2024 年 8 月 13 日 公司研究 坚定 AI 战略，讯飞星火大模型持续深入落地 ——科大讯飞（002230.SZ）跟踪报告之一 要点 事件： 2024 年 7 月至 8 月，讯飞星火大模型持续深入落地：7 月 18 日，中 标烟草大模型的首单——浙江烟草大模型；7 月 23 日，中标金融资管行业第 一个基于大模型构建知识库(RAG）的项目——中国信达资产大模型知识库项 目；7 月 24 日，代码大模型在工业领域研发应用落地首单——中国钢研 AI 大模型代码开发辅助项目；6 月和 8 月，公司两次分别中标华润大模型服务 框架和私有化大模型底座工具链项目等。 星火大模型在教育、能源、医疗等多领域率先实现商业化落地。教育领域， 公司陆续推出 AI 学习机、星火智慧课堂、星火教师助手、星火智慧黑板、星 火批阅机等配备大模型能力的教育辅助工具。能源领域，公司已成为中国石 油、国家能源集团、中国煤炭等行业龙头客户的选择，并携手国家能源集团， 构建针对能源行业多业态、多场景的行业大模型，赋能煤炭、电力、运输、 化工等方面，打造央企集团一体化联动的大模型应用标杆。医疗领域，讯飞 晓医 App 当前可以诊断 1600 ...

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：20240806 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 投资者关系活 □新闻发布会 □路演活动 动类别 □现场参观 电话会议 华夏久盈 桑永亮、华夏久盈 齐佳宏、博道基金 张迎军、嘉 实基金 何鸣晓、博道基金 高笑潇、万家基金 陈鹏宇、施罗 德 杨森、长盛基金 杨睿琦、财通资管 邓芳程、富国基金 程 溢、博时基金 肖瑞瑾、混沌投资 丘舒啸、觉他投资 杲震东、 安联基金 王昕、兴合基金 陈诚、中加基金 李宁、民生权益 投资部 李晓航、百年保险资管 祝景悦、金科控股 高洁、国 新资管 庞立永、华泰资产 蒋领、建信养老 金陶静、中航基 金 黄心宇、芊榕 陈一飞、西部利得基金 张昭君、Artisan Julie Wang、鑫元基金 龙凌波、和谐汇一 章溢漫、趣时资产 陈凯 艺、中金 杨迅羽、暖逸欣基金 王涛、中金资管 李楠、广东 润融 罗培新、唐丰投资 赵向阳、红塔红土基金 李绪凯、正 煊资本 李想、润融基金 陈可峰、文储基金 肖上华、瑞特资 参与单位名称 产 戴宁杰、长江证券 郭敬超、中金公司 魏鹳霏、国金 ...

Education Sector - AI learning machines maintained a high growth rate with sales increasing over 100% from January to May 2024 [1] - The user net promoter score (NPS) remained the highest in the industry [1] - In 2023, the company was the first to implement large model technology in learning machines, launching nine AI 1-on-1 tutoring features [1] - The T30 Ultra, T20 series, and S30 models are fully equipped with these large model features [1] - On June 27, 2024, the learning machine upgraded its AI 1-on-1 tutoring function, enabling multi-modal heuristic explanations, personalized answers, interactive exploratory learning, and hyper-realistic guided tutoring [1] AI-Powered Grading and Analysis - On June 27, 2024, the company launched the Spark Intelligent Grading Machine, which integrates intelligent grading, learning analysis, and personalized homework [2] - The grading machine supports free formatting and unlimited paper sizes, and can intelligently grade multiple subjects and question types [2] - It generates multi-dimensional learning reports instantly, saving significant time in the grading process [2] - In pilot applications, grading time reduced from 90 minutes to 5 minutes, and learning analysis time reduced from 60 minutes to 1 minute [2] - The error resolution rate for students increased from 50% to 73% [2] Energy Sector Applications - The Spark large model has been adopted by industry leaders such as China National Petroleum Corporation (CNPC), National Energy Group, and China Coal [2] - In May 2024, CNPC partnered with the company to develop the "Kunlun Large Model," applying large model technology in oil and gas exploration, refining, and new energy sectors [2] - The company collaborated with National Energy Group to build an industry-specific large model for coal, power, transportation, and chemical sectors, driving efficiency improvements [2] - The China Coal project leveraged the Spark model to enhance procurement efficiency and quality through intelligent solutions [2] International Expansion and Research - On July 19, 2024, the company established an international headquarters in Hong Kong through the Cyberport Easy Landing Program [3] - The company plans to advance core technologies such as intelligent speech and cognitive large models, developing vertical applications tailored to Hong Kong's scenarios [3] - It will strengthen large model and computing power infrastructure, including industry-specific large models, enterprise-specific large models, and high-performance heterogeneous computing platforms [3] - The company will establish an international research institute in Cyberport, focusing on AI and healthcare integration, including medical large models and multi-modal algorithms [3] - Future plans include collaborating with high-end AI institutions and universities in Hong Kong and overseas, expanding international business in education and consumer services, and attracting capital from high-value markets in Southeast Asia and Europe [3]

