中望软件作为国内 CAD 龙头企业，受益于国产替代加速和自主可控政策， 战略地位凸显，推动股价上涨。公司目标收入增速为 15-20%，利润增 速更快，未来发展前景广阔。 工业软件是产业链价值的核心驱动力，中国工业软件产值占比远低于工 业产值占比，表明巨大发展潜力。国产化替代和 AI 技术应用将推动中国 工业软件实现赶超和全球化。 中望软件产品线覆盖 2D/3D CAD、CCAM、CAE 等，其中 3D CAD 过 去五年复合增速达 16%，2024 年营收占比提升至 31.55 亿元。公司加 强 CCAM 和 CAE 布局，逐步增加收入。 公司正版用户已突破 140 万，全球销售覆盖 90 个国家。2025 上半年 海外收入增速高达 42%，积极参与全球化活动，进行全球并购和布局， 国际化战略稳步推进。 中望软件通过收购获得 Override 几何内核全部知识产权，开发出 3D 和 中央电磁结构网络仿真产品，并基于国产 Linux 平台进行适配，推出悟 空平台和 All in One CIX 战略。 Q&A 中望软件在工业软件领域的地位和发展情况如何？ 中望软件是中国工业软件领域的领军企业，尤其在 CAD（计 ...

Investment Rating - The report maintains an "Accumulate-A" rating for the company [1][7] Core Views - The company has achieved steady revenue growth, with a significant acceleration in overseas market expansion despite short-term profit fluctuations due to pressures on core customer sales [5][6] - The company is positioned to benefit from the domestic industrial software support policies and has made continuous improvements to its core products while aggressively expanding into overseas markets [5][6] - The company’s revenue for the first half of 2025 reached 334 million yuan, a year-on-year increase of 8.24%, while the net profit attributable to shareholders was -52 million yuan, compared to 6 million yuan in the same period last year [4][5] Financial Performance - In Q2 2025, the company reported revenue of 208 million yuan, a year-on-year increase of 10.59%, but the net profit attributable to shareholders was -4 million yuan, a decrease of 114.04% year-on-year [4][5] - The gross margin for the first half of 2025 was 95.13%, down 2.58 percentage points from the previous year, primarily due to an increase in customized software and technical service revenues [5] - The company’s net profit margin for the first half of 2025 was -15.26%, a decrease of 13.19 percentage points year-on-year, but improvements are expected in the second half of the year due to ongoing cost reduction and efficiency enhancement efforts [5] Market Segmentation - The domestic commercial market saw a slight revenue decrease of 0.10% year-on-year, totaling 187 million yuan in the first half of 2025 [6] - The domestic education market experienced a significant decline, with revenue dropping 36.00% year-on-year to 21 million yuan due to policy adjustments and budget constraints [6] - The overseas market showed robust growth, with revenue increasing by 42.21% year-on-year to 126 million yuan, driven by successful localization strategies in various regions [6] Product Performance - The 2D CAD segment generated revenue of 215 million yuan, an increase of 11.82% year-on-year, supported by continuous product iterations and enhancements [7] - The 3D CAD segment saw a modest revenue growth of 3.40% year-on-year, totaling 92 million yuan, impacted by a temporary slowdown in customer promotions [7] - The CAE segment achieved a revenue increase of 25.38% year-on-year, while the BoChao series experienced a remarkable growth of 85.88% year-on-year [7] Investment Recommendations - The company is recognized as a leading player in industrial design software, with its product competitiveness expected to improve, benefiting from the trend of domestic industrial software localization [7] - The projected earnings per share (EPS) for 2025-2027 are 0.43, 0.57, and 0.70 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 160.7, 122.4, and 99.2 [7]

Investment 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]

