"过去几年公司由于实体清单限制，在人工智能训练算力资源上相对国内同行还有一定差距；"10月22日，在交出一份净利润大增的季度业绩后，科大讯 飞在与投资者互动时表示，"公司目前处在核心技术产业化的关键阶段，公司盈利能力还有待提升。我们会继续脚踏实地推进技术进步与产业发展，把握好 人工智能产业爆发的关键机遇期。" 根据科大讯飞三季报，2025年第三季度，公司实现营业收入60.78亿元，同比增长10.20%；归母净利润1.72亿元，同比增长202.40%；扣非归母净利润 2623.89万元，同比增长76.50%。营业收入、归母净利润、扣非净利润、经营性现金流等各项核心经营指标均保持正向增长，且第三季度当季度净利润、现 金流均实现转正。 得益于第三季度的增长，科大讯飞前三季度实现营业收入169.89亿元，同比增长14.41%；归母净利润-6667.54万元，亏损同比收窄80.60%；扣非归母净 利润-3.38亿元，同比收窄27.83%。 | | 本报告期 | 本报告期比上 年同期增减 | | --- | --- | --- | | 营业收入(元) | 6,078,496,951.37 | 10.02% | | 归属于 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company reported a revenue of 16.989 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 14.41%. The net profit attributable to shareholders was -0.067 billion yuan, showing a significant reduction in losses with a year-on-year increase of 80.60%. In Q3 2025, the company achieved a revenue of 6.078 billion yuan, a year-on-year growth of 10.02%, and a net profit of 0.172 billion yuan, reflecting a remarkable year-on-year growth of 202.40% [1][2] - The core business continues to show robust growth, with net profit and cash flow turning positive in Q3 2025. The company’s operating cash flow net amount reached 0.895 billion yuan, a year-on-year increase of 25.19% [2] - The company is committed to investing in AI large model research and development, maintaining its leading position in the artificial intelligence industry. The upgraded version of "Xunfei Xinghuo X1" launched on July 25, 2025, has achieved significant advancements in various areas while maintaining a competitive edge [2] - The company ranked first in the industry for the number and amount of large model project bids from January to September 2025, with a bid amount of 0.545 billion yuan in Q3, which is 1.88 times that of the combined total of the second to fifth places [2] - The company is projected to have EPS of 0.40, 0.52, and 0.65 yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 130.84, 100.65, and 80.32, maintaining a "Buy" rating [2][3] Financial Summary - For 2025, the total revenue is expected to be 28.125 billion yuan, with a year-on-year growth rate of 20.5%. The net profit attributable to shareholders is projected to be 0.929 billion yuan, reflecting a year-on-year growth of 65.9% [3] - The gross profit margin is expected to remain stable at around 42.4% to 42.5% from 2025 to 2027 [3] - The return on equity (ROE) is projected to increase from 5.1% in 2025 to 7.3% in 2027 [3]

Core Viewpoint - The company iFlytek (002230.SZ) maintains a strong collaborative relationship with Moerthred in the field of artificial intelligence [1] Group 1 - iFlytek has expressed its commitment to ongoing cooperation with Moerthred in the AI sector [1]

Core Viewpoint - The company has made significant investments in optimizing the training and inference cost efficiency of its large models under limited computing resources, focusing on a fully domestic computing power route rather than relying on NVIDIA cards [1] Group 1: Technological Advancements - Since May 2023, the company has collaborated with Huawei to overcome various technical challenges, including high-speed interconnection networking, hidden computing communication, strong interaction in training and inference, high-throughput inference optimization, and domestic operator optimization [1] - The training efficiency of general large models and deep inference models has improved from an initial 30%-50% to over 85%-95%, benchmarked against NVIDIA's A100 [1] Group 2: Cost Efficiency - As domestic computing power continues to enhance its foundational capabilities, there remains significant potential for further reductions in the training costs of the company's models [1]

人民财讯10月22日电，科大讯飞（002230）10月22日在互动平台表示，科大讯飞与摩尔线程在人工智能 领域始终保持良好合作。 ...

Core Viewpoint - Company and Moore Threads maintain a good cooperative relationship in the field of artificial intelligence [1] Summary by Categories Company Information - On October 22, 2023, the company confirmed its ongoing collaboration with Moore Threads in the artificial intelligence sector [1]

Group 1 - Sanfu Co., Ltd. (603938.SH) reported that the revenue from storage chips accounts for less than 1% of its total operating income [1] - Ningde Times (300750.SZ) achieved a net profit of 18.549 billion yuan in the third quarter, representing a year-on-year growth of 41.21% [1] - China Shipbuilding (600150.SH) expects a year-on-year increase of 104.30% in net profit for the first three quarters, reaching 12.639 billion yuan [2] - iFlytek (002230.SZ) reported a year-on-year growth of 202.4% in net profit for the third quarter [2] Group 2 - Yucai Resources (002998.SZ) plans to invest 150 million yuan in the construction of a composite new materials production base project [1] - Dashi Intelligent (002421.SZ) won a smart transportation project contract worth 96 million yuan [1] - GQY Vision (300076.SZ) is acquiring 70% of Taihen Optoelectronics [1] - Dongtu Technology (300353.SZ) intends to purchase 100% of Gaoweike's equity and raise matching funds, leading to a stock suspension [1] - Changhong Huayi (000404.SZ) has repurchased 1.03% of its shares [1] - Junsheng Electronics (600699.SH) has a subsidiary that recently secured a project for automotive intelligent electrification [2] - Jinxinno (300252.SZ) plans to raise no more than 292 million yuan through a private placement for the expansion of data center high-speed interconnection products [2]

