ZWSOFT(SH:688083) Tianfeng Securities·2024-08-23 00:30Investment Rating - The investment rating for the company is "Buy" with a maintained rating over the next six months [4]. Core Views - The company reported a revenue of 308.20 million yuan for the first half of 2024, representing a year-on-year growth of 11.79%. The net profit attributable to the parent company was 5.98 million yuan, an increase of 726.44 million yuan compared to the same period last year [1][3]. - The company has shifted its development strategy from a product perspective to an industry perspective, merging its product R&D departments with industry key account divisions into AEC and MFG business groups [3]. - The 3D CAD product line saw a revenue increase of 30.15% year-on-year, while the 2D CAD line grew by 8.33%. The growth rate of 3D CAD has begun to surpass that of 2D CAD [1][3]. Financial Performance - In Q2 2024, the company achieved a revenue of 188.15 million yuan, a year-on-year increase of 17.54%, with a net profit of 3.20 million yuan, up 92.82% year-on-year. The sales expense ratio decreased to 48.79% from 55.14% in the previous year [1]. - The company's revenue forecast for 2024-2026 has been adjusted to 939.47 million yuan, 1.10 billion yuan, and 1.34 billion yuan respectively, with net profits of 99.84 million yuan, 138.05 million yuan, and 213.66 million yuan [3][4]. - The company’s total assets increased from 3,135.57 million yuan in 2022 to 3,282.11 million yuan in 2023, with a debt ratio of 13.12% [8]. Market Position - The company has maintained a strong position in the domestic market despite challenges such as global economic downturns and geopolitical conflicts, achieving a 29.91% growth in overseas revenue, which now accounts for 28.68% of total revenue [1][3]. - The company is recognized as a leading domestic CAX enterprise, benefiting from trends towards self-sufficiency in industrial software [3].