On November 3, 2021, Zhongwang Software (688083) issued an announcement that Huatai Securities Xie Chunsheng Wu Yin Zhao Yixuan Guo Yali Gao Hongbo, Foreign Trade Trust Zhang Yang, Anatole Investment Li Tianbai, binyuandongmin xue, citi bank Citibank mark li, dymon asiayong wang, fidelityivan xie, gic investment Huang Zexin, goldman sachsamy ji, helvedocean liu, hillhouse capital management limited Chen Ye, hony horizon fund Hongyi Far-flung fund Liu Hongye, ikaria Lai Yiqiang, indus capitaljason yuan, lazard asset managementfisher xi, library research limitedpeter mu、marcopolohuang chen、oasis managementyolanda、prudencefengqiao dong、seiga asset managementsteve、triata fund Yu Xin,ubswindy zhang、Shanghai Renbu Investment Dong Guanqun,Shanghai Minghe Investment Management Co., Ltd. Jiang Yufan,Shanghai Shengmeng Asset Zhou Xingyi、 Wang Qi of Shanghai JingjingLing Investment Management Co., Ltd., Gao Feng of Shanghai Senjin Investment Management Co., Ltd., Zhao Gaoshang of Shanghai Fengyang Asset Management Co., Ltd., Zhang Zhijie of Shanghai Shenji Asset Management Co., Ltd., Zhao Yitao of Shanghai Chensheng Asset Management Co., Ltd., Ren Miaomiao of Shanghai Huangben Asset Management, Zhao Tianwu of Shanghai Feipeng Investment, Yuan Xiang of Shanghai Juming Investment Management Co., Ltd., Bai Han of Shanghai Chenxiang Investment Management Co., Ltd., Zou Shuai of Shanghai Yingshui Investment, Xie Pengyu of Shanghai Gaoyi Asset Management Partnership, Cao Shaofeng of Bank of East Asia, Wang Guofan of Dongxing Asset Management Co., Ltd., Zhao Weibo of Northeast Securities, Jiang Yaokun of Soochow Fund, Dai Chen of Soochow Securities Wang Shijie, Huang Shitao, Zhang Mingyu of Dongfang Red Asset Management, Li Lan of Orient Securities Xie Chen, Xiangxin Green of Orient Wealth Securities, Chen Weiwen of Oriental Alpha Fund Management Co., Ltd., Guo Liangliang of CITIC Prudential Fund Management Co., Ltd., Zuo Shaoyi of CITIC Construction Investment Securities, Yang Ruiqi of CITIC Construction Investment Co., Ltd., Xu Bo, Investment Manager of CITIC Construction, Liu Wenshu of CITIC Self-operated, Xu Yiqing of CITIC Securities Hao Yuxiang, Chen Hanbo, Ma Qingliu Ding Qi, CITIC Asset Management Luo Yichao Liu Kun, China Securities Lu Zhengyu, China International Capital Corporation Asset Management Department Zhang Xiang, Zhongzhi Group Hou Xingxing, CEIBS Fund Feng Ludan, CEIBS Construction Investment Chen Zhuo, Zhongtai Securities Wen Xuechen, Zhongtai Asset Management Zou Xiao, Zhongrui Heyin Investment Zheng Miao, Zhongrong Huixin Zhu Yan, CICC Wang Zhihao Tan Zhexian, BOC Fund Wang Jiaqi Wang Shuai, BOC Securities Song Fangyun, Dan Investment Jin Qiaoying, Danyi Investment Zhu Liang Chen Yu, Danjin Hengxin Fund Xing Xiaoxiang, Lerui Asset Tang Bin, Jiutai Fund Deng Mao, Spruce Investment Zhang Zizhao, Yunmen Investment Nie Xin, BOCOM Life Insurance Zhou Jie, BOCOM Schroder Liu Qingxiang Zhang Chunlei, Ren maintenance old Li Jinyang, Life Pension Li Mei, Yiling Pharmaceutical Wang Xiaoshuang, Yangyue Investment Jiang Peize, Cinda Securities Jiang Lanting Qi Xiangyang, Jianshun Investment Shao Wei, Everbright Securities self-operated Zhang Xiguang, Everbright Securities Asset Management Li Xingjie, Industrial Fund Yao Minghao Liao Huanhuan, Industrial Securities Wu Mingyuan Sun Qian Yang