[Table_Main] 公司研究|信息技术|软件与服务 证券研究报告 广联达(002410)公司点评报告 2024年04月08日 [Table_Invest] [Tab经le_T营itle业] 绩短期承压，加大研发布局未来 买入|维持 ——广联达(002410.SZ)2023年年度报告点评 [当Ta前b价le_：T argetPr1ic1e.3] 2元 [事Ta件ble：_S ummary] 公司于2024年3月25日收盘后发布《2023年年度报告》。 [基Ta本bl数e_据Ba se] 点评： 52周最高/最低价（元）： 71.13 / 10.90  公司整体业务开展节奏受建筑行业开工情况影响，业绩有所承压 A股流通股（百万股）： 1588.83 2023年，受建筑行业开工情况影响，公司整体业务开展节奏受到影响，全 A股总股本（百万股）： 1664.87 年实现营业收入65.25亿元，同比下降0.42%，实现归母净利润1.16亿元， 流通市值（百万元）： 17985.61 同比下降88.02%，主要是人力成本、折旧摊销和资产减值增加所致。分产 总市值（百万元）： 18846.32 品看，数字成本业务实现 ...

证券代码：002410 证券简称：广联达 公告编号：2024-030 广联达科技股份有限公司 二、其他说明 广联达科技股份有限公司（以下简称"公司"）于 2023 年 8 月 18 日召开第六届董事会第 二次会议审议通过《关于回购股份方案的议案》，拟以自有资金通过集中竞价的方式回购部分 公司发行的人民币普通股（A 股）用于股权激励或员工持股计划。本次回购的资金总额不低于 人民币 3 亿元（含）且不超过人民币 5 亿元（含），回购价格不超过人民币 45 元/股（含）。具 体回购股份的数量及占公司总股本的比例以实际情况为准。本次回购股份实施期限为自公司第 六届董事会第二次会议审议通过回购股份方案之日起不超过 12 个月。具体内容详见《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：2023-046）、《回购报告书》（公告编号：2023-047）。 公司在 2023 年 9 月 26 日实施首次回购后，以及每个月的前三个交易日内均披露了回购进 展情况。具体内容详见《中国证券报》《证券时报》《证券日报》《 ...

证券研究报告 | 年报点评报告 2024年04月02日 广联达（002410.SZ） 造价基本盘仍然稳健，建筑数字化长期空间广阔 事件：3 月25 日，公司发布《2023 年年度报告》，实现营业收入 65.25 亿元，同 买入（维持） 比减少0.42%；归属于上市公司股东的净利润1.16亿元，同比减少88.02%，符合 股票信息 市场预期。 行业 软件开发 23 年业绩暂时承压，造价基本盘仍然稳健。1）2023 年全年，公司实现营业收入 前次评级 买入 65.25亿元（-0.42%）；归母净利润1.16亿元（-88.02%），业绩承压较大，主要 4月1日收盘价(元) 11.92 系外部宏观经济增速放缓、房地产投资下行，内部组织架构大规模调整，磨合过程 影响业务开展。2）2023年，公司数字成本业务收入51.70亿（+8.33%），签署云 总市值(百万元) 19,845.24 合同35.64亿元，同比下降9.08%，剔除三年期合同影响，同比基本持平。其中， 总股本(百万股) 1,664.87 造价产品实现云收入32.24亿元，同比增长11.20%，收入增长主要来源于前期云合 其中自由流通股(%) 95.43 同 ...

