公司2023年收入高增，海外业务及ZW3D值得关注

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating a positive outlook for future performance [4][28]. Core Insights - The company achieved significant revenue growth in 2023, with total revenue reaching 828 million yuan, a year-on-year increase of 37.71%. The domestic market grew by 31.55%, while the overseas market saw a remarkable growth of 71.14% [5][15]. - The net profit attributable to the parent company for 2023 was 61 million yuan, reflecting a substantial year-on-year increase of 922.84% [5][15]. - The company has made strategic acquisitions, including a 64.66% stake in Beijing Bochao, which contributed an additional 96.4 million yuan to revenue in 2023 [5]. - In Q1 2024, the company reported revenue of 120 million yuan, a slight increase of 3.84% year-on-year, although it recorded a net loss of 26 million yuan due to increased personnel costs and acquisitions [5][28]. Financial Performance Summary - The company's revenue is projected to grow from 828 million yuan in 2023 to 1.512 billion yuan by 2026, with annual growth rates of 20.1%, 22.9%, and 23.7% expected for the following years [10][20]. - The net profit is expected to increase from 61 million yuan in 2023 to 146 million yuan by 2026, with corresponding growth rates of 31.9%, 33.0%, and 35.8% [10][20]. - The gross margin is projected to remain high, around 93.7% in 2023, slightly decreasing to 94.1% by 2026 [10][20]. Market Position and Strategy - The company is focused on building a comprehensive CAx software ecosystem, collaborating with over 280 software developers to enhance its product offerings across various industries [7]. - The company has strengthened its market presence in the power sector through strategic acquisitions and partnerships, enhancing its ability to provide digital solutions [7]. - Continuous product iteration and upgrades in the CAx product matrix are expected to enhance the company's competitive edge in the industrial software market [17][18].