Benhong Jiang Jialin Gu Xiaoqi, Xingquan Fund Li Jie, Industrial Securities Global Fund Lu Shijie, Xingyin Wealth Management Co., Ltd. Hao Biao, Kailian Capital Ni Furong, Qianhai Open Source Fund Liang Ce, Beijing Hezheng Investment Yang Zhao, Beijing Heju Investment Chen Jian, Beijing Yiguang Jinchen, Beijing Mingcheng Private Equity Fund Hou Zijiao, Beijing Zhengxin Investment Sun Shubin, Beijing Hongcheng Investment Xu Zhetong, Qianhe Capital Shao Zhuyin, Qianhong Fund Zhai Wei, East China Capital Li Wei, Huaxing Securities Chen Fang, Huachuang Securities Hu Chenxi, Huaxia Fund Sun Yijun Shi Zhixu Guo Kunyan Ma Xinkai, Huaan Securities Jiang Wenqing Yuan Zixiang, Huaan Financial Insurance Asset Management Li Yaxin, Huatai United Securities Gao Heping, Huatai Securities ( Shanghai) Asset Management Co., Ltd. Xu Ziwei, Huamei Investment Wang Shuwei, Southern Fund Chen Zhuo Lu Yuxuan, Boshi Fund Zhang Ye Wang He, Boyu Capital Jimshuai dou, Boyu Capital Zheng Zhuoqi, Tongtai Fund Mai Jianpei, Mingyu Asset Wang Honglei, Junmao Capital Gao Xinyu, Junpeng Asset Liu Xi, Hexu Zhiyuan Fund He Yuhan, Heju Investment Mai Purong, Harmony HuiYi Asset Management Morning Zhang Yiman, Shanshuiyuan Asset Management Co., Ltd. Wang Hao, Harvest Fund Liu Ye Li Tao Chen Tao He Mingxiao Yu Hong Li Junfeng Hu Tao, Harvest Fund Management Co., Ltd. Bao Lihua, Guosen Securities Huang Haozhen Huang Haojun, Guosen Hong Kong qiu lin Qiu Lin, Guoyuan Co., Ltd. Geng Junjun, Guohua Life Insurance Co., Ltd. An Zichao, Guojun self-operated denny Lou Jianxiong, China Life Security Fund Feng Guannan, SDIC UBS Park Hongrui, Guotai Rao Yuhan, Guotai Junan Li Bolun Tian Jingyu Chen Sijing, Guotai Junan Securities Qi Jiahong, Guotai Junan Asset Management Liu Huihui, Guotai Fund Huang Junling, Guotai Fund Management Co., Ltd. Lv Yeqing Yang Fei, Guotai Investment Letter Chen Qiuting, Guohai Franklin Fund Chen Zhengyu, Guosheng Securities Yang Ye Lai Peng Chen Zeqing, Tianfeng Securities Chen Yijiao Zhang Yiwei Wang Qianwen Miao Xinjun, Tianda Asset Management Co., Ltd. amy leung, Pacific Securities Cao Pei, PAG Asset Dong Enqi, Ningquan Asset Zhu Zhengyao, Anxin Securities Yu Fujiang Xu Wenjie Huang Jing, Wells Fargo Fund Chen Tian, Jefferies Financiallydia, Fusheng Asset Zhou Ruijian, Fidelity Investment Liu Wei, ICBC Credit Suisse Fund Huang Bingyan, ICBC Credit Suisse Fund Management Co., Ltd. Marina, Ivy League Asset Rao Haining, Ping An Pension Shao Jinming, Ping An Fund Xu Chenlong, Ping An Bank Liu Fei, GF Xinde Investment Li Zeming, GF Securities Liu Jiajue Lei Tangdi Liu Xuefeng, GF Asset Management Wang Qijue, Jianxin Pension Tao Jing, Jianxin Fund Zuo Yuanming, CCB Fund Liu Yizhe, Kaiyuan Securities Liu Xiaoyao Yingying, Debon Securities Jiang Yanglei You Xinling Lu Yang, Yixin Investment Yao Chen, Hengyue Fund Feng Junyang, China Merchants Securities Liu Yuping Zhou Xiangyu Zou Xiangyu, CMB Wealth Management Zhao Jie, Shibei Investment Yang Li, Morgan Assets Robert yen, Wenyuan Capital Liu Xu, Wenyuan Capital Jin Ziyin, Xinhua Fund Zhang Lei, New Era Tian Shukun, New Vitality Capital Tang Li, Fangda Securities Wan Yilin, Founder Securities Chen Lu, Xingtai Investment Tu Fangping, Puxin Capital Shi Tianyi, Invesco Great Wall Fund Zeng Lei Dong Han Deng Jingdong Jiang Lei, Suzaku Fund Chen Fei, Yimu Asset