证券代码：002230 证券简称：科大讯飞 公告编号：2024-039 本公司及其董事会全体成员保证信息披露的内容真实、准确、完整，没 有虚假记载、误导性陈述或重大遗漏。 科大讯飞股份有限公司（以下简称"科大讯飞"或"公司"）控股子公司讯飞医疗科 技股份有限公司（以下简称"讯飞医疗"）于近日收到了中国证券监督管理委员会（以下 简称"中国证监会"）出具的《关于讯飞医疗科技股份有限公司境外发行上市及境内未上 市股份"全流通"备案通知书》（国合函〔2024〕1510 号）（以下简称"备案通知书"）。 备案通知书主要内容如下： 一、讯飞医疗拟发行不超过 23,103,350 股境外上市普通股并在香港联合交易所上市。 二、讯飞医疗 14 名股东拟将所持合计 70,261,562 股境内未上市股份转为境外上市股 份，并在香港联合交易所上市流通。 三、自备案通知书出具之日起至本次境外发行上市结束前，讯飞医疗如发生重大事项， 应根据境内企业境外发行上市有关规定，通过中国证监会备案管理信息系统报告。 四、讯飞医疗完成境外发行上市后 15 个工作日内，应通过中国证监会备案管理信息 系统报告发行上市情况。讯飞医疗在境外发行上市及股 ...

证券代码：002230 证券简称：科大讯飞 公告编号：2024-038 科大讯飞股份有限公司 关于超短期融资券发行情况的公告 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。 科大讯飞股份有限公司 董 事 会 二〇二四 年 七 月二十四 日 科大讯飞股份有限公司（以下简称"公司"）分别于 2022 年 12 月 30 日召开的第五届 董事会第二十九次会议及 2023 年 1 月 16 日召开的 2023 年第一次临时股东大会审议通过 了《关于申请注册发行超短期融资券的议案》。鉴于 2022 年 11 月 18 日，中国人民银行、 国家发展改革委、科技部、工业和信息化部、财政部、银保监会、证监会、外汇局联合印 发《上海市、南京市、杭州市、合肥市、嘉兴市建设科创金融改革试验区总体方案》，确 认合肥纳入国家科创金融改革试验区，同意科大讯飞作为安徽地区代表性的人工智能企 业，积极响应国家科创金融政策，发行科创债券。具体内容详见公司于 2022 年 12 月 31 日 在 《 证 券 时 报 》《 中 国 证 券 报 》《 上 海 证 券 报 》《 证 券 日 报 》 及 ...

