ZWSOFT(SH:688083) Guohai Securities·2024-09-12 14:37Investment Rating - The investment rating for the company is "Buy" (maintained) [2][12]. Core Views - The company has launched a stock incentive plan for 2024-2026, targeting a cumulative revenue of 10.34 billion, 23.28 billion, and 39.44 billion yuan for the respective years, with a focus on 3D CAD products [3][4]. - The revenue growth target for 2024 is set at 25% year-on-year, with a compound annual growth rate (CAGR) of approximately 25% for 2024-2026 [4]. - The company aims to enhance its market share in the 3D CAD sector, which is a key growth area, with expected revenue growth of over 30% year-on-year for 2024 [4][9]. Summary by Sections Company Overview - The company, Zhongwang Software (688083), has seen a significant increase in its R&D team from 458 in early 2021 to 1,032 by mid-2024, indicating a strong commitment to innovation and product development [4][7]. - The company has introduced several industry leaders to its team, including Dr. Fu Tianxiong, who has extensive experience in CAD system architecture and modeling [4][7]. Financial Performance - In the first half of 2024, the company reported revenue of 308 million yuan, a year-on-year increase of 11.79%. To meet the 2024 revenue target of 10.34 billion yuan, the second half revenue is projected to be 726 million yuan, reflecting a year-on-year growth of 31.52% [4][9]. - The company’s projected revenues for 2024, 2025, and 2026 are 10.42 billion, 13.00 billion, and 16.24 billion yuan, respectively, with year-on-year growth rates of 26%, 25%, and 25% [9][10]. Market Position and Strategy - The company has established a global marketing system, with its software products sold in over 90 countries and regions, and a growing user base exceeding 1.4 million [9]. - The company is focusing on expanding its product lines, including advancements in 3D CAD, 2D CAD, and CAE technologies, to enhance its competitive edge in various manufacturing sectors [4][7][9].