ZWSOFT(688083) 平安证券·2025-04-23 08:25Investment Rating - The report maintains a "Recommendation" rating for the company [1] Core Views - The company achieved a stable revenue growth with a 2024 revenue of 888 million yuan, representing a year-on-year increase of 7.31% [4][7] - The net profit attributable to shareholders for 2024 was 64 million yuan, up 4.17% year-on-year [4][7] - The company is expanding its Xinchuang ecosystem, enhancing its CAD product capabilities based on the Linux platform [10] - The report projects net profits for 2025-2027 to be 81 million yuan, 105 million yuan, and 137 million yuan respectively, with corresponding EPS of 0.67, 0.87, and 1.13 yuan [10] Revenue and Profit Summary - In 2024, the company's revenue from standard general software was 769 million yuan, a 9.93% increase, with specific product revenues as follows: 2D CAD at 482 million yuan, 3D CAD at 242 million yuan, and CAE at 973.84 thousand yuan [7][8] - The gross margin for 2024 improved by 0.75 percentage points, while the expense ratio decreased by 0.47 percentage points [7] Financial Projections - The company forecasts revenue growth rates of 17.8%, 19.4%, and 21.5% for 2025, 2026, and 2027 respectively [12] - The projected net profit growth rates for the same years are 26.9%, 29.4%, and 30.4% [12] - The report indicates a steady increase in the company's return on equity (ROE), expected to reach 4.6% by 2027 [12] Cash Flow and Financial Ratios - The operating cash flow is projected to turn positive in 2025, reaching 169 million yuan [13] - The company maintains a strong liquidity position with a current ratio of 5.7 in 2024, expected to decrease gradually to 4.8 by 2027 [12] - The debt-to-asset ratio is low at 15.0% for 2024, projected to rise to 19.3% by 2027 [12]