ZWSOFT(SH:688083) KAIYUAN SECURITIES·2024-08-19 06:03Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is a leader in the domestic CAX industrial software sector and is expected to benefit from domestic substitution opportunities and international expansion [3] - The company reported accelerated revenue growth in Q2 2024, with a significant increase in overseas revenue and strong performance in 3D products [4][5] Financial Performance Summary - In the first half of 2024, the company achieved operating revenue of 308 million, a year-on-year increase of 11.79%, and a net profit attributable to the parent company of 6 million, reversing losses from the previous year [4] - For Q2 alone, the operating revenue was 188 million, up 17.54% year-on-year, with a net profit of 32 million, reflecting a 92.82% increase [4] - The overseas market generated 88 million in revenue, a year-on-year growth of 29.91%, while the domestic commercial market saw revenue of 187 million, up 19.53% [5] Product Performance Summary - Revenue from 2D CAD reached 192 million, growing by 8.33%, while 3D CAD revenue was 89 million, marking a 30.15% increase [6] - The growth in 3D product revenue is attributed to enhanced foundational modeling capabilities and collaboration with leading industry clients to develop tailored solutions [6] Earnings Forecast - The forecast for net profit attributable to the parent company for 2024-2026 is 80 million, 102 million, and 130 million respectively, with EPS projected at 0.66, 0.84, and 1.07 yuan per share [3][7] - The current stock price corresponds to P/E ratios of 95.9, 75.3, and 58.9 for the years 2024, 2025, and 2026 respectively [3][7]