索辰科技（688507）：业绩稳健高质量，物理AI延展布局新兴产业

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company has demonstrated stable performance with a revenue of 379 million yuan in 2024, reflecting an 18.2% year-on-year growth, while the net profit attributable to the parent company was 41 million yuan, down 27.9% year-on-year due to increased intermediary fees and management costs [6] - The gross margin improved to 71.9% in 2024, up from 69.4% in 2023, driven by a higher proportion of software products [6] - The focus on physical AI is a key strategy for the company, leveraging its core capabilities in CAE to rapidly expand into new markets [6] - The company has successfully implemented key scenarios for physical AI, enhancing equipment design optimization through real-time analysis and adjustments [6] - The company is actively pursuing mergers and acquisitions to integrate its CAE capabilities with physical AI applications, with a cash reserve of 1.8 billion yuan as of Q1 2025 [6] - The revenue forecast for 2025-2027 is set at 604 million, 850 million, and 1.105 billion yuan respectively, with net profits projected at 81 million, 120 million, and 160 million yuan [6] Financial Data and Profit Forecast - Total revenue for 2024 is projected at 379 million yuan, with a year-on-year growth rate of 18.2% [5] - The company expects to achieve a net profit of 81 million yuan in 2025, representing a 96.2% year-on-year increase [5] - The gross margin is anticipated to remain high, with estimates of 72.4% in 2025 and gradually increasing to 74.2% by 2027 [5]