GLODON(SZ:002410) Shanxi Securities·2025-03-27 05:51Investment Rating - The report assigns an "Accumulate-A" rating to the company, indicating a positive outlook for its stock performance in the near term [1][8]. Core Insights - The company's business transformation is showing initial results, with cost reduction and efficiency improvements driving significant growth in performance [1]. - In 2024, the company achieved a revenue of 6.24 billion yuan, a year-on-year decrease of 4.93%, while the net profit attributable to shareholders increased by 116.19% to 250 million yuan [4][5]. - The construction industry remains sluggish, but recent policy measures are expected to gradually revive the sector, enhancing the company's revenue growth prospects [5]. - The company has optimized its business structure and implemented cost control measures, resulting in a gross margin of 84.33%, an increase of 1.82 percentage points year-on-year [5][6]. Financial Performance Summary - The company reported a net profit margin of 4.36% in 2024, up 2.53 percentage points from the previous year [5]. - The digital cost business generated revenue of 4.99 billion yuan, a decrease of 3.55%, while the digital construction business saw revenue of 787 million yuan, down 8.71% [6]. - The company is focusing on improving operational quality by shifting from scale to quality in its product offerings, which has led to a gross margin of 35.87% in the digital construction segment, up 4.40 percentage points [6]. - The company is expanding its overseas market presence, achieving revenue of 203 million yuan from international operations, a growth of 5.07% [6]. Earnings Forecast - The company is projected to have earnings per share (EPS) of 0.32, 0.38, and 0.46 for the years 2025, 2026, and 2027, respectively [7]. - Corresponding price-to-earnings (P/E) ratios for these years are expected to be 44.70, 36.72, and 30.58 based on the closing price of 14.11 yuan on March 26 [7].