25 Mar

Guanglianda (002410) 2019 First Quarterly Report Review: Performance Growth Meets Expected Continuous Growth Strategy Transformation Speed

Guanglianda (002410) 2019 First Quarterly Report Review: Performance Growth Meets Expected Continuous Growth Strategy Transformation Speed

Event: The company released the 2019 first quarter report, and the company achieved revenue 4 in Q1 2019.

5.7 billion, an annual increase of 37.

42%; net profit attributable to mothers was 55.36 million yuan, an annual increase of -2.

29%; net profit after deduction of 49.77 million yuan, an annual increase of -6.

86% comment: The performance growth is in line with expectations, and the cloudification transformation accelerates the company’s revenue in Q1 20194.

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

42%, the rapid growth of the company’s revenue in the first quarter of 2019 was mainly due to the continued growth of its main business and the recognition of revenue from newly signed cloud contracts in the second half of the year; the company signed new cloud contracts in the first quarter of 20191.

31 ppm, a 72-year increase of 72.

61%, the cloud transformation was smooth, and the balance of advance accounts related to cloud transformation at the end of the period.

8.5 billion, continuing to maintain rapid growth.

Expenses increased rapidly in the critical period of strategic transformation. At present, the company is in a critical period of cloud strategic transformation and expansion of the construction business. All aspects are shifting and costs are increasing rapidly. The company’s selling expenses in the first quarter of 20191.

35 ppm, an increase of 23 in ten years.

96%; administrative expenses 1.

34 ppm, a 47-year increase of 47.

04%; R & D expenses 1.

23 ppm, a 67-year increase.

63%; preliminary rapid increase in expenses 1) due to the rapid growth of the company’s 成都桑拿网 personnel and related expenses 2) due to the company’s continued growth in cloudification transformation and new product investment.

Construction business outlook picks up 2018In 2018, the company made strategic adjustments to the construction business. 100% holdings of Zebra, Yilian Electronics, Ibiki, Zhumeng, Zhongran and other subsidiaries changed products, personnel, and channels to integrate, resulting in less growth in the construction business.It is expected that the efficiency of the company’s construction business will continue to improve through the 18-year integration. It is expected that the construction business will return to a faster growth track in 19 years.

Investment advice and profit forecast are expected to achieve net profit attributable to the mother from 2019 to 2020.

25, 6.

64, 8.

400,000 yuan, 南京夜网论坛 corresponding to EPS0.

47, 0.

59, 0.

75, corresponding to PE 59, 47, 37 times, given an “overweight” rating.

Risk prompts that the progress of cloudization transition is gradually lower than market expectations, and the development of construction business is less than expected