ZWSOFT(688083) 中泰证券·2024-08-21 03:30Investment Rating - The investment rating for the company is "Buy" (maintained) with a market price of 64.60 [1] Core Views - The company has shown a positive trend in performance, with notable growth in overseas markets and 3D product lines. The revenue for the first half of 2024 reached 308 million yuan, a year-on-year increase of 11.79%, with Q2 revenue growing by 17.54% compared to Q1 [4][5] - The company is focusing on optimizing its domestic business structure and expanding its overseas market presence, which has contributed to steady revenue growth. The domestic market revenue increased by 19.53% year-on-year, while overseas revenue grew by 29.91% [5] - The company is expected to maintain a leading position in the Chinese CAX field, with projected revenues of 997 million yuan, 1.218 billion yuan, and 1.472 billion yuan for 2024, 2025, and 2026 respectively, alongside net profits of 80 million yuan, 114 million yuan, and 176 million yuan for the same years [5][7] Financial Performance Summary - Revenue (in million yuan): - 2022A: 601 - 2023A: 828 - 2024E: 997 - 2025E: 1,218 - 2026E: 1,472 - Year-on-year growth rates for revenue: - 2022A: -2.9% - 2023A: 37.7% - 2024E: 20.4% - 2025E: 22.2% - 2026E: 20.8% [1] - Net profit (in million yuan): - 2022A: 6 - 2023A: 61 - 2024E: 80 - 2025E: 114 - 2026E: 176 - Year-on-year growth rates for net profit: - 2022A: -96.5% - 2023A: 874.4% - 2024E: 30.7% - 2025E: 41.8% - 2026E: 54.8% [1][7]