GLODON(SZ:002410) KAIYUAN SECURITIES·2025-03-27 03:14Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is a leader in construction information technology, and despite a downward adjustment in net profit forecasts for 2025-2026, it maintains a "Buy" rating due to its market position [5] - The company's Q4 performance shows positive trends in revenue and profit growth, with significant cost control measures leading to improved financial metrics [6] - The digital cost business remains stable, and the digital construction business is showing effective transformation results [7] Financial Summary - For 2024, the company achieved operating revenue of 62.03 billion yuan, a year-on-year decline of 4.93%, but a net profit attributable to the parent company of 2.50 billion yuan, a year-on-year increase of 116.19% [6] - The company’s gross profit margin for 2024 was 84.33%, an increase of 1.81 percentage points year-on-year, attributed to optimized revenue structure and cost control [6] - The projected net profit for 2025 is 4.14 billion yuan, with EPS estimates of 0.25, 0.35, and 0.39 yuan per share for 2025, 2026, and 2027 respectively [5][8] Valuation Metrics - The current stock price corresponds to a PE ratio of 55.9, 40.2, and 35.5 for the years 2025, 2026, and 2027 respectively [5] - The projected revenue growth rates for 2025, 2026, and 2027 are 5.0%, 6.0%, and 6.1% respectively [8] - The company’s return on equity (ROE) is expected to improve from 1.9% in 2023 to 9.5% by 2027 [11]