Guanglianda (002410): SAAS business accelerates revenue growth

Guanglianda (002410): SAAS business accelerates revenue growth

Investment events: First quarter report 2019: operating income 4.

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

42%, net profit attributable to mother 0.

55 ppm, 10-year average2.

29%.

The operating income accelerated in the first quarter, and the company’s operating conditions were good.

Company revenue for the first quarter of 20194.

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

42%, achieving rapid growth.

The rapid revenue growth was mainly due to the steady advancement of businesses such as construction informatization and the recognition of high-growth cost cloud business revenue last year.

Amount of new cloud contracts signed in 20186.

55 ppm, a year-on-year increase of 274%. As the cloud business recognizes monthly revenue, the high growth of new contracts signed in 2018 will have a positive impact on related business revenue products in 2019.

And in Q1 2019, new cloud contracts signed a growth rate of 72.

61%, which indicates that the cost cloud business continued to accelerate during Q1 2019.

On the whole, the company’s overall business operations are in good condition.

The cloud business accelerated, and new cloud contracts were signed with high growth.

In 2019, the cost cloud product transformation region will expand from 11 to 21, and the number of transition regions will increase. With the increase of the conversion rate in the transition regions, SaaS products have accelerated development.

A new cloud contract for construction costs was signed in the first quarter of 20191.

31 ‰, an increase of 72 per year.

61%, including 0 for new contracts for project valuation.

4 billion, the engineering calculation is 0.

4 billion, engineering information 0.

At 51 ppm, the amount of advance receipts related to the cloud business reached 3.

850,000 yuan, the balance of the three corresponding advance receipts are 1.

0.7 million yuan, 1.

03 billion and 1.

7.5 billion.

The newly signed cost cloud contract maintained high growth, and the company’s cost cloud business continued to accelerate.

The sales expense ratio dropped significantly, and the impact of product cloudification on the company’s operations began to appear.

The 杭州桑拿 company’s sales expenses in Q1 2019 were 28.

57%, about 31 in Q1 2018.

99%, a decline of 3 per year.

42 units.

Cloud products can increase the cost of customers’ conversion to other products, increase customer stickiness, and reduce the rate of sales expenses.

The data shows that the company’s sales expense ratio has dropped significantly, which indicates that the company’s product cloudification is advancing well, and the impact of product cloudification on the company’s operations has begun to appear.

Investment suggestion: The company is expected to correspond to EPS 0 in 2019/2020/2021.

26/0.

43/0.97 yuan, corresponding to PE about 107.

66/63.

78/28.

67 times, give “Buy” rating.

Risk warning: performance development is less than expected, and product cloudification is slow to advance

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