Shanghai Suochen Information Technology (688507) 华龙证券·2025-03-04 08:46Investment Rating - The investment rating for the company is "Accumulate" (首次覆盖) [3] Core Views - The company achieved a total operating revenue of 381 million yuan in 2024, representing a year-on-year growth of 18.99%. However, the net profit attributable to shareholders decreased by 27.68% to 41.57 million yuan [3][5] - The company is focusing on the domestic industrial software sector and is a leader in domestic CAE software. It is actively pursuing a domestic substitution strategy [5] - The company plans to acquire 51% of Likong Technology, which is expected to enhance its business layout and core competitiveness in the industrial software field [5] - The upcoming launch of physical AI products is anticipated to contribute to revenue growth, with a significant market opportunity in the high-demand sectors of robotics and autonomous driving [5] Financial Performance Summary - In 2024, the company reported total revenue of 381 million yuan, with a growth rate of 18.99%. The net profit attributable to shareholders was 41.57 million yuan, down 27.68% [5][7] - The projected compound annual growth rate (CAGR) for revenue from 2024 to 2026 is approximately 39% [5] - The expected net profits for 2024, 2025, and 2026 are 42 million yuan, 84 million yuan, and 138 million yuan, respectively [6][7] - The earnings per share (EPS) for the same period are projected to be 0.47 yuan, 0.95 yuan, and 1.55 yuan [6][7] Market Data - As of the report date, the current stock price is 76.30 yuan, with a market capitalization of 6.799 billion yuan [3][4] - The price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are 163.5, 80.5, and 49.3, respectively [6][7]