Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on the last closing price of 90.57 [1][4]. Core Views - The company has shown steady growth in Q3, with a significant increase in 3D revenue, which grew over 35% year-on-year, reflecting strong customer recognition [3][4]. - The company achieved a revenue of 5.12 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 10.11%, and a net profit attributable to shareholders of 10.77 million yuan, up 159.69% year-on-year [2][4]. - The report highlights that the new version of the company's products is being gradually promoted and has begun to show initial validation, indicating potential for further growth in the 3D product segment [3][4]. Summary by Sections Financial Performance - In Q3, the company reported a revenue of 2.04 billion yuan, a year-on-year increase of 7.66%, with a net profit of 4.79 million yuan [2][3]. - For the full year projections, the company is expected to achieve revenues of 9.91 billion yuan in 2024, 12.05 billion yuan in 2025, and 14.90 billion yuan in 2026, with corresponding net profits of 790 million yuan, 1.31 billion yuan, and 1.81 billion yuan respectively [4][5]. Cost Management - The company has shown improvements in cost management, with sales, management, and R&D expenses growing at slower rates compared to previous quarters [3][4]. - The report indicates that the company is effectively controlling personnel growth and enhancing management efficiency, suggesting further potential for cost reduction [3][4]. Market Position - The company is positioned as a leading domestic CAD enterprise, benefiting from the ongoing trend of domestic software replacement in the industrial sector [4].

Investment Rating - The report maintains an "Accumulate-A" rating for the company [2] Core Views - The company has experienced significant growth in its 3D business, while the education market is under short-term pressure. The domestic commercial market is facing challenges due to slow macroeconomic recovery, impacting software procurement [2][3] - The company reported a revenue of 512 million yuan for the first three quarters of 2024, a year-on-year increase of 10.11%, and a net profit of 11 million yuan, a substantial increase of 159.69% [2] - The company is expected to benefit from the trend of domestic industrial software localization and the rapid growth of overseas markets, which will contribute to steady revenue growth [3] Financial Performance Summary - For Q3 2024, the company achieved a revenue of 204 million yuan, a year-on-year increase of 7.66%, with a net profit of 5 million yuan, a decrease of 11.83% [2] - The gross margin for Q3 2024 was reported at 96.81%, a decrease of 0.74 percentage points compared to the same period last year [2] - The company’s net profit margin improved to 1.35%, an increase of 0.26 percentage points year-on-year [2] Earnings Forecast - The company’s EPS for 2024-2026 is projected to be 0.58, 0.87, and 1.24 yuan respectively, with corresponding P/E ratios of 161.83, 107.86, and 75.50 [3][4] - The expected revenue for 2024 is 928 million yuan, with a year-on-year growth of 12.2% [3][4] Market Dynamics - The domestic education market is currently under pressure due to budget constraints, but the company is working to explore opportunities and improve its competitive position in this sector [2][3] - The overseas market is showing robust growth, with the company enhancing its sales channels and customer service capabilities, leading to a growth rate exceeding the company’s average [2][3]

