ZWSOFT(SH:688083) Minsheng Securities·2024-09-13 07:33Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Views - The company's stock incentive plan aims for a compound annual growth rate (CAGR) of over 25% in total revenue over the next three years, with specific targets set for 2024 at 1.034 billion yuan, 2025 at 1.303 billion yuan, and 2026 at 1.653 billion yuan [2][3]. - The 3D CAD product line is highlighted as a key growth area, with projected revenues of 244 million yuan in 2024, 561 million yuan in 2025, and 973 million yuan in 2026, indicating a CAGR of approximately 30% [2]. - The company is shifting from a product-centric approach to a customer-demand-driven model, aiming to enhance its competitive edge in high-end manufacturing sectors [2]. - The report forecasts net profits for 2024, 2025, and 2026 to be 118 million yuan, 139 million yuan, and 195 million yuan, respectively, with corresponding earnings per share (EPS) of 0.97 yuan, 1.15 yuan, and 1.61 yuan [2][3]. Financial Projections - Total revenue projections for the company are as follows: 2024 at 1.034 billion yuan, 2025 at 1.303 billion yuan, and 2026 at 1.653 billion yuan, with growth rates of 24.9%, 26.1%, and 26.9% respectively [3][6]. - The net profit attributable to shareholders is expected to grow significantly, with a forecast of 118 million yuan in 2024, 139 million yuan in 2025, and 195 million yuan in 2026, reflecting growth rates of 92.0%, 18.2%, and 39.9% respectively [3][6]. - The price-to-earnings (PE) ratio is projected to decrease from 71x in 2024 to 43x in 2026, indicating an improving valuation as earnings grow [3][6].