IFLYTEK(002230) 国投证券·2024-08-31 03:01Investment Rating - The report maintains a Buy-A rating for the company with a 6-month target price of 49.36 RMB, representing a 5x dynamic price-to-sales ratio for 2024 [5][10] Core Views - The company achieved revenue growth of 18.91% YoY in H1 2024, reaching 9.325 billion RMB, with Q2 revenue growing 14.62% YoY to 5.678 billion RMB [2] - Despite revenue growth, net profit attributable to shareholders declined significantly by 644.59% YoY to -401 million RMB in H1 2024, mainly due to increased investment in large model R&D and industrial application [2][8] - The company's large model technology is gradually entering the application stage, with significant progress in both To B and To C businesses [2][3] Business Performance Education Products and Services - Revenue from education products and services grew 25.14% YoY to 2.86 billion RMB in H1 2024 [3] - The company launched several AI teaching products, including the Spark Smart Blackboard with Spark Large Model 4.0 and the Spark Intelligent Grading Machine [3] - The "Personalized Education" solution has been applied in over 60 cities and districts, with intelligent grading technology used in 14 provinces for college entrance exams [3] Open Platform and Consumer Business - Open platform revenue increased 47.92% YoY to 2.345 billion RMB in H1 2024 [3] - Smart hardware revenue grew 56.61% YoY to 900 million RMB [3] - The platform has attracted over 706,000 developers and 2.48 million applications, with 580,000 large model developers since September 2023 [3] Other B2B Businesses - Smart automotive business revenue increased 65.49% YoY to 352 million RMB [3] - Smart healthcare business revenue grew 18.80% YoY to 228 million RMB [3] - The company has established partnerships with major enterprises across various industries for large model applications [3] Technology Development - The company released Spark Large Model V4.0 in June 2024, achieving performance comparable to GPT-4 Turbo in multiple benchmarks [9] - The Spark Large Model app has reached 140 million downloads on Android [9] - The company launched its first open-source large model, Spark Open Source-13B, in January 2024 [9] - Collaboration with Huawei has resulted in the development of a domestic computing platform capable of supporting trillion-parameter model training [9] Financial Projections - The report forecasts 2024/2025/2026 revenues of 22.826/26.161/29.799 billion RMB [10][11] - Net profit attributable to shareholders is projected to be 513/685/900 million RMB for 2024/2025/2026 [10][11] - The company's gross margin remained stable at 40.19% in H1 2024 [4]