Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Views - In Q3 2024, the company achieved a revenue of 5.525 billion yuan, representing a year-on-year growth of 15.77% and a significant improvement in net profit, indicating operational enhancement [1]. - The company continues to invest in the development of the "Xunfei Spark" large model, solidifying its competitive edge and leading position in the industry [1]. - The number of developers using the "Xunfei Spark" ecosystem has rapidly increased, with 1.777 million new developers added in the first three quarters of 2024 [2]. Financial Summary - Revenue (in million yuan): - 2022A: 18,820 - 2023A: 19,650 - 2024E: 23,544 - 2025E: 29,029 - 2026E: 35,505 - Year-on-year growth rates: - 2024E: 19.8% - 2025E: 23.3% - 2026E: 22.3% [3][10]. - Net profit (in million yuan): - 2022A: 561 - 2023A: 657 - 2024E: 633 - 2025E: 823 - 2026E: 1,093 - Year-on-year growth rates for net profit: - 2024E: -3.8% - 2025E: 30.2% - 2026E: 32.8% [3][10]. Market Position - The company has become a leading player in the market for large model projects, with the highest number of bids and amounts won in the first half of 2024 [1][2]. - The "Xunfei Spark" app has surpassed 190 million downloads on Android, ranking first among general-purpose large model apps in China [2].

来源：公司年报、国金证券研究所 业绩简评 2024 年 10 月 18 日公司发布三季报，前三季度实现营收 148.5 亿 元，同比增长 17.7%，扣非归母净利润为-4.7 亿元，同比下降 44.4%；单 Q3 公司实现营收 55.2 亿元，同比增长 15.8%，扣非归 母净利润为 0.15 亿元，同比扭亏为盈。公司 Q3 销售商品提供劳 务收到的现金、经营活动现金流量净额分别同比增长 33.5%、 100.1%，可支撑公司经营稳步推进。 经营分析 公司主动优化营收结构，聚焦"B+C"端业务发展。前三季度公司 教育业务收入增长 22%，其中学习机销量增长超过 100%；开放平 台与消费者业务收入增长 44%，其中智能硬件、开放平台收入分别 增长 41%、50%；智能汽车业务增长 49%，较好地抵消了 G 端业务 如智慧城市、信息工程等收入下降的影响。 坚定大模型研发投入，市场化落地推进有序。面向 B 端，公司与 多个重点行业头部企业合作，包括国家能源集团、中国石油、中 国绿发、中国移动、中国人保、太平洋保险等，据第三方相关统 计，讯飞星火大模型中标数量、中标金额均为通用大模型厂商第 一。面向 C 端，202 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [3][8]. Core Insights - The company reported a revenue of 14.85 billion yuan for the first three quarters of 2024, a year-on-year increase of 17.7%. The net profit attributable to the parent company was -470 million yuan, a decline of 44.4% year-on-year. In Q3 alone, revenue reached 5.52 billion yuan, up 15.8% year-on-year, with a net profit of 15 million yuan, marking a return to profitability [1]. - The company is focusing on optimizing its revenue structure, particularly in the "B+C" business segment. The education business saw a 22% revenue increase, with sales of learning machines more than doubling. The consumer and open platform business grew by 44%, while the smart automotive sector increased by 49%, offsetting declines in G-end businesses [2]. - The company is committed to investing in large model research and development, with successful collaborations with major industry players. It has achieved the highest number of bids and bid amounts among general large model vendors. The company also leads the market in high-end learning machines and has launched new products to enhance its offerings [2]. Summary by Sections Performance Review - For the first three quarters of 2024, the company achieved a revenue of 14.85 billion yuan, a 17.7% increase year-on-year. The net profit attributable to the parent company was -470 million yuan, down 44.4% year-on-year. In Q3, revenue was 5.52 billion yuan, up 15.8% year-on-year, with a net profit of 15 million yuan, indicating a turnaround [1]. Operational Analysis - The company is actively optimizing its revenue structure, focusing on the "B+C" business model. The education segment grew by 22%, with learning machine sales increasing over 100%. The consumer and open platform business saw a 44% increase, while the smart automotive business grew by 49%, compensating for declines in G-end business revenues [2]. - The company is enhancing its large model capabilities and has established partnerships with leading enterprises across various sectors. It has the highest number of successful bids in the large model market and maintains a leading position in the high-end learning machine market [2]. Profit Forecast - The revenue forecast for 2024-2026 has been adjusted to 23.15 billion, 27.99 billion, and 33.92 billion yuan, reflecting year-on-year growth rates of 17.8%, 20.9%, and 21.2% respectively. The net profit attributable to the parent company is projected to be 220 million, 730 million, and 1.35 billion yuan, with corresponding year-on-year growth rates of -66.3%, 231.0%, and 83.8% [3].

