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中望軟件(688083):疫情短期影響業績 產品結構持續優化
格隆匯 08-08 15:30
事件:2022 年8 月5 日,公司發佈半年報,2022 年H1 公司實現總收入1.94 億元,同比下降5.73%,實現歸母淨利潤-3,639.08 萬元,同比下降174.79%;2022年第二季度公司單季度實現總收入1.08 億元,同比下降10.64%;單季度實現歸母淨利潤-1,667.66 萬元,同比下降138.9%,主要由於新冠疫情反覆,公司長三角以及京津冀地區業務受疫情影響較大。研發力度不減,技術團隊大幅擴充。公司堅持自主研發理念,持續擴充研發團隊,加大研發投入。2022 年上半年公司合計研發投入1.30 億元,同比增長78.90%,同時由於悟空平台項目通過技術可行性測試和研究後進行資本化,本期研發資本化佔比10.76%。自2021 年下半年開始,公司研發體系各產品線招聘大量優秀人才,目前公司研發人員共821 人,較上年同期增加341 人。人員的補充對公司各版塊的研發力量都有一定程度的增強,同時也導致2022 年H1 研發人員薪酬福利費較上年同期增長較多。產品持續迭代,功能不斷優化,3D 佔比穩步提升。公司繼續強化ZWCAD 關鍵核心技術,發佈了中望CAD 2023 版,在保持優秀性能的基礎上,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。顯著提升了設計效率和用户體驗,同時使得Windows 平台上的二次開發專業應用向信創生態的移植更為便利。公司的3D CAD 產品ZW3D 持續進行產品迭代,實現設計-仿真-製造一體化,強化複雜場景設計支撐能力。中望3D 2023 版相較於前代版本新增和優化了250 多項實用功能。分產品來看,公司2022 年上半年2D CAD 實現收入1.31 億,3D CAD 產品實現收入5,064.6 萬元,連續兩個季度增速超過2D 產品,同時3DCAD 產品佔比同比提升2.66pct,持續提升。悟空平台攻堅初結果,雲能力逐漸補強。悟空平台是公司正在打造的新一代高端三維CAD 產品。2022 年H1 公司對悟空平台的整體軟件架構進行了大幅優化,多方面均取得了突破性的進展。與此同時,悟空平台能夠向二次開發用户提供多種平台能力,助力用户基於該平台研發垂直行業解決方案。BIM 協同設計平台是悟空平台首個落地的行業應用產品。公司雲2D CAD 產品加強了雲架構設計體系,雲3D CAD 產品已具備草圖設計基本能力、三維造型設計基本框架,並部署到雲上進行內測。對於雲平台產品,用户可通過瀏覽器實現協同設計與評審工作。“鑄魂工程”逐步落地,中望作為國產工業軟件龍頭有望率先受益。廣東“鑄魂工程”,將推動工業軟件攻關及應用,預計今年有望逐步實現訂單落地。公司作為國產工業軟件龍頭有望藉此契機提高市場認可度與擴大產品規模化的產業應用,深度受益。盈利預測與估值:預計2022-2024 年公司收入分別為7.97/10.73/14.58 億,歸母淨利潤分別為2.04/2.76/3.71 億元,對應EPS 為2.36/3.18/4.28 元。維持“買入”評級。風險提示:研發未形成有效市場轉化;核心技術競爭力降低;2D 市場競爭加劇。
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