索辰科技：收购补齐特种电磁仿真能力，国产CAE持续整合

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong expectation of performance relative to the market [6][8]. Core Insights - The company is acquiring a 55% stake in Ningbo Maisijie for 88 million yuan, with a dynamic price-to-earnings (PE) ratio of approximately 11.5 times [6][7]. - The acquisition is expected to enhance the company's capabilities in electromagnetic simulation, particularly in specialized fields such as marine and ship applications [7]. - The acquired company, Maisijie, reported revenues of 40.67 million yuan and a net profit of 7.43 million yuan in 2023, showcasing a net profit margin of 18% [7]. - The integration of Maisijie's technology with the company's existing Computer-Aided Engineering (CAE) systems is anticipated to improve the overall simulation platform and engineering capabilities [7]. - The company has a strong cash position, with nearly 2 billion yuan available, which supports its acquisition strategy and growth potential [8]. - Revenue projections for the company are optimistic, with expected revenues of 431 million yuan, 604 million yuan, and 850 million yuan for 2024, 2025, and 2026 respectively, reflecting growth rates of 34.4%, 40.4%, and 40.7% [9][12]. Financial Summary - The company reported total revenue of 320 million yuan in 2023, with a projected increase to 431 million yuan in 2024 [12]. - The net profit for 2024 is expected to be 65 million yuan, with a growth rate of 13.6% compared to the previous year [9][12]. - The gross margin is projected to improve to 70.1% in 2024, indicating strong operational efficiency [9].