20240427-开源证券-中望软件-688083.SH-公司信息更新报告_2024Q1境外收入高增长_3D订单增长亮眼_4页_889kb

中望软件（688083.SH）投资分析总结（2024年4月）

投资评级与估值

• 开源证券维持中望软件“买入”评级，更新盈利预测：2024年净利润0.80亿，2025年10.2亿元，2026年13亿元；对应PE分别为126、99、78倍。

核心业务亮点

1. 全球化布局成效显著：2023年营收增长37.7%，净利润增幅达92.3%；2024Q1海外收入增速近50%，经销网络扩张带动销售额超直销。
2. 核心产品认可度提升：ZW3D订单同比增长40%，3D设计产品竞争力增强。
3. 国产替代长期潜力：公司是国内CAX工业软件龙头，有望受益于国产化浪潮。

短期业绩承压因素

• 行业复苏延迟：工业企业信息化投入及软件采购预算未达预期。
• 教育市场不及预期：疫情后学期推迟及资金拨付延迟导致境内教育业务增长乏力。
• 费用上升：人员扩张、薪酬提高及技术研发投入增加拖累利润。

风险提示

• 宏观经济波动、客户需求变化、市场竞争加剧、研发结果不及预期等风险。

Performance Summary (EN)

Zhejiang Software Co., Ltd. (688083.SH) Investment Analysis
Rating and Valuation

• Maintained "Buy" recommendation. Projected net profits for 2024, 2025, and 2026 are 0.80 billion, 10.2 billion, and 13 billion RMB, corresponding P/E ratios are 126, 99, and 78 times.

Key Business Highlights

1. Significant Global Growth: Revenue rose by 37.7% in 2023, with net profit increasing a robust 92.3%. In Q1 2024, overseas revenue grew nearly 50% due to expanded distribution networks.
2. Product Recognition: ZW3D orders increased by 40% in Q1 2024, signaling higher customer acceptance.
3. Long-Term Potential: As the leading CAX industrial software provider in China, the company stands to benefit significantly from the national software replacement trend.

Near-Term Challenges

• Delayed industrial recovery: Reduced emphasis on IT investment and software procurement.
• Underperformance in education sector: Post-pandemic schedule delays and funding issues hindered expected growth.
• Rising operational costs: Staff expansion, salary increases, and R&D investments negatively impacted profitability.

Risk Factors

• Fluctuations in the macroeconomy, shifts in customer demand, intensified market competition, and unmet R&D expectations.