GLODON(002410) 国元证券·2024-09-04 06:00Investment 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]