公司快报 2025 年 09 月 03 日 索辰科技(688507.SH) "天工-开物"双擎驱动，物理 AI 打开第二增长曲线 事件概述 近日，公司披露 2025 年中报。2025H1，公司实现总营收 5735.09 万 元，同比增长 10.82%；归母净利润-4569.83 万元，同比增长 31.21 （上年同期为-6643.08 万元）；其中 25Q2，公司实现总营收 1856.36 万元，同比减少 6.65%；归母净利润-3006.75 万元，同比增长 33.42% （上年同期为-4516.28 万元）。 技术储备扎实，成功从传统 CAE 向物理 AI 延伸 公司对收入口径进行了调整，产品大类分为天工及开物两大系列：天 工系列聚焦盖流体、结构、电磁、声学、光学等多学科的工程仿真软 件和仿真产品开发，开物系列涵盖了物理 AI 开发及应用平台的全场 景解决方案。2025H1 公司天工系列共实现 4947.51 万元，其中工程 仿真软件方面公司依托多年 CAE 技术积累，持续攻克关键技术难点： 通过软件功能进行技术迭代，提升了算法求解能力，并基于自主内核 升级求解器，丰富了物理模型算法库。2025H1 工程 ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [4] Core Viewpoints - The company's revenue growth is primarily driven by the engineering simulation software, with the TianGong series experiencing a year-on-year revenue increase of 88.84%, contributing to improved gross margins [2] - The company is actively exploring and expanding downstream application scenarios, accelerating the development of the physical AI industry, which has started to generate revenue [2] - Ongoing mergers and acquisitions, including the planned acquisition of Likong Technology, and strategic partnerships with iFlytek and the China Academy of Information and Communications Technology, are expected to enhance the company's technical service capabilities and market presence [3] Financial Summary - For the fiscal year 2023, the company reported a revenue of 320 million yuan, with a year-on-year growth rate of 19.5%. The projected revenues for 2025, 2026, and 2027 are 535 million yuan, 758 million yuan, and 1,078 million yuan, respectively, with growth rates of 41.1%, 41.7%, and 42.2% [9] - The net profit attributable to the parent company for 2023 was 57 million yuan, with a projected increase to 96 million yuan in 2025, 124 million yuan in 2026, and 147 million yuan in 2027, reflecting growth rates of 130.6%, 30.2%, and 17.9% respectively [9] - The report forecasts an EPS of 1.07 yuan for 2025, 1.40 yuan for 2026, and 1.65 yuan for 2027, with corresponding P/E ratios of 95.2X, 73.1X, and 62.0X [8]