ZWSOFT(688083) GOLDEN SUN SECURITIES·2024-10-29 02:38Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company's revenue for the third quarter of 2024 reached 204.10 million yuan, a year-on-year increase of 7.66%. However, the net profit attributable to shareholders was 4.79 million yuan, with a net profit of -10.89 million yuan after excluding non-recurring losses [1]. - The domestic commercial business faced challenges due to a lack of significant improvement in clients' willingness to purchase legitimate software, but the new product version launched mid-year has started to gain traction, with revenue from 3D products growing over 35% year-on-year [2]. - The company is solidifying its competitive position in the education sector despite budget pressures, laying a foundation for potential recovery in future business [2]. - Although overseas business growth has slowed compared to the first half of the year, it continues to perform well overall, supported by an improving sales channel network and enhanced customer service capabilities [3]. Financial Summary - For the fiscal years 2022A to 2026E, the company is projected to achieve the following: - Revenue (million yuan): 601 (2022A), 828 (2023A), 974 (2024E), 1,176 (2025E), 1,460 (2026E) [4]. - Net profit (million yuan): 6 (2022A), 61 (2023A), 77 (2024E), 96 (2025E), 127 (2026E) [4]. - EPS (yuan/share): 0.05 (2022A), 0.51 (2023A), 0.64 (2024E), 0.79 (2025E), 1.05 (2026E) [4]. - P/E ratio: 1,883.1 (2022A), 184.1 (2023A), 146.3 (2024E), 118.2 (2025E), 88.7 (2026E) [4].