DS200CDAAG1A GE

Judging from the development history of global leading manufacturers,there is no disruptor after PTC;the concentration of leading enterprises is high,and mergers and acquisitions are the main means.

The market space is small(not in the same order of magnitude as cloud computing,network security,ERP,etc.);and the investment cycle is long(decades of hard work),and the return on investment is slow.The traditional CAD/PLM market has been developed for many years and is in a mature and stable period.Small and medium-sized manufacturers have bid farewell to high growth.Mergers and acquisitions are conducive to the formation of synergies,technically forming a complete solution,and operating a shared sales system to increase the number of customers for each item Coverage.The CAD core is a strong technical barrier,and there are less than 10 manufacturers with independent core technology in the world.From the perspective of the client,the total replacement cost is high and the stickiness is strong;the upstream and downstream coordination of the industry chain is also conducive to increasing user stickiness.The inverted valuation of the domestic primary and secondary markets is not conducive to the development and growth of domestic leading companies through mergers and acquisitions.

从全球头部厂商的发展历史来看，PTC之后再无颠覆者；头部企业集中度高，收并购是主要手段。

市场空间小（与云计算、网络安全、ERP等不在同一量级）；且投入周期长（数十年磨一剑），投资回报慢。传统CAD/PLM市场已发展多年，处于成熟稳定期，中小厂商已告别高增长，收并购有利于形成协同效应，技术上能形成完整解决方案，运营上能共享销售体系，增加各单品的客户覆盖度。CAD内核属强技术壁垒，全球具有独立内核技术的厂商不足10家。从客户端来看，总替换成本高，粘性很强；产业链上下游协同也有利于增加用户粘性。国内一、二级市场估值倒挂，不利于国内头部企业通过收并购发展壮大。