\u3000\u3000 Zwsoft Co.Ltd(Guangzhou)(688083) (688083)
Event:
The company released the performance forecast for 2021: it is expected to achieve an operating revenue of 605 million yuan to 625 million yuan, with a year-on-year increase of 32.65% to 37.03%. The net profit attributable to the parent company was 176 million yuan to 186 million yuan, with a year-on-year increase of 46.20% to 54.51%. Deduct non net profit of 93 million yuan to 103 million yuan, a year-on-year decrease of 2.55% to an increase of 7.93%
The revenue and profit are in line with expectations, and the net profit has achieved 46% + high growth
The company is expected to achieve an operating income of 605 million yuan to 625 million yuan, an increase of 32.65% to 37.03% year-on-year, which is in line with the overall expectation. The net profit attributable to the parent company was 176 million yuan to 186 million yuan, with a year-on-year increase of 46.20% to 54.51%, which was in line with the overall expectation. The net profit deducted from non parent company was 93 million yuan to 103 million yuan, a decrease of 2.4341 million yuan to 7.5659 million yuan compared with the same period of last year, a year-on-year decrease of 2.55% to an increase of 7.93%. It is estimated that the impact of non recurring profit and loss on net profit is 81.5 million yuan to 84.5 million yuan, mainly due to government subsidies and financial income.
Strengthen R & D investment, introduce excellent talents, expand sales channels, and open up the upward space of the company
From the perspective of business, the company’s key customer strategy in China and overseas has achieved remarkable results, and has in-depth cooperation with Huawei, CRRC, etc; China’s education market business has been widely recognized by colleges and universities at all levels, and its performance has increased rapidly. During the reporting period, the company actively introduced excellent talents, continuously strengthened R & D investment and carried out marketing activities in multiple directions. At the same time, the company implemented the equity incentive plan to retain key employees and confirmed the share based payment amount of about 8 million yuan.
We believe that in the short term, the company’s management expenses, sales expenses and R & D expenses have increased significantly compared with the same period of last year, and the net profit deducted from non parent company has slowed down compared with last year; However, in the long run, the company is in a critical period of urgent breakthrough in 3dcad technology, gradual densification of sales channels and steady improvement of talent reserve. The investment at this stage will open up space for the company.
Industrial software is booming, and the company is expected to surpass the industry β of α Gain, maintain buy rating
The company’s downstream intelligent manufacturing boom is high, the company’s underlying CAD engine is independent and controllable, and has technical advantages. In 22 years, 3D products are expected to continue to make breakthroughs in specific industries. According to the forecast, we fine tuned the company’s profit forecast, increased the operating revenue from RMB 611 / 843 / 1147 million to RMB 616 / 844 / 1147 million from 2021 to 2023, and increased the net profit from RMB 169 / 240 / 333 million to RMB 180 / 253 / 345 million from 21 to 23, maintaining the “buy” rating.
Risk warning: the implementation of the policy is less than expected; The progress of localization is less than expected; The market competition intensifies and the R & D progress is less than expected; The performance forecast is the preliminary calculation result, and the specific financial data shall be subject to the company’s disclosure announcement
