研报掘金丨中邮证券：维持科大讯飞“买入”评级，C端业务打开增长天花板

Core Viewpoint - The operational quality of iFlytek has significantly improved, with the C-end business opening up growth potential. The company expects to achieve a net profit attributable to shareholders of 785-950 million yuan by 2025, representing a year-on-year increase of 40%-70% [1]. Financial Projections - The company anticipates a non-net profit of 245-301 million yuan, reflecting a year-on-year growth of 30%-60% [1]. Technology and Innovation - iFlytek maintains a self-controlled core technology base, with advancements in AI core technology research and model training systems being further validated [1]. - The "Xunfei Spark" large model is currently the only mainstream large model in China trained on fully domestic computing power, with continuous technical indicators aligning with the global first tier [1]. Industry Impact - The model's effectiveness is leading globally in sectors such as education, healthcare, security, and energy, supporting the international expansion of Chinese artificial intelligence [1]. - The Spark multilingual model covers over 130 languages, providing a strong revenue growth support for the company while offering a second choice to the world [1]. Business Development - The continuous upgrades and iterations of the Spark model are accelerating the commercial rollout at scale [1]. - The company maintains a "buy" rating based on these developments [1].