ZWSOFT(688083) 国金证券·2024-07-14 05:30Investment Rating - The report maintains a "Buy" rating for the company, with a target PS valuation of 6.8/5.7/4.8 times for 2024-2026 [14] Core Views - The company's revenue growth is accelerating quarter by quarter, with Q2 2024 revenue expected to reach RMB 183-193 million, a 52.44%-60.77% increase QoQ and 14.32%-20.57% YoY [14] - The company's order backlog as of June 2024 exceeded RMB 128 million, a YoY increase of over 30%, with 3D CAD orders exceeding RMB 29 million, up over 40% YoY [14] - The company has launched Zhongwang 3D 2025, which integrates data, design, assembly, simulation, and manufacturing on a single platform, enhancing its industry solutions in sectors like consumer electronics and pressure vessels [14] - The company's global distribution network is gaining traction, with increasing market share in both developed and emerging economies [14] - The company is currently trading at 7x PS, near its historical valuation bottom, making it an attractive investment opportunity [14] Financial Performance - The company is expected to achieve revenues of RMB 1.01 billion, RMB 1.22 billion, and RMB 1.44 billion in 2024-2026, with net profits of RMB 81 million, RMB 157 million, and RMB 215 million respectively [14] - Revenue growth rates are projected at 22.15%, 20.44%, and 18.26% for 2024-2026, with net profit growth rates of 31.50%, 94.84%, and 36.89% [16] - The company's ROE is expected to improve from 2.90% in 2024 to 7.17% in 2026 [16] Product and Market Strategy - The company is focusing on R&D and strategic acquisitions to attract top talent and develop its AII-in-One CAX platform [14] - Industry solutions are being expanded into energy, power, and chemical sectors, with a strong emphasis on 3D CAD technology [14] - The company's internationalization strategy is showing results, with increasing market recognition in industrial economies [14]