Financial Performance - In Q3 2024, the company's revenue reached ¥20,410.39 million, a year-on-year increase of 7.66% [2] - The net profit attributable to shareholders was ¥479.20 million, a decrease of 11.83% compared to the same period last year [2] - For the first three quarters of 2024, total revenue was ¥51,230.58 million, reflecting a growth of 10.11% year-on-year [1] Market Challenges - The company faced pressure in Q3 due to a downturn in the global macroeconomic environment, leading to conservative software purchasing behavior from both domestic and overseas clients [2] - Factors such as geopolitical conflicts and budget cuts from major clients contributed to a slowdown in overseas revenue growth [2] Strategic Developments - Despite challenges, the company has made progress in marketing and channel development, particularly in overseas markets [2] - The integration of Beijing Bochao post-acquisition has shown improvement, with operational stability and cash flow enhancements noted [3] - The company anticipates significant progress in product integration with Beijing Bochao by 2025, which will support business expansion in the power grid sector [3] Product Updates - The annual product version updates were released in mid-2024, but the performance improvements have not yet fully reflected in revenue growth due to the need for extensive client testing [3][4] - The company expects that as clients complete their product validations, the performance enhancements will contribute to revenue growth in Q4 and beyond [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][8]. Core Views - The company's 3D CAD and overseas business are performing well, with optimism for future product launches and recovery in downstream demand [2][4]. - The company has shown significant growth in revenue and net profit, with a year-on-year revenue increase of 10.11% to 5.12 billion yuan and a net profit increase of 159.69% to 0.11 billion yuan for the first three quarters of 2024 [2][8]. - The company is focusing on cost control and optimizing expenses while maintaining high R&D investment, which is crucial for sustaining competitive advantages [4][8]. Summary by Sections Financial Performance - For Q3 2024, the company reported revenue of 2.04 billion yuan, a year-on-year increase of 7.66%, while net profit decreased by 11.83% to 0.05 billion yuan [2]. - The company’s total market capitalization is approximately 11,084.74 million yuan [3]. Business Segments - Domestic commercial software sales are recovering, with a notable increase in revenue from 3D products, which grew over 35% year-on-year [2][4]. - The education sector is stabilizing despite budget constraints affecting digital procurement [4]. - The overseas business is progressing well, with a growing sales channel network, although revenue growth has slowed compared to the first half of the year [3][4]. R&D and Cost Management - The company has achieved significant cost control, with sales, management, and R&D expense ratios showing improvements [4]. - R&D investment reached 1.07 billion yuan in Q3 2024, reflecting a year-on-year growth of 9.04% [4]. Future Outlook - The company has set ambitious revenue targets for the upcoming years, with projected revenues of 9.88 billion yuan in 2024, 12.31 billion yuan in 2025, and 15.34 billion yuan in 2026, representing year-on-year growth rates of 19%, 25%, and 25% respectively [8][9]. - The earnings per share (EPS) are expected to increase from 0.66 yuan in 2024 to 1.54 yuan in 2026 [8][9].

Summary of Conference Call Company and Industry - The conference call pertains to a software company, specifically focusing on its performance in the 3rd quarter and the overall industry dynamics, particularly in the education and 3D software sectors. Key Points and Arguments Financial Performance - The company reported a slight revenue growth of 7.66% in Q3, which was below market expectations, leading to some disappointment among stakeholders [1][2] - The education segment continues to face challenges due to reduced government spending and policy reforms, impacting overall performance [2][3] - The subsidiary, BoChao, also experienced a decline, contributing approximately 6 million to the financial report's drag [3] - Despite challenges, the company remains optimistic about Q4 and next year's growth, particularly in the education sector, which is expected to perform better [2][6] Growth Highlights - The company's 3D business, Zhongwang 3D, achieved over 35% revenue growth in Q3, with a year-to-date increase of over 32% compared to the previous year [4] - Domestic business showed robust growth, exceeding 20% in Q3, indicating a strong foundational performance [4][5] - Cost reduction and efficiency improvements have started to show significant results, with net profit showing notable improvement compared to the previous year [5] Market Dynamics - The overseas business faced seasonal fluctuations, with a revenue growth rate slightly above 10%, attributed to high base effects from the previous year and delayed orders in key markets [3][12] - The company is focusing on expanding its market presence both domestically and internationally, with significant investments in sales and marketing strategies [10][11] Product Development and Innovation - The recent release of a new version of Zhongwang 3D has resolved several key issues, contributing to the growth in the commercial market, which is outpacing the education sector [8][9] - The company is optimistic about maintaining a growth rate of over 30% for Zhongwang 3D in the coming quarters, supported by ongoing product development and market expansion efforts [10][11] Challenges and Risks - The company acknowledges the presence of risks and challenges, including the impact of macroeconomic conditions on the manufacturing and engineering sectors [1][6] - The integration of BoChao has faced difficulties, but the company is working towards stabilizing its operations and improving product collaboration [22][24] Future Outlook - The company maintains a cautiously optimistic outlook for the remainder of the year and into 2025, with expectations of steady growth driven by product innovation and market expansion [6][28] - Government policies supporting domestic software development are expected to positively influence the company's performance and market demand [27][28] Other Important Content - The company is actively working on channel optimization and training for its sales teams to enhance performance and adapt to market changes [19][20] - There is a focus on maintaining a stable workforce while improving efficiency and productivity, with minimal expected growth in personnel numbers [31][32] - The company is leveraging government subsidies and support to enhance its market position and drive sales [26][28]

