信息服务行业深度报告：新迪数字：打造三维CAD的“高铁模式”，推进国产三维CAD“真买、真用、真替代”

Investment Rating - The report maintains an "Outperform" rating for the industry, indicating a positive outlook for investment opportunities in the sector [1]. Core Insights - The domestic industrial software industry is experiencing a golden development period, driven by the urgent need for self-sufficiency and control in technology. The importance of CAD data as the source of product digitization is highlighted, with 3D CAD being a critical focus area [2][4]. - The report emphasizes that the underlying technology of 3D CAD, including geometric modeling engines and constraint solving engines, presents high technical barriers, making domestic production challenging. The future of domestic CAD software lies in its practical application and usability [2][19]. - The acquisition of Siemens' Solid Edge source code by Xindi Digital in 2022 is noted as a significant step towards establishing a "high-speed rail model" for 3D CAD, aiming for controllable products first, followed by innovation [2][36]. Summary by Sections 1. Domestic Industrial Software Development - The domestic industrial software sector is flourishing, with various digital software applications emerging. The industry is categorized into research and design, production, operation and maintenance, management, and new types of industrial software [10][12]. - The revenue of China's industrial software products reached 240.7 billion yuan in 2022, with a compound annual growth rate of 12.4% from 2016 to 2022. The growth trend continues, with 2023 showing a revenue of 124.7 billion yuan in the first half, a year-on-year increase of 12.8% [15][18]. 2. Importance of CAD in Industrial Software - CAD is a vital component of industrial software, with 3D CAD being the future. It serves as the fundamental tool for modern product research, design, and manufacturing, with its data model being the source for all subsequent digital applications [19][21]. - The market share of domestic 3D CAD software is currently low, at only 6% in 2023, despite the significant contribution of China's manufacturing sector to the global market [28][29]. 3. Trends in Self-Sufficiency and Domestic Production - The trend towards self-sufficiency in industrial software is becoming increasingly significant, especially in light of supply chain security concerns. The report notes that the push for domestic CAD software is critical for maintaining competitiveness in the manufacturing sector [29][30]. - Policies aimed at increasing the domestic production rate of industrial software are being implemented, with specific targets set for 2027 regarding the adoption of digital design tools and the update of industrial software systems [30][32]. 4. Capital Support and M&A Activity - The report indicates that investment in industrial software remains strong, particularly in foundational areas like 3D CAD, CAE, and EDA, despite a general decline in the investment market [33][34]. - The industry is witnessing a trend of mergers and acquisitions as companies seek to expand their market presence and product offerings. Notable acquisitions include Xindi Digital's significant funding round and other strategic purchases within the sector [34][35].