ZWSOFT(SH:688083) GF SECURITIES·2024-09-13 10:41Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 126.78 CNY per share, indicating a strong expected performance over the next 12 months [3][19]. Core Insights - The company has announced a restrictive stock incentive plan for 2024, targeting 162 employees, which is approximately 8.15% of the total workforce. The plan aims to grant 1.07 million shares, representing about 0.88% of the total share capital, reflecting the company's confidence in high revenue growth [7][8]. - Revenue targets set in the incentive plan indicate expected revenues of 1.03 billion CNY, 1.29 billion CNY, and 1.62 billion CNY for 2024, 2025, and 2026, respectively, with growth rates of 24.9%, 25.1%, and 24.9% [8][9]. - The revenue growth target for the company's 3D products is higher than the overall company growth, with expected revenues of 240 million CNY, 320 million CNY, and 410 million CNY for the same period, corresponding to growth rates of 29.8%, 29.9%, and 30.0% [8][9]. Summary by Sections Stock Incentive Plan - The stock incentive plan includes performance targets for cumulative revenues of at least 1.034 billion CNY, 2.328 billion CNY, and 3.944 billion CNY for the years 2024, 2025, and 2026, respectively [7][8]. - The plan also sets specific targets for 3D CAD product revenues, with minimums of 244 million CNY, 561 million CNY, and 973 million CNY for the same years [7][8]. Financial Projections - The company is projected to achieve revenues of 1.036 billion CNY, 1.303 billion CNY, and 1.632 billion CNY from 2024 to 2026, with corresponding EBITDA of 192 million CNY, 262 million CNY, and 332 million CNY [2][9]. - The net profit is expected to rise significantly, from 137 million CNY in 2024 to 244 million CNY in 2026, reflecting a growth rate of 123.3% in 2024 and 34.2% in 2026 [2][9]. Market Position and Product Performance - The report highlights the company's strong performance in the 3D CAD market, with increasing recognition from key clients in various industries, which supports the ambitious revenue targets set in the incentive plan [9]. - The company has been actively engaging with over 600 industry clients and partners, showcasing its latest technological advancements and application practices, which further solidifies its market position [9].