证券代码：002230 证券简称：科大讯飞 公告编号：2024-029 特此公告。 科大讯飞股份有限公司 董 事 会 二〇二四年五月六日 科大讯飞股份有限公司（以下简称"公司"）第六届董事会第七次会议审议通过了 《关于注销股权激励计划部分股票期权的议案》，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）》《2021 年股票期权与限制性股票激励计划实施考核管理办 法（修订稿）》规定的股票期权第三个行权期之阶梯行权条件，65 名激励对象所获授的 25.2832 万份股票期权将由公司注销。详见公司于 2024 年 4 月 23 日在《证券时报》《中 国证券报》《上海证券报》《证券日报》及巨潮资讯网（http://www.cninfo.com.cn）披露的 《关于注销股权激励计划部分股票期权的公告》（公告编号 2024-024）。 经中国证券登记结算有限责任公司深圳分公司审核确认，上述 25.2832 万份股票期 权的注销事宜已于 2024 年 4 月 30 日办理完毕。 本次注销符合法律、行政法规、部门规章、规范性文件、公司章程、股权激励计划 等的相关规定。截至本公告披露之日，公司股票期权激励对象 ...

Investment Rating - Buy (Maintained) [1] Core Views - The company released its 2023 annual report and 2024 Q1 report, with 2023 revenue reaching 19.65 billion yuan (+4.41% YoY) and net profit attributable to the parent company of 657 million yuan (+17.12% YoY) [14] - The company's increased investment in core technology and AI model development has impacted short-term profitability but laid a solid foundation for long-term competitive advantages [14] - The Spark cognitive model has been widely applied across multiple industries, including education, healthcare, automotive, office, and industrial sectors, driving the development of the developer ecosystem [14] - The company continues to invest in AI models, with significant improvements in capabilities such as logical reasoning, language understanding, and text generation, approaching the level of GPT-4 Turbo [14] Financial Performance - Revenue for 2023 was 19.65 billion yuan, with a YoY growth of 4.4% [8] - Net profit attributable to the parent company for 2023 was 657 million yuan, with a YoY growth of 17.1% [10] - Gross margin for 2023 was 42.7%, with a net margin of 3.3% [11][12] - Revenue is expected to grow to 31.27 billion yuan by 2026, with a CAGR of 14.1% from 2023 to 2026 [8][9] Valuation and Target Price - Target price is set at 50.21 yuan, based on a PS valuation method with a 5x multiple for 2024 [14] - The current stock price as of April 30, 2024, is 45.11 yuan [1] Industry and Market Performance - The company operates in the computer industry in China [3] - The stock's 52-week high and low prices are 81.88 yuan and 37.4 yuan, respectively [2] - The A-share market capitalization is 104.447 billion yuan [2] Key Financial Metrics - EPS for 2023 was 0.28 yuan, expected to grow to 0.49 yuan by 2026 [11] - ROE for 2023 was 3.9%, expected to increase to 5.8% by 2026 [12] - The company's P/E ratio for 2023 was 158.9, expected to decrease to 91.9 by 2026 [13] Strategic Focus - The company is focusing on AI model development, particularly the Spark cognitive model, which has been applied across various industries [14] - The company has partnered with Huawei to develop a domestic computing platform capable of supporting trillion-parameter model training [14] - The Spark V3.5 model, trained on the domestic platform, has shown significant improvements in multiple capabilities, including logical reasoning and language understanding [14]

