ZWSOFT(SH:688083) Minsheng Securities·2024-09-13 08:03Investment 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, reflecting strong confidence in future growth [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 through ecosystem partnerships [2]. Financial Projections - Total revenue is projected to grow from 1.034 billion yuan in 2024 to 1.653 billion yuan in 2026, with growth rates of 24.9% in 2025 and 26.9% in 2026 [3][6]. - Net profit attributable to shareholders is expected to increase significantly from 118 million yuan in 2024 to 195 million yuan in 2026, with growth rates of 92.0% in 2025 and 39.9% in 2026 [3][6]. - Earnings per share (EPS) are forecasted to rise from 0.97 yuan in 2024 to 1.61 yuan in 2026, with corresponding price-to-earnings (PE) ratios decreasing from 71x in 2024 to 43x in 2026 [3][6].