【行业研究报告】广联达-Infrastructure construction management as new growth driver in the 9th Three-Year Plan

类型: 公司分析

机构: 招银国际

发表时间: 2022-06-17 00:00:00

更新时间: 2022-06-17 11:10:42

designandinfrastructuremanagement.Glodonpositionsitselfasan
designandinfrastructuremanagement.Glodonpositionsitselfasan
IndustryPlatforminthe9
th
Three-yearPlan.Thecompanywillexpandits
productofferingsalongtheconstructionsupplychainwithfocusesin1)Digital
ConstructionPlatform,2)Infrastructureconstructionmanagementand3)
DigitalDesignproducts.
ExpandingfromSaaStoPaaS.Glodontargetstobuildasoftware
ecosystembylaunchingDigitalConstructionPlatform(PaaS)thisyear.The
companywillfocusonthreecoreSaaSproductsincludingDigitalDesign,
ZebraProgressandConstructionCostingwhileallowingISVstodevelop
nicheapplicationsforsub-verticalsbasedonPaaS.Forlargeenterprises,
PaaSwillbesoldasanewproductasitallowstheseenterprisestoeasily
customizeapplicationswiththesoftwaretools.
Clearerproductplanforinfrastructureconstructionmanagement.China
constructioncompaniesfacepainpoints,including1)highutilityusageand2)
lowprofitability,ininfrastructureconstructionduetopoorprojectmanagement.
Glodonhaslaunchedconstructionmanagementsolutionsspecifically
targetinginfrastructure(firststage:road/high-ways).In2022,Glodonexpects
newlysignedcontractsamounttoRMB400mn(tripleYoY).Regarding
profitabilitytimeline,managementisconfidentthattheconstruction
managementsegmentwillturnprofitablein2023-2024.Forexisting
constructionmanagementcontracts,30%isrelatedtoGlodon’sproprietary
softwareand70%isrelatedtohardwaresales.Blendedgrossmargin
exceeds60%althoughsmartconstructionbusinessmarginislowerat50%.
MaintainBUY.WekeepourFY22-24Eearningsforecast.MaintainBUYwith
unchangedtargetpriceofRMB72.03.