ZWSOFT(SH:688083) Tai Ping Yang·2024-08-21 01:00Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [1][8]. Core Insights - The company reported significant improvement in revenue growth in Q2, with a year-on-year increase of 17.54%, compared to 3.84% in Q1. The total revenue for the first half of 2024 reached 308 million yuan, representing an 11.79% year-on-year growth [2][5]. - The company has seen a rapid increase in 3D product revenue, with a 30.15% year-on-year growth, contributing to the overall enhancement of product competitiveness in various sectors [2][5]. - The overseas market has shown strong performance, with revenue growth of 29.91% year-on-year, reflecting the effectiveness of the company's marketing efforts [2][5]. Financial Performance Summary - For the first half of 2024, the company achieved a net profit of 5.9762 million yuan, with a non-recurring net profit of -84 million yuan. The total orders on hand exceeded 128 million yuan, indicating a growth of over 30% year-on-year [2][5]. - The company expects to achieve revenues of 991 million yuan, 1.205 billion yuan, and 1.490 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 79 million yuan, 131 million yuan, and 181 million yuan [3][5]. - The company’s gross margin is projected to remain stable, with a slight increase from 93.67% in 2023 to 94.65% in 2026 [6]. Market Performance - The domestic commercial market revenue reached 187 million yuan, up 19.53% year-on-year, while the domestic education market saw a decline of 35.46% due to budget constraints [2][5]. - The company ranked first in the G2 Easiest To Use General-Purpose CAD Software list, showcasing its growing global brand influence and product recognition [2][5].