Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the analysis suggests a positive outlook based on growth and market position [8]. Core Viewpoints - The company has demonstrated significant revenue growth in its 3D CAD segment, with a revenue increase of 29.21% year-on-year, reaching 242 million yuan in 2024, which now accounts for 31.55% of total revenue [1]. - The company has made substantial advancements in technology, particularly in complex scene parameterization, large assembly design capabilities, and the integration of artificial intelligence for enhanced user experience [1]. - The company has successfully expanded its key account (KA) customer base and deepened partnerships with major clients across various sectors, enhancing product application efficiency [1]. - The company has achieved notable success in international markets, with a revenue growth rate of 28.77% in its main business, indicating a strong potential for long-term revenue growth through overseas expansion [1]. - The company is projected to maintain steady growth, with expected earnings per share (EPS) of 0.63, 0.72, and 0.84 yuan for 2025, 2026, and 2027 respectively, reflecting a positive long-term outlook [1][2]. Financial Summary - In 2024, the company reported total revenue of 888 million yuan, a year-on-year increase of 7.3%, and a net profit attributable to shareholders of 64 million yuan, up 4.2% from the previous year [2]. - The gross margin for 2024 was 94.4%, indicating strong profitability, while the return on equity (ROE) was 2.4% [2]. - The company’s projected total revenue for 2025 is 1,013 million yuan, with a growth rate of 14.1%, and net profit is expected to reach 77 million yuan, reflecting a growth rate of 19.7% [2].

Core Insights - Goldman Sachs recently engaged with Chinese software supply chain companies to discuss customer software budgets, advancements in generative AI, and growth and profitability prospects for the second half of 2025. It is anticipated that the average revenue growth for Chinese software companies covered by Goldman Sachs will be 26% year-on-year in 2025, with sequential revenue growth expected across all four quarters [1]. Group 1: Generative AI Impact - The emergence of enhanced local foundational models, such as deep search models, has shifted customer software budgets from functional tools to generative AI software, leading to increased average revenue per user and attracting new paying customers [1]. - As demand rises and profitable business models for enterprise (B-end) and consumer (C-end) users become clearer, more software companies are investing in the development of application software based on foundational models [1]. - Generative AI is enabling enterprises to reduce operational costs, such as recruitment tools, with revenue from generative AI for covered Chinese software companies expected to rise from 0%-10% in 2025 to 10%-50% by 2028 [1]. Group 2: Revenue Contributions and Projections - The contribution of generative AI revenue to various companies is projected to increase significantly by 2028, with specific companies like Kingsoft Office and iFlytek expected to see substantial growth in their generative AI revenue contributions [2]. - The revenue growth for different segments, including electronic design automation, marketing, CAD/BIM, and automotive software, is expected to be robust in 2025, with generative AI applications playing a key role [10][29]. Group 3: Software Company Strategies - Companies are shifting their business models to subscription-based services, which provide predictable revenue streams and better operational leverage, particularly in the context of generative AI applications [7]. - Software companies are focusing on providing customized solutions for large clients while also developing standardized solutions for small and medium enterprises [24][25]. - The monetization of generative AI is occurring in both B-end and C-end markets, with existing clients paying more for upgraded versions with AI features and new clients converting from free to paid status more rapidly [26]. Group 4: Growth and Profitability Outlook - Companies like Kingsoft Office and Yonyou are expected to achieve steady revenue growth, with Kingsoft focusing on expanding its AI user base and Yonyou optimizing its product mix to improve gross margins [31]. - The automotive software sector is witnessing increased demand due to the push for intelligent vehicle strategies, benefiting the entire automotive technology supply chain [29]. - Cybersecurity companies are adapting to market demands by integrating multiple point solutions into platform offerings, driven by the increasing need for security solutions in the context of generative AI [30].

Group 1 - The company received a government subsidy of RMB 12.475 million, which is related to its revenue [2] - The subsidy type is classified according to the relevant accounting standards, and its final accounting treatment will depend on the annual audit results [3] - The company reported a revenue of RMB 888.0573 million for 2024, representing a year-on-year growth of 7.31% [7] Group 2 - The net profit attributable to shareholders for 2024 was RMB 63.9643 million, an increase of 4.17% year-on-year [7] - The company faced a net loss of RMB 91.3537 million after deducting non-recurring gains and losses, which is a decrease of RMB 13.6136 million compared to the previous year [18] - The company experienced significant expenses due to increased R&D team size and management personnel costs [7][18] Group 3 - The company is currently facing risks related to continuous losses, integration challenges from acquisitions, and potential goodwill impairment [8] - The company has a strong focus on R&D, with over 30% of its revenue allocated to R&D expenditures, significantly higher than the industry average [24] - The company has established a robust customer base and maintains strong relationships with key clients, enhancing its market presence [25] Group 4 - The company has developed a comprehensive CAx (CAD/CAE/CAM) product technology matrix, focusing on core technology self-research [30] - The company has made significant advancements in its 3D CAD core technology and has a competitive edge in the domestic market [21][30] - The company is actively involved in educational initiatives to foster talent in the industrial software sector, supporting over 4,000 educational institutions [29]

