IFLYTEK(002230) 中国银河·2024-08-23 07:41Investment Rating - The report assigns a "Buy" rating to the company [3]. Core Insights - The company reported a revenue of 9.325 billion yuan for the first half of 2024, representing a year-on-year growth of 18.91%, but incurred a net loss of 401 million yuan compared to a profit of 73.57 million yuan in the same period last year [1]. - The B-end automotive business showed significant growth, with revenue increasing by 65.49% to 352 million yuan, while the C-end products continued to validate their value with a 43% increase in GMV during the 618 shopping festival [1][2]. - The company is positioned as a national leader in AI, collaborating with Huawei to develop a domestic computing platform, which enhances its capabilities in large model training and application [2]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved a revenue of 9.325 billion yuan, up 18.91% year-on-year, but reported a net loss of 401 million yuan, compared to a profit of 73.57 million yuan in the previous year [1]. - The company adjusted its revenue structure and focused on promoting large model applications, resulting in a gross profit growth of 19.08% [1]. Business Segments - The education segment generated 2.860 billion yuan, growing 25.14% year-on-year; the medical segment reached 228 million yuan, up 18.80%; the open platform saw revenue of 2.344 billion yuan, increasing by 47.92%; smart hardware revenue was 900 million yuan, up 56.61%; and the automotive business achieved 352 million yuan, growing 65.49% [1]. - The C-end product value is being validated, with significant growth in AI learning machines and the launch of the upgraded Spark voice model, which enhances interaction capabilities [1][2]. Strategic Positioning - The company is recognized as a key player in China's AI sector, working on national-level projects and achieving comprehensive autonomy in core technologies [2]. - The partnership with Huawei to create a domestic computing platform is expected to drive the development of large model applications and enhance the company's competitive edge [2].