Investment Rating - Maintain "Outperform" rating with a target price raised to RMB 52.42 (+RMB 8.99) [2][10] Core Views - The company is expected to enhance product competitiveness and market share through continuous improvement of its product line and expansion into the information innovation market. It aims to leverage multi-model profit strategies and localized service advantages to strengthen its domestic and international market presence. EPS forecasts for 2025-2027 are RMB 1.15 (+0.27), RMB 1.36 (+0.21), and RMB 1.58 respectively, with a PE of 45.5x for 2025 [2][10] Financial Performance - In 2024, the company achieved revenue of RMB 289 million, a year-on-year increase of 3.93%. The CAD software business saw a slight decline in domestic revenue due to cyclical fluctuations and slower demand growth from small clients. However, CAD cloud and internet advertising services experienced significant growth, driven by the promotion of the CAD King product, becoming key growth drivers. The net profit attributable to shareholders was RMB 62.99 million, up 16.37% year-on-year, primarily due to increased interest income and a reduction in finance expenses by RMB 10.20 million [3][11] Product Development - The company is enhancing its product line to solidify its core business competitiveness. In the CAD software sector, it completed the acquisition of Hungary's CadLine and released multiple upgrades, accelerating localized R&D to build a controllable domestic 3D BIM software system. In the CAD cloud sector, it launched GstarCAD 365 for B-end applications, upgrading to cloud cross-terminal solutions and exploring domestic CAD cloud platform construction, forming a differentiated competitive edge [3][12] Market Opportunities - The domestic substitution process is accelerating, with a focus on global software export. National policies are targeting core software technology, and with policy support for overseas expansion, domestic industrial software is seeing new opportunities. The company has over 70% of its clients as central government-owned enterprises, with broad industry distribution and global market expansion, particularly in Asia and Europe. It aims to leverage superior product quality, price advantages over international firms, and lightweight product features for a competitive edge globally [4][13]
浩辰软件（688657）：创新驱动云化转型，全球深化布局