GLODON(SZ:002410) KAIYUAN SECURITIES·2025-08-26 05:12Investment Rating - The investment rating for the company is "Buy" (maintained) [4][13]. Core Views - The company is a leader in construction information technology, with maintained profit forecasts for 2025-2027 at 414 million, 577 million, and 652 million yuan respectively, and corresponding EPS of 0.25, 0.35, and 0.39 yuan per share. The current stock price corresponds to a PE ratio of 55.7, 40.0, and 35.4 for 2025-2027 [4][5]. Financial Performance Summary - In the first half of 2025, the company achieved operating revenue of 2.784 billion yuan, a year-on-year decline of 5.23%, while net profit attributable to the parent company was 237 million yuan, a year-on-year increase of 23.65%. In Q2 alone, operating revenue was 1.565 billion yuan, also down 5.23%, but net profit grew by 11.63% to 207 million yuan [5]. - The digital cost business generated 2.286 billion yuan in revenue, down 7.06% year-on-year, primarily due to a decrease in revenue from previously signed cloud contracts. The digital construction business saw an 8.21% increase in revenue to 312 million yuan, while the digital design business experienced a 13.11% decline to 31 million yuan. Overseas business revenue rose by 9.62% to 116 million yuan [5]. - The gross margin improved by 1.11 percentage points to 87.79% due to proactive adjustments in product structure, reducing sales of non-core and low-margin products. The net cash flow from operating activities was -554 million yuan, with a year-on-year narrowing of net outflow [5]. AI Integration and Product Development - The company has fully embraced AI, achieving significant milestones across multiple product areas. The industry AI platform has supported the development of over 80 AI products and the release of 17 AI applications, with service calls exceeding 40 million times in the first half of the year. The consumption of model services on the AI platform reached 14.3 billion tokens [6]. - AI has become a growth engine for the company, directly contributing over 40 million yuan in contract value, enhancing product competitiveness, and driving revenue growth [6]. Financial Projections - The company forecasts operating revenue of 6.51 billion yuan for 2025, with a year-on-year growth of 5.0%. Net profit attributable to the parent company is projected to be 414 million yuan, reflecting a 65.4% increase year-on-year. The gross margin is expected to be 84.7% in 2025 [7][9].