2023年报和2024年一季度报告点评：工程仿真软件高增，前瞻布局机器人领域

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [24]. Core Insights - The company, Suochen Technology (688507), reported a revenue of 320 million yuan in 2023, representing a year-on-year growth of 19.52%. The net profit attributable to the parent company was 57 million yuan, with a growth of 6.89% [26]. - In Q1 2024, the company achieved a revenue of 32 million yuan, showing a significant year-on-year increase of 346.22%, although the net profit was a loss of 21 million yuan, down 9.00% year-on-year [26]. - The engineering simulation software segment saw a revenue increase of 39.37% to 188 million yuan, driven by enhanced marketing efforts and improved competitiveness of CAE products [26]. - The company is expanding into the civilian sector and has established a subsidiary, Shanghai Suochen, to enhance market competitiveness through investments and acquisitions [26]. - The gross margin improved to 69.44%, up 6.03 percentage points year-on-year, while the net margin was 18.12%, down 1.94 percentage points [26]. - The company is strategically positioning itself in the robotics field, planning to launch a robotics division in 2024 to develop specialized software and solutions for the industry [26]. Financial Summary - The projected financials for the company are as follows: - Revenue is expected to reach 453 million yuan in 2024, with a growth rate of 41.5%, and further increase to 635 million yuan in 2025 and 881 million yuan in 2026 [26]. - The net profit is forecasted to be 85 million yuan in 2024, growing by 48.2%, and reaching 121 million yuan in 2025 and 171 million yuan in 2026 [26]. - Earnings per share (EPS) are projected to be 1.39 yuan in 2024, 1.99 yuan in 2025, and 2.80 yuan in 2026 [26]. - The company is valued at a price-to-sales (P/S) ratio of 16 times for 2024, leading to a target price of 118.8 yuan [26].