Zhu Jian, Minsheng Securities Ding Chenhui Qiang Chaoting, Yongying Fund Ren Jie, HSBC Qianhai Securities Liu Yiran, Hui Tianfu Fund Wang Tianyi, Hongde Fund Yu Haocheng Wang Keyu, Haitong Securities Zhu Mochen Yang Lin Yang Meng Honglin Honglin , Yongjin Investment Zhang Zhilei, Shenzhen Shangjian Assets Huang Xiangqian, Shenzhen Banyan Tree Investment Management Co., Ltd. Yongguo Railway, Shenzhen Changying Capital Qiang Yawen, Chaos Investment Xu Zhongjie Gao Ran, Tsinghua Asset Xu Chaoyang, Bohai HuiJin Asset Management Xu Zhenhua, Hanyang Shares Lao Jiewei, Aijian Securities Zhang Xiaolin, Life Assets Tang Hang, Shenwan Hongyuan Wu Yumeng, Panjing Investment Wang Zhen, Ruijian Capital Xu Qiang, Ruiyuan Fund Ma Chuan, Zhiji Asset Management Co., Ltd. Tian Xiaoxi, Shifeng Asset Zhang Xianliang, Biyun Capital ruiyi xu Tang Lihui, Panhou Capital daisimory Hu Jianfang, Chuanshi Investment Ren Zhengbin, Yueke Xintai Equity Investment Fund Wu Hang, Sequoia Capital Yan Zhiyuan, Honghua Investment Chen Jie, Qidian Asset Zheng Ruhong, Creating Electric Lin Shisheng, Bank of America Chen Yuheng, Bank of America Merrill Lynch Wang Guanyi, Yihu Investment Dong Jianyun, Tiger Global Yang Yifan, Kaobo Investment Xing Xiaodi, Lingze Investment Zhai Yunlong, Zhishun Investment Zhu Hekai, Aerospace Fund Wang Yang, Aerospace Science and Technology Asset Management Yang Gang, Yingte Engineering Zhang Qun, Rongtong Fund Li Jin, Southwest Securities Yao Jingtong, Southwest Securities self-operated Li Dixin, Western Lide Fund Wu Tong, Chengsheng Investment Kang Zhiyi, Nord Fund Zhou Jiansheng, Xie Nuochen yang Guo Leying, Fuyu Investment Zhang Qin, Chongqing Derui Hengfeng Asset Management Co., Ltd. Jiang Xin, Jinxin Fund Zhang Jingpeng, Kingdee International Wu Chao, Jinyu Asset Yu Zheng, Qinmu Asset Wang Aoye, Yinhua Fund Fangjian Mei Sihan Guo Lei, Changxin Huang Xiangnan, Great Wall Securities Liu Haoran, Great Wall Wealth Insurance Asset Wang Xueping, Long March Securities Zong Jianshu, Changjiang Guohong Investment Nie Bin, Changjiang Securities Fang Zixiao Wang Chenlu Fei Zinuo, Sunshine Insurance Wang Yifeng, Sunshine Asset Management Chen Tuo, Dow Chemical China Investment Wei Xiao, Capital Securities Co., Ltd. Wang Xiansen, Capital Investment Helen chen, Hong Kong Securities Wang Ning, Goldman Capital Jiang Nan, Goldman Sachs Zheng Yuping, Hongdao Investor Yunlong, Schroder Fund Pan Jiaqiao Yang Sen Li Wenjie, Chuangjin Hexin Fund Zhou Zhimin Guo Zhenyue, Dacheng Fund Yu Weiye, Wanlian Securities Wang Jingyi, Zhongke Wotu Peng Shang Lin Hao, Furong Fund Mao Yunhong Lang Chengcheng, Bodao Fund Gao Xiaoxiao, Xitai Investment Chen Mengbi, Guangdong Mintou Liao Yizhuan, Dapu Asset Liu Cong, Cinda Australian Bank Xu Cong Feng Mingyuan investigated our company on October 11, 2021.
The main contents of this survey are:
Q: Who are the downstream customers of the company's software products?
A: 2dcad software as a general-purpose platform software, almost all industrial fields will use CAD, covering a wide range of customers, 2dcad downstream customers are mainly industrial manufacturing, construction and school and other education industry customers; 3dcad software downstream customers are mainly 3C electronic high-tech, rail transit, molds, automobiles and equipment manufacturing and other fields.