10月22日，三大指数震荡修整，相关ETF方面，机器人指数ETF （560770）低开高走，截至发稿，该 ETF持续走强上涨1.01%，盘中现溢价。成份股方面，中信重工三连板涨停，秦川机床、华中数控涨超 3%，石头科技、汇川技术、伟创电气上涨2%。 据wind金融终端显示，截至10月21日，10月以来，机器人指数ETF（560770）获资金净申购超5亿元， 最新规模突破19.2亿元，再创上市以来新高！ 资料显示，机器人指数ETF（560770）追踪中证机器人指数，选取系统方案商、数字化车间与生产线系 统集成商、自动化设备制造商、自动化零部件商以及其它机器人相关上市公司证券作为指数样本，以反 映上市公司中机器人相关证券的整体表现。据中证指数官网，其前十大成份股涵盖了汇川技术、科大讯 飞、石头科技、大华股份、中控技术、大族激光、双环传动、科沃斯、机器人、云天励飞。 国泰海通证券指出，近期外部扰动不会终结趋势，回调即是增配A股机器人、半导体等创新产业的机 会。中国的AI创新提速，新兴科技仍是主线，我们认为市场风格仍将聚焦产业发展、"反内卷"和稳定价 值。 （文章来源：21世纪经济报道） 兴业证券最新研报指出，10月 ...

10月22日，机器人、电子等赛道低开高走。 热门ETF中，机器人ETF（159770）盘中翻红，截至发稿上涨0.76%，成交额超1亿元，交投活跃。成分 股中，中信重工涨停、华中数控、金自天正等多股跟涨。 值得注意的是，该ETF昨日获净申购达5600万份，近4个交易日连续获资金净流入累计超2.2亿元。 机器人ETF（159770）紧密跟踪中证机器人指数，行业配置包括制造业与信息传输、软件和信息技术服 务业等，重仓股含汇川技术、科大讯飞、石头科技等。该ETF还配备了2只场外联接基金（A类： 014880；C类：014881）。 消息面上，政策端，10月21日，广东发文指出，实施先进装备攻关等行动，加快工业大模型与数控机 床、机器人、网络终端设备、工业控制设备、传感与检测设备等深度融合。 电子方面，电子ETF（159997）低开高走，截至发稿跌幅收窄至0.79%，成交额超2500万元。成分股 中，电连技术、华工科技涨幅靠前。 Wind数据显示，该ETF已连续两日获资金净流入，累计"吸金"超2200万元。 电子ETF（159997）跟踪中证电子指数，该指数以中证全指为样本空间，选取涉及半导体产品与设备生 产、电脑存储 ...

Investment Rating - The report maintains a "Recommended" investment rating for the company [1][14]. Core Views - The company has shown continuous improvement in its performance for the third quarter of 2025, with a revenue of 16.989 billion yuan, representing a year-on-year growth of 14.41%. The net profit attributable to shareholders was -0.067 billion yuan, significantly reducing losses compared to -0.344 billion yuan in the same period last year [5][9]. - The "Xunfei Spark" large model has demonstrated industry-leading performance, with significant advancements in applications across various sectors such as education and healthcare. The model's capabilities have been enhanced while maintaining a competitive edge over global counterparts [9][10]. - The company has achieved the highest number and value of bids for large model projects in the industry, with a third-quarter bid amount of 0.545 billion yuan, which is 1.88 times that of the combined total of the second to fifth places [10]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported a revenue of 16.989 billion yuan, a 14.41% increase year-on-year. The third quarter alone saw a revenue of 6.078 billion yuan, up 10.02% year-on-year, and a net profit of 0.172 billion yuan, marking a 202.40% increase [5][9]. - The gross margin for the first three quarters of 2025 was 40.28%, remaining stable compared to 40.45% in the previous year. The operating cash flow for the third quarter was 0.895 billion yuan, reflecting a 25.19% increase [9]. Revenue and Profit Forecast - The company’s revenue is projected to grow from 23.343 billion yuan in 2024 to 40.932 billion yuan in 2027, with corresponding net profits expected to rise from 0.914 billion yuan to 1.548 billion yuan over the same period [7][11]. - The earnings per share (EPS) are forecasted to increase from 0.40 yuan in 2025 to 0.67 yuan in 2027, with price-to-earnings (P/E) ratios decreasing from 133.1 to 78.6 during this time [11][12]. Market Position and Competitive Advantage - The company is recognized as a leading player in the artificial intelligence sector, with a focus on self-controlled core technologies. The continuous iteration and upgrade of the "Xunfei Spark" model are expected to provide substantial growth opportunities for the company's future [10][12]. - The number of developers engaged with the "Xunfei Spark" ecosystem has seen rapid growth, with over 1.22 million new developers added in the first three quarters of 2025, including 690,000 specifically for large model development [10].