Glodon is a software and service provider for construction industry.
At noon on January 26, Glodon Softwar received urgent help from Wuhan Vulcan Mountain Project Department. The construction of Vulcan Mountain Hospital urgently needs rainwater pumps, fans, epidemic prevention doors and other building materials. Quickly searched for suppliers through the massive resource library of its own platform, and immediately received a response. It took only 2 hours to find the building materials that were urgently needed by the project. For this reason, the Vulcan Mountain Project Department gave high recognition.
The revenue of the digital costing business under the license model mainly comes from new purchases and upgrades. After the transfer to the cloud, in the SaaS model, the revenue mainly comes from annual fees paid by existing users and some value-added service fees.
The company is in the process of transformation. In the regions that have already been transformed, the user renewal rates in the second year are all above 85%, and some regions with outstanding performance will have higher renewal rates. The overall operation after the transformation is relatively smooth.
It is estimated that the company's net profit will achieve CNY 520 million and RMB 820 million in 2020-2021. According to the segment valuation method, we estimate that the company's valuation in 2021-2022 corresponded to CNY 56.9 billion and 71 billion respectively, and has long-term investment value.
预计 2019~2021 年净利润为 2.3、3.8 和 5.3 亿，EPS 为 0.20、0.34 和 0.47 元。因 SaaS 转型提速，表观收入和净利润更大比例转化为预收，叠加费用率有所上涨，将 2020-2021 年表观 EPS 下修 39-53%。整体 PS 为 13X、 11X 和 9X