ZWSOFT(688083) 山西证券·2024-11-01 01:30Investment Rating - The report maintains an "Accumulate-A" rating for the company [2] Core Views - The company has experienced significant growth in its 3D business, while the education market is under short-term pressure. The domestic commercial market is facing challenges due to slow macroeconomic recovery, impacting software procurement [2][3] - The company reported a revenue of 512 million yuan for the first three quarters of 2024, a year-on-year increase of 10.11%, and a net profit of 11 million yuan, a substantial increase of 159.69% [2] - The company is expected to benefit from the trend of domestic industrial software localization and the rapid growth of overseas markets, which will contribute to steady revenue growth [3] Financial Performance Summary - For Q3 2024, the company achieved a revenue of 204 million yuan, a year-on-year increase of 7.66%, with a net profit of 5 million yuan, a decrease of 11.83% [2] - The gross margin for Q3 2024 was reported at 96.81%, a decrease of 0.74 percentage points compared to the same period last year [2] - The company’s net profit margin improved to 1.35%, an increase of 0.26 percentage points year-on-year [2] Earnings Forecast - The company’s EPS for 2024-2026 is projected to be 0.58, 0.87, and 1.24 yuan respectively, with corresponding P/E ratios of 161.83, 107.86, and 75.50 [3][4] - The expected revenue for 2024 is 928 million yuan, with a year-on-year growth of 12.2% [3][4] Market Dynamics - The domestic education market is currently under pressure due to budget constraints, but the company is working to explore opportunities and improve its competitive position in this sector [2][3] - The overseas market is showing robust growth, with the company enhancing its sales channels and customer service capabilities, leading to a growth rate exceeding the company’s average [2][3]