Investment Rating - Buy | Maintain [2] Core Views - The company achieved steady revenue growth and turned a profit in H1 2024, with revenue reaching 308.20 million yuan, up 11.79% YoY, and net profit attributable to shareholders of 5.98 million yuan, a significant improvement from a loss in the same period last year [3] - Revenue from 2D CAD products grew 8.33% YoY to 191.83 million yuan, while 3D CAD products saw a 30.15% YoY increase to 89.04 million yuan [3] - The company optimized its organizational structure and strengthened its domestic and overseas channel layout, with overseas revenue growing 29.91% YoY to 88.30 million yuan [3] - R&D investment reached 206 million yuan, accounting for 66.81% of revenue, up 6.10 percentage points YoY, focusing on breakthroughs in CAX key technologies [4] - The company is expected to achieve revenue of 977.46 million yuan, 1.17 billion yuan, and 1.37 billion yuan in 2024, 2025, and 2026, respectively, with net profit attributable to shareholders of 77.35 million yuan, 102.09 million yuan, and 129.34 million yuan [5] Financial Performance - Revenue in H1 2024 was 308.20 million yuan, up 11.79% YoY, with net profit attributable to shareholders of 5.98 million yuan, a significant improvement from a loss in the same period last year [3] - Revenue from 2D CAD products grew 8.33% YoY to 191.83 million yuan, while 3D CAD products saw a 30.15% YoY increase to 89.04 million yuan [3] - R&D investment reached 206 million yuan, accounting for 66.81% of revenue, up 6.10 percentage points YoY [4] - The company is expected to achieve revenue of 977.46 million yuan, 1.17 billion yuan, and 1.37 billion yuan in 2024, 2025, and 2026, respectively, with net profit attributable to shareholders of 77.35 million yuan, 102.09 million yuan, and 129.34 million yuan [5] Product and Market Performance - Revenue from 2D CAD products grew 8.33% YoY to 191.83 million yuan, while 3D CAD products saw a 30.15% YoY increase to 89.04 million yuan [3] - Revenue from CAE products increased 21.04% YoY to 3.10 million yuan, and revenue from the Bochao series surged 629.80% YoY to 4.28 million yuan [3] - Domestic commercial market revenue grew 19.53% YoY to 186.95 million yuan, while domestic education market revenue declined 35.46% YoY to 32.62 million yuan [3] - Overseas revenue grew 29.91% YoY to 88.30 million yuan, with the company ranking first in the G2 Easiest To Use General-Purpose CAD Software list [3] R&D and Technological Advancements - R&D investment reached 206 million yuan, accounting for 66.81% of revenue, up 6.10 percentage points YoY [4] - The company strengthened large-scale assembly design support technology and expanded low-frequency simulation capabilities in CAD products [4] - The company released its first fluid simulation software based on the acquired PHOENICS software, integrating fluid solvers into its general-purpose pre- and post-processing platform [4] - Low-frequency electromagnetic simulation software focused on power equipment industry solutions, forming industry solutions in transformer and high-voltage switch fields [4] Future Outlook - The company is expected to achieve revenue of 977.46 million yuan, 1.17 billion yuan, and 1.37 billion yuan in 2024, 2025, and 2026, respectively, with net profit attributable to shareholders of 77.35 million yuan, 102.09 million yuan, and 129.34 million yuan [5] - EPS is forecasted to be 0.64 yuan, 0.84 yuan, and 1.07 yuan per share in 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 99.85, 75.65, and 59.71 [5] - The company is expected to maintain its leading position in the domestic R&D and design industrial software market, with strong growth potential driven by product performance, localized services, and ecosystem development [5]

证券研究报告 | 2024年08月22日 证券分析师：熊莉 证券分析师：库宏垚 021-61761067 021-60875168 xiongli1@guosen.com.cn kuhongyao@guosen.com.cn S0980519030002 S0980520010001 基础数据 投资评级 优于大市(维持) 合理估值 收盘价 63.67 元 总市值/流通市值 7723/7723 百万元 52 周最高价/最低价 140.80/54.78 元 近 3 个月日均成交额 56.57 百万元 市场走势 盈利预测和财务指标 2022 2023 2024E 2025E 2026E 营业收入(百万元) 601 828 968 1,163 1,431 (+/-%) -2.9% 37.7% 16.9% 20.2% 23.1% 净利润(百万元) 6 61 77 124 190 (+/-%) -96.5% 874.4% 24.9% 62.1% 53.1% 每股收益（元） 0.05 0.51 0.63 1.03 1.57 EBIT Margin -18.7% -18.5% -7.4% -1.9% 2.7% 净资产收益率（ ...

