ZWSOFT(688083) 平安证券·2025-04-23 08:01Investment Rating - The report maintains a "Recommendation" rating for the company [1][12] Core Views - The company achieved a stable revenue growth, with a reported revenue of 888 million yuan in 2024, representing a year-on-year increase of 7.31%. The growth is attributed to the continuation of a major client strategy and the optimization of core product performance [4][7] - The net profit attributable to the parent company for 2024 was 64 million yuan, reflecting a year-on-year growth of 4.17%. The company focused on resource allocation and cost optimization, leading to improved profitability [4][7] - The company is expanding its CAx integrated solution offerings and enhancing its product capabilities in the 2D CAD, 3D CAD, and CAE fields, which are expected to support its long-term sustainable development [7][8] - The company is further expanding its Xinchuang ecosystem, significantly improving its CAD product capabilities based on the Linux platform, which enhances its competitive edge in the CAD Xinchuang field [8] Financial Summary - For 2024, the company reported a revenue of 888 million yuan and a net profit of 64 million yuan. The revenue is projected to grow to 1.05 billion yuan in 2025 and 1.37 billion yuan in 2027, with corresponding EPS of 0.67 yuan and 1.13 yuan [4][9] - The gross margin for 2024 improved by 0.75 percentage points, while the expense ratio decreased by 0.47 percentage points, indicating better cost management [7][10] - The company's total assets are projected to increase from 3.17 billion yuan in 2024 to 3.64 billion yuan in 2027, with a stable debt ratio of around 15% to 19% over the same period [9][10] Growth Projections - The company expects a revenue growth rate of 17.8% in 2025, 19.4% in 2026, and 21.5% in 2027, indicating a strong growth trajectory [10] - The net profit growth is projected to be 26.9% in 2025, 29.4% in 2026, and 30.4% in 2027, reflecting the company's focus on enhancing profitability [10] Valuation Metrics - The report estimates the P/E ratios for 2025, 2026, and 2027 to be approximately 134.7, 104.1, and 79.8 respectively, suggesting a favorable valuation outlook as earnings grow [10][11]