\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, and product R & D and customer development are progressing smoothly. We are optimistic about the long-term growth potential of the company and maintain the original profit forecast. 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, 5.35 and 7.24 yuan / share. The current share price corresponds to 51.9, 38.4 and 28.4 times of PE, maintaining the "buy" rating.
Event: the company released the first quarterly report of 2022
The company released the first quarterly report of 2022, realizing an operating revenue of 86 million yuan, a year-on-year increase of 1.24%; The net profit attributable to the parent company was - 20 million yuan. The operating revenue of China's commercial market achieved steady growth, with a revenue growth rate of 20.30%. The company's short-term performance growth is under pressure, mainly due to the repeated covid-19 epidemic, international tension and other external factors. With the mitigation of the epidemic in China, the company's business promotion and project acceptance are expected to gradually recover, and the negative impact of uncertain factors on the company's business is expected to improve.
The core competence of "Wukong platform" tends to be mature, and the implementation of industrial applications is expected to accelerate
In February 2022, the company and Shenzhen Capol International&Associatesco.Ltd(002949) established a joint venture Zhongwang Zhicheng to jointly develop domestic BIM software. Zhongwang Zhicheng is a specific landing case of the company's three-dimensional geometric modeling engine "Wukong plan" in the field of civil construction. The establishment of Zhongwang Zhicheng marks that the core competence of the platform of Wukong plan has gradually matured, from the previous internal iterative R & D stage to the stage of landing industry application and polishing products. Through in-depth cooperation with industry leaders, the company is expected to accelerate the implementation of projects in large-scale construction, transportation, electric power, shipbuilding and other fields in the future, form corresponding high-end 3D CAD industry solutions in various subdivided industries, and lay a solid product foundation for performance growth.
The Japanese subsidiary was established, and the overseas localization service capacity was further strengthened
In January 2022, the company officially registered and established a wholly-owned subsidiary in Japan, which is positioned as the sales promotion and technical service center in Japan. The Japanese market is the largest market share of industrial software business market in the Asia Pacific region. The company's establishment of localized business and technical team is expected to comprehensively upgrade the Japanese market sales network, improve the competitive advantage of products, improve the quality and efficiency of pre-sales and after-sales service support, enhance the penetration of the company's business in the local market, improve the company's brand influence and further expand the international market.
Risk warning: repeated epidemic risk; The risk of increased international tensions; Risk of product development falling short of expectations
