Guanglianda (002410) Digital Building Summit Minutes: “Platform + Module” Promotes Rich Sales Means
Recent situation of the companyWe participated in the China Digital Building Annual Summit (2019) co-sponsored by Guanglianda and other units.
At the conference, the company released a new “platform + module” product, which can be promoted in two ways: solutions and single products. We expect that the high growth of the company’s construction business will be guaranteed.
The review company released a new generation of “platform + module” products, so single-product and full-product line models have become possible.
(1) The missile BIM5D product is promoted as a whole, including modules for safety, quality, progress, etc. Customers cannot purchase separate modules, while smart site products are sold as separate products, and some data between products is replaced; (2) GuanglianDa released the “1 + 1 + 4 + N” digital project management platform at the summit. It integrates field systems and hardware equipment on the platform through BIM + smart site platform, and provides management and output of BIM models through BIMFace.Capabilities, so as to achieve unified master data, unified BI, unified entrance, unified technical standards and data interfaces; (3) After fully implementing the “platform + module” architecture, construction products can be implemented in solutions and single product lines.The promotion among customers has enriched the product sales form, and we expect to promote the sales growth of construction business.
On the charging model, a small number of construction products have been switched from a one-time fee to a subscription system.
(1) Construction business products have basically achieved cloud architecture deployment, and mobile terminals can access a single application through the cloud. However, most products are still using one-time charges + upgrade fees or cloud space usage fees; (2) According toWe tracked that some of the company’s products have begun to try annual fees. Under the one-time purchase model, the unit price is 13,800 yuan, and the upgrade fee is about 3,000 yuan after 2 years. Under the annual 佛山桑拿网 fee system, an annual fee of 3,000 yuan is required.A considerable percentage of customers use the annual fee system; (3) We expect that under the background of gradually matured construction products and downstream customers gradually accepting the annual fee system, the construction products will be gradually expanded by year, project, and usage, and constructionThe brightness and sustainability of the gains will be enhanced.
Estimates suggest that we keep our earnings forecasts unchanged.
The current contradiction corresponds to a P / E of 84x / 59x for 2019 / 2020e.
As the construction business is expected to shift from one-off sales to a subscription system, we estimate that P / S in the SOTP model will increase the company’s target price by 6% to 37 yuan, up 13%, corresponding to a P / E of 2019 / 2020e of 95x / 66x, maintain “Outperform” rating.
Risk construction business landed less than expected; macroeconomic downturn; systemic estimation substitution.