ZWSOFT(SH:688083) KAIYUAN SECURITIES·2025-09-01 07:12Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is a leader in the domestic CAX industrial software sector and is expected to benefit from domestic substitution opportunities and overseas expansion, maintaining a "Buy" rating [5] - The company has accelerated revenue growth in Q2, with overseas revenue showing significant performance, indicating a potential to become a world-class industrial software enterprise [6][7] Financial Performance Summary - In the first half of 2025, the company achieved operating revenue of 334 million yuan, a year-on-year increase of 8.24%, while the net profit attributable to the parent company was -52 million yuan, a decline of 976.90% [6] - For Q2 2025, the company reported operating revenue of 208 million yuan, a year-on-year growth of 10.59%, with a net profit attributable to the parent company of -4 million yuan, a decrease of 114.04% [6] - The company’s overseas market revenue growth accelerated to 42.21% in the first half of 2025, with several markets, including Japan, Thailand, Italy, Spain, Turkey, and the UAE, experiencing growth rates exceeding 50% [7] Earnings Forecast - The revised profit forecasts for 2025-2027 are as follows: net profit attributable to the parent company is expected to be 74 million yuan, 100 million yuan, and 125 million yuan respectively, with EPS projected at 0.44 yuan, 0.59 yuan, and 0.74 yuan [5] - The current stock price corresponds to P/E ratios of 177.6, 131.2, and 105.2 for 2025, 2026, and 2027 respectively [5] Stock Incentive Plan - The company announced a restricted stock incentive plan in August 2025, proposing to grant 510,000 shares at a price of 34.00 yuan per share, covering 231 employees, which is about 11.83% of the total workforce [8]