ZWSOFT(688083) 广发证券·2025-04-23 10:25Investment Rating - The investment rating for the company is "Buy" with a current price of 94.66 CNY and a fair value of 110.34 CNY [3]. Core Views - The company is expected to continue experiencing high growth in its overseas markets, while domestic demand still has room for contribution. The overall revenue growth is projected to be steady, with a focus on optimizing core products and expanding into international markets [1][7]. Financial Performance Summary - In 2024, the company reported a revenue of 888 million CNY, a year-on-year increase of 7.31%, and a net profit attributable to shareholders of 64 million CNY, up 4.17% year-on-year. The first quarter of 2025 saw a revenue of 126 million CNY, reflecting a 4.56% year-on-year growth [7][8]. - The company’s revenue is projected to grow from 1.03 billion CNY in 2025 to 1.56 billion CNY in 2027, with respective growth rates of 15.9%, 22.2%, and 23.9% [2][20]. Revenue Breakdown - The revenue from standard general software reached 769 million CNY in 2024, with a growth of 9.93%. The 3D product revenue was 242 million CNY, growing by 29.21% [11]. - The overseas revenue for 2024 was 202 million CNY, marking a 28.77% increase, which accounted for 22.8% of total revenue [19]. Profitability Metrics - The company’s EBITDA for 2024 was 79 million CNY, with a projected increase to 132 million CNY in 2025. The net profit margin is expected to improve significantly in the coming years, with net profits projected to reach 275 million CNY by 2027 [2][20]. Cost Management - The company has managed to reduce its sales expenses by 4.87% year-on-year, while R&D expenses increased by 14.45%, reflecting a focus on innovation and product development [10][19]. Market Position and Strategy - The company is positioned as a leading player in the CAD software market, with a strong emphasis on 3D product development. The strategy includes enhancing product capabilities and expanding into high-end manufacturing sectors [19][24]. - The company’s global expansion strategy has shown initial success, with significant revenue growth in overseas markets, particularly in the Asia-Pacific, Europe, and Americas regions [19]. Valuation Analysis - The company is valued at a PS ratio of 13x for 2025, reflecting its unique position as the only A-share listed company with self-controlled 3D CAD software capabilities. This valuation corresponds to a fair value of 110.34 CNY per share [24].