中望軟件(688083):中報點評:業績階段性承壓 不改CAX 國產替代長期信心
受新冠疫情反覆等因素,公司短期業績階段性承壓。公司2022H1 實現營收1.94 億元(-5.73%),歸母淨利潤-0.36 億元(-174.79%),扣非歸母淨利潤-0.69 億元(-524.69%)。公司單Q2 實現營收1.08 億元(-10.64%),歸母淨利潤-0.17 億元(-138.90%),扣非歸母淨利潤-0.33 億元(-269.94%)。由於新冠疫情反覆,公司長三角以及京津冀地區業務受上海、北京等區域疫情影響較大,對公司營收形成一定衝擊。由於公司不斷擴充研發與銷售團隊,大幅度提升對研發及營銷體系建設的投入,導致本期研發人員和銷售人員的薪酬福利費較去年同期顯著增加,本期新增股份支付費用960 萬元,費用端支出較為剛性,對公司當期利潤造成一定影響。研發投入維持高位,不斷強化ZW CAD 核心技術。(1)2D CAD:在商業市場,公司發佈了中望CAD 2023 版,進一步優化和提升了軟件的兼容、穩定、快速、智能、拓展五大核心能力;在信創市場,公司的Linux 版命令覆蓋率已達到Win 版本的80%,並實現五大架構處理器芯片全適配,同時積極與國產顯卡及行業應用進行適配。在教育市場,公司推出了面向建築與機械領域推出多款新品。(2)3D CAD 板塊:在商業市場,公司發佈3D 2023 版,新增和優化了250 多項實用功能,實現了智能建模、多場景大裝配、針對零件加工的CAM 能力的全面升級;在教育市場,公司推出了面向中小學市場的3D One新版本以及及面向建築工程識圖教學3D EDUBIM 軟件的多個細分場景版本。工業軟件賽道厚雪長坡,不改CAX 國產替代長期信心。中望軟件作為國產工業軟件的龍頭企業,受疫情等因素的影響,短期業績階段性承壓,公司在研發與營銷端依舊維持較高投入,助力公司構築長期競爭壁壘。工業軟件國產替代厚雪長坡,公司作為國產CAX 龍頭,持續積累行業know-how,不斷打磨提升產品品質,CAX 類工業軟件國產替代之路依舊星辰大海。風險提示:下游需求不及預期,產品研發不及預期。投資建議:維持“買入”評級。受國內疫情以及宏觀經濟環境等短期因素的影響,短期業績階段性承壓,長期仍然看好公司作為國產CAX 龍頭的國產替代時代機遇。下調全年盈利預測,預測22-24 年營收從8.54/11.60/15.38億元下調至7.95/10.82/14.37 億元,同比增長28.5%/36.1%/32.8%,預測22-24 年歸母淨利潤從2.41/3.28/4.41 億元下調至2.10/3.14/4.21 億元,同比增長15.5%/49.6%/34.1%,對應市盈率62.3X/41.7X/31.1X,維持“買入”評級。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.