ZWSOFT(SH:688083) Minsheng Securities·2024-11-01 12:47Investment Rating - The report maintains a "Recommended" rating for the company [2][5]. Core Insights - The company achieved a revenue of 512 million 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][3]. - In Q3 2024, the company reported revenue of 204 million yuan, a year-on-year increase of 7.66%, while the net profit attributable to shareholders was 4.79 million yuan, down 11.83% year-on-year [2][3]. - The domestic commercial business is experiencing a gradual recovery, with a significant increase in revenue from 3D products, which grew over 35% year-on-year in Q3 2024 [3]. - The company is making progress in its overseas business, with a well-established sales channel network and improved customer service capabilities, although growth rates have slowed due to global economic conditions [3]. - The investment suggestion highlights the company's continuous breakthroughs in core products and technologies, with projected revenues of 968 million yuan, 1.187 billion yuan, and 1.484 billion yuan for 2024, 2025, and 2026 respectively [2][4]. Financial Summary - For 2024, the company is expected to achieve a net profit of 76 million yuan, with earnings per share (EPS) projected at 0.62 yuan [4][6]. - The projected price-to-earnings (PE) ratios for 2024, 2025, and 2026 are 142X, 87X, and 63X respectively [4][6]. - The company’s revenue growth rates are forecasted at 37.71% for 2024, 16.99% for 2025, and 22.55% for 2026 [4][6].