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Insights - The company achieved a revenue of 888 million yuan in 2024, representing a year-on-year growth of 7.31%, and a net profit attributable to shareholders of 64 million yuan, up 4.17% [1]. - In Q1 2025, the company reported a revenue of 126 million yuan, with a year-on-year increase of 4.56%, although it recorded a net loss of 48 million yuan [1][3]. - The domestic commercial business generated 561 million yuan in revenue in 2024, growing by 12.13%, driven by the performance of ZWCAD and ZW3D products [2]. - The domestic education business saw a decline in revenue to 123 million yuan, down 25.61%, due to budget constraints and policy changes [2]. - The overseas business experienced significant growth, with revenue reaching 202 million yuan, an increase of 28.77%, supported by partnerships with over 800 global channel partners [2]. - The company is focusing on enhancing its "All-in-One CAx" solutions, with notable growth in the 3D CAD segment, which saw a revenue increase of 29.21% to 242 million yuan in 2024 [3]. Financial Forecasts - Revenue projections for 2025, 2026, and 2027 are estimated at 1,054 million yuan, 1,260 million yuan, and 1,514 million yuan, respectively, with growth rates of 18.7%, 19.5%, and 20.2% [5]. - The net profit attributable to shareholders is forecasted to be 110 million yuan in 2025, 151 million yuan in 2026, and 197 million yuan in 2027, with growth rates of 71.7%, 37.5%, and 30.3% [5]. - Earnings per share (EPS) are projected to be 0.91 yuan in 2025, 1.24 yuan in 2026, and 1.62 yuan in 2027 [5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][11][12] Core Views - The company's 3D products and overseas performance are impressive, with expectations for gradual performance release [1] - The company reported a revenue of 888 million yuan for 2024, a year-on-year increase of 7.31%, and a net profit attributable to shareholders of 64 million yuan, up 4.17% year-on-year [4][11] - The first quarter of 2025 saw a revenue of 126 million yuan, a year-on-year increase of 4.56%, but a net loss of 48 million yuan [4][11] Summary by Sections Recent Performance - In the last year, the company's stock performance was 1.7% over one month, 0.9% over three months, and 6.5% over twelve months, outperforming the CSI 300 index [3] Financial Highlights - The total market capitalization is approximately 10,748 million yuan, with a current stock price of 88.60 yuan [3] - The company’s revenue from 3D products grew nearly 30% in 2024, with overseas market revenue increasing by 28.77% [6][11] Investment Highlights - In Q1 2025, overseas revenue growth exceeded 30%, driven by new products and key customer collaborations [5] - The company aims to enhance operational performance in the upcoming quarters through new product releases and deepened partnerships with key clients [5][11] Future Projections - Revenue projections for 2025-2027 are 1,020 million yuan, 1,190 million yuan, and 1,410 million yuan respectively, with net profits expected to be 100 million yuan, 139 million yuan, and 181 million yuan [10][11] - The expected EPS for 2025, 2026, and 2027 are 0.82 yuan, 1.15 yuan, and 1.49 yuan respectively, with corresponding P/E ratios of 107.40 and 77.25 for 2026 and 2027 [10][11]

证券代码：688083 证券简称：中望软件 公告编号：2025-023 广州中望龙腾软件股份有限公司 关于获得政府补助的公告 本公司董事会及全体董事保证本公告内容不存在虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、获得补助的基本情况 广州中望龙腾软件股份有限公司（以下简称"公司"）于近日收到政府补助 款项共计人民币 1,247.50 万元，为与收益相关的政府补助。 二、补助的类型及其对上市公司的影响 公司根据《企业会计准则第 16 号——政府补助》的有关规定，确认上述事 项并划分政府补助类型。上述实际获得的政府补助未经审计，最终的会计处理以 及对公司损益的影响情况仍须以审计机构年度审计确认后的结果为准。敬请广大 投资者注意投资风险。 特此公告。 广州中望龙腾软件股份有限公司董事会 2025 年 4 月 26 日 ...