Investment Rating - The report maintains a "Buy" rating for the company [2]. Core Views - The company reported a slowdown in revenue growth in Q3 2024, with a year-over-year increase of 7.66% to 204 million RMB, while the revenue for the first three quarters of 2024 increased by 10.11% to 512 million RMB [2]. - The net profit attributable to shareholders in Q3 2024 was 4.792 million RMB, a decrease of 11.83% year-over-year, while the net profit for the first three quarters increased significantly by 159.69% to 10.768 million RMB [2]. - The company experienced a significant decline in net profit after deducting non-recurring items, reporting a loss of 10.886 million RMB in Q3 2024 and a loss of 94.854 million RMB for the first three quarters [2]. - Government subsidies contributed to other income of 112 million RMB in the first three quarters, an increase of 83.84% year-over-year [2]. - The company’s comprehensive gross margin for the first three quarters was 97.35%, a slight decrease of 0.15 percentage points year-over-year, while the net profit margin increased by 1.21 percentage points to 2.10% [2]. Revenue and Profit Analysis - Q3 2024 revenue growth slowed, with a year-over-year increase of 7.66% to 204 million RMB; the first three quarters saw a 10.11% increase to 512 million RMB [2]. - Q3 2024 net profit attributable to shareholders was 4.792 million RMB, down 11.83% year-over-year; the first three quarters saw a significant increase in net profit of 159.69% to 10.768 million RMB [2]. - The company reported a loss of 10.886 million RMB in Q3 2024 after deducting non-recurring items, compared to a profit in the same period last year [2]. Expense Analysis - R&D expense ratio increased to 59.70% in the first three quarters of 2024, up 4.46 percentage points year-over-year [2]. - Sales expense ratio improved to 52.78%, down 3.38 percentage points year-over-year [2]. - Management expense ratio increased to 16.50%, up 3.89 percentage points year-over-year [2]. - Financial expense ratio was -0.20%, an increase of 0.95 percentage points year-over-year [2]. Business Segment Performance - The 3D product segment saw over 35% growth in the domestic commercial sector during the first three quarters of 2024 [2]. - The domestic education sector faced significant budget pressures, impacting procurement willingness and fund allocation [2]. - The overseas market growth outpaced the domestic market, although there was a slowdown compared to the first half of 2024 [2]. Profit Forecast and Valuation - The revenue forecast for 2024-2026 is adjusted to 919 million RMB, 1.142 billion RMB, and 1.411 billion RMB respectively; net profit forecast is adjusted to 16 million RMB, 41 million RMB, and 142 million RMB respectively [2]. - The current stock price corresponds to a price-to-sales (PS) ratio of 12.3, 9.9, and 8.0 times for 2024, 2025, and 2026 respectively [2].

Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company's revenue for the third quarter of 2024 reached 204.10 million yuan, a year-on-year increase of 7.66%. However, the net profit attributable to shareholders was 4.79 million yuan, with a net profit of -10.89 million yuan after excluding non-recurring losses [1]. - The domestic commercial business faced challenges due to a lack of significant improvement in clients' willingness to purchase legitimate software, but the new product version launched mid-year has started to gain traction, with revenue from 3D products growing over 35% year-on-year [2]. - The company is solidifying its competitive position in the education sector despite budget pressures, laying a foundation for potential recovery in future business [2]. - Although overseas business growth has slowed compared to the first half of the year, it continues to perform well overall, supported by an improving sales channel network and enhanced customer service capabilities [3]. Financial Summary - For the fiscal years 2022A to 2026E, the company is projected to achieve the following: - Revenue (million yuan): 601 (2022A), 828 (2023A), 974 (2024E), 1,176 (2025E), 1,460 (2026E) [4]. - Net profit (million yuan): 6 (2022A), 61 (2023A), 77 (2024E), 96 (2025E), 127 (2026E) [4]. - EPS (yuan/share): 0.05 (2022A), 0.51 (2023A), 0.64 (2024E), 0.79 (2025E), 1.05 (2026E) [4]. - P/E ratio: 1,883.1 (2022A), 184.1 (2023A), 146.3 (2024E), 118.2 (2025E), 88.7 (2026E) [4].

