ZWSOFT(SH:688083) Xin Lang Cai Jing·2025-10-31 23:21Core Insights - Zhongwang Software, established in 1998 and listed in 2021, is a leading domestic industrial software supplier focusing on CAD/CAM/CAE software development and sales [1] Financial Performance - For Q3 2025, Zhongwang Software reported revenue of 538 million yuan, ranking 44th among 102 companies in the industry, significantly lower than the top company Shanghai Steel Union's 57.318 billion yuan [2] - The net profit for the same period was -40.0493 million yuan, placing it 66th in the industry, again far behind the leaders [2] Financial Ratios - The debt-to-asset ratio for Q3 2025 was 17.72%, lower than the industry average of 31.94%, indicating strong solvency [3] - The gross profit margin was 96.04%, well above the industry average of 41.71%, reflecting robust profitability [3] Executive Compensation - Chairman Du Yulin's compensation for 2024 was 645,300 yuan, a slight decrease from 2023 [4] Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 34.52% to 10,300, while the average number of shares held per shareholder decreased by 25.66% [5] - Major shareholders include Wan Jia You Xuan and Xing Quan He Run, with stable holdings [5] Market Outlook - Zhongwang Software's overseas market continues to grow, driven by channel sales and brand promotion, while domestic demand remains stable [5] - The company is focusing on 3D breakthroughs and has launched ZWCAD 365 to enhance its 2D product offerings [5] - Revenue projections for 2025-2027 are 955 million yuan, 1.09 billion yuan, and 1.264 billion yuan, with corresponding net profits of 36 million yuan, 74 million yuan, and 125 million yuan [5] Analyst Ratings - CICC noted that Zhongwang Software's Q3 performance met expectations, with potential for revenue recovery as domestic demand stabilizes and overseas expansion continues [6] - Revenue estimates for 2025 and 2026 have been slightly reduced, but the company maintains a "outperform" rating with a target price of 86 yuan [6]