GLODON(SZ:002410) Western Securities·2025-08-26 11:22Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company reported a main business revenue of 2.784 billion yuan in the first half of 2025, a year-on-year decrease of 5.2%, while the net profit attributable to shareholders increased by 23.7% to 237 million yuan [1][5] - Profitability improved due to effective cost and expense management, with an overall gross margin of 87.8%, up 1.1 percentage points year-on-year [1] - The digital cost business generated revenue of 2.286 billion yuan, down 7.1% year-on-year, but the decline in new cloud contracts has narrowed significantly in Q2 [1] - The digital construction business achieved revenue of 312 million yuan, growing 8.2% year-on-year, with a notable 19.5% growth in Q2 [2] - The company is fully embracing AI, with over 40 million yuan in contracts directly attributed to AI, and has developed over 80 AI products [2] Financial Forecasts - Expected revenues for 2025-2027 are 6.252 billion yuan, 6.447 billion yuan, and 6.671 billion yuan respectively, with net profits projected at 480 million yuan, 577 million yuan, and 660 million yuan [2][3] - The company anticipates a significant recovery in profitability, with net profit growth rates of 91.5% in 2025 and 20.2% in 2026 [3][10]