中望软件：Q2业绩加速增长，3D与海外表现亮眼

Investment Rating - The investment rating for the company is "Buy - A" with a target price of 81.98 CNY, maintaining the rating [3][8]. Core Views - The company has shown accelerated growth in Q2 2024, with significant performance in 3D CAD and overseas markets. The revenue for the first half of 2024 reached 308 million CNY, a year-on-year increase of 11.79%, and the net profit attributable to shareholders was 5.9762 million CNY, marking a turnaround from losses [2][3]. - The company is focusing on enhancing its CAx technology and expanding its key account (KA) customer base, which is growing faster than the company's average [4][8]. - The report projects the company's revenue for 2024, 2025, and 2026 to be 994.4 million CNY, 1.1928 billion CNY, and 1.4148 billion CNY respectively, with net profits of 68.6 million CNY, 93.5 million CNY, and 129.6 million CNY respectively [8][10]. Financial Performance - In Q2 2024, the company achieved a revenue of 188 million CNY, a year-on-year increase of 17.54%, and a net profit of 31.5874 million CNY, up 92.82% year-on-year [3]. - The revenue breakdown shows that standard general software revenue was 288 million CNY, with 2D CAD revenue at 192 million CNY (YoY +8.33%) and 3D CAD revenue at approximately 89 million CNY (YoY +30.15%) [3]. - The company’s sales, management, and R&D expense ratios were 56.82%, 19.14%, and 64.86% respectively, with changes reflecting increased compensation and talent acquisition [3]. Market Position and Strategy - The company is positioned as a leading domestic industrial software developer, focusing on an All-in-One CAx strategy to enhance its market presence and product competitiveness [8][10]. - The recent product releases, such as ZWCAD 2025 and ZW3D2025, have improved design efficiency and expanded capabilities in simulation and manufacturing [4][8]. - Collaborations with industry leaders like Donghua Machinery and Bond Laser are enhancing the effectiveness of the company's products in various sectors [4][8].