Investment Rating - Maintain "Recommend" rating [1][2] Core Views - Iflytek's Spark model is gradually benchmarking against GPT-4, with AI applications continuously being implemented [1] - The company is a leading domestic AI enterprise, and its large model layout and AI application implementation are viewed positively [2] - Revenue for 2024-2026 is projected to be 21.747 billion, 24.141 billion, and 27.717 billion yuan, respectively, with EPS expected to be 0.30, 0.41, and 0.50 yuan [2] Financial Performance - 2023 revenue reached 19.65 billion yuan, a 4.41% year-on-year increase, with net profit attributable to the parent company at 657 million yuan, up 17.12% [2] - 2024 Q1 revenue was 3.646 billion yuan, a 26.27% year-on-year increase, but net profit attributable to the parent company was -300 million yuan [2] - Key business segments in 2023: - Education business revenue was 5.564 billion yuan, down 9.70% [2] - Big data advertising platform revenue grew 41.61% [2] - Smart hardware business revenue increased 22.35%, with consumer hardware GMV up 84% [2] - Digital government industry applications revenue grew 22.79% [2] - Automotive business revenue increased 49.71%, with over 7.5 million sets of pre-installed intelligent products shipped [2] - Medical business revenue grew 15.41% [2] Spark Model Development - Spark V3.5 was officially upgraded on January 30, 2024, with language understanding, mathematical ability, and voice interaction surpassing GPT-4 Turbo, code reaching 96% of GPT-4 Turbo, and multimodal understanding reaching 91% of GPT-4V [2] - The model has been deeply applied in education, healthcare, automotive, office, industrial, and smart hardware industries [2] Financial Projections - 2024-2026 revenue growth rates are projected at 10.67%, 11.01%, and 14.81%, respectively [3] - Net profit attributable to the parent company is expected to grow by 5.76%, 35.34%, and 24.13% in 2024-2026 [3] - PE ratios for 2024-2026 are 150X, 111X, and 89X, respectively [3]

Investment Rating - Buy (maintained) [1] Core Views - The Spark 3.5 upgrade enhances the company's leading position in "technology + ecosystem" for large models [1] - The company's large model capabilities are expected to reach GPT-4V level by the second half of 2024 [3] - The company's revenue and net profit are projected to grow significantly from 2024 to 2026, with revenue expected to reach 23.189 billion, 27.934 billion, and 33.737 billion yuan, respectively, and net profit to reach 830 million, 1.325 billion, and 2.114 billion yuan, respectively [8] Business Performance and Development - In 2023, the company achieved revenue of 19.65 billion yuan, a year-on-year increase of 4.4%, and net profit of 657 million yuan, a year-on-year increase of 17.12% [2] - In Q1 2024, the company achieved revenue of 3.646 billion yuan, a year-on-year increase of 26.27%, but net profit was -300 million yuan, mainly due to an additional investment of approximately 300 million yuan in large model development [2] - The Spark large model has been integrated into various business sectors, including education, healthcare, smart cities, and consumer platforms, with significant industrial application results [4] Large Model Capabilities - The Spark 3.5 model, trained on the "Feixing One" platform, surpasses GPT-4Turbo in language understanding, mathematical ability, and speech interaction, with