索辰科技（688507）：营收稳健增长，物理AI打开新成长空间

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of RMB 76.40 and an industry rating of "Outperform" [1][5]. Core Insights - The company, Suochen Technology, is expected to increase its focus on CAE software technology in 2024, expanding its application range, with the launch of physical AI anticipated to create new growth points [3][5]. - In 2024, the company reported revenue of RMB 379 million, an increase of 18.24% year-on-year, while net profit attributable to shareholders decreased by 27.89% to RMB 41 million [3][8]. - The company is actively working on enhancing its CAE software capabilities and integrating AI technologies to improve its product offerings and market competitiveness [8]. Financial Performance - The company’s revenue is projected to grow from RMB 514 million in 2025 to RMB 920 million by 2027, with net profit expected to rise from RMB 88 million to RMB 158 million during the same period [5][7]. - The earnings per share (EPS) are forecasted to increase from RMB 0.99 in 2025 to RMB 1.78 in 2027, reflecting a significant growth trajectory [5][7]. - The company’s gross margin for 2024 is reported at 71.86%, showing a year-on-year improvement of 2.42 percentage points [8]. Business Strategy - The company is focusing on expanding its CAE software technology, which is characterized by high technical barriers and long development cycles, to capture a larger share of the domestic market currently dominated by foreign competitors [8]. - Suochen Technology is also exploring the application of physical AI in various sectors, including robotics and renewable energy, to enhance its product offerings and market reach [8]. - Strategic acquisitions have been made to strengthen the company's industry chain, including investments in companies like Maishijie and Likong Technology to enhance its capabilities in environmental perception and data transmission [8].