Group 1: Event Announcement - Guangzhou Zhongwang Longteng Software Co., Ltd. will participate in the "2024 Guangdong Listed Companies Investor Relations Management Month" event [2] - The event aims to enhance investor interaction and improve investor relations management [2] - The online event will take place on September 12, 2024, from 15:30 to 16:30 [2] Group 2: Communication Topics - The company will discuss its 2024 semi-annual performance, corporate governance, development strategy, operational status, and sustainable development [2] - Investors are encouraged to actively participate in the online interaction [2] Group 3: Responsibility and Assurance - The board of directors guarantees the announcement's content is free from false statements, misleading representations, or significant omissions [2] - The board assumes individual and joint responsibility for the accuracy and completeness of the announcement [2]

Group 1: Company Overview and Development Strategy - Guangzhou Zhongwang Longteng Software Co., Ltd. has a research and development team of over 1,000 professionals, which is deemed sufficient to support larger revenue growth despite current mismatches between team size and income levels [2] - The company believes that excess R&D personnel is essential to shorten the performance gap with leading overseas products, even if it negatively impacts short-term profit metrics [2] - The company plans to maintain its current R&D personnel scale while continuously improving R&D efficiency and product quality [3] Group 2: Market and Economic Environment - As of 2023, the company's annual revenue has not exceeded 1 billion RMB, making it vulnerable to macroeconomic challenges [4] - Despite a recovering macroeconomic environment, there remains significant market potential for industrial software, particularly in R&D design software [4] - The company aims to enhance product performance and implement strategic initiatives to deliver better financial results [4] Group 3: Competitive Landscape - The domestic 3D CAD market is largely dominated by foreign companies, with Dassault, Siemens, and PTC holding significant market shares [4] - The company focuses on increasing product performance and narrowing the gap with leading foreign 3D CAD products to gain wider customer recognition and market share [4] Group 4: R&D Investment and Returns - The company has significantly increased its R&D investment in 2021 and 2022, leading to a revenue growth rate exceeding 30% from 3D CAD in the first half of 2024 [2] - The returns from R&D investments are expected to manifest gradually, with early investments aimed at long-term growth sustainability and maintaining a competitive edge [2] - The company has established a competitive product application R&D team, allowing for timely optimization based on customer feedback [3]

广州中望龙腾软件股份有限公司 2024年第三次临时股东大会 会议资料 二零二四年九月 | 2024 | 年第三次临时股东大会会议资料目录 | 2 | | --- | --- | --- | | 2024 | 年第三次临时股东大会会议须知 | 3 | | 2024 | 年第三次临时股东大会会议议程 | 5 | | 2024 | 年第三次临时股东大会会议议案 | 7 | | | 议案一 关于使用部分超募资金永久补充流动资金的议案 | 7 | | | 议案二 关于修订公司《董事会议事规则》的议案 | 8 | | | 议案三 关于修订公司《募集资金管理制度》的议案 9 | | 广州中望龙腾软件股份有限公司 2024 年第三次临时股东大会会议须知 为保障广州中望龙腾软件股份有限公司（下称"公司"）全体股东的合法权益，维 护股东大会的正常秩序，保证股东大会的议事效率，确保本次股东大会如期、顺利召 开，根据《中华人民共和国公司法》（以下简称《公司法》）、《中华人民共和国证 券法》（以下简称《证券法》）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》）、《广州中望龙腾软件股份有限公司股东大会议事规则》等相关 ...

Investment Rating - The investment rating for the company is "Buy" with a maintained rating over the next six months [4]. Core Views - The company reported a revenue of 308.20 million yuan for the first half of 2024, representing a year-on-year growth of 11.79%. The net profit attributable to the parent company was 5.98 million yuan, an increase of 726.44 million yuan compared to the same period last year [1][3]. - The company has shifted its development strategy from a product perspective to an industry perspective, merging its product R&D departments with industry key account divisions into AEC and MFG business groups [3]. - The 3D CAD product line saw a revenue increase of 30.15% year-on-year, while the 2D CAD line grew by 8.33%. The growth rate of 3D CAD has begun to surpass that of 2D CAD [1][3]. Financial Performance - In Q2 2024, the company achieved a revenue of 188.15 million yuan, a year-on-year increase of 17.54%, with a net profit of 3.20 million yuan, up 92.82% year-on-year. The sales expense ratio decreased to 48.79% from 55.14% in the previous year [1]. - The company's revenue forecast for 2024-2026 has been adjusted to 939.47 million yuan, 1.10 billion yuan, and 1.34 billion yuan respectively, with net profits of 99.84 million yuan, 138.05 million yuan, and 213.66 million yuan [3][4]. - The company’s total assets increased from 3,135.57 million yuan in 2022 to 3,282.11 million yuan in 2023, with a debt ratio of 13.12% [8]. Market Position - The company has maintained a strong position in the domestic market despite challenges such as global economic downturns and geopolitical conflicts, achieving a 29.91% growth in overseas revenue, which now accounts for 28.68% of total revenue [1][3]. - The company is recognized as a leading domestic CAX enterprise, benefiting from trends towards self-sufficiency in industrial software [3].

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]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [1][8]. Core Insights - The company reported significant improvement in revenue growth in Q2, with a year-on-year increase of 17.54%, compared to 3.84% in Q1. The total revenue for the first half of 2024 reached 308 million yuan, representing an 11.79% year-on-year growth [2][5]. - The company has seen a rapid increase in 3D product revenue, with a 30.15% year-on-year growth, contributing to the overall enhancement of product competitiveness in various sectors [2][5]. - The overseas market has shown strong performance, with revenue growth of 29.91% year-on-year, reflecting the effectiveness of the company's marketing efforts [2][5]. Financial Performance Summary - For the first half of 2024, the company achieved a net profit of 5.9762 million yuan, with a non-recurring net profit of -84 million yuan. The total orders on hand exceeded 128 million yuan, indicating a growth of over 30% year-on-year [2][5]. - The company expects to achieve revenues of 991 million yuan, 1.205 billion yuan, and 1.490 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 79 million yuan, 131 million yuan, and 181 million yuan [3][5]. - The company’s gross margin is projected to remain stable, with a slight increase from 93.67% in 2023 to 94.65% in 2026 [6]. Market Performance - The domestic commercial market revenue reached 187 million yuan, up 19.53% year-on-year, while the domestic education market saw a decline of 35.46% due to budget constraints [2][5]. - The company ranked first in the G2 Easiest To Use General-Purpose CAD Software list, showcasing its growing global brand influence and product recognition [2][5].

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].