Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company is positioned as a leading domestic CAE provider, benefiting from policy support for domestic substitution, with a broad market potential in civil CAE and robotics [2][3] - The company's core CAE products are expected to exceed market expectations due to policy-driven demand, with projected revenue CAGR of 33.5% from 2024 to 2026 and net profit CAGR of 33.8% [3][10] Summary by Sections 1. Company CAE Product Matrix and Market Expansion - The company has a comprehensive CAE product matrix and is expected to accelerate growth due to the domestic substitution process [22][23] - The civil CAE market is expanding, particularly in automotive and manufacturing sectors, with the company leveraging its advantages over foreign competitors [27][29] - The establishment of a robotics division aims to integrate CAE technology into robotics solutions, opening new market opportunities [30][33] 2. Investment Recommendations and Valuation - Revenue projections for 2024-2026 are estimated at 419 million, 565 million, and 762 million yuan, with year-on-year growth rates of 30.75%, 34.87%, and 34.90% respectively [10][34] - The company is valued using a price-to-sales (P/S) ratio, with a target market value of 8.378 billion yuan and a target stock price of 94.02 yuan for 2024, indicating a potential upside of 60.3% [10][34]

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 72.22 CNY, compared to the current stock price of 57.33 CNY [5]. Core Insights - The company has shown a strong revenue growth of 58.23% year-on-year, achieving 82.85 million CNY in revenue for the first three quarters of 2024, although the growth rate has slowed in the third quarter [2][10]. - The acquisition of the WIPL-D source code enhances the company's electromagnetic simulation capabilities, positioning it as the sole owner of the software in the Asia-Pacific region [3]. - The establishment of a robotics division indicates ongoing expansion into civilian markets, focusing on simulation and control technologies [4][10]. Revenue Performance - For the first three quarters of 2024, the company reported a revenue of 82.85 million CNY, with a year-on-year growth of 58.23%. The third quarter alone generated 31.10 million CNY, reflecting a slower growth rate of 0.75% compared to the previous half [2]. - The gross margin for the first three quarters was 42.63%, down from 23.50% in the same period last year, primarily due to an increase in lower-margin simulation product development [2]. Financial Projections - The company is projected to achieve revenues of 429 million CNY, 579.3 million CNY, and 774.8 million CNY for the years 2024, 2025, and 2026, respectively [10][11]. - The net profit for 2024 is estimated at 68.3 million CNY, with a projected earnings per share (EPS) of 0.77 CNY [11]. Strategic Developments - The acquisition of WIPL-D is expected to significantly bolster the company's capabilities in electromagnetic computer-aided engineering (CAE) and support the development of multidisciplinary simulation solutions [3]. - The formation of the robotics division aims to enhance the company's offerings in mechanical control and simulation, which are critical for the stability and precision of robotic movements [4][10].

重要内容提示： 关于以集中竞价交易方式回购公司股份的进展公告 一、 回购股份的基本情况 上海索辰信息科技股份有限公司（以下简称"公司"）于 2024 年 2 月 5 日召 开第二届董事会第七次会议，审议通过了《关于以集中竞价交易方式回购公司股 份方案的议案》。本次回购的股份将在未来适宜时机全部用于员工持股计划或者股 权激励，回购资金总额不低于人民币 2,000 万元（含），不超过人民币 4,000 万元 （含），回购价格拟不超过人民币 170 元/股（含），回购期限自公司董事会审议通 过本次回购股份方案之日起 12 个月内。具体内容详见公司分别于 2024 年 2 月 6 日、2024 年 2 月 8 日在上海证券交易所网站（www.sse.com.cn）披露的《关于以 集中竞价交易方式回购公司股份方案的公告》（公告编号：2024-003）、《关于以集 中竞价交易方式回购公司股份的回购报告书》（公告编号：2024-005）。 公司于 2024 年 4 月 15 日召开第二届董事会第八次会议，审议通过了《关于 增加回购股份资金总额的议案》，决定在原定回购额度基础上增加回购股份资金总 额，将回购资金总额由"不低于 ...

Investment Rating - The report maintains a "Buy" rating for the company, predicting a price increase of 5% to 15% relative to the industry index over the next six months [11]. Core Insights - The company achieved a revenue of 82.85 million yuan in Q3 2024, representing a year-on-year growth of 58.23%. However, it reported a net loss attributable to shareholders of 70.64 million yuan [2][4]. - The growth in revenue is primarily driven by the expansion of simulation product development, while expenses in sales, management, and R&D have increased significantly [2][3]. - The company has established multiple strategic partnerships in various fields, including transportation drones and commercial aerospace, indicating a clear direction for future business development [3][4]. Financial Performance Summary - Revenue for 2022 was 268 million yuan, increasing to 320 million yuan in 2023, with projections of 451 million yuan in 2024, 626 million yuan in 2025, and 835 million yuan in 2026, reflecting a compound annual growth rate [4][6]. - The net profit attributable to shareholders is expected to grow from 63 million yuan in 2024 to 156 million yuan in 2026, with EPS projected to rise from 0.70 yuan to 1.75 yuan over the same period [4][6]. - The company’s P/E ratio is projected to decrease from 83.1x in 2024 to 33.4x in 2026, indicating improving valuation metrics as earnings grow [4][6].

