索辰科技：2024年半年报点评：仿真产品开发高增，机器人业务未来可期

Investment Rating - The report maintains a "Recommend" rating for Suochen Technology with a target price of 76.35 RMB, compared to the current price of 41.60 RMB [1] Core Views - Suochen Technology's simulation product development business achieved significant growth, with revenue reaching 41 million RMB in H1 2024, a 580.74% YoY increase [2] - The company's engineering simulation software business revenue declined by 42.25% YoY to 9 million RMB in H1 2024 [2] - Suochen Technology is expanding its presence in the robotics sector, establishing a robotics division in 2024 to develop specialized software and simulation solutions for the robotics industry [2] - The company is benefiting from domestic substitution trends in the CAE (Computer-Aided Engineering) market, with China's CAE market dominated by foreign players [2] Financial Performance - H1 2024 revenue reached 52 million RMB, a 140.77% YoY increase, but net profit attributable to shareholders was -66 million RMB, with an expanded loss [1] - Q2 2024 revenue was 20 million RMB, up 38.56% YoY, with a net loss of -45 million RMB [1] - Gross margin in H1 2024 was 38.00%, down 16.71 percentage points YoY [2] - Sales, management, and R&D expense ratios improved to 25.40%, 64.80%, and 132.45% respectively, due to scale effects [2] Future Projections - Revenue is projected to grow to 453 million RMB in 2024, 635 million RMB in 2025, and 881 million RMB in 2026, with growth rates of 41.5%, 40.1%, and 38.7% respectively [2][3] - Net profit attributable to shareholders is expected to reach 85 million RMB in 2024, 121 million RMB in 2025, and 171 million RMB in 2026, with growth rates of 48.2%, 42.6%, and 40.8% respectively [2][3] - EPS is forecasted to be 0.96 RMB in 2024, 1.36 RMB in 2025, and 1.92 RMB in 2026 [3] Market Position - Suochen Technology is positioned as a leading domestic CAE company, benefiting from industry policy support and domestic substitution trends [2] - The company is expanding its market influence through strategic partnerships with leading domestic enterprises and broadening its application scenarios [2]