Financial Performance - In Q3 2024, revenue reached 5.525 billion, a year-on-year increase of 15.77% [2] - For the first three quarters of 2024, total revenue was 14.85 billion, up 17.73% year-on-year [2] - Q3 gross profit was 2.26 billion, reflecting a 16.68% increase; gross profit for the first three quarters was 6.007 billion, up 18.17% [2] - The gross profit margin for the first three quarters was 40.45%, remaining stable [2] Business Segments Growth - Education business revenue grew by 22%, with sales of learning machines increasing by over 100% [2] - Revenue from the open platform and consumer business surged by 44%, with smart hardware revenue up 41% and open platform revenue up 50% [2] - The smart automotive business experienced a growth of 49% [2] Research and Development - R&D investment accounted for 23.6% of sales revenue, with significant focus on the Spark large model [3] - The company achieved positive net profit attributable to shareholders in Q3 2024, alongside a positive net profit after deducting non-recurring items [3] Cash Flow and Receivables - Q3 sales receipts totaled 6 billion, a 33% increase from 4.5 billion in Q3 2023, outpacing revenue growth [5] - Total sales receipts for the first three quarters reached 15 billion, a 25% increase from 12 billion in the same period last year [5] - Q3 operating cash flow net amount was 715 million, a 100.09% year-on-year increase, indicating healthy operational progress [5] Market Position and Product Development - The iFlyCode model received a top rating from the China Academy of Information and Communications Technology, enhancing its application in digital transformation [12] - The Spark large model has established a preliminary market advantage, being the top bidder in projects among major state-owned enterprises [10] - The AI learning machine maintained the top market share in Tmall and JD channels from January to September 2024 [8] Policy Impact - Recent fiscal policies, including "old-for-new" initiatives, are expected to support growth in education and healthcare sectors, ensuring funding sources for projects [16] - Accelerated receivables recovery from government sectors is anticipated to reduce bad debt provisions impacting profits [16]

证券代码：002230 证券简称：科大讯飞 科大讯飞股份有限公司投资者关系活动记录表 编号：20241019 | --- | --- | --- | |-------------------------|----------------------------------------------------------|-------------------------------------------------------------------------------------------------------------| | | | | | 投资者关系活 动类别 | □ 特定对象调研 □ 媒体采访 □ 新闻发布会 □ 现场参观 ■ 其他 | □ 分析师会议 ■ 业绩说明会 □ 路演活动 | | 参与单位名称 及人员姓名 | 末。 | 本次业绩说明会通过"讯飞听见"云会议接入的投资者共 142 名。为便于投资者阅读本次说明会的内容，人员名单请详见文 | | 时间 | 2024.10.19 | | | 地点及方式 | "讯飞听见"视频会议 | | | 上市公司接待 人员姓名 | 董事 / 副总裁 ...

证券代码：002230 证券简称：科大讯飞 公告编号：2024-056 二、被担保人基本情况 公司名称：IFLYTEK INTELLIGENT SDN BHD 中文名称：科大讯飞马来西亚智能有限公司 成立日期：1st day of August 2024 注册地点：37-02, Menara The Stride, Bukit Bintang City Centre, No. 2, Jalan Hang Tuah, 55100 Kuala Lumpur 科大讯飞股份有限公司 关于为全资子公司提供担保的公告 本公司及董事会全体成员保证信息披露内容真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 一、授信及担保情况概述 科大讯飞股份有限公司（以下简称"公司"）于 2024 年 10 月 18 日召开的第六届董 事会第九次会议审议通过了《关于为全资子公司提供担保的议案》，为保障公司全资子公 司科大讯飞马来西亚智能有限公司 IFLYTEK INTELLIGENT SDN BHD（以下简称"讯飞 马来"）日常经营及国际化业务发展的需要，同意讯飞马来向银行等金融机构申请最高使 用额度不超过 4,000 万人民币 ...

