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].

一、监事会会议召开情况 上海索辰信息科技股份有限公司（以下简称"公司"）第二届监事会第十一 次会议于 2024 年 11 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 11 月 29 日以书面方式送达。会议由公司监事会主席贾钧元先生主持， 应出席监事 3 人，实际出席监事 3 人。监事会主席贾钧元先生于本次会议上就紧 急会议的原因进行了说明。会议的召集、召开程序和方式符合《中华人民共和国 公司法》等法律法规以及《上海索辰信息科技股份有限公司章程》的有关规定， 会议决议合法、有效。 二、监事会会议审议情况 上海索辰信息科技股份有限公司 第二届监事会第十一次会议决议公告 证券代码：688507 证券简称：索辰科技 公告编号：2024-072 本公司监事会及全体监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、准确性和完整性承担法律责任。 经与会监事投票表决，本次会议审议并通过了以下议案： （一）审议通过了《关于全资子公司以股权转让方式收购宁波麦思捷科技 有限公司 55%股权的议案》 经审议，公司监事会同意全资子公司上海索辰数字科技有限公司（以下简 ...

| 回购方案首次披露日 | 2024/2/6 | | | --- | --- | --- | | 回购方案实施期限 | 2024/2/5~2025/2/4 | | | 预计回购金额 | 5,000 万元 | 万元~10,000 | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | | □用于转换公司可转债 | | | | □为维护公司价值及股东权益 | | | 累计已回购股数 | 67.5249 | 万股 | | 累计已回购股数占总股本比例 | 0.7578% | | | 累计已回购金额 | 4,937.4484 | 万元 | | 实际回购价格区间 | 39.65 元/股 | 元/股~96.67 | 证券代码：688507 证券简称：索辰科技 公告编号：2024-074 上海索辰信息科技股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 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、准确性和完整性承担法律责任。 重要内容提示： 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 ...

证券代码：688507 证券简称：索辰科技 公告编号：2024-073 上海索辰信息科技股份有限公司 关于全资子公司以股权转让方式收购 宁波麦思捷科技有限公司55%股权的公告 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。 重要内容提示： 上海索辰信息科技股份有限公司（简称"公司"、"索辰科技"）全资 子公司上海索辰数字科技有限公司（简称"数字科技"）拟以人民币 8,800 万 元向宁波麦思捷科技有限公司（简称"麦思捷"、"目标公司"）股东朱强华、 宁波麦思捷企业管理合伙企业（有限合伙）（简称"麦思捷合伙"）及曹跃云 购买其持有麦思捷55%的股权，本次交易资金来源为自有资金；对应估值动态市 盈率（PE）约为 11.52 倍。本次交易完成后，数字科技将持有麦思捷 55%的股权 （对应实缴出资占比 55%），并将其作为控股子公司纳入合并报表范围。 ● 本次交易事项已经公司第二届董事会第十四次会议、第二届监事会第十 一次会议审议通过。本次交易不构成关联交易，也不构成《上市公司重大资产 重组管理办法》《上海证券交易所上市公司重大资 ...

证券代码：688507 证券简称：索辰科技 公告编号：2024-071 上海索辰信息科技股份有限公司 第二届董事会第十四次会议决议公告 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 （一）审议通过了《关于全资子公司以股权转让方式收购宁波麦思捷科技 有限公司 55%股权的议案》 经审议，公司董事会同意全资子公司上海索辰数字科技有限公司（以下简称 "数字科技"）以人民币 8,800 万元向宁波麦思捷科技有限公司（简称"标的公 司"）股东朱强华、宁波麦思捷企业管理合伙企业（有限合伙）及曹跃云购买其持 有的标的公司合计 55%的股权，本次交易资金来源为自有资金；本次交易完成后， 数字科技将持有标的公司 55%的股权，并将其作为控股子公司纳入合并报表范围。 本议案已经董事会战略与投资委员会审议通过。 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《关 于全资子公司以股权转让方式收购宁波麦思捷科技有限公司 55%股权的公告》 ...

Investment Rating - The report assigns a "Buy" rating to the company, Suochen Technology (688507.SH) [2]. Core Views - Suochen Technology has been focused on CAE software development for over a decade, with a compound annual growth rate (CAGR) of approximately 28.88% in revenue from 2019 to 2023, and a gross margin maintained above 60% [11][12]. - The CAE industry has high barriers to entry and significant potential for domestic substitution, with the domestic CAE market growing rapidly, projected to reach a CAGR of 18.4% from 2022 to 2026 [12][38]. - The company has accumulated dual advantages in algorithms and technology, which are expected to provide long-term growth potential [13]. - Suochen Technology has established strong relationships with high-quality clients in military and research institutions, which supports its future expansion into the civilian market [14]. Company Overview - Suochen Technology, founded in 2006, specializes in the research, development, sales, and service of CAE software, covering multiple disciplines such as fluid dynamics, structural analysis, electromagnetics, acoustics, and optics [11][16]. - The company has developed various engineering simulation software to meet the complex simulation needs of industries like aerospace, defense, marine, heavy machinery, nuclear industry, electronics, and ground transportation [11][16]. Industry Analysis - The CAE industry is characterized by its comprehensive nature and high barriers to entry, requiring a solid foundation in multiple disciplines such as physics, mathematics, engineering, and computer science [41]. - The domestic CAE market has seen an increase in localization rates, rising from 7% in 2016 to 16.2% in 2022, indicating a long-term trend towards domestic software substitution [12][38]. Financial Analysis - In 2023, the company's total revenue reached 320 million yuan, a year-on-year increase of 19.52%, with a CAGR of approximately 28.88% from 2019 to 2023 [24][26]. - The gross margin for the company in 2023 was 69.44%, with a net profit margin of 18.12% [29]. - The company has maintained a high level of R&D investment, with R&D expenses accounting for over 30% of total revenue from 2018 to 2023 [32].

