Zwsoft Co.Ltd(Guangzhou)(688083) (688083)
event:
On November 26, 2021, China Chemical Economic Development Center released the list of the first batch of applicable technologies for intelligent manufacturing in the petroleum and chemical industry during the 14th five year plan. Zhongwang 2D and 3D CAD design software was successfully selected into the list of technologies in the field of engineering design digitization.
On November 30, 2021, the Ministry of industry and information technology issued the development plan for the deep integration of informatization and industrialization in the 14th five year plan. The industrial software industry has been mentioned many times, highlighting its importance and necessity.
1. Among the first batch of applicable technologies for intelligent manufacturing in petrochemical industry, CAD software is the only one selected to highlight the powerful product capabilities of 2D and 3D
The 2D and 3dcad products of the company have been recommended by various units and experts of petrochemical intelligent manufacturing think tank, and the think tank has organized preliminary evaluation, expert review and publicity. They have become the only selected products in the direction of CAD in the field of engineering design digitization. The successful selection shows that the company has strong product advantages in relevant fields.
The petrochemical industry has many participating enterprises and large market scale. According to the data of China Commercial Industry Research Institute, in 2020, there will be 26039 Enterprises above Designated Size in the petroleum and chemical industry; The operating revenue is 11.08 trillion yuan. But at the same time, it also faces many problems to be solved, such as the low level of upstream and downstream coordination, high pressure on safety production and so on. We believe that the promotion and application of R & D and design software in this industry is expected to be carried out on a large scale. This selection will further open up the company’s income, and the relevant successful experience is expected to be horizontally extended to other industries.
2. The 14th five year plan for the development of deep integration of informatization and industrialization has been released, and the development of industrial software industry has been added. The company is an industry leader α Expected to obtain excess returns
In terms of development objectives, the “plan” requires that the popularization rate of digital R & D and design tools reach 85%, which will increase by 12% in five years compared with 73% in the “13th five year plan”; In terms of main tasks, the development of platform and virtual simulation design tools, the cultivation of new platform design mode and the realization of no physical prototype production have become an important part of cultivating new products, new modes and new business formats; At the same time, the plan requires to accelerate the cultivation, development and growth of integrated supporting industries such as industrial chips, intelligent sensors, industrial control systems and industrial software, and enhance the basic support capacity of industry. We believe that due to the importance and necessity, the domestic industrial software industry will enter a period of vigorous development in the next five years. As the industry leader, the company is expected to surpass the industry β of α profit.
Industrial software covers a wide range and is highly professional. In addition, the research and development of software is difficult and the development cycle is long. It is not easy to show explosive growth in the short term. Considering the pressure on the company’s short-term performance, we lowered the company’s profit forecast from RMB 639 / 932 / 1324 million in 2021-2023 to RMB 611 / 843 / 1147 million, and from RMB 180 / 277 / 392 million in 21-23 to RMB 169 / 240 / 333 million, maintaining the “buy” rating.
Risk tip: the policy implementation is less than expected, the market competition intensifies, and the R & D progress is less than expected
