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。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][7]. Core Views - The company's performance is improving quarter by quarter, driven by ZW3D, overseas expansion, and channel development [1]. - In H1 2024, the company achieved revenue of 308 million yuan, a year-on-year increase of 11.79%, and a net profit attributable to shareholders of 6 million yuan, marking a turnaround from loss to profit [1][2]. - The overseas market has shown a year-on-year growth rate of 30%, with significant contributions from key accounts [2]. Summary by Relevant Sections Financial Performance - In Q2 2024, the company reported revenue of 188 million yuan, up 17.54% year-on-year, and a net profit of 32 million yuan, an increase of 92.82% year-on-year [1][2]. - The company's revenue from domestic commercial, domestic education, and overseas markets in H1 2024 was 187 million, 33 million, and 88 million yuan, respectively, with year-on-year growth rates of 19.53%, -35.46%, and 29.91% [2]. Product Development - The revenue growth for 3D products exceeded 30%, with the company focusing on accelerating ecosystem development and performance enhancements [2]. - In H1 2024, the company generated revenue of 192 million, 89 million, and 3 million yuan from 2D CAD, 3D CAD, and CAE products, respectively, with year-on-year growth rates of 8.33%, 30.15%, and 21.04% [2]. Cost Structure and Channel Development - The company's sales, management, and R&D expense ratios were 56.82%, 19.14%, and 64.86%, respectively, with management expenses rising due to strategic upgrades and increased personnel costs [4]. - The company is enhancing its channel distribution network, with revenue from direct sales and distribution reaching 167 million and 141 million yuan, respectively, showing year-on-year growth of 9.68% and 14.86% [4]. Earnings Forecast - The company is expected to achieve revenues of 1,023 million, 1,277 million, and 1,597 million yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 24%, 25%, and 25% [5][7]. - The net profit attributable to shareholders is projected to be 100 million, 162 million, and 243 million yuan for the same years, with year-on-year growth rates of 63%, 62%, and 49% [5][7].

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% ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is a leader in the domestic CAX industrial software sector and is expected to benefit from domestic substitution opportunities and international expansion [3] - The company reported accelerated revenue growth in Q2 2024, with a significant increase in overseas revenue and strong performance in 3D products [4][5] Financial Performance Summary - In the first half of 2024, the company achieved operating revenue of 308 million, a year-on-year increase of 11.79%, and a net profit attributable to the parent company of 6 million, reversing losses from the previous year [4] - For Q2 alone, the operating revenue was 188 million, up 17.54% year-on-year, with a net profit of 32 million, reflecting a 92.82% increase [4] - The overseas market generated 88 million in revenue, a year-on-year growth of 29.91%, while the domestic commercial market saw revenue of 187 million, up 19.53% [5] Product Performance Summary - Revenue from 2D CAD reached 192 million, growing by 8.33%, while 3D CAD revenue was 89 million, marking a 30.15% increase [6] - The growth in 3D product revenue is attributed to enhanced foundational modeling capabilities and collaboration with leading industry clients to develop tailored solutions [6] Earnings Forecast - The forecast for net profit attributable to the parent company for 2024-2026 is 80 million, 102 million, and 130 million respectively, with EPS projected at 0.66, 0.84, and 1.07 yuan per share [3][7] - The current stock price corresponds to P/E ratios of 95.9, 75.3, and 58.9 for the years 2024, 2025, and 2026 respectively [3][7]

