ZWSOFT(688083) 国金证券·2025-04-21 14:51Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [13]. Core Views - The company's performance in Q1 aligns with expectations despite ongoing pressure on downstream demand. Key factors include the continuous improvement of domestic channel networks and successful collaborations in high-tech electronics and equipment manufacturing [9]. - The revenue forecast for FY25-27 has been adjusted to 1.022 billion, 1.177 billion, and 1.356 billion RMB respectively, with corresponding net profit estimates of 0.75 billion, 0.98 billion, and 1.34 billion RMB [8]. Financial Summary - Revenue and Profit Growth: - FY24 revenue is projected at 888 million RMB, reflecting a year-on-year growth of 7.31%. The net profit for FY24 is estimated at 63.96 million RMB, with a growth rate of 4.17% [7][8]. - Earnings Per Share (EPS): - The diluted EPS is expected to increase from 0.506 RMB in 2023 to 1.108 RMB by 2027, indicating a strong upward trend [7]. - Return on Equity (ROE): - The ROE is projected to rise from 2.29% in 2023 to 4.63% in 2027, showcasing improved profitability [7]. - Price-to-Earnings (P/E) Ratio: - The P/E ratio is expected to decrease from 196.63 in 2023 to 85.41 in 2027, suggesting a more attractive valuation over time [7]. Product and Market Analysis - Product Performance: - The standard general software segment generated 769 million RMB in FY24, with a growth of 9.93%. The 3D product line saw a significant increase of 29.21%, contributing to 27.34% of total revenue [8]. - Geographical Revenue Breakdown: - Domestic revenue reached 685 million RMB in FY24, growing by 2.74%, while overseas revenue surged by 28.77% to 202 million RMB, indicating strong international demand [8]. Cost and Expense Management - R&D and Operating Expenses: - R&D expenses accounted for 50.23% of revenue in FY24, reflecting a commitment to innovation. Sales and management expenses were effectively controlled, with sales expenses decreasing by 5.96% year-on-year [8].