ZWSOFT(688083) 信达证券·2025-04-28 08:23Investment 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, achieving a revenue of 242 million yuan in 2024, which represents a year-on-year increase of 29.21% [1]. - The company has made breakthroughs in three key technical dimensions: core stability, parametric stability, and large assembly design support capabilities [1]. - The company has successfully expanded its key account (KA) customer base and deepened channel cooperation with major clients in various sectors [1]. - The company has achieved notable success in overseas markets, with a main business revenue growth rate of 28.77% [1]. - The global industrial software market is projected to be approximately 520 billion USD in 2024, indicating substantial growth potential for the company [1]. Financial Summary - In 2024, the company reported total revenue of 888 million yuan, a year-on-year growth of 7.31%, and a net profit attributable to the parent company of 64 million yuan, reflecting a growth of 4.17% [2]. - The company's gross margin improved to 94.4% in 2024, while the sales expense ratio decreased by 5.96% [1]. - The earnings per share (EPS) for 2025 is projected to be 0.63 yuan, with corresponding price-to-earnings (P/E) ratios of 140.38, 121.21, and 105.44 for 2025, 2026, and 2027 respectively [2][3].