IFLYTEK(002230) 浙商证券·2024-06-28 08:02Investment Rating - The investment rating for the company is "Buy" [8] Core Insights - The company has launched the Xunfei Spark Model V4.0, which fully benchmarks against GPT-4 Turbo, showcasing significant upgrades in AI applications across education, office, and healthcare sectors [3][4] - The Xunfei Spark Model V4.0 demonstrates superior capabilities in complex instruction and logical reasoning compared to GPT-4 Turbo, particularly in financial, medical, and judicial applications [3] - The company has introduced the Spark Intelligent Grading Machine, enhancing AI applications in education, which is expected to significantly improve teacher efficiency [4] - The Xunfei Xiaoyi APP has been upgraded to include a personal digital health space, covering 1,600 common diseases and 2,800 common medications, with a total download of 12 million [5] - The launch of the Spark Enterprise Intelligent Agent Platform allows businesses to quickly build intelligent applications tailored to their operational needs [6] - Revenue projections for 2024-2026 are estimated at 24.31 billion, 29.38 billion, and 35.02 billion yuan, with year-on-year growth rates of 23.71%, 20.86%, and 19.20% respectively [7][10] - The corresponding net profit for the same period is projected to be 1.30 billion, 2.02 billion, and 2.52 billion yuan, with growth rates of 97.63%, 55.13%, and 25.04% respectively [7][10] Summary by Sections Basic Data - Closing price is ¥43.14, with a total market capitalization of 99,728.21 million yuan and total shares outstanding of 2,311.73 million [1][2] Investment Highlights - The company has made significant advancements in AI technology, particularly with the release of the Xunfei Spark Model V4.0, which enhances its competitive edge in various sectors [3][4][5][6] Financial Forecast - The company is expected to see substantial revenue and profit growth over the next few years, indicating a strong financial outlook [7][10]