Investment Rating - The report maintains a "Recommended" rating for the company [3][4]. Core Views - The company reported a revenue of 308 million yuan in the first half of 2024, representing an increase of 11.79% year-on-year, and achieved a net profit of 6 million yuan, reversing a loss of 1 million yuan in the same period last year [2]. - The company's overseas and 3D product performance showed significant growth, with overseas revenue increasing by 29.91% to 88 million yuan, accounting for 28.68% of total revenue, up from 24.72% in the previous year [2]. - The gross margin stabilized at 97.71%, up from 93.67% and 95.12% in the previous two quarters, although operating cash flow decreased by 36.96% to 150 million yuan [2][3]. Financial Performance Summary - The company expects revenues of 955.93 million yuan, 1.14492 billion yuan, and 1.39256 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 15.51%, 19.77%, and 21.63% [4][6]. - The projected net profits for the same years are 69.78 million yuan, 81.77 million yuan, and 101.95 million yuan, with growth rates of 13.64%, 17.18%, and 24.67% respectively [4][6]. - The earnings per share (EPS) are expected to be 0.58 yuan, 0.67 yuan, and 0.84 yuan for 2024, 2025, and 2026, with corresponding price-to-earnings (PE) ratios of 109.65, 93.57, and 75.06 [4][6]. Product Development and Market Position - The company has made significant investments in R&D, leading to continuous upgrades in product technology, including enhancements in 2D CAD and 3D CAD products [3][6]. - The introduction of new features in ZWCAD 2025 and ZW3D 2025 has improved user experience and expanded the product's competitiveness in various industries, including high-end manufacturing [3][6].

公 司 报 告 证 券 研 究 报 告 2024年08月18日 计算机 中望软件(688083.SH) 公司上半年业绩向好，3D CAD和境外业务表现良好 推荐 ( 维持) 事项： 股价:63.08元 | --- | --- | |------------------------|-----------------------------| | 行业 | 计算机 | | 公司网址 | www.zwsoft.cn;www.zwcad.com | | 大股东 / 持股 | 杜玉林 /35.79% | | 实际控制人 | 杜玉林 , 李红 | | 总股本 ( 百万股 ) | 121 | | 流通 A 股 ( 百万股 ) | 121 | | 流通 B/H 股 ( 百万股 ) | | | 总市值 ( 亿元 ) | 77 | | 流通 A 股市值 ( 亿元 ) | 77 | | 每股净资产 ( 元 ) | 21.45 | | 资产负债率 (%) | 13.1 | | 行情走势图 | | | | | 证券分析师 闫磊 黄韦涵 | --- | |---------------------------------| | | | ...

