Core Insights - The meeting between the Henan provincial leaders and the chairman of iFlytek highlights the importance of artificial intelligence (AI) development in the region, aligning with national strategies for technological advancement [1][2] - iFlytek aims to leverage its technological advantages to collaborate with Henan in building an AI industry ecosystem, focusing on talent development, technology research, and industrial upgrades [2] Group 1 - The Henan provincial government expresses strong support for iFlytek's initiatives in the region, emphasizing the need for collaboration in AI applications such as smart healthcare and humanoid robots [1] - The provincial leaders recognize the strategic importance of AI as outlined by President Xi Jinping, aiming to enhance the province's manufacturing capabilities through the "AI+" action plan [1] - iFlytek acknowledges the favorable conditions in Henan for AI development, including its large population, industrial base, and market potential, positioning the province as a key player in the AI sector [2] Group 2 - The meeting included key figures such as the Secretary of the Provincial Committee and the Mayor of Zhengzhou, indicating high-level governmental support for the AI initiatives [3] - iFlytek's commitment to contributing to local AI industry upgrades reflects its strategic vision for fostering innovation and modernization in Henan [2]

投资建议：公司作为国内人工智能龙头企业，积极看待科大讯飞的星火X1深度推理模型升级和AI 应用 落地。预计公司2025-2027 年营收分别为 279、338、414 亿元，归母净利润分别为7.29、11.05、14.13 亿元，2025 年4 月25 日收盘价对应市盈率144X、95X、74X，维持"推荐"评级。 风险提示：生成式AI 技术发展不确定，教育、医疗等行业竞争加剧。 2024 年主营业务中，智慧教育、智慧医疗、开放平台、智能硬件、智慧汽车和企业AI 解决方案均实现 收入增长。1）智慧教育实现收入72.29 亿元，同比增长29.94%，大课堂、大学情产品体系加速落地， AI 辅导产品构建家庭自主学习新范式；2）智慧医疗实现收入6.92 亿元，同比增长28.18%，基于大模 型、大数据两个核心能力平台及诊疗助理和健康助手两个核心产品族，讯飞医疗打造了用AI 赋能GBC 客户的多元化产品矩阵；3）开放平台实现收入51.72 亿元，同比增长31.33%，讯飞开放平台已累计聚 集超过802 万AI 开发者团队，单年度新增AI 开发者团队超过224 万；4）智能硬件实现营收20.23 亿 元，同比增长25. ...

华泰联合证券有限责任公司 关于科大讯飞股份有限公司分拆所属子公司 讯飞医疗科技股份有限公司境外上市 之持续督导核查意见 科大讯飞股份有限公司（以下简称"公司"、"上市公司"、"科大讯飞"） 将其所属子公司讯飞医疗科技股份有限公司（以下简称"讯飞医疗"）分拆至境 外上市（以下简称"本次分拆上市"、"本次分拆"），华泰联合证券有限责任 公司作为本次分拆上市的独立财务顾问，根据中国证监会《上市公司分拆规则（试 行）》（以下简称"《分拆规则》"），对本次分拆后上市公司核心资产与业务 的独立经营状况及持续经营能力、讯飞医疗是否发生对上市公司权益有重要影响 的资产和财务状况变化、讯飞医疗是否存在其他对上市公司股票价格产生较大影 响的重要信息以及上市公司是否依法履行相关信息披露义务等持续督导事项进 行了专项核查，发表核查意见如下： 一、本次分拆上市概况 2024 年 1 月 9 日，公司第六届董事会第六次会议审议通过了《关于分拆所 属子公司讯飞医疗科技股份有限公司至香港联合交易所有限公司主板上市符合 相关法律、法规规定的议案》等与本次分拆有关的议案。2024 年 1 月 26 日，公 司 2024 年第一次临时股东大会审议 ...

