科大讯飞：营收稳健增长，AI大模型持续商用落地

Investment Rating - The report maintains an "Accumulate" rating for the company, with a target price of 57.65 CNY, unchanged from the previous forecast [4]. Core Insights - The company has demonstrated steady revenue growth, with a year-on-year increase of 18.91% in the first half of 2024, achieving a revenue of 9.325 billion CNY. However, net profit has faced significant pressure, with a decline of 644.59% year-on-year, resulting in a net loss of 470 million CNY [3][9]. - The core business continues to grow healthily, with diverse growth drivers. Key segments such as education, healthcare, open platforms, smart hardware, and automotive have all shown substantial revenue increases, indicating the potential of "AI+" in the Chinese market [9]. - The company is actively advancing the research and commercialization of AI large models, with the latest version, Xunfei Spark V4.0, launched on June 27, 2024, matching the performance of GPT-4 Turbo in Chinese. This model is expected to drive future business growth beyond expectations [9]. Financial Summary - In the first half of 2024, the company reported a revenue of 9.325 billion CNY, with a year-on-year growth of 18.91%. The net profit attributable to shareholders was a loss of 470 million CNY, a significant decrease of 644.59% compared to the previous year [9]. - The company’s R&D expenses increased by 27.40% year-on-year, exceeding 650 million CNY, reflecting its commitment to AI model development and technology independence [9]. - The financial forecast for 2024-2026 estimates earnings per share (EPS) of 0.39 CNY, 0.43 CNY, and 0.57 CNY respectively, with a target price corresponding to a price-to-earnings (PE) ratio of 148 times for 2024 [9][10].