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广联达(002410) Glodon delivered a strong set of FY22 with revenue of RMB6.59bn (+17% YoY)and net profit of RMB963mn (+46% YoY). We are encouraged to see thatconstruction costing SaaS newly signed contract amount has attained theRMB4bn target. We are positive to see improving margins from operatingleverage although project-based construction management business FY22revenue missed as COVID resurgence in FY4Q22 has caused temporary delaysin delivery. China SaaS (mkt-weighted) is trading at 6.87x FY23E EV/sales, 1-SD below 3-year mean of 12.05x. Kingdee (268 HK) and Glodon (002410 CH)remain as our top picks. Prelim FY22 largely in-line. Glodon announced preliminary FY22 resultson 20 Feb. Revenue was RMB6,587mn (+17% YoY), 4% below our andconsensus forecast. Net profit was RMB963mn (+46% YoY), in-line withconsensus but beat our estimate by 9%. We think the better than expectednet profit was driven by margin improvement due to 1) increasing highmargin costing revenue exposure and 2) enhanced operating leverage asSaaS migration completed. Construction costing: SaaS newly signed contract attained RMB4bntarget. Glodon’s FY22 construction costing revenue was RMB4,773mn(+25.16% YoY). Newly signed contract was RMB3,901mn (+26% YoY), inline with prior guidance of RMB4bn. We are encouraged to see stronggrowth in newly signed contract as it implied a better earnings and cash flowvisibility amid macro uncertainty. Other SaaS metrics including unearnedrevenue, migration and renewal rate will be the focus in Mar when Glodonannounces full sets of results. Construction management: Revenue missed as 4Q22 was affected byCOVID resurgence. FY22 construction management revenue wasRMB1,322mn (+9.66% YoY), missing our estimate by 16%. Although 9M22construction management revenue grew 32.46% YoY (Company’s targetFY22E +30% YoY), COVID resurgence in FY4Q22 has affected the projectdelivery. We think the revenue miss was largely anticipated and the deliveryshould have accelerated in FY1Q23. Maintain BUY. We have not changed our FY22-24E earnings. MaintainBUY with target price of RMB78.56, based on 11x FY23E EV/sales, in-linewith 3-year mean. China SaaS (mkt-weighted) is trading at 6.87x FY23EEV/sales, 1-SD below 3-year mean of 12.05x. We continue to preferKingdee (268 HK) and Glodon (002410 CH) as our China SaaS top picks.
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（以下内容从招银国际《Clear operating leverage from SaaS》研报附件原文摘录）广联达(002410) Glodon delivered a strong set of FY22 with revenue of RMB6.59bn (+17% YoY)and net profit of RMB963mn (+46% YoY). We are encouraged to see thatconstruction costing SaaS newly signed contract amount has attained theRMB4bn target. We are positive to see improving margins from operatingleverage although project-based construction management business FY22revenue missed as COVID resurgence in FY4Q22 has caused temporary delaysin delivery. China SaaS (mkt-weighted) is trading at 6.87x FY23E EV/sales, 1-SD below 3-year mean of 12.05x. Kingdee (268 HK) and Glodon (002410 CH)remain as our top picks. Prelim FY22 largely in-line. Glodon announced preliminary FY22 resultson 20 Feb. Revenue was RMB6,587mn (+17% YoY), 4% below our andconsensus forecast. Net profit was RMB963mn (+46% YoY), in-line withconsensus but beat our estimate by 9%. We think the better than expectednet profit was driven by margin improvement due to 1) increasing highmargin costing revenue exposure and 2) enhanced operating leverage asSaaS migration completed. Construction costing: SaaS newly signed contract attained RMB4bntarget. Glodon’s FY22 construction costing revenue was RMB4,773mn(+25.16% YoY). Newly signed contract was RMB3,901mn (+26% YoY), inline with prior guidance of RMB4bn. We are encouraged to see stronggrowth in newly signed contract as it implied a better earnings and cash flowvisibility amid macro uncertainty. Other SaaS metrics including unearnedrevenue, migration and renewal rate will be the focus in Mar when Glodonannounces full sets of results. Construction management: Revenue missed as 4Q22 was affected byCOVID resurgence. FY22 construction management revenue wasRMB1,322mn (+9.66% YoY), missing our estimate by 16%. Although 9M22construction management revenue grew 32.46% YoY (Company’s targetFY22E +30% YoY), COVID resurgence in FY4Q22 has affected the projectdelivery. We think the revenue miss was largely anticipated and the deliveryshould have accelerated in FY1Q23. Maintain BUY. We have not changed our FY22-24E earnings. MaintainBUY with target price of RMB78.56, based on 11x FY23E EV/sales, in-linewith 3-year mean. China SaaS (mkt-weighted) is trading at 6.87x FY23EEV/sales, 1-SD below 3-year mean of 12.05x. We continue to preferKingdee (268 HK) and Glodon (002410 CH) as our China SaaS top picks.
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