上海索辰信息科技股份有限公司 2024年第三次临时股东大会 上海索辰信息科技股份有限公司 2024年第三次临时股东大会会议资料 （证券代码：688507 证券简称：索辰科技） 2024 年 11 月 1 上海索辰信息科技股份有限公司 2024年第三次临时股东大会 目 录 上海索辰信息科技股份有限公司2024年第三次临时股东大会会议须知.. 3 上海索辰信息科技股份有限公司2024年第三次临时股东大会会议议程.. 6 上海索辰信息科技股份有限公司2024年第三次临时股东大会会议议案.. 8 议案一：关于续聘公司2024年度审计机构的议案................ 8 2 上海索辰信息科技股份有限公司 2024年第三次临时股东大会 上海索辰信息科技股份有限公司 2024年第三次临时股东大会会议须知 为维护全体股东的合法权益，确保股东大会会议秩序和议事效率，保证 股东大会的顺利召开，根据《中华人民共和国公司法》《中华人民共和国证 券法》《上市公司股东大会规则》以及《上海索辰信息科技股份有限公司章 程》和《上海索辰信息科技股份有限公司股东大会议事规则》等有关规定， 特制定上海索辰信息科技股份有限公司（以下简称" ...

证券代码：688507 证券简称：索辰科技 1 上海索辰信息科技股份有限公司 投资者关系活动记录表 编号：2024-018 | --- | --- | --- | |------------------|--------------------------------|--------------------------------------------------------| | | 特定对象调研 | □分析师会议 | | | □媒体采访 | 业绩说明会 | | 投资者关系活动类 | □新闻发布会 | 路演活动 | | 别 | 现场参观 | 电话会议 | | | 其他 | | | 参与单位名称及人 | 具体名单见附件。 | | | 员姓名 | | | | 会议时间 | 2024 年10月 29日20:00-21:00 | | | 会议地点 | 电话会议 | | | 上市公司接待人员 | 董事、副总经理兼董秘：谢蓉女士 | | | 姓名 | 董事：毛为喆先生 | | | | | 公司董事会秘书谢蓉女士对上海索辰信息科技股份有限公 | | | 司（以下简称"公司"） | 2024 年前三季度业绩基本情况介绍 ...

Investment Rating - The report maintains a "Buy" rating for the company [5][7]. Core Insights - The company reported a revenue of 82.85 million yuan for the first three quarters of 2024, representing a year-on-year increase of 58%. However, the net profit attributable to the parent company was -70.65 million yuan [5]. - The revenue for Q3 2024 was 31.10 million yuan, showing a slight year-on-year increase of 1%, with the net profit attributable to the parent company at -4.22 million yuan [5]. - The company has a strong cash position with approximately 2 billion yuan at the end of the reporting period, positioning it well for potential mergers and acquisitions in the CAE industry [5][6]. - The acquisition of the full source code of the electromagnetic simulation software WIPL-D is expected to enhance the company's capabilities in the electromagnetic field, addressing previous shortcomings [6]. - The company is focusing on breakthroughs in the civilian market, particularly in the automotive sector, while pursuing both domestic and overseas acquisitions to enhance its product line [6]. Financial Summary - The total revenue for 2023 is projected at 320 million yuan, with expected growth rates of 34.4%, 40.4%, and 40.7% for 2024, 2025, and 2026 respectively [8]. - The net profit attributable to the parent company is expected to be 65 million yuan in 2024, with a projected increase to 120 million yuan by 2026 [8]. - The report indicates a decrease in the growth assumptions for the engineering simulation software and simulation software development businesses, with revised revenue projections of 430 million yuan for 2024, down from previous estimates [7][8].

