科大讯飞2024年营收实现双位数增长，核心业务保持高增，X1再升级筑牢技术护城河

Core Insights - Company achieved a total revenue of 23.34 billion yuan in 2024, marking an 18.79% year-on-year growth, returning to double-digit growth after two years [2] - The company's net profit attributable to shareholders reached 560 million yuan, with a significant increase in cash flow, which surged over six times year-on-year, setting a historical high [1][4] Business Performance - The consumer and education sectors showed strong growth, with the open platform and consumer business generating 7.89 billion yuan, a 27.58% increase [2] - The open platform revenue reached 5.17 billion yuan, growing by 31.33%, with over 806 AI capabilities and more than 2.94 million AI applications developed [2] - Smart hardware revenue was 2.02 billion yuan, up 25.07%, while the education segment generated 7.23 billion yuan, reflecting a 29.94% increase [3] Sector Growth - The automotive, medical, and enterprise AI solutions sectors reported revenues of 989 million yuan, 692 million yuan, and 643 million yuan, respectively, with growth rates of 42.16%, 28.18%, and 122.56% [4] - The AI learning machine became a highlight product, with sales growth exceeding 100% in the first three quarters of 2024 [3] Financial Health - The company reported a net operating cash flow of 2.495 billion yuan, a growth of over six times year-on-year, attributed to improved accounts receivable management [4] - In Q1 2025, the company recorded a revenue of 4.658 billion yuan, a 27.74% increase, with net profit and non-recurring net profit growing by 35.68% and 48.29%, respectively [4] R&D Investment - The company invested 4.58 billion yuan in R&D in 2024, a 19.37% increase, representing 19.62% of total revenue [5] - Continuous investment in large model research and development has solidified the company's leading position in the AI industry [5][6] Technological Advancements - The company launched the upgraded Starfire X1 model, achieving significant improvements in various tasks while maintaining a smaller parameter size compared to industry peers [7] - The Starfire model remains the only domestically trained general model available for public download, showcasing the company's commitment to self-sufficiency in AI technology [6]