ZWSOFT(SH:688083)2024-08-19 03:10Investment Rating - The report maintains a "Recommended" rating for the company [3][4]. Core Views - The company reported a revenue of 308 million yuan in the first half of 2024, representing an increase of 11.79% year-on-year, and achieved a net profit of 6 million yuan, reversing a loss of 1 million yuan in the same period last year [2]. - The company's overseas and 3D product performance showed significant growth, with overseas revenue increasing by 29.91% to 88 million yuan, accounting for 28.68% of total revenue, up from 24.72% in the previous year [2]. - The gross margin stabilized at 97.71%, up from 93.67% and 95.12% in the previous two quarters, although operating cash flow decreased by 36.96% to 150 million yuan [2][3]. Financial Performance Summary - The company expects revenues of 955.93 million yuan, 1.14492 billion yuan, and 1.39256 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 15.51%, 19.77%, and 21.63% [4][6]. - The projected net profits for the same years are 69.78 million yuan, 81.77 million yuan, and 101.95 million yuan, with growth rates of 13.64%, 17.18%, and 24.67% respectively [4][6]. - The earnings per share (EPS) are expected to be 0.58 yuan, 0.67 yuan, and 0.84 yuan for 2024, 2025, and 2026, with corresponding price-to-earnings (PE) ratios of 109.65, 93.57, and 75.06 [4][6]. Product Development and Market Position - The company has made significant investments in R&D, leading to continuous upgrades in product technology, including enhancements in 2D CAD and 3D CAD products [3][6]. - The introduction of new features in ZWCAD 2025 and ZW3D 2025 has improved user experience and expanded the product's competitiveness in various industries, including high-end manufacturing [3][6].