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 ...

Financial Performance - Net loss attributable to shareholders is expected to be between -460 million yuan and -380 million yuan, a decrease of 725.24% to 616.50% compared to the same period last year[2] - Revenue and gross profit are expected to grow by 15%-20% in the first half of 2024, with gross profit growth outpacing revenue growth[4] - Sales collection in the first half of 2024 reached approximately 9 billion yuan, an increase of about 1.49 billion yuan compared to the same period last year[4] - The company's financial assets, such as Sanrenxing and Cambricon, generated lower investment returns in the first half of 2024, decreasing by approximately 140 million yuan compared to the same period last year[5] - Bad debt provisions increased by approximately 100 million yuan compared to the same period last year[5] Product and Technology Development - The sales of smart hardware based on the "Spark Model" increased by 70% during the "618" shopping festival[4] - The company invested over 650 million yuan in the research and development of large models and core technologies in the first half of 2024[5] - The "Spark Model V4.0" was upgraded and released, with 8 out of 10 English evaluations surpassing GPT-4 Turbo[5] - The "Spark Model" app has been downloaded 140 million times on the Android platform[5] User and Developer Growth - The number of developers increased by 1.279 million in the first half of 2024[4]

Investment Rating - The report maintains an "Outperform" rating for the company, indicating an expected stock price increase of over 10% relative to the benchmark index within the next six months [11]. Core Insights - The launch of iFlytek's Spark Model V4.0 marks a significant advancement, directly competing with GPT-4 Turbo, and has led to substantial user engagement and application across various sectors [5]. - The company has seen a remarkable increase in the download of its Spark APP, reaching 131 million, making it the top-ranked general-purpose large model app in China [5]. - The financial projections indicate a steady growth trajectory, with expected revenues of 22.62 billion yuan in 2024, representing a year-on-year growth of 15.1% [5][9]. Financial Data and Forecast - Revenue for 2022 was 18.82 billion yuan, with a projected increase to 19.65 billion yuan in 2023, and further growth to 32.33 billion yuan by 2026 [5][9]. - Net profit is expected to recover from 561 million yuan in 2022 to 657 million yuan in 2023, with a forecasted increase to 1.48 billion yuan by 2026 [5][9]. - The gross margin is projected to remain stable, with slight fluctuations from 42.7% in 2023 to 41.2% in 2026 [9]. Product and Market Expansion - The introduction of the Spark Intelligent Grading Machine enhances the company's AI+Education strategy, significantly improving grading efficiency and student performance metrics [3]. - The Spark Model has been integrated into various applications, including healthcare and enterprise solutions, showcasing its versatility and market adaptability [5][4]. - The company has launched a personal digital health space within its iFlytek Xiaoyi APP, which has received positive user feedback and high engagement rates [5]. Competitive Positioning - iFlytek's Spark Model V4.0 has outperformed GPT-4 Turbo in several mainstream testing sets, solidifying its position as a leader in the AI model space [5]. - The company has established partnerships with major enterprises across various sectors, indicating strong market demand for its AI solutions [5].

Investment Rating - The investment rating for the company is "Buy" [8] Core Insights - The company has launched the Xunfei Spark Model V4.0, which fully benchmarks against GPT-4 Turbo, showcasing significant upgrades in AI applications across education, office, and healthcare sectors [3][4] - The Xunfei Spark Model V4.0 demonstrates superior capabilities in complex instruction and logical reasoning compared to GPT-4 Turbo, particularly in financial, medical, and judicial applications [3] - The company has introduced the Spark Intelligent Grading Machine, enhancing AI applications in education, which is expected to significantly improve teacher efficiency [4] - The Xunfei Xiaoyi APP has been upgraded to include a personal digital health space, covering 1,600 common diseases and 2,800 common medications, with a total download of 12 million [5] - The launch of the Spark Enterprise Intelligent Agent Platform allows businesses to quickly build intelligent applications tailored to their operational needs [6] - Revenue projections for 2024-2026 are estimated at 24.31 billion, 29.38 billion, and 35.02 billion yuan, with year-on-year growth rates of 23.71%, 20.86%, and 19.20% respectively [7][10] - The corresponding net profit for the same period is projected to be 1.30 billion, 2.02 billion, and 2.52 billion yuan, with growth rates of 97.63%, 55.13%, and 25.04% respectively [7][10] Summary by Sections Basic Data - Closing price is ¥43.14, with a total market capitalization of 99,728.21 million yuan and total shares outstanding of 2,311.73 million [1][2] Investment Highlights - The company has made significant advancements in AI technology, particularly with the release of the Xunfei Spark Model V4.0, which enhances its competitive edge in various sectors [3][4][5][6] Financial Forecast - The company is expected to see substantial revenue and profit growth over the next few years, indicating a strong financial outlook [7][10]

证券代码：002230 证券简称：科大讯飞 公告编号：2024-036 科大讯飞股份有限公司 2023 年年度权益分派实施公告 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。 特别提示： 3、本次实施的分配方案与股东大会审议通过的分配方案及其调整原则是一致的。 4、本次实施分配方案距离股东大会审议通过的时间未超过两个月。 二、本次权益分派方案 本公司 2023 年年度权益分派方案为：以公司现有总股本剔除已回购股份 18,555,961 股后的 2,293,178,224 股为基数，向全体股东每 10 股派 1.000000 元人民币现金（含税；扣 税后，通过深股通持有股份的香港市场投资者、QFII、RQFII 以及持有首发前限售股的个 人和证券投资基金每 10 股派 0.900000 元；持有首发后限售股、股权激励限售股及无限售 流通股的个人股息红利税实行差别化税率征收，本公司暂不扣缴个人所得税，待个人转让 股票时，根据其持股期限计算应纳税额【注】；持有首发后限售股、股权激励限售股及无限 售流通股的证券投资基金所涉红利税，对香港投资者持有基金份额部分按 10% ...