ZWSOFT(688083) EBSCN·2024-10-17 09:38Investment Rating - The report maintains a positive outlook on the company, indicating a potential for continued growth in its core products and technologies [2]. Core Insights - The company has achieved a market share of 9.6% in the Chinese CAD market, ranking first among domestic manufacturers and fourth globally [1]. - The introduction of the 3D All-in-One CAx digital platform aims to break data silos and enhance information sharing, facilitating digital transformation in industrial enterprises [2]. - The report highlights the current digital maturity of Chinese enterprises, noting that many are transitioning from 2D to 3D model integration, with some larger firms beginning to adopt model-based definitions (MBD) [2]. - The company plans to focus on integrating and iterating its 3D model-based CAx platform to optimize production management processes and improve efficiency [2]. Financial Forecasts and Valuation - Revenue forecasts for 2024 and 2025 have been adjusted downwards to 986 million and 1.227 billion yuan, respectively, reflecting a decrease of 8% and 11% from previous estimates [2]. - Net profit forecasts for 2024 and 2025 have also been reduced to 80 million and 121 million yuan, representing a significant decrease of 52% and 55% [2]. - The report anticipates a revenue increase to 1.469 billion yuan by 2026, with net profit expected to reach 176 million yuan [2]. - Key financial metrics include a projected EPS of 0.66 yuan for 2024 and a P/E ratio decreasing from 188 in 2023 to 144 in 2024 [4][8].