证券代码：688083 证券简称：中望软件 广州中望龙腾软件股份有限公司 投资者关系活动记录表 | --- | --- | --- | --- | |----------|-----------------|------------|----------------| | | | | 编号：2024-003 | | 投资者关 | □特定对象调研 □ | 分析师会议 | | | 系活动类 | □媒体采访 √ | 业绩说明会 | | | 别 | □新闻发布会 □ | 路演活动 | | | | □现场参观 | | | □其他 （电话会议） 2024 年 8 月 19 日，公司投资者调研活动采取业绩说明会的形 式进行，共计 272 人参会。部分线上参会的投资者无法签署调研承 参与单位 名称及人 员姓名 诺函。但在交流活动中，我公司严格遵守相关规定，保证信息披露 真实、准确、及时、公平，没有发生未公开重大信息泄露等情况。 参会人员详细名单请参阅文末附表。 时间 2024 年 8 月 19 日 地点 广州市天河区珠江西路 15 号 32 层会议室 董事长、总经理：杜玉林先生 董事、副总经理：林庆忠先生 上市公司 接待人员 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) with a market price of 64.60 [1] Core Views - The company has shown a positive trend in performance, with notable growth in overseas markets and 3D product lines. The revenue for the first half of 2024 reached 308 million yuan, a year-on-year increase of 11.79%, with Q2 revenue growing by 17.54% compared to Q1 [4][5] - The company is focusing on optimizing its domestic business structure and expanding its overseas market presence, which has contributed to steady revenue growth. The domestic market revenue increased by 19.53% year-on-year, while overseas revenue grew by 29.91% [5] - The company is expected to maintain a leading position in the Chinese CAX field, with projected revenues of 997 million yuan, 1.218 billion yuan, and 1.472 billion yuan for 2024, 2025, and 2026 respectively, alongside net profits of 80 million yuan, 114 million yuan, and 176 million yuan for the same years [5][7] Financial Performance Summary - Revenue (in million yuan): - 2022A: 601 - 2023A: 828 - 2024E: 997 - 2025E: 1,218 - 2026E: 1,472 - Year-on-year growth rates for revenue: - 2022A: -2.9% - 2023A: 37.7% - 2024E: 20.4% - 2025E: 22.2% - 2026E: 20.8% [1] - Net profit (in million yuan): - 2022A: 6 - 2023A: 61 - 2024E: 80 - 2025E: 114 - 2026E: 176 - Year-on-year growth rates for net profit: - 2022A: -96.5% - 2023A: 874.4% - 2024E: 30.7% - 2025E: 41.8% - 2026E: 54.8% [1][7]

2024 年 08 月 19 日 公司点评 买入/维持 中望软件(688083) 目标价: 昨收盘:63.08 Q2 收入增速显著改善，3D 产品力持续提升 ◼ 走势比较 (60%) (46%) (32%) (18%) (4%) 10% 23/8/2123/11/124/1/1224/3/2424/6/424/8/15 中望软件 沪深300 ◼ 股票数据 总股本/流通(亿股) 1.21/1.21 总市值/流通(亿元) 76.52/76.52 12 个月内最高/最低价 (元) 140.8/54.78 相关研究报告 <<海外布局成效显著，3D 产品认可度 持续提升>>--2024-05-07 <<海外收入持续高增，收购完善 CAX 布局>>--2023-10-25 <>--2023-08-07 事件：公司发布 2024 年半年报。2024 年上半年，实现营业收入 3.08 亿元，同比增长 11.79%；实现归母净利润 597.62 万元，扣非归母净利润 为-0.84 亿元。 Q2 收入增速显著改善，费用端维持高位。公司 24Q2 实现营业收入 1.88 亿元，同比+17.54%，较 24Q1 单季度 3.84%的 ...

Investment Rating - The investment rating for the company is "Buy - A" with a target price of 81.98 CNY, maintaining the rating [3][8]. Core Views - The company has shown accelerated growth in Q2 2024, with significant performance in 3D CAD and overseas markets. The revenue for the first half of 2024 reached 308 million CNY, a year-on-year increase of 11.79%, and the net profit attributable to shareholders was 5.9762 million CNY, marking a turnaround from losses [2][3]. - The company is focusing on enhancing its CAx technology and expanding its key account (KA) customer base, which is growing faster than the company's average [4][8]. - The report projects the company's revenue for 2024, 2025, and 2026 to be 994.4 million CNY, 1.1928 billion CNY, and 1.4148 billion CNY respectively, with net profits of 68.6 million CNY, 93.5 million CNY, and 129.6 million CNY respectively [8][10]. Financial Performance - In Q2 2024, the company achieved a revenue of 188 million CNY, a year-on-year increase of 17.54%, and a net profit of 31.5874 million CNY, up 92.82% year-on-year [3]. - The revenue breakdown shows that standard general software revenue was 288 million CNY, with 2D CAD revenue at 192 million CNY (YoY +8.33%) and 3D CAD revenue at approximately 89 million CNY (YoY +30.15%) [3]. - The company’s sales, management, and R&D expense ratios were 56.82%, 19.14%, and 64.86% respectively, with changes reflecting increased compensation and talent acquisition [3]. Market Position and Strategy - The company is positioned as a leading domestic industrial software developer, focusing on an All-in-One CAx strategy to enhance its market presence and product competitiveness [8][10]. - The recent product releases, such as ZWCAD 2025 and ZW3D2025, have improved design efficiency and expanded capabilities in simulation and manufacturing [4][8]. - Collaborations with industry leaders like Donghua Machinery and Bond Laser are enhancing the effectiveness of the company's products in various sectors [4][8].

