民生证券股份有限公司吕伟,郭新宇近期对广联达（002410）进行研究并发布了研究报告《公司动态报 告：触底反转，向AI而生》，给予广联达买入评级。 广联达 政策有望推动下游景气度回暖，SaaS龙头有望开启发展新征程。1)政策推动下游回暖：2024年9月，中国 央行会同国家金融监督管理总局出台四项金融支持房地产政策；《2025年国务院政府工作报告》提出，持 续用力推动房地产市场止跌回稳，有序搭建相关基础性制度，加快构建房地产发展新模式。公司下游主要 为地产、基建行业，政策大力支持房地产健康发展，有助于推动下游回暖，进而下游信息化开支有望持续 提升。2)SaaS业务价值凸显：公司SaaS业务毛利率稳定，数字成本业务、数字设计业务毛利率均保持90% 以上，施工业务毛利率在2024年改善，带动整体毛利率稳中有升。 | 报告日期 | 机构简称 | 研究员 | 沂一年业绩 | 研报数 | 覆盖时长 | 2025 001 | 2026预测 | 2027预测 | 目标价 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 预测准确度 ...

广联达（002410.SZ）公司动态报告 触底反转，向 AI 而生 2025 年 06 月 03 日 ➢ 核心业务稳步发展，2024 年业绩大幅改善。1）核心业务稳步发展：数字成 本业务持续从单岗位工具向成本全过程应用场景升级，传统造价工具续费率、应 用率保持稳定，成本测算产品深耕大客户、应用率不断提升；数维设计业务方面， 数维房建完成多个价值标杆打造，数维道路设计方案能力全面覆盖路桥隧专业， 截至 2024 年应用项目数量增长至 1440 家。数字施工业务主动调整经营思路， 从追求经营规模转向对利润和现金流的管理。2）毛利率上升、费用端持续优化， 推动 2024 年净利润快速回暖：2024 年公司归母净利润 2.5 亿元，同比增长 116.19%。实现扣非归母净利润 1.74 亿元，同比增长 219.92%。 ➢ 政策有望推动下游景气度回暖，SaaS 龙头有望开启发展新征程。1）政策推 动下游回暖：2024 年 9 月，中国央行会同国家金融监督管理总局出台四项金融 支持房地产政策；《2025 年国务院政府工作报告》提出，持续用力推动房地产市 场止跌回稳，有序搭建相关基础性制度，加快构建房地产发展新模式。公司 ...

Investment Rating - The report maintains a "Recommended" rating for the company [6][8]. Core Insights - The company's core business is steadily developing, with significant performance improvement expected in 2024. The digital cost business is evolving from single-position tools to comprehensive cost application scenarios, while the gross profit margin is rising and expenses are being optimized, leading to a rapid recovery in net profit [3][15]. - Policies are expected to boost downstream market conditions, with the SaaS leader poised to embark on a new growth journey. The support for the real estate market is anticipated to enhance downstream information technology spending [4][21]. - The company is comprehensively deploying AI models and applications, integrating deep industry understanding with intelligent technology. The AI capabilities are expected to significantly enhance operational efficiency and decision-making accuracy [5][30]. Summary by Sections 1. Core Business Development and Performance Improvement - The digital cost business is transitioning to full-process applications, with stable renewal and application rates for traditional cost tools. The number of application projects in the digital design business has increased to 1,440 [3][13]. - The company expects a net profit of 250 million yuan in 2024, a year-on-year increase of 116.19%, with a non-recurring net profit of 174 million yuan, up 219.92% [15][39]. 2. Policy Support and SaaS Business Growth - In September 2024, the People's Bank of China and the National Financial Regulatory Administration introduced four financial support policies for real estate, which are expected to stabilize the market [4][22]. - The company's SaaS business maintains a gross profit margin above 90%, with improvements in the construction business gross profit margin expected in 2024 [24][23]. 3. AI Model Deployment and Integration - The company has launched the AecGPT AI model and various multi-professional scenario models, addressing specific business challenges in the construction industry [5][30]. - AI capabilities have been integrated into cost estimation products, improving accuracy to approximately 70%, and enhancing design efficiency by 50% in road design applications [5][36]. 4. Investment Recommendations - The company is recognized as a leading digital construction platform service provider, with SaaS model value becoming evident. The expected net profits for 2025-2027 are projected at 450 million, 663 million, and 835 million yuan, respectively, with corresponding PE ratios of 50X, 34X, and 27X [6][39].

