ZWSOFT(SH:688083) Tai Ping Yang·2024-11-01 03:30Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on the last closing price of 90.57 [1][4]. Core Views - The company has shown steady growth in Q3, with a significant increase in 3D revenue, which grew over 35% year-on-year, reflecting strong customer recognition [3][4]. - The company achieved a revenue of 5.12 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 10.11%, and a net profit attributable to shareholders of 10.77 million yuan, up 159.69% year-on-year [2][4]. - The report highlights that the new version of the company's products is being gradually promoted and has begun to show initial validation, indicating potential for further growth in the 3D product segment [3][4]. Summary by Sections Financial Performance - In Q3, the company reported a revenue of 2.04 billion yuan, a year-on-year increase of 7.66%, with a net profit of 4.79 million yuan [2][3]. - For the full year projections, the company is expected to achieve revenues of 9.91 billion yuan in 2024, 12.05 billion yuan in 2025, and 14.90 billion yuan in 2026, with corresponding net profits of 790 million yuan, 1.31 billion yuan, and 1.81 billion yuan respectively [4][5]. Cost Management - The company has shown improvements in cost management, with sales, management, and R&D expenses growing at slower rates compared to previous quarters [3][4]. - The report indicates that the company is effectively controlling personnel growth and enhancing management efficiency, suggesting further potential for cost reduction [3][4]. Market Position - The company is positioned as a leading domestic CAD enterprise, benefiting from the ongoing trend of domestic software replacement in the industrial sector [4].