\u3000\u3 Guocheng Mining Co.Ltd(000688) 083 Zwsoft Co.Ltd(Guangzhou)(688083) )
Event: the company released its 2021 annual report. In 2021, it realized 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 net profit attributable to the parent company after deduction was 99 million yuan, with a year-on-year increase of 4.16%.
The performance is in line with expectations. The gross profit margin of the company was 97.87%, basically the same as that of last year. The sales expense rate was 43.15%, an increase of 3.36 percentage points compared with the same period last year; The management fee rate was 9.08%, an increase of 0.74 percentage points compared with the same period last year; The R & D expense rate was 32.79%, a decrease of 0.35 percentage points compared with the same period last year.
The products are gradually improved, and CAE products stand out. The company keeps polishing and updating its products. For Xinchuang, zw3dlinux professional edition, China’s first 3D design platform software supporting domestic software and hardware, was released. Zhongwang simulation 2022, newly released by the company, has been actually applied to antenna / antenna array, microwave devices, high-speed connectors, radar cross section and other fields, and has overcome 49 core technologies related to pre-processing, solver and post-processing.
Jointly Shenzhen Capol International&Associatesco.Ltd(002949) , build BIM solution. On February 17, 2022, the company and Shenzhen Capol International&Associatesco.Ltd(002949) officially signed a joint venture to jointly create domestic BIM solutions for the field of civil construction. This cooperation is a case of BIM industry landing again after the cooperation with Shanghai Qidao software.
Investment suggestion: the company is the leading enterprise of industrial design software in China. It is estimated that the company’s EPS from 2022 to 2024 will be 3.25 yuan, 4.26 yuan and 5.54 yuan respectively, maintaining the buy rating.
Risk tip: the expansion of high-end application fields is not as expected; Intellectual property issues; Industry competition intensifies