证券代码：002410 证券简称：广联达 公告编号：2025-045 广联达科技股份有限公司 关于回购股份方案的实施进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 广联达科技股份有限公司（以下简称"公司"）于2025年3月31日召开第六届董事会第十八 次会议，审议通过《关于回购股份方案的议案》，公司拟以不超过21元/股（含）的回购价格， 回购不低于500（含）万股且不超过1,000（含）万股公司已发行的人民币普通股（A股）股票， 用于股权激励或员工持股计划，本次回购实施期限为自公司董事会审议通过回购股份方案之日 起十二个月内。具体详见公司在2025年4月1日在《中国证券报》《证券时报》《证券日报》《上 海证券报》和巨潮资讯网（http://www.cninfo.com.cn）披露的《关于回购股份方案的公告》（公 告编号：2025-026）。 最低成交价为13.23元/股，成交总金额为121,956,165.8元（不含交易费用）。本次回购符合相关 法律法规要求及公司回购方案。 二、其他说明 公司首次回购股份的时间、回购股份数量、回购股份价格及集中竞价交 ...

Core Viewpoint - The construction industry is transitioning from rapid growth and extensive management to a new era of refined management, emphasizing the importance of quality and digitalization [2][3][7]. Group 1: Industry Trends - The construction industry has shifted from high-speed growth to a more stable phase, with a focus on refined management and quality as the primary factors [3][7]. - The Ministry of Housing and Urban-Rural Development has initiated the "Four Good" construction strategy, promoting better housing, communities, and urban areas [3]. Group 2: Digital Transformation - The current period is identified as the best time for implementing digitalization in the construction industry, driven by the demand for quality and refined management [3][4]. - Digitalization is seen as a foundation for artificial intelligence, with effective digitalization leading to the emergence of advanced intelligent systems [3][4]. Group 3: Cost Management and Integration - The trend of integrated design cost management is becoming prominent, with the design phase determining approximately 80% of a project's costs [4][5]. - The digital cost management business has evolved from a tool for efficiency to a comprehensive "digital assistant" that optimizes project costs [5]. Group 4: AI Integration - The company has committed to an "All In AI" strategy, integrating AI across all products and services to enhance capabilities and efficiency [6]. - AI-driven design software can quickly generate various design options based on project constraints and requirements, significantly improving the design process [6]. Group 5: Long-term Vision - The company maintains a long-term perspective on the construction industry's digitalization, believing that the current environment presents significant opportunities for growth [7].

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [10][20]. Core Insights - The company experienced a slight decline in revenue but significantly improved its AI capabilities. In Q1 2025, total revenue was 1.228 billion yuan, a year-on-year decrease of 5.53%, while net profit attributable to shareholders was 30 million yuan, a year-on-year increase of 390.89%. For 2024, total revenue was 6.203 billion yuan, down 4.93%, with a net profit of 250 million yuan, up 116.19% [2][3]. Financial Performance Summary - **Revenue and Profitability**: The company reported a total revenue of 6.240 billion yuan for 2024, with a year-on-year decline of 4.9%. The net profit attributable to shareholders was 251 million yuan, reflecting a growth of 116.2% [5]. - **Earnings Per Share (EPS)**: The projected EPS for 2025, 2026, and 2027 are 0.27 yuan, 0.39 yuan, and 0.53 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 54, 38, and 28 [5][10]. - **Target Price**: The target price is set at 16.2 yuan, compared to the current price of 13.88 yuan [6]. Business Development Summary - **Digital Cost Business**: In 2024, revenue from this segment was 4.986 billion yuan, a decrease of 3.55%. The business is evolving from single-tool applications to comprehensive cost management solutions, increasing coverage from 53.78% to 79.25% [10]. - **Digital Construction Business**: This segment generated 787 million yuan in revenue for 2024, down 8.71%. The company made advancements in smart construction technologies [10]. - **Digital Design Business**: Revenue increased by 3.28% to 90 million yuan in 2024, with a growing number of application projects [10]. AI and International Expansion - The company has enhanced its AI capabilities, launching new AI-driven products and platforms. In 2024, overseas revenue reached 203 million yuan, a year-on-year increase of 5.07% [10]. Employee Incentives - A new stock option incentive plan was introduced, covering 485 employees with a target net profit of 563 million yuan for 2025, aiming for a 30% growth in 2026 [10]. Future Projections - Revenue forecasts for 2025, 2026, and 2027 are 6.443 billion yuan, 6.710 billion yuan, and 6.980 billion yuan respectively, with net profits projected at 448 million yuan, 646 million yuan, and 871 million yuan [10].

