ZWSOFT(688083) 华龙证券·2025-04-25 05:05Investment Rating - The investment rating for the company is "Accumulate" (首次覆盖) [4] Core Views - The company achieved a total operating revenue of 888 million yuan in 2024, representing a year-on-year growth of 7.31%, while the net profit attributable to the parent company was 63.96 million yuan, up 4.17% year-on-year [4][6] - In Q1 2025, the company reported an operating revenue of 126 million yuan, a year-on-year increase of 4.56%, but the net profit attributable to the parent company was -47.97 million yuan, showing a decline [4][6] - The company focuses on CAx core technologies, with significant growth in 3D CAD/CAE products, achieving a revenue growth of 29.21% and 36.23% respectively in 2024 [6][7] - The overseas business has been expanding, with a revenue growth of 28.77% in 2024, and a gross margin increase of 0.38% to 99.35% [6][7] - The company plans to distribute a cash dividend of 5 yuan (including tax) for every 10 shares to all shareholders, which accounts for 94.35% of the net profit attributable to the parent company in 2024 [6][7] Financial Performance Summary - The company is projected to achieve net profits of 85 million yuan, 111 million yuan, and 137 million yuan for the years 2025, 2026, and 2027 respectively [7] - The expected EPS for 2025, 2026, and 2027 is 0.70 yuan, 0.91 yuan, and 1.13 yuan respectively [7] - The company’s P/E ratios for 2025, 2026, and 2027 are projected to be 128.5, 98.7, and 80.1 respectively, while the P/S ratios are expected to be 10.7, 9.3, and 8.3 [7][8]