Shanghai Suochen Information Technology (688507)2024-11-14 06:03Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to benefit from the ongoing trend of domestic substitution and the acquisition of WIPL-D enhances its electromagnetic capabilities [1] - The company has shown strong revenue growth, with a projected increase in revenue from 320 million in 2023 to 426 million in 2024, representing a year-on-year growth rate of 33% [1][2] - The acquisition of WIPL-D is expected to improve the company's electromagnetic simulation software offerings, providing a comprehensive suite of electromagnetic simulation tools [1] Financial Summary - Revenue (in million yuan): - 2022: 268 - 2023: 320 - 2024E: 426 - 2025E: 560 - 2026E: 735 [1][2] - Net Profit (in million yuan): - 2022: 54 - 2023: 57 - 2024E: 70 - 2025E: 98 - 2026E: 138 [1][2] - Earnings Per Share (in yuan): - 2023: 0.65 - 2024E: 0.79 - 2025E: 1.10 - 2026E: 1.55 [1][2] - The company has maintained a high level of R&D investment, with R&D expenses expected to reach 153 million in 2024, up from 105 million in 2023 [2] Market Position - The company has a strong market position in the electromagnetic simulation software sector, with the acquisition of WIPL-D solidifying its competitive edge [1] - The company is focusing on expanding its market presence in the private sector and robotics, which are expected to open new market opportunities [1]