Investment Rating - The report assigns an "Outperform" rating to the company [2][9]. Core Insights - The company has been deeply engaged in the CAD industry for over 20 years, continuously improving its product matrix and focusing on cloud-based CAD solutions [4][25]. - The company's flagship product, Haochen CAD Viewer, boasts 15 million monthly active users, making it a competitive application in the CAD field [4][5]. - The company has established a stable user base across various industries, including construction, transportation, and energy, and has developed partnerships with distributors in multiple countries [8][25]. - Revenue projections for 2024-2026 indicate a steady growth trajectory, with expected revenues of 335 million, 408 million, and 501 million yuan respectively, alongside a projected EPS growth [6][9]. Financial Summary - The company reported revenues of 278 million yuan in 2023, with a year-on-year growth of 15.5%, while net profit was 54 million yuan, reflecting a decline of 13% [20]. - The financial forecast shows a consistent increase in revenue and a gradual recovery in net profit, with expected net profits of 45 million, 58 million, and 76 million yuan for 2024, 2025, and 2026 respectively [6][13]. - The gross margin is projected to remain high, around 92% for the coming years, indicating strong profitability [6][11]. Business Segmentation - The company's revenue is diversified across several segments, including CAD software packages, cloud and digital services, and advertising and internet promotion services, with significant growth expected in cloud services [11][25]. - The CAD software package segment is expected to grow at rates of 13%, 12%, and 12% from 2024 to 2026, while cloud services are projected to grow at 50%, 41%, and 41% respectively [11][25].
浩辰软件：20年深耕CAD，海外业务表现亮眼