Summary of Conference Call Company and Industry - The conference call primarily discusses advancements in software technology related to computational algorithms and their applications in various industries, particularly focusing on AI and physical simulations. Key Points and Arguments Software Technology Advancements - The company has developed advanced algorithms, such as the high-order quality method, which allows for precise calculations of complex problems using electronic computation, achieving speeds that are among the fastest in the industry [1] - The software supports various numerical algorithms and techniques, including low-frequency imaging restrictions and intelligent mass reduction technologies, ensuring both computational efficiency and accuracy [2] - The company is exploring the integration of AI with physical simulations, aiming to create AI that can understand and compute physical concepts autonomously [3] AI and Physical Simulations - The focus for the year is on developing AI-enhanced computational engineering (CE) tools, with plans to release multiple AI+CE software tools [3] - The physical AI simulator is a core component, designed to simulate all physical phenomena in a given scenario, significantly reducing the time required for simulations [4] - Data augmentation tools are being developed to address sample size issues in training AI models, particularly in industrial applications where data is often insufficient [4] Market Expansion and Strategic Initiatives - The company is actively expanding into the civilian market, particularly in the automotive sector and collaborations with state-owned enterprises [6][7] - Recent acquisitions, such as the European electromagnetic response code, are aimed at enhancing product lines and improving operational efficiency [8] - The company anticipates a 20% revenue growth from the civilian sector this year, with ongoing contracts in various industries [7] Financial Performance and Projections - The company expects a 30% overall revenue growth for the year, despite some seasonal fluctuations in quarterly performance [13][14] - Management fees have increased due to acquisitions and the expansion of operational teams, which is expected to stabilize as the company integrates new entities [19] Challenges and Market Dynamics - The company faces challenges in the CAE market, particularly in the automotive sector, where it is collaborating with major players like GAC [19] - There is a recognition of the need for strong product performance to compete effectively in both domestic and international markets, especially against established foreign software providers [25][26] Regulatory Environment and Policy Support - The company is benefiting from supportive government policies aimed at promoting domestic software usage, including subsidies for purchasing local industrial software [27] - The overall market for industrial software remains fragmented, with the company positioned to capture a larger share as it enhances its product offerings [23] Future Directions - The company plans to continue investing in AI and digital twin technologies, with a focus on building a robust data foundation to support future developments [30][33] - There is an emphasis on creating long-term barriers to entry through the accumulation of data and the development of proprietary algorithms [30] Other Important Content - The company is establishing deep digital simulation laboratories to enhance its research capabilities and support the development of AI applications in various industries [5] - The integration of AI with physical modeling is seen as a critical area for future growth, with ongoing collaborations with AI technology providers [32][33]

上海索辰信息科技股份有限公司 会计师事务所选聘制度 1 第一条 为规范上海索辰信息科技股份有限公司（以下简称"公司"）选聘（含续 聘、改聘，下同）会计师事务所行为，确保公司和股东的利益，提高审计 工作和财务信息的质量，根据《中华人民共和国公司法》《国有企业、上 市公司选聘会计师事务所管理办法》《上海证券交易所科创板股票上市规 则》《上海证券交易所科创板上市公司自律监管指引第 1 号——规范运作》 以及《上海索辰信息科技股份有限公司章程》（以下简称《公司章程》） 等的规定，结合公司实际情况制定《上海索辰信息科技股份有限公司会计 师事务所选聘制度》（以下简称"本制度"）。 第二条 本制度所称选聘会计师事务所，是指公司根据相关法律法规要求，聘任会 计师事务所对财务会计报告发表审计意见、出具审计报告的行为。聘任会 计师事务所从事除财务会计报告审计之外的其他法定审计业务的，可以比 照本制度执行。 第三条 公司选聘会计师事务所，应当由董事会审计委员会（以下简称"审计委员 会"）审议同意后，提交董事会审议，并由股东大会决定。公司不得在董 事会、股东大会审议前聘请会计师事务所开展审计业务。 第四条 公司控股股东、实际控制人不 ...

证券代码：688507 证券简称：索辰科技 公告编号：2024-062 上海索辰信息科技股份有限公司 第二届董事会第十三次会议决议公告 表决结果：同意 7 票，反对 0 票，弃权 0 票。 具体内容详见公司同日刊登于上海证券交易所网站（www.sse.com.cn）的《公 司 2024 年第三季度报告》。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、董事会会议召开情况 上海索辰信息科技股份有限公司（以下简称"公司"）第二届董事会第十三次 会议于 2024 年 10 月 29 日在公司会议室以现场结合通讯方式召开，会议通知已于 2024 年 10 月 24 日以书面方式送达各位董事。会议由公司董事长陈灏先生主持，应 参会董事 7 名，实际参会董事 7 名。会议的召集、召开和表决情况符合《中华人民 共和国公司法》等有关法律、法规及《上海索辰信息科技股份有限公司章程》（简 称"《公司章程》"）的规定，形成的决议合法、有效。 二、董事会会议审议情况 经与会董事投票表决，本次会议审议并通过了以下议案： （一）审议通过了《关于 ...