Core Viewpoint - Guanglian Technology Co., Ltd. has announced its 2024 annual profit distribution plan, which includes a cash dividend of 1.5 RMB per 10 shares for all shareholders, excluding repurchased shares [1][2][4]. Summary by Sections Shareholder Meeting Approval - The profit distribution plan was approved at the shareholder meeting held on April 28, 2025, with the total share capital for distribution set at 1,638,720,223 shares, excluding 13,224,119 repurchased shares [1][2]. Profit Distribution Plan - The company will distribute a cash dividend of 1.5 RMB per 10 shares (tax included) to all shareholders, with specific tax treatments for different types of investors [2][3]. - For Hong Kong market investors and certain qualified foreign institutional investors (QFII, RQFII), the net dividend after tax will be 1.35 RMB per 10 shares [2]. Key Dates - The record date for the profit distribution is May 28, 2025, and the ex-dividend date is May 29, 2025 [3]. Distribution Method - Cash dividends will be directly credited to the shareholders' accounts through their securities companies or other custodians [3]. Total Dividend Amount - The total amount for the dividend distribution is calculated to be 245,808,033.45 RMB, based on the adjusted share count [4].

证券代码：002410 证券简称：广联达 公告编号：2025-044 广联达科技股份有限公司 2024 年年度权益分派实施公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 特别提示： 根据《公司法》《深圳证券交易所上市公司回购股份实施细则》等相关规定，广联达科技 股份有限公司（以下简称"公司"）通过回购专用证券账户持有的本公司股份 13,224,119 股不享 有参与利润分配的权利。因此，本次权益分派以公司股权登记日总股本扣除回购专用证券账户 上已回购股份 13,224,119 股后的 1,638,720,223 股为分配基数。 公司2024年年度权益分派方案已获2025年4月28日召开的2024年度股东大会审议通过， 现将权益分派事宜公告如下： 一、股东大会审议通过利润分配方案情况 1、公司 2024 年度股东大会审议通过的 2024 年度利润分配方案为：以 2025 年内实施利润 分配方案时股权登记日的总股本为基数（不含公司已回购但未注销的股份数量），向全体股东 每 10 股派发现金股利 1.5 元（含税），不送红股，不以公积金转增股本。如在权益分派方 ...

Group 1 - The real estate industry's inertia is failing, and a new construction cycle is forming, emphasizing customer expectations as the core pursuit for sustainable development [1][2] - The transition in the real estate sector signifies the end of an era and the beginning of a new one, focusing on high quality, new technology, and good service [2][3] - The concept of "just right" housing is introduced, aiming to find the optimal solution between real needs and actual payment capabilities, supported by digital capabilities [3][4] Group 2 - The construction industry must rely on refined management and digital integration to promote the development of "good houses," with a focus on efficiency and transparency [5][6] - Refined management is categorized into three levels: site level, project level, and enterprise level, each focusing on precise control of resources and data integration [7] - The integration of general AI and industry-specific AI is crucial, requiring a deep fusion of general capabilities, industry knowledge, and specialized software [8][9] Group 3 - Successful implementation of industry AI depends on structured and standardized high-quality data, clear value-oriented scenarios, and reliable models [9][10] - The synergy of data, scenarios, and models is essential for the effective application of AI in the engineering sector, leading to efficiency improvements and value creation [10]

Company Overview - The company focuses on core products, key regions, and major clients to achieve stable growth in revenue, profit, and cash flow in 2025 [1][2] - The digital cost business aims for stable growth, while digital construction will enhance operational quality, targeting three core products for scale [2] - The digital design business plans to further scale up, with a focus on 3D design and integrated applications [2] AI and Digital Transformation - The company has developed the AecGPT AI model for the construction industry, covering the entire lifecycle from design to operation [2] - AI applications include intelligent design, transaction, construction, and operation, with multiple scenarios such as AI design and AI safety management [2][3] International Expansion - The company is prioritizing overseas business expansion, focusing on Asia and Europe [3] - In Europe, the company leverages acquisitions like MagiCAD and EQUA to promote integrated design software [3] - In Asia, the company is enhancing marketing channels and product development to capitalize on active infrastructure projects [3] Quality Improvement and Efficiency - The company is focusing on four key areas: integrated design, refined cost management, precise construction, and global development [4] - AI integration is a crucial support for enhancing product value and operational efficiency [4][5] Financial Health - The company's operating cash flow significantly exceeds net profit, indicating a healthy business operation [5] - High cash flow is attributed to strong customer payment rates and the nature of non-cash expenses [5] Digital Design Product Development - The digital design product has been developed over ten years and meets various design needs [6] - The company is actively promoting the product through competitions and collaborations with educational institutions [6] Cost Control and Budget Management - Increased sales and R&D expenses in Q1 2025 are linked to strategic focus and market expansion [7][8] - The company employs a flexible budget management mechanism to align resource allocation with business execution [8] Industry Trends and Adaptation - The construction industry is transitioning to a phase of refined management, increasing demand for digital solutions [9][10] - The company is adjusting its product focus from traditional construction to infrastructure and urban renewal projects [9][10]