北京市中伦（广州）律师事务所 关于广州中望龙腾软件股份有限公司 2023 年限制性股票激励计划 调整授予价格、作废部分限制性股票及第一个归属 期归属条件成就相关事项的 法律意见书 二〇二四年十月 北京市中伦（广州）律师事务所 关于广州中望龙腾软件股份有限公司 2023 年限制性股票激励计划 调整授予价格、作废部分限制性股票及第一个归属期归属条件 成就相关事项的法律意见书 致：广州中望龙腾软件股份有限公司 北京市中伦（广州）律师事务所（以下简称"本所"）接受广州中望龙腾软件 股份有限公司（以下简称"中望软件"或"公司"）委托，就公司 2023 年限制性股 票激励计划（以下简称"激励计划"或"本次激励计划"）调整授予价格（以下简称 "本次调整"）、作废部分限制性股票（以下简称"本次作废"）及第一个归属期 归属条件成就（以下简称"本次归属"）的相关事宜担任专项法律顾问，并就本 次事项出具本法律意见书。 为出具本法律意见书，本所律师审阅了《广州中望龙腾软件股份有限公司 2023 年限制性股票激励计划（草案）》（以下简称"《激励计划》"）、《广州中望龙 腾软件股份有限公司 2023 年限制性股票激励计划实施考核管理办法 ...

证券代码：688083 证券简称：中望软件 公告编号：2024-091 广州中望龙腾软件股份有限公司 第六届监事会第八次会议决议公告 二、监事会会议审议情况 （一）《关于公司 2024 年第三季度报告的议案》 监事会认为：公司 2024 年第三季度报告的编制和审议程序符合相关法律法 规和《公司章程》等内部规章制度的规定，公允地反映了公司 2024 年第三季度 的财务状况和经营成果等事项。第三季度报告编制过程中，未发现公司参与第三 季度报告编制和审议的人员有违反保密规定的行为。监事会全体成员保证公司 2024 年第三季度报告披露的信息真实、准确、完整，不存在任何虚假记载、误导 性陈述或重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 表决情况：3 票同意，0 票反对，0 票弃权。 具体内容详见公司同日刊载于上海证券交易所网站（www.sse.com.cn）及指 定媒体的《2024 年第三季度报告》。 （二）《关于调整 2023 年限制性股票激励计划授予价格的议案》 监事会认为：因 2023 年度利润分配方案实施完毕，公司对 2023 年限制性股 票激励计划授予价格进行相应调整，符合《上市公司股权激 ...

证券代码：688083 证券简称：中望软件 公告编号：2024-094 广州中望龙腾软件股份有限公司 1、股权激励方式：第二类限制性股票。 2、授予数量：公司2023年限制性股票激励计划（以下简称"本激励计划"）向 激励对象授予的限制性股票数量为45.3246万股，占本激励计划草案公告日公司 股本总额12,130.3799万股的0.37%。 3、授予价格（调整前）：51.15元/股，即满足归属条件后，激励对象可以 每股51.15元的价格购买公司向激励对象定向发行的公司A股普通股股票及/或回 购的公司A股普通股股票。 重要内容提示： 一、股权激励计划批准及实施情况 （一）股权激励计划主要内容 4、激励人数（调整前）：192人。 关于 2023 年限制性股票激励计划第一个归属期 符合归属条件公告 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。 | | 个月内的最后一个交易日当日止 | | | --- | --- | --- | | 第二个归属期 | 自授予日起 24 个月后的首个交易日起至授予日起 | 36 30% | | | 个 ...