索辰科技（688507）：上半年收入稳健增长，物理AI加速落地

Investment Rating - The report assigns a "Buy-A" rating to the company, indicating a positive outlook for its stock performance in the coming months [7]. Core Insights - The company has demonstrated steady revenue growth, with a 10.82% year-on-year increase in revenue for the first half of 2025, amounting to 0.57 billion yuan. However, it reported a net profit loss of 0.46 billion yuan, although this represents a 31.21% improvement compared to the previous year [4][5]. - The engineering simulation software segment has shown remarkable performance, with an 88.84% year-on-year revenue growth, significantly contributing to the overall revenue increase. The company's gross margin improved to 41.89%, up by 3.90 percentage points from the previous year [5][6]. - The company is accelerating its focus on physical AI applications, which have started to generate incremental revenue. In March 2025, it launched physical AI products targeting emerging sectors such as low-altitude economy and new energy batteries, with reported revenue of 3.75 million yuan from these products [6][7]. Financial Performance Summary - For the first half of 2025, the company achieved a revenue of 0.57 billion yuan, with a year-on-year growth of 10.82%. The net profit attributable to shareholders was -0.46 billion yuan, reflecting a 31.21% year-on-year improvement [4]. - The second quarter of 2025 saw a revenue of 0.19 billion yuan, a decrease of 6.65% year-on-year, with a net profit of -0.30 billion yuan, indicating a reduction in losses [4]. - The company’s R&D expense ratio significantly decreased by 44.19 percentage points year-on-year, attributed to revenue scale expansion and some R&D costs being transferred to operating costs [5]. Future Projections - The company is projected to achieve earnings per share (EPS) of 1.12, 1.39, and 1.75 yuan for the years 2025, 2026, and 2027, respectively. Corresponding price-to-earnings (P/E) ratios are expected to be 86.5, 69.5, and 55.1 [7][11]. - Revenue forecasts for the upcoming years are as follows: 2025 at 550 million yuan, 2026 at 751 million yuan, and 2027 at 946 million yuan, reflecting a compound annual growth rate (CAGR) of 26.0% from 2025 to 2027 [11][15].