IFLYTEK(002230) 国金证券·2024-10-20 04:03Investment 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][8]. Core Insights - The company reported a revenue of 14.85 billion yuan for the first three quarters of 2024, a year-on-year increase of 17.7%. The net profit attributable to the parent company was -470 million yuan, a decline of 44.4% year-on-year. In Q3 alone, revenue reached 5.52 billion yuan, up 15.8% year-on-year, with a net profit of 15 million yuan, marking a return to profitability [1]. - The company is focusing on optimizing its revenue structure, particularly in the "B+C" business segment. The education business saw a 22% revenue increase, with sales of learning machines more than doubling. The consumer and open platform business grew by 44%, while the smart automotive sector increased by 49%, offsetting declines in G-end businesses [2]. - The company is committed to investing in large model research and development, with successful collaborations with major industry players. It has achieved the highest number of bids and bid amounts among general large model vendors. The company also leads the market in high-end learning machines and has launched new products to enhance its offerings [2]. Summary by Sections Performance Review - For the first three quarters of 2024, the company achieved a revenue of 14.85 billion yuan, a 17.7% increase year-on-year. The net profit attributable to the parent company was -470 million yuan, down 44.4% year-on-year. In Q3, revenue was 5.52 billion yuan, up 15.8% year-on-year, with a net profit of 15 million yuan, indicating a turnaround [1]. Operational Analysis - The company is actively optimizing its revenue structure, focusing on the "B+C" business model. The education segment grew by 22%, with learning machine sales increasing over 100%. The consumer and open platform business saw a 44% increase, while the smart automotive business grew by 49%, compensating for declines in G-end business revenues [2]. - The company is enhancing its large model capabilities and has established partnerships with leading enterprises across various sectors. It has the highest number of successful bids in the large model market and maintains a leading position in the high-end learning machine market [2]. Profit Forecast - The revenue forecast for 2024-2026 has been adjusted to 23.15 billion, 27.99 billion, and 33.92 billion yuan, reflecting year-on-year growth rates of 17.8%, 20.9%, and 21.2% respectively. The net profit attributable to the parent company is projected to be 220 million, 730 million, and 1.35 billion yuan, with corresponding year-on-year growth rates of -66.3%, 231.0%, and 83.8% [3].