中望软件：Q3收入增速放缓，3D产品增速35+%

Investment Rating - The report maintains a "Buy" rating for the company [2]. Core Views - The company reported a slowdown in revenue growth in Q3 2024, with a year-over-year increase of 7.66% to 204 million RMB, while the revenue for the first three quarters of 2024 increased by 10.11% to 512 million RMB [2]. - The net profit attributable to shareholders in Q3 2024 was 4.792 million RMB, a decrease of 11.83% year-over-year, while the net profit for the first three quarters increased significantly by 159.69% to 10.768 million RMB [2]. - The company experienced a significant decline in net profit after deducting non-recurring items, reporting a loss of 10.886 million RMB in Q3 2024 and a loss of 94.854 million RMB for the first three quarters [2]. - Government subsidies contributed to other income of 112 million RMB in the first three quarters, an increase of 83.84% year-over-year [2]. - The company’s comprehensive gross margin for the first three quarters was 97.35%, a slight decrease of 0.15 percentage points year-over-year, while the net profit margin increased by 1.21 percentage points to 2.10% [2]. Revenue and Profit Analysis - Q3 2024 revenue growth slowed, with a year-over-year increase of 7.66% to 204 million RMB; the first three quarters saw a 10.11% increase to 512 million RMB [2]. - Q3 2024 net profit attributable to shareholders was 4.792 million RMB, down 11.83% year-over-year; the first three quarters saw a significant increase in net profit of 159.69% to 10.768 million RMB [2]. - The company reported a loss of 10.886 million RMB in Q3 2024 after deducting non-recurring items, compared to a profit in the same period last year [2]. Expense Analysis - R&D expense ratio increased to 59.70% in the first three quarters of 2024, up 4.46 percentage points year-over-year [2]. - Sales expense ratio improved to 52.78%, down 3.38 percentage points year-over-year [2]. - Management expense ratio increased to 16.50%, up 3.89 percentage points year-over-year [2]. - Financial expense ratio was -0.20%, an increase of 0.95 percentage points year-over-year [2]. Business Segment Performance - The 3D product segment saw over 35% growth in the domestic commercial sector during the first three quarters of 2024 [2]. - The domestic education sector faced significant budget pressures, impacting procurement willingness and fund allocation [2]. - The overseas market growth outpaced the domestic market, although there was a slowdown compared to the first half of 2024 [2]. Profit Forecast and Valuation - The revenue forecast for 2024-2026 is adjusted to 919 million RMB, 1.142 billion RMB, and 1.411 billion RMB respectively; net profit forecast is adjusted to 16 million RMB, 41 million RMB, and 142 million RMB respectively [2]. - The current stock price corresponds to a price-to-sales (PS) ratio of 12.3, 9.9, and 8.0 times for 2024, 2025, and 2026 respectively [2].