Group 1 - The 14th "China Software Cup" University Software Design Competition was held from August 25 to 28, attracting over 5,604 teams from more than 800 universities, with over 20,000 participants [1] - A total of 379 teams advanced to the finals, with 210 teams participating in the on-site finals, resulting in 18 first prizes, 100 second prizes, and 261 third prizes awarded [1] - The competition aims to accelerate the cultivation of innovative talents needed in the software industry and establish a collaborative training mechanism centered on software technology projects [1][2] Group 2 - The event included the 2025 Software Industry-Education Integration Seminar, where leaders from software industry departments, universities, and enterprises discussed core issues of industry-education integration [2] - Companies like Tongyuan Soft Control and others have established industrial software courses and joint laboratories with universities to collaboratively train students [4] - The Suzhou Industrial Park has integrated industrial software into its strategic focus, creating a collaborative innovation ecosystem to support talent development and core technology breakthroughs [5][6] Group 3 - The park has developed a comprehensive industrial software matrix covering 35 industrial categories, supporting innovation in high-end equipment, automotive, electronics, textiles, and artificial intelligence [5] - By the end of 2024, the park is expected to host six key software enterprises encouraged by the state, ten key software enterprises planned by Jiangsu Province, and 134 key software enterprises in Suzhou [5] - The collaboration between various innovation elements in the park is evolving from "physical accumulation" to "chemical reaction," indicating closer cooperation among stakeholders [6][8]

Core Viewpoint - The company, Guangzhou ZWSoft Co., Ltd., has proposed a 2025 Restricted Stock Incentive Plan aimed at attracting and retaining talent while aligning the interests of shareholders, the company, and its core team for long-term development [1][10]. Group 1: Incentive Plan Overview - The incentive tool used in this plan is restricted stock, specifically the second type of restricted stock, with shares sourced from the company's directed issuance or repurchase of A-shares [2][15]. - The total number of restricted shares to be granted is 510,080 shares, accounting for 0.30% of the company's total share capital of 1,695,845,470 shares as of the announcement date [2][16]. - The grant price for the restricted stock is set at 34.00 RMB per share [3][22]. Group 2: Eligibility and Conditions - The plan targets 231 individuals, representing approximately 11.83% of the total workforce of 1,952 employees as of the end of 2024, including directors, senior management, core technical personnel, and key employees [3][14]. - The plan stipulates that the restricted stock will not confer shareholder rights until vested and cannot be transferred or used as collateral before vesting [2][4]. Group 3: Vesting Schedule and Performance Metrics - The vesting period for the restricted stock is a maximum of 48 months, with shares vesting in stages based on the fulfillment of specific conditions [4][18]. - The performance assessment for the vesting of shares will be based on company-level metrics, including cumulative revenue from 3D CAD products and overseas revenue, with specific target values set for the years 2025 to 2027 [23][28]. Group 4: Governance and Approval Process - The plan requires approval from the company's shareholders and will be managed by the board of directors, which will also oversee the implementation and any necessary adjustments [6][30]. - The board's remuneration and assessment committee will evaluate the plan's alignment with the company's sustainable development and shareholder interests [12][30].

Investment Rating - The report upgrades the investment rating of the company to "Strong Buy" [2][12]. Core Viewpoints - The company is positioned as a leader in the domestic CAD software market, focusing on an All-in-One CAx strategy to enhance its product offerings and market share [7][17]. - The CAD market in China is experiencing rapid growth, driven by the digital transformation of the manufacturing industry and strong policy support for domestic alternatives [8][13]. - The company has a robust competitive advantage due to its proprietary technology and comprehensive product matrix, which includes 2D CAD, 3D CAD, CAE, and CAM solutions [11][12]. Financial Summary - Projected total revenue for 2024A is 888 million, with a year-on-year growth rate of 7.3% [3]. - Expected net profit attributable to shareholders for 2024A is 64 million, reflecting a growth rate of 4.2% [3]. - The company anticipates revenue growth of 15.6%, 16.7%, and 17.3% for the years 2025E, 2026E, and 2027E, respectively [12]. Business Overview - The company has a complete product line in CAD/CAE/CAM and has successfully penetrated international markets, selling products in over 90 countries [17]. - The 2D CAD segment accounted for 47% of revenue in 2024, while 3D CAD contributed 24% [7][12]. - The company is actively investing in educational products to cultivate user habits and expand its market reach [23][24]. Market Dynamics - The CAD market in China grew from 1.3 billion in 2016 to 5.48 billion in 2023, with a CAGR of 22.82% [13]. - The market is still dominated by three major international players, but domestic companies are gaining ground due to national policies promoting self-sufficiency [13][49]. - The company holds a market share of 9.6% in the overall CAD market and 4.4% in the 3D CAD segment, ranking fourth among competitors [7][13]. Strategic Initiatives - The company is focusing on enhancing its product capabilities and expanding its global distribution network to drive future growth [12][29]. - The All-in-One CAx strategy aims to integrate design, simulation, and manufacturing processes, creating a cohesive platform that increases customer loyalty [11][12]. - The company plans to continue its overseas localization strategy to optimize its global marketing efforts [12][29].