overall capabilities approaching GPT-4Turbo [3] - The Spark 4.0 model, expected to be released in June 2024, will target the current best level of GPT-4 and is projected to reach GPT-4V and DALL-E3 levels by the second half of 2024 [3] - The Spark model has achieved 97% of GPT-4Turbo's latest version in long-text processing and has launched new capabilities in image-text recognition, intelligent evaluation, and multi-emotion synthesis [3] Business Segments Smart Education - In Q1 2024, the smart education business accounted for 32% of G-end, 26% of B-end, and 42% of C-end revenue [5] - The "Personalized Education" solution has been implemented in 18 regions, covering over 55 cities, districts, and counties [5] - C-end learning devices saw a 99% year-on-year increase in revenue and a 104% increase in gross profit in Q1 2024 [5] Smart Healthcare - As of January 19, 2024, the AI medical assistant covered over 400 districts and counties [5] - The smart hospital solution has been implemented in West China Hospital of Sichuan University, and the diagnostic assistant serves over 40 top public hospitals in China [5] - The medical imaging cloud platform connects over 1,900 hospitals, with a monthly active volume of nearly 20,000 cases [5] - Medical business revenue increased by 110% year-on-year in Q1 2024, with gross profit up 127% [5] Consumer Business - In 2023, the smart office product series and iFlytek smart recorder continued to lead the market [5] - The iFlytek Input Method maintained the highest user growth rate in the industry, with daily active users increasing by 10% year-on-year [5] - Consumer business revenue increased by 63% year-on-year in Q1 2024, with gross profit up 48% [5] Operator, Smart Automotive, and Fintech - In 2023, the company covered 110 million home voice users and shipped over 7.5 million sets of pre-installed intelligent automotive products, with annual online interactions exceeding 10 billion, a 229% year-on-year increase [6] - Automotive business revenue increased by 71% year-on-year in Q1 2024 [6] - The company has established partnerships with major financial institutions, including PICC Technology, ICBC Anhui Branch, and Postal Savings Bank Anhui Branch [6] Open Platform Ecosystem - In 2023, the open platform business revenue was 3.938 billion yuan, a year-on-year increase of 41.61%, accounting for 20.04% of total revenue [7] - The Spark open platform has attracted over 647,000 developer teams, with more than 370,000 large model developers, leading the domestic ecosystem [7] - The company has collaborated with over 100,000 enterprise customers, including Chery Automobile, Pacific Insurance, and China Mobile, to accelerate industry empowerment [7] - The company launched the first open-source large model, Spark Open Source 13B, in January 2024, providing a fully autonomous and free optimization suite for developers, universities, and enterprises [7] Financial Projections - Revenue is projected to grow by 18%, 20%, and 21% year-on-year from 2024 to 2026, reaching 23.189 billion, 27.934 billion, and 33.737 billion yuan, respectively [8] - Net profit is expected to grow by 26%, 60%, and 60% year-on-year from 2024 to 2026, reaching 830 million, 1.325 billion, and 2.114 billion yuan, respectively [8] - EPS is projected to be 0.36, 0.57, and 0.91 yuan per share for 2024, 2025, and 2026, respectively [8]