华泰联合证券有限责任公司 关于广州中望龙腾软件股份有限公司 2024 年度持续督导跟踪报告 （一）业绩持续亏损的风险 由于目前公司产品在综合性能方面较国外竞争对手的龙头产品仍有较大的 差距，公司需要维持高水平研发投入，确保产品能以更快的速度迭代升级，因此 报告期内公司扣非后归属于母公司净利润仍亏损。因此，若公司研发不达预期或 研发失败，研发对产品的竞争力提高有限，导致营业收入不能快速增长，则公司 业绩存在持续亏损的风险。 | 保荐机构名称：华泰联合证券有限责任公司 | 被保荐公司简称：广州中望龙腾软件股份有 | | --- | --- | | | 限公司 | | 保荐代表人姓名：孙科 | 联系电话：0755-81902000 | | 保荐代表人姓名：张延恒 | 联系电话：0755-81902000 | 根据《证券法》《证券发行上市保荐业务管理办法》和《上海证券交易所科 创板股票上市规则》等有关法律、法规的规定，华泰联合证券有限责任公司（以 下简称"华泰联合证券"或"保荐机构"）作为广州中望龙腾软件股份有限公司 （以下简称"中望软件"、"公司"或"发行人"）首次公开发行股票的保荐机构， 对中望软件进行持续督导， ...

保荐总结报告书 | 保荐机构名称 | 华泰联合证券有限责任公司 | | --- | --- | | 保荐机构编号 | Z26774000 | 一、保荐机构及保荐代表人承诺 1、保荐总结报告书和证明文件及其相关资料的内容不存在虚假记载、误导 性陈述或重大遗漏，保荐机构及保荐代表人对其真实性、准确性、完整性承担法 律责任。 2、本机构及本人自愿接受中国证券监督管理委员会（以下简称"中国证监 会"）、上海证券交易所对保荐总结报告书相关事项进行的任何质询和调查。 3、本机构及本人自愿接受中国证监会按照《证券发行上市保荐业务管理办 法》的有关规定采取的监管措施。 二、保荐机构基本情况 | 情况 | 内容 | | --- | --- | | 保荐机构名称 | 华泰联合证券有限责任公司 | | 注册地址 | 深圳市前海深港合作区南山街道桂湾五路 128 号前海深港基金小 | | | 镇 栋 B7 401 | | 主要办公地址 | 深圳市福田区莲花街道益田路 5999 号基金大厦 27 层 | | 法定代表人 | 江禹 | | 联系人 | 孙科、张延恒 | | 联系电话 | 0755-81902000 | 华泰联合证券有限责 ...

Investment Rating - The investment rating for the company is "Accumulate" (首次覆盖) [4] Core Views - The company achieved a total operating revenue of 888 million yuan in 2024, representing a year-on-year growth of 7.31%, while the net profit attributable to the parent company was 63.96 million yuan, up 4.17% year-on-year [4][6] - In Q1 2025, the company reported an operating revenue of 126 million yuan, a year-on-year increase of 4.56%, but the net profit attributable to the parent company was -47.97 million yuan, showing a decline [4][6] - The company focuses on CAx core technologies, with significant growth in 3D CAD/CAE products, achieving a revenue growth of 29.21% and 36.23% respectively in 2024 [6][7] - The overseas business has been expanding, with a revenue growth of 28.77% in 2024, and a gross margin increase of 0.38% to 99.35% [6][7] - The company plans to distribute a cash dividend of 5 yuan (including tax) for every 10 shares to all shareholders, which accounts for 94.35% of the net profit attributable to the parent company in 2024 [6][7] Financial Performance Summary - The company is projected to achieve net profits of 85 million yuan, 111 million yuan, and 137 million yuan for the years 2025, 2026, and 2027 respectively [7] - The expected EPS for 2025, 2026, and 2027 is 0.70 yuan, 0.91 yuan, and 1.13 yuan respectively [7] - The company’s P/E ratios for 2025, 2026, and 2027 are projected to be 128.5, 98.7, and 80.1 respectively, while the P/S ratios are expected to be 10.7, 9.3, and 8.3 [7][8]

Group 1: Ziguang Guowei (紫光国微) - The company is actively building a second growth curve after the change of its controlling shareholder, focusing on special integrated circuits, intelligent security chips, and quartz crystal frequency devices over the next 3-5 years [1] - In 2024, the company plans to acquire two companies to strengthen its automotive controller chip and intelligent security chip businesses, and establish a new company to expand quartz crystal frequency device production [1] - The company is transferring and deregistering some subsidiaries to focus on its core business, with a significant change in orders for special integrated circuits expected in 2025, although gross margins may decline [1] - The company is increasing R&D investment in high-reliability markets and plans to launch more products such as FPGA and memory [1] - A stock buyback plan of 100-200 million yuan is in progress for equity incentives or employee stock ownership plans [1] Group 2: Zhongwang Software (中望软件) - The company primarily provides electrical design software and engineering digital solutions for the energy and power sector [2] Group 3: Institutional Overview - Shanghai Chongyang Investment Management Co., Ltd. was established in 2009 based on Shanghai Chongyang Investment Co., Ltd., founded in 2001, and operates as a limited liability company with a partnership model [3] - The company focuses on managing financial wealth for clients using various standardized financial tools, aiming for sustainable asset growth and becoming a competitive professional asset management firm [3] - Chongyang Investment emphasizes research-driven investment and the importance of a rigorous and scientific investment process [3]