Investment Rating - The report assigns a "Buy" rating to Suochen Technology (688507 SH) [2] Core Views - Suochen Technology is a leading domestic CAE software company with high barriers to entry and strong growth potential [2] - The company has focused on CAE software R&D for over a decade, developing multi-disciplinary simulation products [2] - Suochen's revenue grew at a CAGR of 28 88% from 2019-2023, with gross margins consistently above 60% [2] - The CAE industry has high barriers due to its multi-disciplinary nature, with the global market reaching $9 8 billion in 2022 [2] - Domestic substitution is a long-term trend, with the localization rate increasing from 7% in 2016 to 16 2% in 2022 [2] - Suochen has accumulated dual advantages in algorithms and technology, serving high-quality clients in defense and research institutes [2] Company Overview - Founded in 2006, Suochen specializes in CAE software R&D, sales, and services [11] - Core products include engineering simulation software and simulation product development [16] - The company has developed core algorithms in fluid, structural, electromagnetic, acoustic, and optical fields [16] - Products serve industries like aerospace, defense, shipbuilding, heavy machinery, and nuclear power [16] - Revenue reached 320 million yuan in 2023, with a 19 52% YoY growth [24] - Engineering simulation software accounted for over 50% of revenue from 2019-2023 [26] Industry Analysis - The global CAE market was $9 8 billion in 2022, with China's market at 2 59 billion yuan [2] - CAE software is a core part of industrial software, requiring integration of physics, mathematics, engineering, and computer science [41] - The industry is divided into general-purpose and specialized CAE software [41] - Global industrial software market reached $456 1 billion in 2021, with China's market growing at a 14 2% CAGR from 2012-2021 [47] - Domestic CAE localization rate increased from 7% in 2016 to 16 2% in 2022 [56] Product Capabilities - Suochen's core products include Aries (fluid simulation) and Virgo (structural simulation) [69] - Aries features advanced algorithms like GKS, DSMC, and SPH, with comparable precision to international competitors [75] - Virgo offers three core solvers: nonlinear finite element, reproducing kernel particle, and peridynamics [80] - The company has developed a high-performance computing platform and industrial simulation cloud platform [83][84] Financial Projections - Revenue is projected to grow from 2 68 billion yuan in 2024E to 7 36 billion yuan in 2026E [4] - Net profit is expected to increase from 54 million yuan in 2024E to 105 million yuan in 2026E [4] - Gross margin is forecasted to remain stable around 68% from 2024E to 2026E [4] - EPS is projected to grow from 0 71 yuan in 2024E to 1 18 yuan in 2026E [4]

1 证券代码：688507 证券简称：索辰科技 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：2024-020 | --- | --- | --- | |------------------|-----------------------------------------------------|---------------------------------------------------------| | | 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 | | 参与公司2024年第三季度业绩说明会的全体投资者 | | 员姓名 | | | | 会议时间 | 2024 年11月 21日16:00-17:00 | | | 会议地点 | nfo.com/） | 上海证券交易所上证路演中心（网址：https://roadshow.ssei | | | 董事长兼总经理：陈灏先生 | | | 上市公司接待人员 | 董事、副总经理 ...

1 证券代码：688507 证券简称：索辰科技 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：2024-019 | --- | --- | --- | |-----------------------|-------------------------|--------------------------------------------------------| | | 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 | | | | | 公司于2024年11月6日参加了方正证券组织的策略会 | | | | 公司于2024年11月6日参加了东方证券组织的策略会 | | 参与单位名称 | | 公司于2024年11月7日参加了浙商证券组织的策略会 | | | | 公司于2024年11月12日参加了中信证券组织的策略会 | | | | 公司于2024年11月14日参加了中金证券组织的策略会 | | 会议时间 | 2024年11月6 日、 月14日 | 2024年 ...

证券代码：688507 证券简称：索辰科技 公告编号：2024-070 上海索辰信息科技股份有限公司 本公司董事会及全体董事保证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。 重要内容提示： 2024 年第三次临时股东大会决议公告 一、 会议召开和出席情况 （一） 股东大会召开的时间：2024 年 11 月 14 日 （二） 股东大会召开的地点：上海市黄浦区淮海中路 300 号 K11 大厦 51 层 公司会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股 东及其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 57 | | --- | --- | | 普通股股东人数 | 57 | | 2、出席会议的股东所持有的表决权数量 | 40,371,747 | | 普通股股东所持有表决权数量 | 40,371,747 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比例（%） | 45.6430 | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 45.6430 | （四） 表决方式是否符合《 ...