\u3000\u3000 Zwsoft Co.Ltd(Guangzhou)(688083) (688083)
Event:
The company announced that Zwsoft Co.Ltd(Guangzhou)(688083) and Shenzhen Capol International&Associatesco.Ltd(002949) signed the joint venture agreement on the establishment of a joint venture on February 17, 2022, and planned to jointly contribute to the establishment of a joint venture to carry out the business of “domestic BIM (building information model) product R & D and software sales”. The registered capital of the joint venture is 50 million yuan, of which Zwsoft Co.Ltd(Guangzhou)(688083) contributes 35 million yuan in currency, accounting for 70% of the total registered capital, and Shenzhen Capol International&Associatesco.Ltd(002949) contributes 15 million yuan in currency, accounting for 30% of the total registered capital.
Bottom engine + top application, powerful combination and mutual empowerment, and BIM product line will be opened from then on
The company has a deep accumulation in the field of industrial software research and development, and has a number of independent 2D \\ 3D bottom core technologies such as advanced geometric core and constraint solving; Shenzhen Capol International&Associatesco.Ltd(002949) he has been deeply engaged in the architectural design industry for more than 20 years and has rich experience in application scenarios and application software research and development.
We believe that the upward development of BIM software in the construction industry based on the company’s “Wukong new generation 3D design platform” is a powerful combination and mutual empowerment, which will accelerate the commercialization process of the company’s BIM application software, further improve and enhance the industrial development layout and effectively enhance the company’s competitiveness.
The east wind of construction informatization industry has risen, and BIM market space is broad
According to the report on the global market trajectory and analysis of building information model (BIM) released by markets and markets in September 2020, the market scale of Bim in 2020 will be about US $5.4 billion in 2020. According to the data of China Daily, the scale of construction information industry is expected to reach 129.885 billion yuan in 2025, which is the next 100 billion level blue ocean market.
We believe that at present, the field of basic design software is still monopolized by a few foreign giants, and the development of basic design software in China State Construction Engineering Corporation Limited(601668) industry is at risk of obstruction, which is the focus and strategic highland of the next development. The company actively lays out the BIM field, and the growth space will continue to open up.
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. We maintain the profit forecast. It is expected to achieve an operating revenue of RMB 616 / 844 / 1147 million from 2021 to 2023 and a net profit of 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 establishment of the joint venture company needs to be reviewed or filed by the local administrative department; There is uncertainty in investment income