证券研究报告 | 半年报点评 20gszqdatemark 24 年 08 月 17 日 中望软件（688083.SH） Q2 业绩环比改善，3D 产品与国内外业务开拓卓有成效 事件：2024/8/16 晚，公司发布 2024 年半年报，2024H1 公司实现营业收 入 30,820.19 万元，较上年同期增长 11.79%；实现归属于上市公司股东 的净利润 597.62 万元，较上年同期增加 726.44 万元。 Q2 收入增速环比改善，国内外业务同步开拓卓有成效。境内、境外市场 的稳步开拓，共同促进了公司营业收入的稳健增长，根据公司半年报披露， 公司第二季度实现营业收入 18,815.44 万元，较上年同期增长 17.54%， 较本年第一季度环比增长 56.73%；单二季度实现净利润 0.32 亿元，环比 Q1 转正。 2D 产品维持稳健，3D 产品表现亮眼，公司产品壁垒进一步夯实。在产品 方面，公司对核心技术的持续升级和坚定投入，进一步提升了 ZW3D 在复 杂应用场景下的设计能力和效率，3DCAD 表现亮眼，获得了市场进一步的 认可，报告期内实现营业收入 8,903.97 万元，较上年同期增长 30. ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [3][11]. Core Insights - The company reported a revenue of 310 million yuan for 1H24, representing a year-over-year increase of 11.8%, with a significant 17.5% growth in 2Q24 [2]. - The net profit attributable to the parent company for 1H24 was 5.976 million yuan, marking a turnaround from loss to profit, with a remarkable 92.8% increase in 2Q24 [2]. - The gross margin for 1H24 stood at 97.71%, reflecting a slight year-over-year increase of 0.24 percentage points [2]. - The company has a strong market position in the CAD sector, maintaining the highest market share in China, with its software products sold in over 90 countries and regions [2]. Performance Summary - **Revenue Breakdown**: - Standard general software accounted for 93.63% of total revenue, generating 289 million yuan, up 15.94% year-over-year. - 2D products contributed 192 million yuan (66.55% of total revenue), growing 8.33% year-over-year, while 3D products generated 89 million yuan (30.89% of total revenue), increasing by 30.15% [2]. - **Regional Performance**: - Domestic revenue reached 220 million yuan, up 6.1%, with the commercial market growing by 19.5% to 187 million yuan, while the education market declined by 35.5% to 33 million yuan. - International revenue was 88 million yuan, reflecting a year-over-year increase of 28.68% [2]. Financial Projections - Revenue forecasts for 2024 to 2026 are set at 1.01 billion yuan, 1.22 billion yuan, and 1.44 billion yuan, respectively. - Adjusted net profit projections for the same period are 81 million yuan, 157 million yuan, and 215 million yuan [3][6]. - The current price-to-sales (P/S) ratio is projected at 7.6, 6.3, and 5.3 for 2024 to 2026, indicating a valuation at the lower end since the company's listing [3][6].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [3][11]. Core Insights - The company reported a revenue of 310 million RMB for the first half of 2024, representing a year-over-year increase of 11.8%. The second quarter alone saw a revenue of 190 million RMB, up 17.5% year-over-year. The net profit attributable to the parent company for the first half of 2024 was 5.976 million RMB, marking a turnaround from losses, with a net profit of 31.587 million RMB in the second quarter, up 92.8% year-over-year [2]. - The gross margin for the first half of 2024 was 97.71%, an increase of 0.24 percentage points year-over-year, while the net profit margin was 1.94%, up 2.41 percentage points year-over-year [2]. - The company has a strong position in the CAD market, maintaining the highest market share in China, with its software products sold in over 90 countries and regions, and over 1.4 million legitimate users [2]. Summary by Sections Performance Overview - For the first half of 2024, the company achieved a revenue of 310 million RMB, with a year-over-year growth of 11.8%. The second quarter revenue was 190 million RMB, reflecting a 17.5% increase year-over-year. The net profit for the first half was 5.976 million RMB, compared to a loss in the previous year, with a significant profit of 31.587 million RMB in the second quarter, up 92.8% year-over-year [2]. - The gross margin for the first half of 2024 was 97.71%, an increase of 0.24 percentage points year-over-year, while the net profit margin was 1.94%, up 2.41 percentage points year-over-year [2]. Product Analysis - The company's 3D products showed strong performance, with the overseas market expanding steadily. The standard general software segment generated 289 million RMB in revenue, accounting for 93.63% of total revenue, with 2D products contributing 192 million RMB and 3D products contributing 89 million RMB, reflecting year-over-year growth of 8.33% and 30.15% respectively [2]. - The revenue from customized software development and technical services has slightly increased, while the proportion of purchased software and hardware has decreased [2]. Regional Performance - Domestic revenue reached 220 million RMB, a year-over-year increase of 6.1%, with the commercial market contributing 187 million RMB (up 19.5%) and the education market declining to 33 million RMB (down 35.5%). International revenue was 88 million RMB, up 28.68% year-over-year [2]. Cost Structure - Research and development expenses increased slightly due to talent acquisition, with a research expense ratio of 64.86%, up 6.37 percentage points year-over-year. The sales expense ratio was 56.82%, down 3.30 percentage points, and the management expense ratio was 19.14%, up 6.12 percentage points [2]. Valuation - The current price-to-sales (P/S) ratio is approximately 8 times, which is considered at the valuation bottom since the company went public. The report recommends buying at the current price [2][3].

证券代码：688083 证券简称：中望软件 公告编号：2024-060 一、 监事会会议召开情况 广州中望龙腾软件股份有限公司 第六届监事会第四次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 广州中望龙腾软件股份有限公司（以下简称"公司"）第六届监事会第四次会议（以 下简称"本次会议"）通知于 2024 年 8 月 5 日以书面方式送达全体监事。本次会议于 2024 年 8 月 16 日以现场的方式召开，由公司监事会主席吕成伟先生召集和主持，应参 会监事 3 名，实际参会监事 3 名。本次会议的召集、召开符合《中华人民共和国公司 法》（以下简称"《公司法》"）等有关法律、法规、规则以及《广州中望龙腾软件股份 有限公司章程》（以下简称"《公司章程》"）等的有关规定。 二、监事会会议审议情况 具体内容详见同日刊登于上海证券交易所网站（www.sse.com.cn）及指定媒体的《中 望软件 2024 年半年度报告》及《中望软件 2024 年半年度报告摘要》。 表决情况：3 票同意，0 票反对，0 票弃权。监事会 ...