Q: How is the company's products expanding in the education industry? What level of universities are they primarily covered?
A: The company has entered the education industry since 2008, from vocational education as the entry point, continuous investment over the years and gradually formed a competitive advantage and business coverage. Later, it began to gradually extend to basic education and undergraduate education. Zhongwang Education relies on the core technology of Zhongwang Software itself all-in-onecax to serve the training strategy of domestic industrial software talents. From the enlightenment of primary and secondary school innovation ability, the application of domestic industrial software skills in vocational colleges and universities, and the research and development of domestic industrial software in colleges and universities, we serve the cultivation and transportation of domestic industrial software applications and R&D talents. From the data that has been disclosed, we can also see that the revenue of the education industry has maintained a high performance growth rate. Today, Zhongwang Software has provided talent training solutions for more than 3,000 undergraduate and vocational colleges in architecture, machinery, gardening, surveying, information technology, 3D printing and other majors, and served more than 70,000 K12 schools/institutions.
Q: Is it more difficult for customers who have already bought a permanent license for Zhongwang 2D and then switch to a subscription model?
A: First of all, Zhongwang Software can currently provide the choice of subscription model, but customers prefer a perpetual licensing model, which can reduce the overall cost of customers. Secondly, there is basically no obstacle to the conversion of perpetual license to subscription model at the technical level; finally, other international friends have precedents for realizing permanent licensing to subscribe system, and customer acceptance of this model will gradually increase; Zhongwang Software is still in a stage of rapid expansion, and it is not suitable for the main subscription model in the short and medium term. After customers generally accept the subscription model, Zhongwang's product strength and market share have been greatly improved, and then consider adjusting the charging model in combination with market conditions.
Q: How many people will there be in the sales team in the future?
A: The company's talent team will continue to expand according to the company's development needs, and the upper limit has not yet been reached. However, the current sales team only covers the Yangtze River Delta, Pearl River Delta and other large and medium-sized cities, if you consider setting up offices or branches in some major cities in the future, the number of sales teams will increase significantly compared with before.
Q: In terms of 3dcad, how big is the technical gap between our products and foreign products, and how long can it take to achieve a performance catch-up?
A: At present, the company and foreign mainstream 3DCAD products, the technical gap is still significant. We hope to be able to live in one or two industries in a relatively short period of time and achieve batch replacement, rather than catching up with a company's 3DCAD products. For example, in a mold company, the company's sales in the mold industry are mainly used to do some look at the map, out of the map, and then in the tooling, fixture and edge design department and other departments to achieve application, our goal is to achieve the bulk replacement of the main design tools of the mold enterprise through a few years or so. As short as two or three years, as long as three or four years, to achieve a batch replacement of ptc or solidworks such as low-end products, if it is a more high-end catia, it may take longer, such as 5-10 years or even longer. As long as it can achieve an effective replacement for most of the functions used by customers, while providing a higher cost performance, this time can be replaced in batches.
Q: How does the company charge for software updates under this perpetual licensing model?
A: Now under the company's perpetual licensing model, customers can update the old version by upgrading. Upgrade fees range from approximately 20-30% of the cost of a new license.
The main business of Zhongwang Software: mainly engaged in the research and development, promotion and sales of R&D and design industrial software such as CAD/cam/cae
Zhongwang Software's 2021 third quarter report shows that the company's main revenue was 356 million yuan, up 34.33% year-on-year; the net profit attributable to the mother was 98.4193 million yuan, up 44.74% year-on-year; the deduction of non-net profit was 43.7788 million yuan, down 17.71% year-on-year; among them, in the third quarter of 2021, the company's single-quarter main revenue was 150 million yuan, up 20.1% year-on-year; the single-quarter net profit attributable to the mother was 49.764 million yuan, up 24.15% year-on-year. In the single quarter, the non-net profit was 27.4262 million yuan, down 21.8% year-on-year; the debt ratio was 6.81%, the investment income was 14.7279 million yuan, the financial expense was -2.3438 million yuan, and the gross profit margin was 98.07%.
In the past 90 days, a total of 20 institutions have given ratings, 16 buy ratings and 4 overweight ratings; the target average price of institutions in the past 90 days has been 476.69; the net inflow of financing in the past 3 months has been 6.0873 million, and the balance of financing has increased; and the net inflow of margin has increased by 4.8814 million, and the balance of margin has increased. The Securities Star Valuation Analysis Tool shows that Zhongwang Software (688083) has a good company rating of 4.5 stars, a good price rating of 1 star, and a comprehensive valuation rating of 2.5 stars.