中望软件：股权激励目标显信心，3D或持续突破

Investment Rating - The report maintains a "Buy" rating for Zhongwang Software with a target price of RMB 88.53 [1] Core Views - The company's equity incentive plan demonstrates confidence in its growth, particularly in the 3D CAD product line, with cumulative revenue targets of RMB 10.34/23.28/39.44 billion for 2024-2026, implying a compound growth rate of 25% [1] - 3D CAD orders are expected to be a significant driver of revenue growth, with a projected compound growth rate of 30% from 2024 to 2026 [2] - Organizational restructuring is expected to enhance product iteration for key account (KA) customers, particularly in industries like general machinery, high-tech electronics, and automotive [3] - The company's design-simulation integrated software platform is anticipated to further increase market share, supported by continuous product iteration and expansion into multi-physics simulation solutions [4] Financial Forecasts - Revenue is projected to grow from RMB 1,014 million in 2024E to RMB 1,569 million in 2026E, with a compound growth rate of 25% [1][5] - Net profit attributable to the parent company is expected to increase from RMB 82.01 million in 2024E to RMB 164.23 million in 2026E, with a compound growth rate of 38.6% [5] - EPS is forecasted to rise from RMB 0.68 in 2024E to RMB 1.35 in 2026E [1][5] Product and Market Expansion - The 3D CAD product line is expected to see significant growth, with revenue targets of RMB 2.44/3.17/4.12 billion for 2024-2026, driven by product iteration and increased order volume [2] - The company is expanding its 3D CAD product competitiveness in industries such as automotive, automotive parts, and shipbuilding, in addition to its existing strongholds in general machinery and electronics [3] - The acquisition of CHAM and the development of multi-physics simulation solutions are expected to enhance the company's position in the commercial fluid simulation market [4] Valuation and Comparables - The company is valued at 10.6x PS for 2024, based on comparable companies' average valuation [1] - Key comparable companies include Bichu Electronics, Kingsoft Office, and Baoxin Software, with average PS multiples of 10.6x for 2024E [8]