Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [1][15]. Core Insights - The company has achieved rapid growth in 3D CAD products and has shown strong performance in overseas markets. In the first half of 2024, the company reported revenue of 308 million yuan, a year-on-year increase of 11.79%, and a net profit attributable to shareholders of 6 million yuan, a significant increase of 563.93% [1][2]. - The 3D CAD business experienced high growth, with revenue reaching 89 million yuan, up 30.15% year-on-year. The company continues to enhance its ZW3D product through iterations, improving its integrated design-simulation-manufacturing capabilities [2][3]. - The company is focusing on increasing R&D investment and strengthening its marketing network. The gross margin for the first half of 2024 was 97.71%, with a net margin of -2.08% [2][3]. - The company aims to optimize its CAx product matrix and explore new technologies to enhance its software offerings, transitioning from a direct sales strategy to a dual-channel distribution model [2][3]. Financial Summary - The company expects revenue growth from 1.018 billion yuan in 2024 to 1.497 billion yuan in 2026, with corresponding growth rates of 23.0%, 22.0%, and 20.5% [3][6]. - Net profit attributable to shareholders is projected to increase from 85 million yuan in 2024 to 142 million yuan in 2026, with growth rates of 37.9%, 32.0%, and 26.6% respectively [3][6]. - The company reported a cash flow from operating activities of -150 million yuan in the first half of 2024, a decrease of 36.96% year-on-year [2][3].

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].