索辰科技（688507）：2024年报、2025年一季报点评：核心CAE产品营收高质量增长，聚焦物理AI打开成长空间

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Insights - The company reported a total revenue of 379 million yuan in 2024, representing a year-over-year increase of 18.24%, while the net profit attributable to shareholders was 41.45 million yuan, down 27.89% year-over-year [2][3] - In Q1 2025, the company achieved a revenue of 38.79 million yuan, reflecting a year-over-year growth of 21.73%, but reported a net loss of 15.63 million yuan, with the loss narrowing by 26.51% compared to the previous year [2][3] - The company is focusing on physical AI and building a comprehensive service platform, while continuing to integrate quality resources through multi-dimensional acquisitions [5][6] Revenue and Profitability - The company's overall revenue scale maintained good growth, with a gross margin of 71.86% in 2024, an increase of 2.43 percentage points year-over-year [3] - The revenue from the core CAE software products reached 228 million yuan in 2024, growing by 21.72% year-over-year, with a gross margin of 96.39% [4] - The technical services segment saw a significant revenue increase of 3150.08% year-over-year, reaching 10.82 million yuan, driven by acquisitions [4] Strategic Focus and Acquisitions - The company is concentrating on physical AI, launching a series of solutions aimed at upgrading industrial manufacturing intelligence [5] - In December 2024, the company strategically invested 88 million yuan to acquire a majority stake in a company specializing in electronic information equipment technology [6] - The company plans to acquire a 51% stake in another technology firm focused on smart manufacturing, which will enhance its capabilities in physical AI applications [6] Financial Forecast - The company is projected to achieve revenues of 566 million yuan, 788 million yuan, and 1.07 billion yuan for the years 2025, 2026, and 2027, respectively, with year-over-year growth rates of 49.54%, 39.11%, and 36.27% [11] - The net profit attributable to shareholders is expected to reach 68.88 million yuan, 102.37 million yuan, and 142.02 million yuan for the same years, with growth rates of 66.18%, 48.62%, and 38.73% [11]