工业软件：质变，从国产化到全链路至规模化

Investment Rating - The report maintains an "Outperform" rating for the computer industry, specifically focusing on industrial software transitioning from domestic production to full-scale implementation [1]. Core Insights - The development of industrial software in China is driven by domestic research and development, addressing the critical "bottleneck" issues and enhancing the overall localization rate [2][3]. - The industrial software sector is characterized by a high degree of fragmentation and specialization, with mergers and acquisitions playing a crucial role in forming a comprehensive product ecosystem [2][3]. - China's industrial software market is expected to grow significantly due to strong industrial policies and low current penetration rates, indicating substantial room for expansion [2][3]. Summary by Sections 1. Industrial Software Development and Localization - Industrial software is essential for modern manufacturing, encapsulating industrial knowledge and technology [9]. - The sector faces significant challenges, particularly in high-end software development, with a notable gap in core technologies [12]. - From 2019 to 2023, the R&D expense ratio for listed industrial software companies in China increased, with a CAGR of 23.51%, indicating a growing emphasis on R&D [16][17]. 2. Mergers and Acquisitions in Industrial Software - Mergers and acquisitions are vital for enhancing competitive advantages in the industrial software sector, allowing companies to expand their capabilities and market share [25][26]. - Major global players like Dassault and Siemens have successfully utilized acquisitions to build comprehensive product lines and enhance customer loyalty [26][30]. - The "科八条" policy is expected to stimulate M&A activities in the industrial software sector, providing favorable conditions for companies with strong cash reserves [31][32]. 3. Market Growth Potential - China's industrial value-added output accounted for 20.26% of the global total in 2023, providing a solid foundation for the growth of the industrial software market [2]. - The current market share of China's industrial software is only 7.93% of the global market, indicating significant growth potential [2]. - The demand for industrial software is expected to surge as China transitions towards intelligent and high-end manufacturing, creating favorable conditions for market expansion [2][3]. 4. Investment Recommendations - The report suggests focusing on key domestic industrial software companies that address critical bottleneck areas, including Huada Jiutian, Gai Lun Electronics, and others [2].