Shanghai Suochen Information Technology (688507) 浙商证券·2024-11-05 08:23Investment 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]