Group 1: Financial Performance - In 2024, the company achieved a revenue of 23.343 billion, marking an 18.79% year-on-year growth, and a net profit attributable to shareholders of 560 million [1] - The Q1 2025 report showed a revenue of 4.658 billion, a 27.74% increase year-on-year, with net profit and net profit excluding non-recurring items growing by 35.68% and 48.29% respectively [1] - The operating cash flow reached a historical high of 2.495 billion, growing over six times compared to the previous year, attributed to improved sales collection [4] Group 2: Business Strategy and Structure - The company has restructured its business model focusing on optimizing C-end, strengthening B-end, and selectively partnering with G-end clients, leading to improved revenue collection rates [5] - High-margin businesses such as smart education and medical AI have seen an increase in revenue share, maintaining an overall gross margin above 40% [5] - The company’s core business segments, including consumer, education, automotive, and medical, reported significant revenue growth, with smart education revenue reaching 7.229 billion, up 29.94% [5] Group 3: Technological Advancements - The company has established a fully autonomous and controllable AI technology system, integrating domestic computing power and self-developed algorithms, which is crucial for maintaining a competitive edge [6][7] - The Spark-X1 model, launched in April 2024, has shown significant improvements in various tasks, achieving performance levels comparable to leading international models despite having fewer parameters [9][10] - The company’s focus on self-developed foundational models is seen as essential for the application of large models across various industries, enhancing reliability and trust among clients [12][13] Group 4: Market Position and Future Outlook - The company is positioned as a leader in the domestic AI market, with the largest number of bids and bid amounts in 2024 across multiple sectors including communication, finance, and healthcare [10] - The integration of AI technology into smart hardware products has opened new growth avenues, with AI learning machines seeing sales growth exceeding 100% [14] - The company emphasizes the importance of productization to ensure the scalability of AI solutions, aiming to create replicable products that address specific market needs [17][18]

Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Views - The company achieved a revenue of 23.343 billion yuan in 2024, representing a year-on-year growth of 18.79%, while the net profit attributable to shareholders decreased by 14.78% to 560 million yuan [1] - The first quarter of 2025 saw a revenue of 4.658 billion yuan, with a year-on-year increase of 27.74%, although the net profit attributable to shareholders was a loss of 193 million yuan [1] - The company is positioned as a leading player in the domestic AI sector, with significant upgrades to its Spark X1 deep reasoning model, which is expected to catalyze revenue growth [3] Summary by Relevant Sections Financial Performance - In 2024, the company reported a total revenue of 23.343 billion yuan, with a net profit of 560 million yuan and a cash flow from operating activities reaching 2.495 billion yuan, marking a historical high with a growth of 613.40% [1] - The revenue breakdown for 2024 shows significant growth in various segments: - Smart Education: 7.229 billion yuan, up 29.94% - Smart Healthcare: 0.692 billion yuan, up 28.18% - Open Platform: 5.172 billion yuan, up 31.33% - Smart Hardware: 2.023 billion yuan, up 25.07% - Smart Automotive: 0.989 billion yuan, up 42.16% - Enterprise AI Solutions: 0.643 billion yuan, up 122.56% [2] Future Projections - Revenue projections for 2025 to 2027 are as follows: - 2025: 27.935 billion yuan - 2026: 33.821 billion yuan - 2027: 41.382 billion yuan - Net profit projections for the same period are: - 2025: 729 million yuan - 2026: 1.105 billion yuan - 2027: 1.413 billion yuan [4][8] Valuation Metrics - The report indicates the following price-to-earnings (PE) ratios based on the closing price on April 25, 2025: - 2025: 144X - 2026: 95X - 2027: 74X [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve a non-GAAP net profit of 1.88 billion yuan in 2024, representing a year-on-year increase of 59.36% [4] - The company reported a revenue of 23.343 billion yuan in 2024, an increase of 18.79% year-on-year [4] - The company is positioned as a leading player in the AI industry, with significant advancements in its product offerings, particularly the Starfire X1 model [10] Financial Performance Summary - In 2024, the company's revenue was 23.343 billion yuan, with a year-on-year growth of 18.79% [4] - The net profit attributable to shareholders was 560 million yuan, a decrease of 14.78% year-on-year, while the non-GAAP net profit was 1.88 billion yuan, up 59.36% [4] - For Q1 2025, the company reported a revenue of 4.658 billion yuan, a year-on-year increase of 27.74% [4] Business Segment Performance - The company’s revenue from smart education reached 7.229 billion yuan, growing by 29.94% year-on-year [5] - Revenue from the AI open platform was 5.172 billion yuan, an increase of 31.33% year-on-year [5] - The consumer business generated 2.714 billion yuan, with a year-on-year growth of 20.8% [5] Future Projections - Revenue projections for 2025, 2026, and 2027 are 28.159 billion yuan, 34.378 billion yuan, and 42.283 billion yuan, respectively, with growth rates of 21%, 22%, and 23% [11] - The net profit attributable to shareholders is expected to be 713 million yuan in 2025, 923 million yuan in 2026, and 1.255 billion yuan in 2027, with growth rates of 27%, 29%, and 36% respectively [11] Valuation Metrics - The current stock price is 45.49 yuan, with projected P/E ratios of 147, 113, and 83 for 2025, 2026, and 2027 respectively [10][12] - The company maintains a gross margin of 42.63% for 2024, which is stable compared to the previous year [9]