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:20240716 ■特定对象调研 □分析师会议 □媒体采访 □业绩说明会 投资者关系活 □新闻发布会 □路演活动 动类别 □现场参观 ■其他:电话会议 平安养老 许景源、平安养老 陈晓光、平安养老 周光远、平安 养老 童秋涛、民生证券 张叶 中电科投资 李一锦、海通证券 杨林 BOCI-Prudential, Vio Lau; CLSA, Summer Qian; Etiqa General Insurance Berhad, Kim Kee; Invesco, Millie Chen; Lazard Asset, 参与单位名称 Fisher Xi; Manulife Investment Management, Emily Liao; Manulife 及人员姓名 Investment Management, Wen Lin Li; Mirae Asset Global Investments, Edward Chan; Sumitomo Mitsui Trust, Lynn Cheng; TX Capital Va ...

Investment Rating - The report maintains a **Buy** rating for the company, with a target price of RMB 39.00 [1] - The sector rating is **Outperform** [1] Core Views - The company's revenue and gross profit are expected to grow by **15%-20%** in H1 2024, with gross profit increasing by approximately RMB 600 million [3][4] - The company's net profit attributable to shareholders is expected to decline significantly in H1 2024, primarily due to increased R&D investment in cognitive large models, reduced investment income, and higher bad debt provisions [4] - The company has upgraded its **Spark Large Model V4.0**, which has surpassed GPT-4 Turbo in multiple evaluations, and has launched intelligent products in various fields such as education, healthcare, and automotive [4] - The upgraded large model has driven a **70% YoY growth** in C-end smart hardware sales during the "618" shopping festival [4] Financial Forecasts - Revenue is expected to grow by **20.1%** in 2024, reaching RMB 23.6 billion, with further growth of **19.7%** and **16.4%** in 2025 and 2026, respectively [5] - Net profit attributable to shareholders is forecasted to be RMB 896 million in 2024, with growth rates of **36.3%**, **60.0%**, and **15.5%** in 2024, 2025, and 2026, respectively [5] - EPS is expected to be RMB 0.39, RMB 0.62, and RMB 0.72 in 2024, 2025, and 2026, respectively, with a downward revision of **16-20%** due to increased investment in large models [4][5] - The company's P/E ratio is projected to be **101X**, **63X**, and **54X** for 2024, 2025, and 2026, respectively [4] Valuation and Metrics - The company's market capitalization is RMB 90.16 billion, with a 3-month average daily trading volume of RMB 1.35 billion [2] - The company's EV/EBITDA ratio is expected to decrease from **112.8X** in 2023 to **57.4X** in 2024, and further to **44.3X** in 2025 [5] - The company's ROE is forecasted to improve from **3.9%** in 2023 to **5.1%** in 2024, and further to **7.6%** and **8.2%** in 2025 and 2026, respectively [6] Key Developments - The company has significantly increased its R&D investment in cognitive large models, with over RMB 650 million invested in H1 2024 [4] - The company has launched the **Spark Large Model V4.0**, which is based on the domestically developed **Feixing One** computing cluster, and has achieved leading performance in multiple application scenarios [4] - The company's C-end smart hardware sales have seen strong growth, driven by the upgraded large model capabilities [4]

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [2][12]. Core Insights - The company is experiencing dual growth in revenue and gross profit, with projected revenue exceeding 9 billion yuan, representing a year-on-year increase of 15%-20%. Gross profit is expected to grow by 600 million yuan, also reflecting a 15%-20% year-on-year increase, with gross profit growth outpacing revenue growth [1][2]. - Despite the positive revenue and gross profit growth, the company anticipates a significant decline in net profit attributable to shareholders, projected between -460 million to -380 million yuan, a year-on-year decrease of 617%-725%. The non-recurring net profit is expected to be between -500 million to -420 million yuan, down 38%-64% year-on-year, primarily due to increased investments exceeding 650 million yuan in model research and development and technology autonomy [1][2]. - The company is solidifying its position in the AI sector by developing core technologies that are self-controllable, with its "Xunfei Starfire V4.0" model fully matching the capabilities of GPT-4 Turbo. The company has established a unique advantage in the field of general artificial intelligence, particularly in the context of external pressures from the U.S. [2]. - The company is seizing historical opportunities in general artificial intelligence, actively promoting the application of large models. It has seen a rapid increase in developer engagement, with 1.279 million new developers in the first half of 2024. The company has launched several software and hardware products across various sectors, including education, healthcare, and automotive, showcasing its leading capabilities in large model applications [2]. Financial Summary - The company forecasts total revenue for 2024-2026 to be 23.358 billion, 27.964 billion, and 31.471 billion yuan respectively, with year-on-year growth rates of 18.9%, 19.7%, and 12.5% [6]. - The projected net profit for the same period is expected to be 505 million, 749 million, and 1.243 billion yuan, with year-on-year growth rates of -23.2%, 48.4%, and 66.0% respectively [6]. - The report highlights a significant increase in the number of developers and partnerships with major industry players, indicating strong market penetration and growth potential [2].

