计算机行业周报：SaaS业绩验证了吗？中望软件三大预期差！

Investment Rating - The report maintains a positive outlook on the computer industry, particularly highlighting the SaaS sector and its resilience in performance [1][4]. Core Insights - The report emphasizes the significant excess returns of SaaS companies from 2019 to 2020, questioning whether their performance can be validated in subsequent periods [1][4]. - It discusses the three key expectation gaps for Zhongwang Software, a leading domestic CAD provider, indicating a potential revaluation of its market position [1][4]. - The report notes that cloud revenue growth is generally outpacing overall revenue growth, suggesting that many companies have entered a profitability inflection point [1][4]. - AI is identified as a driving force for cloud computing, positioning it as a foundational platform for AI applications [1][4]. Summary by Sections SaaS Performance - SaaS companies showed significant excess returns in 2019-2020, with a notable performance divergence observed in 24H1, where the overall cloud software industry revenue growth was 5% [1][4][5]. - The report highlights that the cloud revenue growth rate is generally higher than the overall revenue growth rate, indicating a successful transition to cloud models for many companies [1][4][7]. Zhongwang Software Analysis - The report outlines three expectation gaps for Zhongwang Software: 1. Strategic determination and breakthroughs in 3D product offerings [1][16]. 2. Competitive pricing and upgraded sales strategies leading to market share growth [1][18]. 3. The potential for growth driven by software legalization and market expansion [1][22][25]. Company Updates - Kingdee International reported a cloud revenue of 2.389 billion yuan in 24H1, reflecting a year-on-year increase of 17.2%, with cloud revenue accounting for over 80% of total revenue [1][26]. - China Software International is enhancing its AI capabilities, focusing on infrastructure and application layers to support enterprise-level AI implementations [1][27]. - China Civil Aviation Information Network demonstrated growth across all four business segments, indicating a recovery in growth confidence [1][28]. Market Trends - The report notes that the overall gross margin for SaaS companies is stabilizing, with tool-based software maintaining higher margins due to strong customer retention [1][8][9]. - The increasing trend of software legalization in China is expected to create significant market opportunities, potentially doubling the market size if the domestic software compliance rate approaches that of the U.S. [1][22][25].