Core Insights - The company achieved a revenue of 23.343 billion yuan in 2024, marking an 18.79% year-on-year growth, returning to double-digit growth after two years [1][3] - Operating cash flow reached a record high of 2.495 billion yuan, with a year-on-year increase of over 6 times [1][4] - In Q1 2025, revenue continued to grow, reaching 4.658 billion yuan, a 27.74% increase year-on-year, with net profit attributable to shareholders increasing by 35.68% [2] Financial Performance - Revenue for 2024 was 23.343 billion yuan, up from 19.650 billion yuan in 2023, reflecting an 18.79% increase [3] - Gross profit for 2024 was 9.952 billion yuan, compared to 8.384 billion yuan in 2023, also showing an 18.70% increase [3] - Net profit attributable to shareholders was 560 million yuan, down 14.76% from 657 million yuan in 2023, while net profit excluding non-recurring items increased by 59.32% to 188 million yuan [3] Business Strategy and Structure - The company optimized its business structure by focusing on consumer (C-end), business (B-end), and government (G-end) sectors, leading to improved sales collection rates [3][4] - Revenue from core sectors such as consumer, education, automotive, and healthcare grew by 27.58%, 29.94%, 42.16%, and 28.18% respectively [3] - The company reduced its production lines from 60 to 46 to enhance efficiency and focus on core business areas [4] Research and Development - R&D expenditure reached 4.58 billion yuan in 2024, accounting for 19.62% of revenue, with a strategy to balance innovation and profitability [5] - The company is implementing a "1+N" strategy in AI, focusing on developing industry applications based on a self-controlled foundational model [5] - The launch of the upgraded "Xunfei Spark Deep Reasoning Model X1" in Q1 2025 demonstrates the company's commitment to maintaining a technological edge [5] Future Outlook - The company aims to enhance operational efficiency and profit release, indicating a strategic shift from scale expansion to quality improvement [7] - With advancements in foundational model technology and global expansion, the company is positioned to maintain a competitive advantage in the AI sector [7]

Core Viewpoint - The increasing industry concentration is leading to a cooling period for capital investment in foundational large models, prompting iFLYTEK to continue investing in the development of its proprietary foundational models to outperform third-party solutions [1] Financial Performance - iFLYTEK reported a total revenue of 23.34 billion yuan for 2024, marking an 18.79% year-on-year increase, returning to double-digit growth after two years [1] - The net profit for 2024 was 560 million yuan, a decline of 14.78% from the previous year's 657 million yuan [1] - In Q4 2024, iFLYTEK achieved a revenue of 8.49 billion yuan, accounting for 36.4% of the annual revenue, with a net profit of 904 million yuan, representing a 62% year-on-year increase [1] Cash Flow Management - By the end of 2024, iFLYTEK's operating cash flow net inflow reached 2.495 billion yuan, a more than sixfold increase year-on-year, attributed to improved receivables management [2] Business Segments - The "Open Platform and Consumer Business" remained the largest segment for iFLYTEK in 2024, generating 7.885 billion yuan in revenue, a 27.58% increase, accounting for nearly 34% of total revenue [3] - The "Smart Education" segment generated 7.229 billion yuan, a 29.94% increase, and accounted for 31% of total revenue [6] - The "Smart Hardware" segment, including translation devices and recording pens, achieved 2.023 billion yuan in revenue, a 25.07% increase, making up 8.67% of total revenue [6] R&D Investment - iFLYTEK's R&D investment reached 4.58 billion yuan in 2024, a nearly 20% increase year-on-year, reflecting a commitment to enhancing model capabilities [10] - The company plans to continue increasing R&D investments in the coming years, with a focus on the "1+N" strategy for large model development [11] Market Position and Strategy - iFLYTEK ranked first among general large model vendors in 2024 with 91 awarded projects and a disclosed contract amount of 847.81 million yuan [11] - The company has established partnerships with over 20 enterprises, including major state-owned companies, to develop industry-specific large models covering over 300 application scenarios [11] Product Development - iFLYTEK's foundational model, "Xunfei Spark," has undergone multiple upgrades, enhancing its capabilities in text generation, language understanding, and logical reasoning, with performance comparable to leading models from OpenAI and DeepSeek [9][10] - The company emphasizes the importance of learning machines, which are seen as critical for educational outcomes and family development [8]

