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广联达：Clear operating leverage from SaaS

admin2023-02-22 10:30 136人已围观 下载完整内容

简介广联达(002410)GlodondeliveredastrongsetofFY22withrevenueofRMB6.59bn(+17%YoY)andnetp

广联达(002410)

GlodondeliveredastrongsetofFY22withrevenueofRMB6.59bn(+17%YoY)andnetprofitofRMB963mn(+46%YoY).WeareencouragedtoseethatconstructioncostingSaaSnewlysignedcontractamounthasattainedtheRMB4bntarget.Wearepositivetoseeimprovingmarginsfromoperatingleveragealthoughproject-basedconstructionmanagementbusinessFY22revenuemissedasCOVIDresurgenceinFY4Q22hascausedtemporarydelaysindelivery.ChinaSaaS(mkt-weighted)istradingat6.87xFY23EEV/sales,1-SDbelow3-yearmeanof12.05x.Kingdee(268HK)andGlodon(002410CH)remainasourtoppicks.

PrelimFY22largelyin-line.GlodonannouncedpreliminaryFY22resultson20Feb.RevenuewasRMB6,587mn(+17%YoY),4%belowourandconsensusforecast.NetprofitwasRMB963mn(+46%YoY),in-linewithconsensusbutbeatourestimateby9%.Wethinkthebetterthanexpectednetprofitwasdrivenbymarginimprovementdueto1)increasinghighmargincostingrevenueexposureand2)enhancedoperatingleverageasSaaSmigrationcompleted.

Constructioncosting:SaaSnewlysignedcontractattainedRMB4bntarget.Glodon’sFY22constructioncostingrevenuewasRMB4,773mn(+25.16%YoY).NewlysignedcontractwasRMB3,901mn(+26%YoY),inlinewithpriorguidanceofRMB4bn.Weareencouragedtoseestronggrowthinnewlysignedcontractasitimpliedabetterearningsandcashflowvisibilityamidmacrouncertainty.OtherSaaSmetricsincludingunearnedrevenue,migrationandrenewalratewillbethefocusinMarwhenGlodonannouncesfullsetsofresults.

Constructionmanagement:Revenuemissedas4Q22wasaffectedbyCOVIDresurgence.FY22constructionmanagementrevenuewasRMB1,322mn(+9.66%YoY),missingourestimateby16%.Although9M22constructionmanagementrevenuegrew32.46%YoY(Company’stargetFY22E+30%YoY),COVIDresurgenceinFY4Q22hasaffectedtheprojectdelivery.WethinktherevenuemisswaslargelyanticipatedandthedeliveryshouldhaveacceleratedinFY1Q23.

MaintainBUY.WehavenotchangedourFY22-24Eearnings.MaintainBUYwithtargetpriceofRMB78.56,basedon11xFY23EEV/sales,in-linewith3-yearmean.ChinaSaaS(mkt-weighted)istradingat6.87xFY23EEV/sales,1-SDbelow3-yearmeanof12.05x.WecontinuetopreferKingdee(268HK)andGlodon(002410CH)asourChinaSaaStoppicks.

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