GLODON(SZ:002410) Shenwan Hongyuan Securities·2025-08-28 11:13Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [5]. Core Views - The company reported a slight revenue decline of 5.37% year-on-year for H1 2025, with a net profit increase of 23.65%, slightly exceeding expectations [5]. - The digital cost business remains stable, with new business growth gradually emerging, despite a decrease in cloud contract signings [5]. - The digital construction business has shown significant transformation effects, with a notable increase in gross margin [5]. - The company has successfully developed multiple AI products, generating over 40 million in revenue from AI contracts [5]. - The report maintains profit forecasts for 2025-2027, expecting net profits of 470 million, 577 million, and 655 million respectively [5]. Financial Data and Profit Forecast - Total revenue for 2025 is projected at 6.447 billion, with a year-on-year growth rate of 3.3% [4]. - The net profit for 2025 is estimated at 470 million, reflecting a significant year-on-year growth of 87.8% [4]. - The gross margin is expected to remain high, with projections of 86.1% for 2025 [4]. - The return on equity (ROE) is forecasted to improve to 7.4% in 2025 [4].