\u3000\u3 Guocheng Mining Co.Ltd(000688) 083 Zwsoft Co.Ltd(Guangzhou)(688083) )
Event: the company released the performance express for 2021. In 2021, the company realized an operating revenue of 619 million yuan, a year-on-year increase of 35.64%; The net profit attributable to the parent company was 18100 yuan, a year-on-year increase of 50.67%; The non net profit deducted was 0.99 yuan, a year-on-year increase of 3.87%.
The development of education business is obvious, and the growth rate of Q4 is improved month on month. During the reporting period, the company's strategy of continuously cultivating key customers in the industry in China and overseas commercial markets achieved remarkable results and achieved steady growth in revenue. In addition, the company's business layout in China's education market responds to the policy orientation. From the perspective of customers, the company iterates from product R & D plan to sales plan, which is more in line with the development direction of the education industry; We have strengthened customer service and carried out multi-dimensional in-depth service, which has been widely recognized by colleges and universities at all levels, and the performance has increased rapidly. Q4 single quarter, the company achieved a revenue of 263 million yuan, an increase of 46%.
The release of China open simulation 2022 is expected to accelerate the industry end integration. In 2021, the company will deeply integrate with industry application scenarios to help domestic applications and enterprise digital upgrading. Allied with leading users in Huawei, CRRC, BOE and other industries, with R & d-level localization service configuration, it helps enterprises realize the localization application of two-dimensional and three-dimensional CAD software from "product design function application, PLM data connection, secondary development transplantation, customized development support", and helps enterprises reduce costs, increase efficiency and digital upgrading. On December 23, 2021, Zwsoft Co.Ltd(Guangzhou)(688083) released a new version of simulation solution - Zhongwang simulation 2022, including Zhongwang electromagnetic simulation, Zhongwang structural simulation and zwmeshworks Zwsoft Co.Ltd(Guangzhou)(688083) continuously polish the company's products on the basis of in-depth insight into multi industry simulation application scenarios.
CAD is the core technology of enterprise digital transformation, and will usher in an accelerated period. Entering a new period of development in the 14th five year plan, digital economy and "new infrastructure" have become an important direction of national economic development, and industrial upgrading has entered an accelerated period. Under the current trend of digital transformation, CAE technology plays an important role in digital twin and Internet of things, and is one of the key cores to help enterprises realize digital upgrading. Enterprises urgently need to deepen information construction and promote digital transformation with the help of advanced CAD technology and localization scheme. Domestic industrial design software has ushered in unprecedented development opportunities.
Investment suggestion: it is estimated that the company's revenue from 2021 to 2023 will be 619 million yuan, 841 million yuan and 1127 million yuan respectively, with a year-on-year growth rate of 35.6%, 36.0% and 34.0% respectively; The net profit attributable to the parent company was 181 million yuan, 241 million yuan and 324 million yuan respectively, with a year-on-year growth rate of 50.5%, 33.3% and 34.2% respectively. From 2021 to 2023, the EPS was 2.93, 3.90 and 5.23 respectively, and the corresponding PE was 90, 67 and 50 respectively, maintaining the "buy" rating.
Risk warning: market competition intensifies; The R & D of new products is less than expected; The strategic advance is less than expected; Economic downside risk.
