Investment Rating - The report assigns an initial "Outperform" rating to the company with a target price of RMB 45.98 based on a dynamic price-to-sales ratio of 9 times for 2024 [41]. Core Insights - In 2023, the company achieved a revenue of RMB 278 million, representing a year-on-year growth of 15.52%, while the net profit attributable to shareholders was RMB 54 million, down 13.02% year-on-year. For Q1 2024, revenue was RMB 56 million, up 4.79% year-on-year, and net profit attributable to shareholders was RMB 6 million, down 27.06% year-on-year [37][59]. - Revenue from Mainland China was RMB 183 million, up 10.10% year-on-year, while overseas revenue reached RMB 92 million, up 28.54% year-on-year, indicating strong overseas performance [37][59]. - The company has been deeply rooted in the CAD industry for over 20 years, continuously improving its product matrix, including the release of its 2D CAD platform software in 2013 and collaboration with Siemens for its 3D CAD software [38][60]. Summary by Sections Financial Performance - The company reported a steady revenue growth in 2023 with a total revenue of RMB 278 million, a 15.52% increase year-on-year, and a net profit of RMB 54 million, which is a 13.02% decrease year-on-year. In Q1 2024, revenue was RMB 56 million, reflecting a 4.79% year-on-year growth, while net profit was RMB 6 million, down 27.06% year-on-year [37][59]. Product Development - The company has been enhancing its product offerings in the CAD field, launching multiple upgraded versions of its software, including GstarCAD 2024 and GstarCAD Linux 2024, which improve display performance and user experience. The company also completed the first phase of GstarCAD 365, a cross-terminal CAD cloud solution [40][41]. Market Strategy - The company serves multiple industries and adheres to a global development strategy, establishing partnerships with distributors in various countries. It focuses on vertical markets in engineering and manufacturing, providing a range of CAD software and cloud services [40][41].
浩辰软件：首次覆盖：20年深耕CAD，海外业务表现亮眼