【Shanzheng Computer】Glodon (002410.SZ): Significant improvement in profitability, comprehensive AI product deployment

Log in to Sina Finance App and search for [Information Disclosure] to see more evaluation levels

【Event Description】

On March 23, the company released its 2025 annual report, which shows that in 2025, the company achieved revenue of 6.1B yuan, a decrease of 2.28% year-on-year; net profit attributable to the parent was 405 million yuan, a 61.77% increase year-on-year; and non-recurring net profit was 348 million yuan, a 99.68% increase year-on-year. In Q4 2025, the company achieved revenue of 1.8B yuan, a decrease of 2.20% year-on-year; net profit attributable to the parent was 94 million yuan, a 152.87% increase year-on-year; and non-recurring net profit was 72 million yuan, a 782.95% increase year-on-year.

【Event Commentary】

Full-year revenue faced pressure, with gross profit margin improvement combined with expense control promoting net profit release. Due to the downstream construction industry being in a restructuring phase, the company’s revenue in 2025 still faced pressure. The company’s gross profit margin in 2025 reached 85.88%, an increase of 1.55 percentage points compared to the same period last year. On the expense side, as the company strengthened refined management, the management expense ratio in 2025 was 19.35%, a decrease of 2.35 percentage points from the same period last year; benefiting from the company’s focus on core business, expenses on personnel, consulting, and services decreased, with R&D expense ratio at 27.54%, down 0.98 percentage points year-on-year; the company’s selling expense ratio remained basically stable, with a 0.66 percentage point increase from last year. Thanks to gross margin improvement and expense control, the company’s net profit margin in 2025 reached 7.27%, an increase of 2.91 percentage points compared to the same period last year.

The digital cost business fundamentals remain stable, with significant improvement in the profitability of digital construction business. Looking at each segment: 1) In 2025, digital cost business achieved revenue of 4.78B yuan, a decrease of 4.16% year-on-year, mainly due to the overall decline in investment in the housing construction sector, leading to a slight drop in cost estimation software revenue, while demand for high-quality bidding and refined cost control drove rapid growth in products like engineering data and bid cleaning software; 2) Digital construction business achieved revenue of 846 million yuan, up 7.58% year-on-year. By focusing on high-value core scenarios at the product level and targeting key regions and major clients at the marketing level, the operation quality of digital construction significantly improved, with gross profit margin reaching 58.33%, up 22.46 percentage points year-on-year; 3) Digital design business achieved revenue of 71 million yuan, down 21.04% year-on-year, mainly because in 2025 the company promoted new products such as Digital Dimension Housing Design and Digital Dimension Foundation Design, while the older design products from the subsidiary Hongye Technology gradually declined; 4) The company accelerated its layout in overseas markets such as Southeast Asia, Middle East, and Europe, with overseas revenue reaching 240 million yuan, up 18.18% year-on-year.

Rapid iteration of large models in the construction industry, comprehensive deployment of AI applications. As the core carrier of the company’s AI capabilities, the AecGPT construction industry large model has completed multiple version upgrades, focusing on breakthroughs in complex scene reasoning and reinforcement learning without expert annotations. Currently, the AecGPT large model has verified core scenario technologies and achieved business implementation in design, transactions, costs, and other seven major fields. Meanwhile, the company is deeply deploying AI applications around three major scenarios: integrated design, refined cost management, and precise construction. In the integrated design scenario, the company developed the solution design product Concetto, reconstructing the design workflow with AI; in the refined cost scenario, the company uses AI + data-driven management of project costs throughout the entire process, focusing on products like AI quantity takeoff, AI intelligent pricing, and AI bid cleaning; in the precise construction scenario, the company focuses on AI-assisted project decision analysis and AI safety products.

【Investment Advice】

As a leading provider of construction IT, the company is expected to benefit fully from the ongoing digital transformation of the construction industry. The projected EPS for 2026-2028 are 0.35, 0.44, and 0.50 respectively. Based on the April 2 closing price of 11.01 yuan, the PE ratios for 2026-2028 are 31.2, 25.0, and 22.2 respectively. We maintain an “Accumulate-A” rating.

【Risk Warning】

Downstream customer demand falls short of expectations, business expansion underperforms, exchange rate fluctuations, intensified market competition.

Financial Data and Valuation

Source: Changwen, Shanxi Securities Research Institute

Summary of Financial Statement Forecasts and Valuation Data

Source: Changwen, Shanxi Securities Research Institute

Analyst: Gai Binhe

Practice Registration Code: S0760522050003

Research Assistant: Zou Xinchen

Email: zouxinchens@sxzq.com

Report Release Date: April 3, 2026

【Analyst Commitment】

I am registered as a securities analyst with the China Securities Industry Association. I pledge to produce this report with diligent professionalism, independently and objectively. I am responsible for the content and views of this securities research report, ensuring that the information sources are legal and compliant, research methods are professional and cautious, and analysis conclusions are reasonably supported. This report accurately reflects my research views. I have not received, do not receive, and will not receive any form of compensation directly or indirectly related to the specific recommendations or opinions in this report. I promise not to use my position, status, or information obtained during my practice to seek personal or others’ benefits.

【Disclaimer】

This subscription account is not the official platform for Shanxi Securities Research Institute’s securities research reports. All content comes from officially published securities research reports by Shanxi Securities Research Institute. Subscribers may misunderstand key assumptions, ratings, target prices, etc., due to lack of access to the full reports. Please refer to the complete reports published by Shanxi Securities Research Institute, carefully read all disclaimers, information disclosures, and risk warnings, and pay attention to the key assumptions underlying the analysis and forecasts, the timing of investment ratings and target prices, and understand the meaning of investment ratings accurately.

Shanxi Securities Co., Ltd. ( hereinafter referred to as “the Company” ) is qualified for securities investment consulting. The Company does not consider anyone who follows, receives, or subscribes to this subscription account as a client by default. The securities research reports are based on information deemed reliable but are not guaranteed to be accurate or complete. Investing involves risks; please proceed cautiously. Under no circumstances does the information or opinions in this subscription account constitute investment advice. The Company is not responsible for any losses caused by the use of any content from this subscription account. The data, opinions, and estimates reflect the Company’s judgment on the report date. The Company may issue different reports at different times. The Company or its affiliates may hold or trade securities of the companies mentioned, and may provide investment banking or financial advisory services. Subscribers should consider potential conflicts of interest. The Company discloses within its knowledge scope. All rights reserved by the Company for this subscription account. No part of this account may be copied, reproduced, or redistributed without prior written permission. The Company reserves the right to pursue legal action.

In accordance with the “Code of Conduct for Publishing Securities Research Reports,” employees are prohibited from privately providing the company’s securities research reports to unauthorized media or institutions; media or institutions are prohibited from unauthorized publication or forwarding of the company’s reports. Authorization must be through a signed agreement, clearly assigning responsibility.

In accordance with the “Code of Conduct for Publishing Securities Research Reports,” clients are advised not to forward the company’s reports to others and to use media reports cautiously.

In accordance with the “Regulations on Integrity in Securities and Futures Business” and related implementation rules, clients are reminded to comply with integrity standards.

Massive information, precise interpretation, all on Sina Finance App