\u3000\u3 Guocheng Mining Co.Ltd(000688) 083 Zwsoft Co.Ltd(Guangzhou)(688083) )
China is the leader in CAX field and maintains the “buy” rating
The company is a leading enterprise in the field of CAX R & D and design industrial software in China. We maintain the original profit forecast and add the profit forecast for 2024. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be 245, 331 and 449 million yuan, and the EPS will be 396, 535 and 7.24 yuan / share. The current share price corresponds to 51.8, 38.3 and 28.3 times of PE, maintaining the “buy” rating.
Event: the company released its 2021 annual report and achieved high performance growth
The company released its 2021 annual report. In 2021, it achieved an operating revenue of 619 million yuan, a year-on-year increase of 35.65%; The net profit attributable to the parent company was 182 million yuan, a year-on-year increase of 50.90%. The high growth of the company’s performance is mainly due to: (1) the continuous iteration of the company’s product technology, at the same time, the company strengthens the development of key customers in the industry, actively responds to the new needs of the education market, and drives the company’s operating revenue to achieve high growth; (2) The company’s government subsidies and financial management income included in the current profit and loss in 2021 increased year-on-year.
Increase R & D investment and continuously polish product strength
The company continues to strengthen research and development in the CAX field and continuously polish the product strength, laying a solid foundation for high performance growth. In the field of 2dcad, the company released Zhongwang cad2022, which improved the operation efficiency and stability of the platform. In the field of 3dcad, the company released Zhongwang 3d2022x version to improve the high-quality surface modeling ability and consolidate the parametric design ability, so as to provide strong support for speeding up the product design and development cycle of enterprise users. In the field of CAE, the company released finite element structural simulation and analysis software zwsim structural 2022 and electromagnetic simulation software zwsim-em2022, which received good feedback from customers.
Signed Shenzhen Capol International&Associatesco.Ltd(002949) set up a joint venture to accelerate the commercialization of BIM
In February 2022, the company announced that it planned to establish a joint venture with Shenzhen Capol International&Associatesco.Ltd(002949) with a capital contribution of 35 million yuan, accounting for 70% of the total registered capital Shenzhen Capol International&Associatesco.Ltd(002949) has rich experience in application scenarios and application software development in the architectural design industry. We are optimistic about the strong alliance between the company and Shenzhen Capol International&Associatesco.Ltd(002949) in the form of joint venture. We believe that the company is expected to rely on its own accumulation in the field of industrial software R & D and make use of Shenzhen Capol International&Associatesco.Ltd(002949) technology and channel advantages to improve its R & D capacity and accelerate the commercialization of BIM (building information model) application software.
Risk warning: the development of key customers is less than the expected risk, and the product development is less than the expected risk