证券代码：002230 证券简称：科大讯飞 公告编号：2024-050 科大讯飞股份有限公司 第六届董事会第九次会议决议公告 本公司及董事会全体成员保证信息披露内容真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 一、董事会会议召开情况 科大讯飞股份有限公司（下称"公司"）第六届董事会第九次会议于 2024 年 10 月 13 日以书面及电子邮件方式发出会议通知，2024 年 10 月 18 日以现场（科大讯飞北京总部 及科大讯飞合肥总部）和"讯飞听见"视频会议相结合的方式召开。应参会董事 10 人， 实际参会董事 10 人，其中吴晓如先生、赵旭东先生、赵锡军先生、吴慈生先生以通讯表 决（"讯飞听见"视频会议）方式出席会议。会议由董事长刘庆峰先生主持，监事及高级 管理人员列席会议。本次会议的召开与表决程序符合《中华人民共和国公司法》和《公司 章程》等的有关规定。 二、董事会会议审议情况 （一）以 10 票同意，0 票反对，0 票弃权，审议通过《公司 2024 年第三季度报告》。 详见公司 2024 年 10 月 19 日刊登在《证券时报》《中国证券报》《上海证券报》《证券 日报》及巨潮资讯网 htt ...

证券代码：002230 证券简称：科大讯飞 公告编号：2024-055 科大讯飞股份有限公司 关于与专业机构共同投资及合作暨关联交易的公告 本公司及董事会全体成员保证信息披露内容真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 一、与专业机构共同投资暨关联交易情况概述 1、科大讯飞股份有限公司（以下简称"科大讯飞"、"本公司"）拟与普通合伙人合 肥科讯创新信息技术合伙企业（有限合伙）（以下简称"合肥科讯创新"），及有限合伙人 安徽省人工智能主题投资基金合伙企业（有限合伙）、合肥市高质量发展引导基金有限公 司、合肥高新建设投资集团有限公司、合肥市产业投资引导基金有限公司、国元创新投 资有限公司、天津市天使投资引导基金合伙企业（有限合伙）、重庆渝富天使创业投资基 金合伙企业（有限合伙）、安徽言知科技有限公司共同出资设立科讯人工智能创业投资基 金合伙企业（有限合伙）（以工商核定名称为准）（以下简称"AI 基金"）。 AI 基金拟注册资本 50,000 万元人民币，其中科大讯飞拟作为 AI 基金的有限合伙人 以自有资金出资 10,000 万元，占 AI 基金总认缴出资额的 20%。科大讯飞全资子公司安 徽讯 ...

证券代码：002230 证券简称：科大讯飞 公告编号：2024-051 （二）以 4 票赞成，0 票反对，0 票弃权，审议通过了《关于调整激励计划的股票期 权行权价格及限制性股票回购价格的议案》。 经审查，监事会认为：公司本次对股权激励计划的股票期权行权价格及限制性股票回 购价格的调整符合《上市公司股权激励管理办法》《深圳证券交易所上市公司自律监管指 南第 1 号——业务办理：3.2 股权激励》等法律、法规和规范性文件以及公司《2021 年 股票期权与限制性股票激励计划（草案）》的相关规定；调整程序合法合规，不存在损害 公司及全体股东利益的情形，同意公司对股权激励计划的股票期权行权价格及限制性股票 回购价格进行调整。 一、监事会会议召开情况 科大讯飞股份有限公司（下称"公司"）第六届监事会第十次会议于 2024 年 10 月 13 日以书面及电子邮件方式发出会议通知，2024 年 10 月 18 日以现场（科大讯飞北京 总部及科大讯飞合肥总部）表决的方式在公司会议室召开。应参会监事 4 人，实际参会 监事 4 人。会议由监事会主席曹迎春女士主持，本次会议的召开与表决程序符合《中华 人民共和国公司法》和《公司章 ...

证券代码：002230 证券简称：科大讯飞 公告编号：2024-053 科大讯飞股份有限公司（以下简称"公司"）于 2024 年 10 月 18 日召开了第六届董事 会第九次会议及第六届监事会第十次会议，会议审议通过了《关于调整激励计划的股票期 权行权价格及限制性股票回购价格的议案》。因公司实施 2023 年年度利润分配方案，根 据公司《2021 年股票期权与限制性股票激励计划（草案修订稿）》之规定，公司实施权 益分派后，相应地对激励计划的股票期权行权价格及限制性股票回购价格进行调整。 现将有关事项公告如下： 一、股权激励计划及实施情况简介 2021 年 9 月 26 日，公司第五届董事会第十八次会议审议通过了《关于公司<2021 年 股票期权与限制性股票激励计划（草案）>及其摘要的议案》。为了进一步建立、健全公 司长效激励机制，同意实施与产业竞争激烈程度相匹配的股权激励。本次股权激励的激励 对象包括公司（含子公司）中高层管理人员及核心技术（业务）人员；本计划拟向激励对 象授予权益总数为不超过 2,600.32 万份，涉及的标的股票种类为 A 股普通股，约占本 激励计划草案公告时公司股本总额 230,052. ...