ZWSOFT(SH:688083) Huachuang Securities·2024-08-20 03:41Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [1][15]. Core Insights - The company has achieved rapid growth in 3D CAD products and has shown strong performance in overseas markets. In the first half of 2024, the company reported revenue of 308 million yuan, a year-on-year increase of 11.79%, and a net profit attributable to shareholders of 6 million yuan, a significant increase of 563.93% [1][2]. - The 3D CAD business experienced high growth, with revenue reaching 89 million yuan, up 30.15% year-on-year. The company continues to enhance its ZW3D product through iterations, improving its integrated design-simulation-manufacturing capabilities [2][3]. - The company is focusing on increasing R&D investment and strengthening its marketing network. The gross margin for the first half of 2024 was 97.71%, with a net margin of -2.08% [2][3]. - The company aims to optimize its CAx product matrix and explore new technologies to enhance its software offerings, transitioning from a direct sales strategy to a dual-channel distribution model [2][3]. Financial Summary - The company expects revenue growth from 1.018 billion yuan in 2024 to 1.497 billion yuan in 2026, with corresponding growth rates of 23.0%, 22.0%, and 20.5% [3][6]. - Net profit attributable to shareholders is projected to increase from 85 million yuan in 2024 to 142 million yuan in 2026, with growth rates of 37.9%, 32.0%, and 26.6% respectively [3][6]. - The company reported a cash flow from operating activities of -150 million yuan in the first half of 2024, a decrease of 36.96% year-on-year [2][3].