证 券 研 究 报 告 中望软件（688083）2024 年半年报点评 推荐（维持） 3D CAD 实现快速增长，海外布局表现亮眼 当前价：63.23 元 事项： ❖ 8 月 16 日，公司发布 2024 年半年度报告，2024 年上半年实现营业收入 3.08 亿元，同比增长 11.79%；归母净利润 0.06 亿元，同比增长 563.93%；实现扣 非归母净利润-0.84 亿元，同比亏损扩大。2024 年 Q2 实现营业收入 1.88 亿元， 同比增长 17.54%，归母净利润 0.32 亿元，同比增长 92.82%。 评论： ❖ 3D CAD 产品实现高增，海外布局持续推进。2024 年上半年份主要业务来看， 1）2D CAD 业务稳定增长，实现营业收入 1.92 亿元，同比增长 8.33%。公司 实现 ZWCAD 平台细分网格功能的零突破，实现相关的二次开发接口，满足 二次开发需求，提升二次开发能力。2）3D CAD 业务高速增长，实现营业收 入 0.89 亿元，同比增长 30.15%。公司对产品 ZW3D 持续进行产品迭代，提升 设计-仿真-制造一体化能力，强化复杂场景设计支撑能力，增强行业专用设计 ...

Q:组织架构从产品转到行业，实际的调整有什么？业务变化？ A:未来希望更加关注行业的变化、客户的需求，从工具到解决方案。组织架构进一步捏紧 研发团队，对准行业需求。 Q:发布会 3d 产品有比较多的能力提升，解决了哪些点？ A:做了细分行业的改进，客户场景需求作为牵引，打造了一些细分行业方案。具体功能改 进可以看看公众号。 Q:从下游领域维度来看，3d 产品下游应用领域有什么变化吗？客户的反馈怎么样？ A:3d 应用领域和之前没有什么变化，聚焦通用机械，3c、高科技、家电等等。重点客户 需要工程师驻点在现场。 Q:和海外竞品的差距？几年追赶上 A:没有量化数据。不同行业差距较大，锅炉行业我们的满意度超过海外产品。 Q:国内 20%的增速下半年能不能稳住，海外 2 季度增速放缓的原因？ A:坚定推进直分销，存量客户群体有很大提升空间。海外绝对值差异不大，全年看信心很 足，海外市场空间更大。 Q:解决方案会导致定制化上升，毛利率下滑？ A:之前做产品型业务，现在根据大客户场景去创新，行业竞争加剧，希望参与进去。最终 还是做产品化。我们不会扩大规模牺牲利润率，不会堆人头做系统集成，解决方案也是软 件，相对标准化。 ...

2024 年 08 月 18 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 刘熹 S0350523040001 liux10@ghzq.com.cn [Table_Title] 业绩逐季向好，ZW3D+出海+渠道建设驱动增长 ——中望软件（688083）2024 年中报点评 最近一年走势 相关报告 海外市场方面，公司在欧洲、亚洲及中东等地区重点布局，在全球 范围内推进年度产品发布会宣传工作，在全球最大的软件测评第三方平 台榜单中名列第一，出海成效持续体现。 《中望软件（688083）公司深度研究：CAD 国产 化长坡厚雪，龙头增量可期（买入）*软件开发*刘 熹》——2024-04-01 事件: 2024 年 8 月 16 日，公司发布 2024 年半年报：2024H1，公司实现营收 3.08 亿元，同比+11.79%；归母净利润 0.06 亿元，同比扭亏为盈；扣非 归母净利润为-0.84 亿元，上年同期为-0.57 亿元。 2024 Q2，公司实现营收 1.88 亿元，同比+17.54%；归母净利润 0.32 亿 元，同比+92.82%；扣非归母净利润-0.06 亿元，上年同期为-0.06 亿元， ...

有关分析师的申明，见本报告最后部分。其他重要信息披露见分析师申明之后部分，或请与您的投资代表联系。并请阅读本证券研究报告最后一页的免责申明。 业绩持续修复，3D 产品快速成长 核心观点 事件：公司发布 2024 年半年报，2024 年上半年公司实现营业收入 3.08 亿元，同比增长 11.79%，实现归母净利润 598 万元，同比增长 563.93%，扣非归母净利润-8397 万元， 较去年同期增亏。 ⚫ Q2 环比改善明显，在手订单亮眼。公司 24H1 实现扭亏为盈，其中单 Q2 实现营收 1.88 亿元，环比增长 56.73%，实现归母净利润 3159 万元，同比增长 92.82%，环 比增长 223.33%，环比迎来明显改善。截至 24H1，公司在手订单金额超 1.28 亿 元，同比增长超 30%；其中来自 3D CAD 的在手订单金额超 0.29 亿元，同比增长 超 40%。在手订单的亮眼表现也为业绩的持续修复奠定基础。 ⚫ 3D CAD 产品成长快速，稳步拓展海外市场。分产品看，24H1 公司标准通用软件产 品收入 2.88 亿元（+15.9%），其中 2D CAD 收入 1.92 亿元（+8.3% ...