Core Insights - The company reported a revenue of 888 million yuan for 2024, a year-on-year increase of 7.31%, and a net profit attributable to shareholders of 63.96 million yuan, up 4.17% year-on-year [1] - In Q1 2025, the company achieved a revenue of 126 million yuan, a year-on-year growth of 4.56%, but reported a net loss attributable to shareholders of 47.7 million yuan, indicating an expanded loss compared to the previous year [1] - The domestic commercial market showed steady growth, while the overseas market experienced significant expansion, with overseas revenue reaching 202 million yuan in 2024, a year-on-year increase of 28.77% [2] Domestic Market Performance - The domestic commercial market generated revenue of 561 million yuan in 2024, reflecting a year-on-year growth of 12.13% despite macroeconomic pressures [1] - The domestic education market faced challenges, resulting in a revenue decline of over 25% year-on-year due to budget constraints and policy changes [1] Product Performance - The 2D CAD product line generated revenue of 482 million yuan in 2024, with a modest growth of 2.12% [2] - The 3D CAD product line, benefiting from previous investments, achieved revenue of 242 million yuan in 2024, marking a significant year-on-year growth of 29.21% [2] Organizational and Operational Improvements - The company has made structural adjustments to enhance service quality for key accounts (KA) and small to medium enterprises, integrating business and R&D teams [3] - The sales expenses decreased by 4.87% year-on-year in 2024, with further reductions in Q1 2025, indicating improved cost control [4] Future Outlook - Revenue projections for 2025-2027 are adjusted to 1.011 billion yuan, 1.168 billion yuan, and 1.352 billion yuan respectively, with net profits expected to be 94 million yuan, 129 million yuan, and 175 million yuan [5] - The company maintains a "buy" rating due to competitive advantages in 3D products, rapid growth in overseas markets, and ongoing improvements in management and operational efficiency [5]

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the analysis suggests a positive outlook based on growth and market position [8]. Core Viewpoints - The company has demonstrated significant revenue growth in its 3D CAD segment, achieving a revenue of 242 million yuan in 2024, which represents a year-on-year increase of 29.21% [1]. - The company has made breakthroughs in three key technical dimensions: core stability, parametric stability, and large assembly design support capabilities [1]. - The company has successfully expanded its key account (KA) customer base and deepened channel cooperation with major clients in various sectors [1]. - The company has achieved notable success in overseas markets, with a main business revenue growth rate of 28.77% [1]. - The global industrial software market is projected to be approximately 520 billion USD in 2024, indicating substantial growth potential for the company [1]. Financial Summary - In 2024, the company reported total revenue of 888 million yuan, a year-on-year growth of 7.31%, and a net profit attributable to the parent company of 64 million yuan, reflecting a growth of 4.17% [2]. - The company's gross margin improved to 94.4% in 2024, while the sales expense ratio decreased by 5.96% [1]. - The earnings per share (EPS) for 2025 is projected to be 0.63 yuan, with corresponding price-to-earnings (P/E) ratios of 140.38, 121.21, and 105.44 for 2025, 2026, and 2027 respectively [2][3].