ZWSOFT(688083) 信达证券·2025-04-28 07:33Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the analysis suggests a positive outlook based on growth and market position [8]. Core Viewpoints - The company has demonstrated significant revenue growth in its 3D CAD segment, with a revenue increase of 29.21% year-on-year, reaching 242 million yuan in 2024, which now accounts for 31.55% of total revenue [1]. - The company has made substantial advancements in technology, particularly in complex scene parameterization, large assembly design capabilities, and the integration of artificial intelligence for enhanced user experience [1]. - The company has successfully expanded its key account (KA) customer base and deepened partnerships with major clients across various sectors, enhancing product application efficiency [1]. - The company has achieved notable success in international markets, with a revenue growth rate of 28.77% in its main business, indicating a strong potential for long-term revenue growth through overseas expansion [1]. - The company is projected to maintain steady growth, with expected earnings per share (EPS) of 0.63, 0.72, and 0.84 yuan for 2025, 2026, and 2027 respectively, reflecting a positive long-term outlook [1][2]. Financial Summary - In 2024, the company reported total revenue of 888 million yuan, a year-on-year increase of 7.3%, and a net profit attributable to shareholders of 64 million yuan, up 4.2% from the previous year [2]. - The gross margin for 2024 was 94.4%, indicating strong profitability, while the return on equity (ROE) was 2.4% [2]. - The company’s projected total revenue for 2025 is 1,013 million yuan, with a growth rate of 14.1%, and net profit is expected to reach 77 million yuan, reflecting a growth rate of 19.7% [2].