\u3000\u3000 Zwsoft Co.Ltd(Guangzhou)(688083) (688083)
Main points:
Event overview
On January 28, Zwsoft Co.Ltd(Guangzhou)(688083) released the annual performance forecast for 2021. In 2021, the company realized 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 149 million yuan to 169 million yuan, with a year-on-year increase of 46.20% to 54.51%; The net profit deducted from non parent company was 93 million yuan to 103 million yuan, a year-on-year decrease of 2.55% to 7.93%.
In the fourth quarter, it improved month on month, and the key customer strategy achieved initial results
In 2021, the company achieved an operating revenue of 605 million yuan to 625 million yuan, with a year-on-year increase of 33% to 37%; In the fourth quarter, the company achieved a revenue of 246 million yuan to 269 million yuan, a year-on-year increase of 38% to 49%, which was significantly improved compared with the first three quarters. The main reasons are: 1) the company’s key customer strategy in China and overseas has achieved initial results, and the cooperation with Huawei, CRRC and other key customers has continued to deepen; 2) The business layout of the education market, on the one hand, responds to the policy; On the other hand, grasp the industry trend, strengthen service and accelerate performance growth.
Continue to increase R & D investment, and the company has sufficient momentum for long-term development
The company’s field is a business of “selling shovels” for innovative development. The stability of core technical talents will be the cornerstone of the company’s long-term development. In 2021, the company continued to increase R & D investment, and actively introduced excellent talents on the one hand; On the other hand, implement equity incentive plan and bind core technical talents. We believe that the company took the lead in putting forward the all in onecax strategy in China, from 2D / 3dcad to CAE and then to the collaborative integration product line. With advanced strategic layout and clear development ideas, the company will benefit from the three major advantages of “neck” technology breakthrough, domestic substitution and software legalization for a long time β Dividend is expected to maintain medium and high-speed growth in the future, with strong growth certainty and great investment value.
Investment advice
In 2021, the company’s overall performance was excellent and significantly improved month on month. It is estimated that the company will realize an operating revenue of RMB 625 / 893 / 1264 million in the year of 21 / 22 / 23, with a year-on-year increase of 36.9% / 42.9% / 41.6%; The net profit attributable to the parent company is expected to reach 180 / 248 / 335 million yuan, with a year-on-year increase of 49.2% / 38.3% / 34.9%, maintaining the “buy” rating.
Risk tips
1) the policy is not as expected; 2) Product promotion is not as expected; 3) Technology research and development is less than expected.
