ZWSOFT(688083) 国盛证券·2025-04-23 01:25Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Viewpoints - The company's 2024 annual report shows that it achieved operating revenue of 888 million yuan, a year-on-year increase of 7.31%, and a net profit attributable to shareholders of 64 million yuan, up 4.17% year-on-year, which aligns with expectations [1]. - The 2D product line provides a stable revenue base, while the 3D products are the main growth driver, with 3D CAD product revenue increasing by 29% year-on-year [1]. - The overseas business has shown rapid growth, with a main business revenue growth rate of 28.77% in 2024, contributing positively to overall performance [2]. - Continuous investment in R&D is aimed at solidifying competitive barriers in the CAx field, focusing on an integrated CAx solution that enhances product differentiation [3]. Financial Summary - In 2024, the company reported operating revenue of 888 million yuan, with a growth rate of 7.3% year-on-year, and a net profit of 64 million yuan, reflecting a growth rate of 4.2% year-on-year [4]. - The projected net profits for 2025, 2026, and 2027 are estimated to be 71 million yuan, 82 million yuan, and 92 million yuan respectively [3][4]. - The earnings per share (EPS) for 2024 is projected at 0.53 yuan, with a net asset return rate of 2.4% [4].