上 市 公 司 计算机 2024 年04月 26 日 科大讯飞 (002230) 公 司 研 究 ——大模型对 C 端驱动效果显现，饱和投入致利润承压 公 司 点 报告原因：有业绩公布需要点评 评 增持 投资要点： （维持）  公司发布2023年报及24Q1季报：2023全年收入196.5亿元，同比增长4.4%；归母净 利润6.57亿元，同比增长17.1%。24Q1收入36.5亿元，同比增长26.3%，归母净利润 证 市场数据： 2024年04月25日 -3.00 亿元，亏损幅度扩大。公司收入端实现了稳健增长，但由于在大模型方向的饱和式 券 收盘价（元） 42.98 投入，费用增长较快，24Q1利润端表现略不及我们预期。 研 一年内最高/最低（元） 82/37.4 究 市净率 5.9  C端业务占比持续提升，业务结构优化。2023年，开发者及消费者业务已成为最大业务板 报 息率（分红/股价） - 告 流通A股市值（百万元） 93889 块，占总收入比重达到 31.5%。其中开放平台业务收入 39.4 亿元，同比增长 41.6%；智 上证指数/深证成指 3088.64/9463.91 能硬件业务收入16.2 ...

Investment Rating - Buy (Maintained) [1] Core Views - The company's Q1 revenue growth is strong, with continued focus on application deployment [2] - B-end business shows robust growth, with open platform and consumer business performing well [2] - The company is making significant investments in R&D, particularly in large model development, which is expected to strengthen its competitive advantage [2] - The "Spark" large model is continuously iterating, with the V3.5 version approaching the latest level of GPT-4 Turbo in various capabilities [2] - The company is expected to see a performance inflection point, with significant growth potential in AI and multiple application scenarios [2] Financial Performance - 2023 revenue: 19.65 billion yuan, up 4.4% YoY [2] - 2023 net profit attributable to parent company: 657.31 million yuan, up 17.12% YoY [1] - 2024 Q1 revenue: 3.65 billion yuan, up 26.3% YoY [2] - 2024 Q1 net profit attributable to parent company: -300 million yuan, down 419% YoY [2] - 2024-2026 EPS forecast: 0.36 yuan, 0.49 yuan, 0.68 yuan [2] Business Segments - **Open Platform & Consumer Business**: Revenue of 3.94 billion yuan in 2023, up 41.6% YoY, accounting for over 30% of total revenue [2] - **Smart Hardware**: Revenue of 1.52 billion yuan in 2023, up 22.4% YoY, with GMV growth of 84% for products like office books and recording pens [2] - **Smart Automotive**: Revenue of 700 million yuan in 2023, up 49.7% YoY, with breakthroughs in products like sound effects, cockpit, and intelligent driving [2] - **Smart Healthcare**: Revenue of 540 million yuan in 2023, up 15.4% YoY [2] - **Smart Finance**: Revenue of 290 million yuan in 2023, up 23% YoY [2] Future Growth Drivers - **Education Sector**: Expected revenue growth of 10%, 14.8%, and 14.8% for 2024-2026, driven by the integration of the Spark large model into educational products [7] - **Open Platform**: Expected revenue growth of 30%, 25%, and 25% for 2024-2026, with the launch of the open-source Spark 13B model attracting more developers [7] - **Consumer Business**: Expected revenue growth of 20%, 20%, and 20% for 2024-2026, with enhanced product capabilities and improved sales channels [7] - **Smart Automotive**: Expected revenue growth of 40%, 40%, and 35% for 2024-2026, with the full upgrade of automotive product solutions based on the Spark large model [7] - **Smart City, Healthcare, and Finance**: The Spark large model is expected to rewrite the underlying logic of these industries, opening up new growth opportunities [7] Financial Forecasts - 2024-2026 revenue forecast: 22.57 billion yuan, 26.4 billion yuan, 31.15 billion yuan [1] - 2024-2026 net profit forecast: 826.12 million yuan, 1.14 billion yuan, 1.57 billion yuan [1] - 2024-2026 ROE forecast: 4.19%, 5.51%, 7.16% [1] - 2024-2026 PE forecast: 122, 88, 64 [1]

Investment Rating - The report maintains a "Buy" rating with a target price adjusted to 57.79 CNY, down by 28.10 CNY [2]. Core Insights - The company has shown positive growth in revenue and gross profit despite high investment levels, with 2023 revenue reaching 19.65 billion CNY, a year-on-year increase of 4.41%, and a net profit of 0.66 billion CNY, up 17.12% year-on-year [2]. - The proportion of C-end revenue is increasing significantly, with the revenue share from open platforms and consumer business reaching 31.5% in 2023 [2]. - The company is positioned in the first tier of China's large model industry, with continuous investment in computing power and algorithms, maintaining a leading edge [2]. Summary by Sections Revenue and Profit Forecast - The company is expected to achieve revenues of 22.83 billion CNY, 26.46 billion CNY, and 30.44 billion CNY from 2024 to 2026, with corresponding net profits of 0.89 billion CNY, 1.00 billion CNY, and 1.33 billion CNY [8][9]. - The revenue growth rates for the open platform and consumer business are projected at 20.92%, 20.39%, and 21.48% from 2024 to 2026 [7][9]. - The education sector is expected to see revenue growth of 9.90% for both 2024 and 2025, and 5.09% in 2026 [8][9]. Business Segments - In the smart driving sector, the company has developed a full-function L2.9 smart driving solution, with expected revenue growth of 40.00%, 30.00%, and 30.00% from 2024 to 2026 [8][9]. - The smart healthcare segment is projected to grow at 20.00%, 15.00%, and 15.00% from 2024 to 2026, maintaining a gross margin of around 52% [8][9]. - The smart finance segment is anticipated to grow at 25.00% for 2024 and 2025, and 20.00% in 2026, with a stable gross margin of about 50% [8][9]. Valuation - The report employs both PE and PS valuation methods, concluding a reasonable market value of 133.8 billion CNY, corresponding to a target price of 57.79 CNY based on a PE of 150 for 2024 [10][12].

