《验资报告》。 截至 2024 年 6 月 30 日，公司对募集资 ...

证券代码：002410 证券简称：广联达 公告编号：2024-072 广联达科技股份有限公司 关于 2024 年半年度计提资产减值准备的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性 陈述或重大遗漏。 广联达科技股份有限公司（以下简称"公司"）根据《企业会计准则》、《深圳证券交易所股 票上市规则》（2023 年修订）、《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公 司规范运作》（2023 年修订）等法律法规，结合公司会计政策的相关规定，对部分可能发生减 值的资产计提了减值准备。现将公司本次计提减值准备的具体情况公告如下： 一、本次计提减值准备情况概述 （一）计提减值准备的原因 根据《企业会计准则》、《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司 规范运作》（2023 年修订）等法律法规的要求，为了更加真实、准确地反映公司截止 2024 年 6 月 30 日的资产和财务状况，本着谨慎性原则，公司对应收账款、其他应收款、发放贷款和垫 款、存货、合同资产、长期股权投资等各项资产进行了减值测试，对可能发生减值损失的各项 资产计提或冲回相应的减值准备。 ...

Financial Performance - The company's operating revenue for the first half of 2024 was ¥2,937,519,695.54, a decrease of 3.68% compared to ¥3,049,901,446.82 in the same period last year[11]. - The net profit attributable to shareholders was ¥191,817,572.49, down 22.70% from ¥248,161,935.39 year-on-year[11]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥174,158,499.81, a decrease of 17.44% compared to ¥210,943,499.33 in the previous year[11]. - Basic earnings per share were ¥0.1166, down 22.52% from ¥0.1505 year-on-year[11]. - Diluted earnings per share were ¥0.1166, a decrease of 22.11% compared to ¥0.1497 in the previous year[11]. - The weighted average return on net assets was 3.23%, a decrease of 0.66 percentage points from 3.89% in the previous year[11]. - The total revenue for the first half of 2024 was CNY 2.958 billion, a year-on-year decrease of 3.61%[29]. - The net profit attributable to shareholders was CNY 192 million, down 22.70% year-on-year[29]. - In Q2 2024, the net profit attributable to shareholders increased by 44.66% compared to the previous year[29]. - The total profit for the first half of 2024 is CNY 317,074,360.34, slightly up from CNY 307,012,279.78 in the same period of 2023, an increase of about 3.5%[127]. Cash Flow and Investments - The net cash flow from operating activities was -¥683,409,730.33, showing an improvement of 3.86% from -¥710,841,831.99 in the same period last year[11]. - The net cash flow from operating activities improved by 3.86%, amounting to -¥683,409,730.33 compared to -¥710,841,831.99 in the previous year[41]. - The net cash flow from investment activities was -CNY 226,079,651.25, an improvement from -CNY 613,821,444.01 in the same period last year[130]. - The company's financing cash outflow was CNY 392,583,988.84, compared to CNY 497,222,640.15 in the previous year, indicating a reduction of 21%[130]. - The company reported a significant increase in cash received from other operating activities, rising to CNY 46,519,260.60 from CNY 183,305,840.30 in the previous year[129]. - The company experienced a net decrease in cash and cash equivalents of -CNY 1,301,054,208.09, an improvement from -CNY 1,791,266,403.47 in the previous year[130]. Assets and Liabilities - Total assets at the end of the reporting period were ¥9,832,433,948.57, down 7.90% from ¥10,675,950,410.05 at the end of the previous year[11]. - The company's total assets amounted to CNY 9,057,434,171.79, a decrease from CNY 9,508,980,576.09 in the previous year[123]. - The total liabilities decreased from ¥4,297,347,715.14 to ¥3,440,863,932.64, indicating a reduction of approximately 19.9%[120]. - The company's cash and cash equivalents decreased from ¥3,696,819,890.17 to ¥2,387,398,428.16, a decline of about 35.4%[118]. - The company's total liabilities amount to CNY 2,509,237,951.29, reflecting a stable financial position[142]. Business Segments and Strategy - The company's digital cost business primarily offers software products and data services to project management participants, utilizing a SaaS model[21]. - The digital construction business focuses on providing platform-based solutions for construction enterprises, addressing core business scenarios such as material and labor management[21]. - The digital design business provides a fully proprietary 3D design platform, covering various design aspects and facilitating integrated design and construction solutions[21]. - The company aims to enhance the digital transformation of the construction industry, which is currently experiencing low market penetration[21]. - The digital city business is developing a CIM (City Information Model) platform to provide integrated urban management solutions[22]. - The company is committed to building a talent chain system in the construction industry through specialized education services[22]. - The company is focusing on optimizing resource allocation and targeting 14 key regions for marketing efforts[29]. - The digital construction business aims to provide comprehensive digital solutions across various project phases, enhancing efficiency and collaboration[23]. Research and Development - R&D investment totaled 840 million, accounting for 28.59% of revenue, reinforcing core technology barriers[37]. - The company launched the AI model AecGPT with 32 billion parameters, marking significant progress in AI-driven digital transformation in the construction industry[38]. - Research and development expenses were ¥839,708,003.04, a decrease of 7.73% from ¥910,097,887.37, reflecting a focus on cost control[41]. - Research and development expenses increased by 40% in the first half of 2024, reflecting the company's commitment to innovation and new technology[166]. Shareholder and Equity Information - The company plans not to distribute cash dividends or issue bonus shares[2]. - The employee stock ownership plan includes 740 core management and business personnel holding a total of 916,510 shares, representing 0.06% of the company's total equity[78]. - The company has completed the investment in the "Cost Big Data and AI Application Project" and "Digital Project Integration Management Platform Project," achieving 100.13% and 100.81% of the planned investment, respectively[62]. - The company has not engaged in any securities or derivative investments during the reporting period[59]. - The company has not reported any changes in the feasibility of its committed investment projects[62]. Market and Growth Outlook - The company aims to deepen customer engagement and expand its reach across the industry to mitigate risks associated with reliance on single clients[70]. - The company plans to enhance product capabilities and focus on high-value solutions to drive revenue growth[70]. - The company has set a revenue guidance of 2 billion RMB for the second half of 2024, indicating a projected growth of 20% compared to the first half[165]. - New product launches contributed to a 30% increase in sales, with the introduction of three major products in the first half of 2024[162]. - The company is expanding its market presence, targeting an additional 10% market share in the Asia-Pacific region by the end of 2024[163]. Compliance and Governance - The company has completed rectification regarding the management of raised funds, ensuring compliance with regulatory requirements[89]. - The company has not faced any major litigation or arbitration matters during the reporting period[85]. - The company has not received any administrative penalties related to environmental issues during the reporting period[80]. - The company has not engaged in any non-operating fund occupation by controlling shareholders or related parties[84]. Social Responsibility and Community Engagement - The company has committed to social responsibility initiatives, including support for rural revitalization and community building[81]. - The company organized 8 volunteer service activities with over 400 participants, accumulating more than 800 hours of service[81]. - The company conducted a joint public welfare activity focusing on emergency rescue skills training for over 80 project safety managers and 40 site administrators[82].