造价业务显韧性，资源聚焦再突破 广联达（002410.SZ）/计算 证券研究报告/公司点评 2024年03月29日 机 [Table_Industry] [评Ta级ble：_T买itle入] （维持） [公Ta司ble盈_F利in预anc测e1及] 估值 市场价格：11.71 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 6,591 6,563 6,577 7,171 7,960 分析师：闻学臣 增长率yoy% 17.3% -0.4% 0.2% 9.0% 11.0% 执业证书编号：S0740519090007 净利润（百万元） 967 116 489 1,069 1,420 Email：wenxc@zts.com.cn 增长率yoy% 46.3% -88.0% 321.9% 118.8% 32.8% 每股收益（元） 0.58 0.07 0.29 0.64 0.85 每股经营现金流（元） 0.99 0.38 0.52 0.76 1.12 研究助理：刘一哲 净资产收益率 15% 2% 7% 14% 17% Email：liuyz03@zts.com.cn P/E 20 16 ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 03 月 29 日 广 联达(002410.SZ) 证券研究报告 年报业绩承压，不改长期数字化转型趋势 云软件服务 投资评级 买入-A 事件概述： 维持评级 3 月 26 日，广联达发布了《2023 年年度报告》。2023 年是公司九三 6个月目标价 16.91元 战略的开局之年，受建筑行业开工情况影响，公司整体业务开展节奏 股价 (2024-03-29) 11.40元 受到影响，全年实现营业收入65.25 亿元，同比下降0.42%，实现净 利润 1.16 亿元，同比下降88.02%。公司利润下滑幅度较大，主要是 交易数据 人力成本、折旧摊销和资产减值增加所致。 总市值(百万元) 18,979.51 833365999 流通市值(百万元) 18,112.72 造价产品基本盘稳健增长，海外和 AI布局有亮点 总股本(百万股) 1,664.87 分业务来看，数字成本业务实现营业收入 51.70 亿元，同比增长 流通股本(百万股) 1,588.83 8.33%，报告期内签署云合同 35.64 亿元，同比下降 9.08%，剔除三 12个月价 ...

Investment Rating - The investment rating for the company is "Buy" with a previous rating of "Buy" as well [1] Core Views - The company's revenue for 2023 was 6.53 billion RMB, a slight decrease of 0.4% year-on-year, while the net profit attributable to shareholders dropped significantly by 88.0% to 120 million RMB, primarily due to increased labor costs, depreciation, and asset impairment [3][4] - The digital cost management segment remains stable, with strong growth momentum from new digital cost products, achieving cloud revenue of 600 million RMB, a year-on-year increase of 52.4% [3][4] - The construction business has been optimized, focusing on profitability and cash flow management, resulting in improved sales collection compared to 2022 [3][4] Summary by Sections Financial Performance - The company reported total revenue of 6.53 billion RMB in 2023, with a projected revenue increase to 8.09 billion RMB in 2024, reflecting a growth rate of 24.0% [4][6] - The net profit for 2023 was 120 million RMB, with forecasts of 1.02 billion RMB for 2024, indicating a substantial recovery [4][6] - The earnings per share (EPS) for 2023 was 0.07 RMB, expected to rise to 0.61 RMB in 2024 [4][6] Business Segments - The digital construction business generated 860 million RMB in revenue for 2023, a decrease of 35.0% due to fewer construction projects starting [3][4] - The overseas business segment saw a revenue increase of 26.4% to 194 million RMB, driven by the acquisition of EQUA Simulation AB [3][4] Valuation - The projected net profits for 2024, 2025, and 2026 are 1.02 billion RMB, 1.29 billion RMB, and 1.56 billion RMB respectively, with corresponding PE ratios of 20.5X, 16.2X, and 13.4X [4][6][7] - The company maintains a strong digital cost management foundation, with robust growth potential from new digital products, justifying the "Buy" rating [3][4]

[Table_StockInfo] 买入 2024年 03月 27日 （维持） 证券研究报告•2023年年报点评 当前价： 11.59元 广 联 达（002410） 计算机 目标价： 14.50元（6个月） 转型期业绩承压，夯实基础静待拐点 投资要点 西南证券研究发展中心 [T ab事le件_S：u公mm司a发ry布] 2023年年度报告，全年实现收入65.6亿元，同比减少0.4%， [分Ta析bl师e_：Au王th湘or杰] 实现归母净利润1.2亿元，同比减少88.0%，实现扣非后归母净利润5442.8万 执业证号：S1250521120002 元，同比减少94.1%。 电话：0755-26671517  利润短期承压，组织架构完成调整静待拐点到来。报告期内，受建筑行业开工 邮箱：wxj@swsc.com.cn 情况影响，公司收入与2022年基本持平；利润下滑幅度较大，主要是人力成本、 分析师：邓文鑫 折旧摊销和资产减值增加所导致。费用端看，公司销售、管理、研发费用率分 别为 30.6%（+4.95pp）、19.3%（+0.61pp）、28.9%（+5.88pp）；摊销减值方 执业证号：S1250523 ...

