ZWSOFT(SH:688083)2024-11-10 06:34Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [6]. Core Views - The company reported a revenue of 512 million yuan for the first three quarters of 2024, reflecting a year-on-year increase of 10.11%, while the net profit attributable to the parent company reached 11 million yuan, up 159.69% year-on-year [3][6]. - The domestic market shows signs of mild recovery, although growth has slowed compared to previous quarters. The company is focusing on enhancing its product capabilities to maintain steady growth in its commercial CAD offerings [4][5]. - The overseas market is expected to continue performing well, despite some slowdown in revenue growth due to global economic challenges. The company is optimizing its dealer network to sustain its international market performance [4][5]. - The 3D product line has shown significant growth, with a revenue increase of over 35% year-on-year in the third quarter, indicating strong customer acceptance and potential for rapid growth in the upcoming quarter [5]. - The company is implementing a dual sales strategy of direct sales and distribution, which may cause short-term disruptions but is expected to benefit long-term growth [4][5]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a total revenue of 512 million yuan, with a year-on-year growth rate of 10.1%. The net profit attributable to the parent company was 11 million yuan, marking a significant increase of 159.7% [6][9]. - The projected revenue for 2024 is 949 million yuan, with expected growth rates of 14.6%, followed by 1,157 million yuan in 2025 and 1,426 million yuan in 2026, reflecting a growth trajectory of 22.0% and 23.2% respectively [6][9]. Market Outlook - The report highlights a mild recovery in the domestic market, with a noted decrease in revenue growth from 17.54% in the second quarter to 7.66% in the third quarter. The company is adapting to these changes by enhancing its product offerings [4][5]. - The overseas market is anticipated to maintain strong performance, supported by ongoing product validation and dealer training efforts [4][5]. Product Development - The company has launched new versions of its products, particularly in the 3D segment, which has seen a revenue increase of over 35% year-on-year in the third quarter, indicating a positive reception from clients [5]. - The company is focusing on refining its management practices to improve operational efficiency and profitability [5].