GLODON(SZ:002410) ZHONGTAI SECURITIES·2024-07-29 01:30Investment Rating - The investment rating for the company is "Buy" (maintained) with a market price of 10.24 [2] Core Views - The company reported a revenue of 2.958 billion yuan for the first half of 2024, a year-on-year decrease of 3.61%, and a net profit attributable to shareholders of 192 million yuan, down 22.70% year-on-year [2] - Despite the challenges in the construction sector and ongoing pressure from the real estate market, the company's digital cost business has shown resilience, with improved operational metrics and increased customer retention [2][3] - The company has actively optimized its product strategy and marketing approach, focusing on core business applications and enhancing the proportion of self-developed software and hardware [2][3] Financial Summary - Revenue Forecast: - 2022A: 6,591 million yuan - 2023A: 6,563 million yuan (growth rate: -0.4%) - 2024E: 6,577 million yuan (growth rate: 0.2%) - 2025E: 7,171 million yuan (growth rate: 9.0%) - 2026E: 7,960 million yuan (growth rate: 11.0%) [2][3] - Net Profit Forecast: - 2022A: 967 million yuan - 2023A: 116 million yuan - 2024E: 489 million yuan - 2025E: 1,069 million yuan - 2026E: 1,420 million yuan [2][3] - Earnings Per Share (EPS): - 2022A: 0.58 yuan - 2023A: 0.07 yuan (decrease of 88.0%) - 2024E: 0.29 yuan (increase of 321.9%) - 2025E: 0.64 yuan (increase of 118.8%) - 2026E: 0.85 yuan (increase of 32.8%) [2][3] - Price-to-Earnings (P/E) Ratio: - 2022A: 18 - 2023A: 147 - 2024E: 35 - 2025E: 16 - 2026E: 12 [2][3] - Price-to-Book (P/B) Ratio: - 2022A: 3 - 2023A: 3 - 2024E: 3 - 2025E: 2 - 2026E: 2 [2][3] Investment Recommendations - The report maintains a "Buy" rating, predicting that the company's profits will be under pressure due to the macroeconomic environment and the downturn in the real estate sector. However, it remains optimistic about the company's competitive advantages in technology products and market positioning [2][3]