招银国际-广联达-002410-Solid 3Q22 despite short-term GPM decline-221028

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（以下内容从招银国际《Solid 3Q22 despite short-term GPM decline》研报附件原文摘录）
　　广联达(002410) 　　Glodon delivered weaker than expected FY3Q22 results with revenue of RMB1.69bn (+19% YoY) and net profit of RMB241mn (+27% YoY). GPM was down 5.7 ppts to 80% due to higher labor cost related to the implementation of construction management projects. Construction costing SaaS demand remained solid with revenue growth of +25% YoY to RMB837mn. Newly signed contract (+31% YoY)/ Contracted liabilities (+30% YoY) suggested a strong outlook ahead. Management is confident to achieve full year targets: 1) Construction costing SaaS newly signed contract to reach RMB4bn and 2) Construction management revenue growth of +30% YoY. Maintain BUY. 　　FY3Q22 miss on GPM. Glodon reported in-line FY3Q22 revenue of RMB1,691mn (+19% YoY). Net profit was RMB241mn (+27% YoY), missed our/ consensus estimates by 10%/ 8% respectively, mainly attributable to GPM decline of -5.7 ppts to 80.0%. Higher implementation cost (more staff was hired and salary raise was done in FY3Q22) has resulted in GPM erosion. However, management indicated that FY4Q22 GPM will recover to prior level as revenue ramps up (4Q usually accounts for 35-36% of full year revenue). Meanwhile, we are positive on the stricter opex control (opex merely +7% YoY). OPM improved +1.2 ppts YoY to 14.6%. 　　Construction costing: SaaS demand exceeded prior guidance, confident to achieve RMB4bn newly signed SaaS contract target. Glodon costing SaaS revenue was RMB837mn in FY3Q22 (+25% YoY), accounting for 50% of total revenue. SaaS metrics suggested strong demand ahead: 1) Newly signed contract was RMB1,062mn (+31% YoY), 2) Contracted liabilities was RMB2,419mn (+30% YoY). In particular, SaaS newly signed contract growth exceeded prior guidance (+20-25% YoY). 　　Construction Management: project delivery affected by COVID-19resurgence, maintain full year guidance of +30% YoY. Construction management revenue was up +12% YoY to RMB394mn, accounting for 23% in FY3Q22. In FY9M22, Glodon covered 16,000 construction projects of which 60% adopted more than 2 modules from Glodon. Glodon maintains its +30% YoY revenue target in construction management business and that SOE/ basic infrastructure projects will be the key focus. 　　Maintain BUY. We cut FY22-23E net profit by 3-6% to reflect lower GPM. Maintain BUY with new target price of RMB78.56 (prior RMB85.19), based on 11x FY23E EV/sales, in-line with three year mean.