上 市 公 司 计算机 2024 年03月 27 日 广联达 (002410) 公 司 研 究 ——短期受挫，长期稳健 / 公 司 点 报告原因：有业绩公布需要点评 评 买入 投资要点： （维持）  公告：公司发布2023年报。根据年报，2023年公司实现营业收入65.63亿元，yoy-0.42%, 实现归母净利润1.16亿元，yoy-88.02%。2023Q4单季度，公司实现收入17.75亿元， 证 市场数据： 2024年03月26日 yoy-16.04%，实现归母净亏损1.46亿元，同比盈转亏。业绩符合市场预期。 券 收盘价（元） 12.2 研 一年内最高/最低（元） 78.3/10.28  数字成本业务逆势稳盘，收入yoy+8.3%。根据年报，数字成本业务实现51.7亿元收入， 究 市净率 3.5 报 息率（分红/股价） - yoy+8.3%。2023 年签署云合同 35.64 亿元，yoy-9.08%，剔除三年期合同影响，同比 告 流通A股市值（百万元） 19384 基本持平；造价产品云收入 32.24 亿元，yoy+11.20%；签订云合同 30.29 亿元， 上证指数/深证成指 3031.48 ...

股 票 研 究 [Table_industryInfo] 计算机/信息科技 [ Table_Main[广ITnaf 联bol]e 达_Ti(tl0e]0 2410) [评Tab级le_：Inv est] 增持 上次评级： 增持 业绩低于预期，修复尚需时日 目标价格： 14.97 上次预测： 25.47 公 ——广联达2023 年年报点评 当前价格： 12.20 司 李沐华(分析师) 李博伦(分析师) 2024.03.27 更 010-83939797 0755-23976516 [交Ta易bl数e_M据a rket] 新 limuhua@gtjas.com libolun@gtjas.com 证书编号 S0880519080009 S0880520020004 52周内股价区间（元） 10.90-77.29 报 总市值（百万元） 20,311 告 本报告导读： 总股本/流通A股（百万股） 1,665/1,589 流通 B股/H股（百万股） 0/0 房建行业对于公司的影响在 2023年显著体现，导致公司业绩承压，未来需靠主动降 流通股比例 95% 本增效释放利润。 日均成交量（百万股） 33.69 投资要点： ...

