GLODON(002410) 申万宏源·2025-03-26 03:19Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [7]. Core Insights - The company is showing initial success in its high-quality transformation, which is expected to enhance its profitability [1]. - The financial performance for 2024 aligns with expectations, with total revenue of 6.24 billion yuan, a year-on-year decrease of 4.93%, and a net profit attributable to shareholders of 250 million yuan, reflecting a significant increase of 116.19% [7]. - The digital cost business remains stable, with a revenue of 4.986 billion yuan, while the digital construction business is undergoing transformation, showing a revenue of 787 million yuan and a gross margin improvement [7]. - The company is expanding its overseas business, achieving a revenue of 203 million yuan, which represents a year-on-year growth of 5% [7]. Financial Data and Profit Forecast - Total revenue projections for the company are as follows: 6.447 billion yuan in 2025, 6.771 billion yuan in 2026, and 7.125 billion yuan in 2027, with growth rates of 3.3%, 5.0%, and 5.2% respectively [6]. - The net profit attributable to shareholders is forecasted to be 470 million yuan in 2025, 577 million yuan in 2026, and 661 million yuan in 2027, with growth rates of 87.8%, 22.7%, and 13.6% respectively [6]. - The gross margin is expected to improve from 84.3% in 2024 to 86.5% in 2027, indicating a positive trend in profitability [6].