Core Insights - The company reported a revenue of 888 million yuan for 2024, representing a year-on-year growth of 7.31%, and a net profit attributable to shareholders of 64 million yuan, up 4.17% [1] - In Q1 2025, the company achieved a revenue of 126 million yuan, an increase of 4.56% year-on-year, but reported a net loss of 48 million yuan [2] Revenue Breakdown - The sales of 2D products showed steady growth, while the revenue contribution from 3D CAD products continued to enhance. The revenue from 2D CAD products grew by 2.12% year-on-year, while 3D CAD product revenue reached 242 million yuan, marking a 29.21% increase. CAE product revenue was 9.74 million yuan, up 36.23% [3] - The main product ZWCAD in the 2D CAD segment has matured in technology and application, providing a stable growth base for the company [3] - The company has developed a globally competitive 3D CAD platform software, ZW3D, which has seen significant performance improvements in 2025, enhancing capabilities in design, simulation, and processing integration [3] Ecosystem and Partnerships - The company is focused on building a sustainable and cooperative industrial design software ecosystem, offering integrated CAx solutions to meet diverse customer needs [4] - In 2024, the company achieved a 28.77% growth in overseas main business revenue, contributing positively to overall performance. The company has established partnerships with over 800 global channel partners, serving more than 1.4 million users across over 90 countries and regions [4] Profit Forecast and Investment Outlook - As a leading domestic CAD provider, the company is expected to see revenue growth driven by enhanced 3D CAD capabilities, domestic substitution, and overseas expansion. Projected revenues for 2025, 2026, and 2027 are 1.018 billion, 1.251 billion, and 1.470 billion yuan, with corresponding growth rates of 14.63%, 22.90%, and 17.53% [5] - The net profit attributable to shareholders is forecasted to be 78 million, 105 million, and 125 million yuan for the same years, with year-on-year growth rates of 22.00%, 34.69%, and 18.59% [5]