计算机 | 证券研究报告 — 调整盈利预测 2024年4月25日 002230.SZ 科大讯飞 买入 一季度收入延续增长态势，大模型实现多领域落地 原评级：买入 市场价格:人民币 41.97 近期，公司发布2023年年报，全年实现营业收入196.5亿元（同比+4.4%）， 板块评级:强于大市 归母净利6.6亿元（同比+17.1%），扣非归母净利1.2亿元（同比-71.7%）。 公司坚定投入认知大模型研发，已在汽车、金融等领域实现落地应用。公司 一季度收入延续增长态势，维持买入评级。 股价表现 支撑评级的要点 38% 23%  持续加大研发投入，一季度收入延续增长态势。23 年公司加大认知大模 型研发导致扣非归母净利同比下滑，四季度公司扭转下滑趋势，实现营 9% 收 70.4 亿元（同比+14.2%），归母净利 5.6 亿元（同比+295.8%）。24 (6%) 年一季度公司收入36.5亿元（同比+26.3%），归母净利及扣非净利分别 (20%) 较去年同期减少2.4亿元和1.0亿元，主要是由于公司继续加大大模型投 (35%) rp 3A -2 ya 3M -2 n 3uJ -2 gu 3A -2 pe 3S ...

口口 科大讯飞2023年度业绩说明会 240423_智能速览 2024年04月23日 21:10 关键词 科大讯飞 年报 季报 大模型 增长 困难 信心 教育 医疗 工业企业 人工智能 代码 智能硬件 星火 用户规模 经营 商业模式 金融行业 代码平台 家电领域 全文摘要 科大讯飞的星火大模型在教育、医疗、工业企业办公等领域表现出良好的效果和应用价值。通过对话 式AI和虚拟人技术，星火大模型可以用于学生口语练习和教师备课，在工业领域可以实现供需精准匹配 和智能提交，在科研领域可以快速整合和分析科研文献，帮助科研工作者提高效率。科大讯飞还加大了 算力投入和硬件设计能力的提升，用户规模稳步增长。在教育、医疗、金融、IT行业、家电领域等多个 行业，科大讯飞的大模型取得了领先地位，并计划在新华大模型的发布中再次取得突破。科大讯飞将继 续以饱和投入迎接人工智能时代的产业机会，并代表中国参与全球竞争。 章节速览 ● 00:00 科大讯飞星火大模型的应用领域 科大讯飞星火大模型在教育、医疗、工业企业办公等领域有了非常好的产品和应用成效。通过对话 式AI和虚拟人技术，星火大模型可以用于学生口语练习和教师备课。在工业领域，星火 ...

[Table_Header] 公司点评●计算机行业 2024年 04 月23 日 [Table_Title] [Table_StockCode] 利润短期承压，星火大模型赋能 C 端业 科大讯飞(002230) [Table_InvestRank] 务持续发力 推荐 维持评级 科大讯飞 2023 年报&2024 年一季报点评 核心观点： 分析师 [T abl事e_S件u：mm公a司ry]发 布 2023年年报和 2024年一季报。2023年公司实现营业收入 19 [吴Ta砚b靖le_ Authors] ：（8610）66568589 6.50 亿元，同比增长 4.41%；归母净利润 6.57 亿元，同比增长 17.12%；扣非 ：wuyanjing@chinastock.com.cn 归母净利润 1.18亿元，同比下降 71.74%。2024年一季度，公司实现营业收入 分析师证书编码：S0130519070001 36.5亿元，同比增长 26.27%；归母净利润-3亿元；扣非归母净利润-4.4亿元。 研究助理  4Q23 单季度盈利能力增长，经营现金流持续好转。2023 年公司毛利率 43. 1%，同 ...