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 Insights - 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 a loss of 480 million RMB, which is a 58.9% increase in losses compared to the previous year [1]. - The second quarter of 2024 saw a revenue of 5.68 billion RMB, with a year-on-year growth of 14.6%. The gross profit for this quarter was 2.36 billion RMB, reflecting a 21.7% increase, but the net profit attributable to the parent company turned into a loss of 40 million RMB [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% to 2.86 billion RMB, and the automotive smart networking revenue surged by 65.5% to 350 million RMB. However, the G-end business saw declines in revenue across various sectors [2]. Summary by Relevant Sections Performance Review - For the first half of 2024, the company achieved a revenue of 9.32 billion RMB, with a gross profit of 3.75 billion RMB, marking a 19.1% increase year-on-year. The net profit attributable to the parent company was a loss of 480 million RMB, which is a 58.9% increase in losses compared to the previous year [1]. Operational Analysis - The education segment generated 2.86 billion RMB, up 25.1% year-on-year. The automotive smart networking segment saw a 65.5% increase to 350 million RMB. The smart hardware segment grew by 56.6% to 900 million RMB, while the open platform revenue increased by 47.9% to 2.34 billion RMB. However, the G-end business faced revenue declines of 36.3%, 21.8%, and 2.0% in digital government, information engineering, and smart justice sectors, respectively [2]. Profit Forecast and Valuation - 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].