Investment and Financial Performance - In the first half of 2024, the company invested over 650 million CNY in large model research and development, impacting short-term operating performance but strengthening core technology capabilities [1] - The gross profit growth rate in the first half of 2024 exceeded the revenue growth rate [1] - The company anticipates manageable pressure on its operating fundamentals due to relatively small increases in computing power investments in the coming years [2] Competitive Advantages of the Large Model - The "Xunfei Spark" model, despite having less computing power than competitors, maintains a leading position in China, matching GPT-4 Turbo in foundational capabilities and surpassing it in 8 out of 12 evaluation metrics [3] - "Xunfei Spark" is the only large model trained on domestically sourced computing power, ensuring sustainable development amid international restrictions on high-performance semiconductor exports [3][4] - The app has over 142 million downloads, ranking first among general-purpose large model apps in China, with a user base primarily consisting of professional knowledge workers [4] Impact on Core Technology and Business Products - The large model enhances the company's core technology and business products, leading to significant improvements in user experience and market penetration [5] - The introduction of the intelligent grading machine has automated grading tasks, freeing up teachers' time and providing valuable data insights for student learning paths [5] - Sales of smart hardware products, such as learning machines and translation devices, have seen a 70% year-on-year increase during the "618" shopping festival [5] Applications in Various Industries - The large model has been successfully deployed in multiple sectors, including education, healthcare, and automotive, with the company forming partnerships with major enterprises [6] - In the healthcare sector, the intelligent assistant has provided 820 million diagnostic aids, correcting 1.47 million misdiagnoses and identifying 72.67 million medication errors [6][7] - The "Xunfei Xiaoyi" health assistant app has achieved 12 million downloads with a user satisfaction rate of 98.8% [7]

科大讯飞(002230.SZ) 星火大模型 V4.0 全面突破,AI+赛道业绩增速亮眼 公司研究·公司快评 计算机·软件开发 投资评级:优于大市(维持) 证券分析师: 熊莉 021-61761067 xiongli1@guosen.com.cn 执证编码:S0980519030002 事项: 公司公告:2024 年 6 月 27 日,公司正式发布讯飞星火大模型 V4.0,对七大核心能力进行全面升级,全面 对标 GPT-4 Turbo,并在文本生成、语言理解、数学能力等方面实现超越,在 8 个国际主流测试集中排名 第一,成为领先的大模型。同时,讯飞星火首发"个人空间",打通全系讯飞 C 端软硬件产品生态。针对 专业化领域的应用,公司在医疗、教育、办公等领域不断做出升级创新,促进实现 AI+各赛道应用规模化 落地。近期,公司作为第一完成单位的《多语种智能语音关键技术及产业化》项目,获得国家科学技术进 步奖一等奖,星火语音大模型迎来新突破。此外,公司发布星火企业智能体平台,在星火大模型带来行业 赋能的同时,助力开发者生态蓬勃发展。 国信计算机观点:在全球人工智能的浪潮下,公司作为我国人工智能龙头,核心源头技术优势突 ...