Dividend Distribution - The company plans to distribute a cash dividend of 0.7 RMB per 10 shares to all shareholders, with the total share capital as the basis for the distribution [2]. - The company plans to distribute a cash dividend of 0.70 CNY per share (including tax) for every 10 shares, totaling 116,540,865.42 CNY in cash dividends [142]. - In 2023, the cash dividend amount (including tax) was CNY 116.54 million, which accounted for 100.61% of the net profit attributable to ordinary shareholders [141]. - The total cash dividend amount, including other methods, is 396,461,377.72 CNY, which represents a distribution from a distributable profit of 2,026,171,019.26 CNY [142]. Financial Performance - The company's operating revenue for 2023 was ¥6,524,575,067.70, a decrease of 0.42% compared to ¥6,552,355,812.47 in 2022 [11]. - The net profit attributable to shareholders for 2023 was ¥115,837,537.09, representing a significant decline of 88.02% from ¥966,734,779.17 in 2022 [11]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥54,428,701.01, down 94.08% from ¥919,252,904.33 in the previous year [11]. - The net cash flow from operating activities for 2023 was ¥636,957,826.53, a decrease of 61.34% compared to ¥1,647,598,520.47 in 2022 [11]. - The basic earnings per share for 2023 was ¥0.0702, down 88.04% from ¥0.5866 in 2022 [11]. - The total assets at the end of 2023 were ¥10,675,950,410.00, a decrease of 7.53% from ¥11,545,493,530.00 at the end of 2022 [11]. - The net assets attributable to shareholders at the end of 2023 were ¥5,882,546,802.94, down 6.80% from ¥6,311,747,170.12 at the end of 2022 [11]. Strategic Initiatives - The company is in the process of implementing its "Nine Three" strategic plan, which spans from 2023 to 2025, focusing on digital construction and technology integration [5]. - The company is positioned as a digital construction platform service provider, aiming to leverage digital transformation to enhance competitiveness in the construction sector [19]. - The company aims to complete its second entrepreneurial phase by 2025, addressing the increasing demand for high-quality development in the construction industry [32]. - The company is shifting its focus from pursuing scale to improving operational quality in its digital construction business, aiming for sustainable growth [35]. Digital Transformation - The company is focused on leveraging technologies such as BIM, AI, and cloud computing to drive industry transformation and enhance project success rates [5]. - The company has established a digital ecosystem for construction projects, integrating various technologies to improve efficiency and collaboration [5]. - The company provides digital solutions across the entire lifecycle of construction projects, focusing on digital cost, digital construction, and digital design business segments [23]. - The digital cost business primarily offers software products and data services, utilizing a SaaS model to enhance project management for various stakeholders [23]. - The digital construction business focuses on providing platform-based solutions for project management, with a low market penetration rate indicating significant growth potential [24]. - The company has developed a leading PaaS platform for the construction industry, facilitating business integration, product adaptation, application development, and ecosystem promotion [27]. Research and Development - R&D investment totaled CNY 19.63 billion, up 5.65% year-on-year, representing 30.09% of total revenue [39]. - The company achieved a research and development investment of approximately CNY 1.96 billion in 2023, representing a 5.65% increase from CNY 1.86 billion in 2022 [66]. - The number of R&D personnel increased to 4,702 in 2023, an 8.39% rise from 4,338 in 2022, with R&D personnel now constituting 45.43% of the workforce [65]. - The company launched new products and services, including AI applications in engineering measurement, enhancing user modeling efficiency and accuracy [67]. Market and Industry Insights - The construction industry in China achieved a total output value of ¥31.59 trillion in 2023, with a year-on-year growth of 5.77% [19]. - The average profit margin in the construction industry dropped to 2.64% in 2023, continuing a downward trend since 2016 [20]. - The digital construction market in China is expected to maintain a compound annual growth rate (CAGR) of over 10% before 2025, significantly outpacing the historical growth rate of 3-7% for the construction industry's added value [21]. Governance and Compliance - The company has established a comprehensive information management and disclosure system to enhance transparency and ensure compliance with legal regulations [106]. - The company has a robust organizational structure, allowing for independent decision-making within its operational and administrative functions [109]. - The company has a complete and independent personnel management system, ensuring employee compensation is separate from that of other enterprises controlled by shareholders [109]. - The company has implemented a comprehensive risk management system, with the board of directors overseeing its establishment and implementation [154]. Employee and Management - The total number of employees at the end of the reporting period is 10,349, with 6,007 in the parent company and 4,342 in major subsidiaries [133]. - The company has a structured remuneration system that includes basic salary, other income, and annual bonuses [126]. - The total pre-tax remuneration for directors, supervisors, and senior management during the reporting period amounted to CNY 20.42 million [125]. - The company has implemented over 380 training programs during the reporting period, enhancing the overall quality of talent and supporting organizational strategic goals [136]. Acquisitions and Investments - The company completed a 100% acquisition of Beijing Guanglian Da Tianxia Technology Co., Ltd. for ¥13.26 million and a 51% acquisition of EQUA Simulation AB for approximately ¥102.57 million [81]. - The company has invested ¥147.19 million in the Xi'an Guanglian Da Digital Construction Product R&D and Industrialization Base, with a project completion rate of 93.37% [82]. - The company is focusing on expanding its market presence through strategic investments and acquisitions in the software and technology services sector [81]. Sustainability and Social Responsibility - The company emphasizes sustainable development strategies focusing on environmental responsibility, social goodwill, and economic growth [160]. - The company is actively reducing its carbon footprint and promoting green procurement throughout its operations [160]. - The company has initiated various community support activities, including donations and safety education for vulnerable groups [161]. - The company actively supports rural revitalization and poverty alleviation, providing funding and technical support to develop local特色产业 brands, benefiting farmers in Shanxi, Hebei, Hunan, and Guizhou [162].