科大讯飞：B 端及C端业务持续向好，拟发行票据补充资金

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [3][10]. Core Views - The company reported a revenue of 9.32 billion RMB for the first half of 2024, representing a year-on-year growth of 18.9%. However, the net profit attributable to the parent company was -480 million RMB, a loss that expanded by 58.9% compared to the previous year [1]. - The B-end and C-end businesses showed strong growth, while the G-end business faced challenges. The education business revenue grew by 25.1%, automotive smart networking revenue increased by 65.5%, and smart hardware revenue rose by 56.6%. However, G-end business revenues declined significantly [2]. - The company plans to issue mid-term notes of up to 5 billion RMB to supplement working capital and has expressed confidence in future growth by announcing stock purchases by top executives [2]. Summary by Sections Performance Review - In Q2 2024, the company achieved a revenue of 5.68 billion RMB, a 14.6% increase year-on-year, with a gross profit of 2.36 billion RMB, up 21.7%. The net profit attributable to the parent company was -40 million RMB, marking a shift to a loss compared to the same period last year [1]. Operational Analysis - The education segment generated 2.86 billion RMB in revenue, up 25.1%. The automotive smart networking segment saw a 65.5% increase to 350 million RMB, while the smart hardware segment grew by 56.6% to 900 million RMB. The open platform revenue reached 2.34 billion RMB, a 47.9% increase, although its gross profit margin declined by 4.4% [2]. - The G-end business, including digital government and smart justice, faced revenue declines of 36.3% and 2.0%, respectively [2]. Profit Forecast, Valuation, and Rating - The company is projected to achieve revenues of 23.13 billion RMB, 26.99 billion RMB, and 31.07 billion RMB for 2024, 2025, and 2026, respectively, with growth rates of 17.7%, 16.7%, and 15.1%. The net profit attributable to the parent company is expected to be 170 million RMB in 2024, with a significant recovery in subsequent years [3].