索辰科技(688507)：核心CAE增长稳健 战略并购布局未来

Core Insights - The company's 2024 performance fell short of expectations, with revenue of 379 million yuan, a year-on-year increase of 18.2%, and a net profit of 41 million yuan, down 27.8% [1] - In Q1 2025, the company reported revenue of 39 million yuan, a year-on-year increase of 21.7%, but a net loss of 16 million yuan [1] Financial Performance - In 2024, the company's engineering simulation software revenue reached 228 million yuan, growing 21.7% year-on-year, with a gross margin of 96.4% [2] - The simulation product development business generated 137 million yuan, a year-on-year increase of 4.6% [2] - The company expects continued robust growth in CAE-related products, maintaining a growth rate above 20% [2] Strategic Developments - The company completed a strategic acquisition of Maishijie in December 2024 and announced plans to acquire 51% of Likong Technology, a leader in SCADA configuration software [2] - The acquisition aims to enhance the product matrix and strengthen capabilities in physical AI and other strategic areas [2] Future Outlook - The company launched the "Tiangong Kaiwu" physical AI development and application platform in March 2025, positioning physical AI as a key strategic focus for future R&D and business development [3] - The company is optimistic about leveraging opportunities in digital twins and embodied intelligence through its advancements in physical AI [3] Earnings Forecast and Valuation - The revenue forecast for 2025 has been raised by 4% to 560 million yuan, while the net profit forecast remains largely unchanged [4] - The 2026 revenue forecast is set at 786 million yuan, with a net profit forecast of 118 million yuan [4] - The target price has been increased by 3% to 94 yuan, indicating a 27% upside potential from the current stock price [4]