GLODON(SZ:002410) Minsheng Securities·2025-06-03 10:23Investment Rating - The report maintains a "Recommended" rating for the company [6][8]. Core Insights - The company's core business is steadily developing, with significant performance improvement expected in 2024. The digital cost business is evolving from single-position tools to comprehensive cost application scenarios, while the gross profit margin is rising and expenses are being optimized, leading to a rapid recovery in net profit [3][15]. - Policies are expected to boost downstream market conditions, with the SaaS leader poised to embark on a new growth journey. The support for the real estate market is anticipated to enhance downstream information technology spending [4][21]. - The company is comprehensively laying out AI models and applications, integrating deep industry understanding with intelligent technology. The AI capabilities are expected to significantly enhance operational efficiency and decision-making accuracy [5][30]. Summary by Sections 1. Core Business Development and Performance Improvement - The digital cost business is transitioning to full-process applications, with stable renewal and application rates for traditional cost tools. The number of application projects in the digital design business has increased to 1,440 [3][13]. - The company expects a net profit of 250 million yuan in 2024, a year-on-year increase of 116.19%, with a non-recurring net profit of 174 million yuan, up 219.92% [15][39]. 2. Policy Support and SaaS Business Growth - In September 2024, the People's Bank of China and the National Financial Regulatory Administration introduced four financial support policies for real estate, which are expected to stabilize the market [21][22]. - The company's SaaS business maintains a gross profit margin above 90%, with improvements in the construction business gross margin expected in 2024 [24][23]. 3. AI Model and Application Integration - The company has launched the AecGPT AI model and various specialized models covering seven fields, enhancing efficiency in construction project management [5][30]. - AI capabilities have improved the accuracy of cost estimation products to approximately 70%, and the efficiency of design solutions has increased by 50% [36][32]. 4. Investment Recommendations - The company is recognized as a leading digital construction platform service provider, with a projected net profit of 450 million yuan in 2025, 663 million yuan in 2026, and 835 million yuan in 2027, corresponding to PE ratios of 50X, 34X, and 27X respectively [39][41].