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Insights - The company reported Q1 2025 revenue of 4.658 billion yuan, exceeding expectations with a year-on-year growth of 27.7% [6] - The core segments, particularly education and open platform businesses, showed strong growth, with education revenue increasing by 29.94% and open platform revenue by 31.33% [6] - The company has significantly improved its cash flow, with operating cash flow reaching a historical high of 2.495 billion yuan, up 613.4% year-on-year [6] - The company continues to invest heavily in R&D, with a 19.37% increase in R&D expenditure [6] Financial Data and Profit Forecast - Total revenue for 2024 is projected at 23.343 billion yuan, with a year-on-year growth rate of 18.8% [5] - The net profit attributable to shareholders is expected to be 560 million yuan in 2024, reflecting a decrease of 14.8% [5] - The company anticipates a net profit of 969 million yuan in 2025, representing a 73% increase [5] - The gross margin is expected to stabilize around 41.4% in 2025 [5] Business Segment Performance - The education segment accounted for 30.97% of total revenue in 2024, with a revenue of 7.229 billion yuan [7] - The AI language learning machine segment added 3.55 million new paying users in 2024, a growth of 35% [6] - The enterprise AI solutions segment saw a remarkable growth of 122.56% [6] Market Position and Competitive Advantage - The company has upgraded its Spark model and is leading in the number and value of contracts won in the large model sector [6] - The company’s proprietary large model capabilities are expected to provide a competitive edge in the face of increasing international competition [6]

Investment Rating - The report assigns an "Accumulate" rating to the company, indicating a potential increase of 5% to 15% relative to the CSI 300 index over the next six months [42]. Core Views - The company achieved a revenue of 23.34 billion yuan in 2024, representing a year-on-year growth of 18.79%, while the net profit attributable to shareholders decreased by 14.78% to 560 million yuan [5][9]. - The company has established a significant advantage in the AI industry, particularly in the education sector, with a 29.94% growth in its smart education business, which accounts for 31% of total revenue [6][9]. - The company has made substantial investments in R&D, amounting to 4.58 billion yuan in 2024, which is 19.62% of its revenue, indicating a commitment to maintaining competitive advantages in AI model development [9][40]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 23.34 billion yuan, with a net profit of 560 million yuan, and a basic earnings per share of 0.24 yuan [5][9]. - The company’s operating cash flow reached a historical high of 2.50 billion yuan in 2024, showing significant improvement in cash flow management [9]. Business Segments - The smart education segment grew by 29.94% with a gross margin of 54.94%, while the open platform business also saw a growth of 31.33% [6]. - The intelligent hardware segment grew by 25.07%, and other sectors such as automotive AI and healthcare showed remarkable growth rates of 42.16% and 28.18%, respectively [6]. AI Development - The company has developed a comprehensive AI model strategy, including a foundational model and various industry-specific models, achieving significant milestones in AI capabilities [6][7]. - The company has been proactive in establishing domestic computing power platforms, which enhances its competitive edge in AI model training [6][9]. Market Position - The company ranked first in the number of projects and contract amounts in the national model application market, indicating a strong market position [6][9]. - The company has established partnerships with major tech firms like Huawei, enhancing its capabilities in AI and computing power [6][9].