科大讯飞：业务结构持续优化，大模型应用行业领先

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 [4][11]. 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%, while the net profit attributable to the parent company was -470 million yuan, a decline of 44.4% year-on-year [2]. - In Q3 alone, the company achieved a revenue of 5.52 billion yuan, up 15.8% year-on-year, and turned a profit with a net profit of 15 million yuan [2]. - The company is focusing on optimizing its revenue structure, particularly in the "B+C" business segment, with significant growth in education and consumer services [3]. - The company is actively investing in large model research and development, with successful collaborations with major industry players [3]. Revenue and 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 [4][7]. - The net profit forecast for the same period is projected to be 220 million, 730 million, and 1.35 billion yuan, with growth rates of -66.3%, 231.0%, and 83.8% respectively [4][7]. Business Performance - The company's education business revenue grew by 22%, with sales of learning machines increasing by over 100% [3]. - The open platform and consumer business revenue surged by 44%, with smart hardware and open platform revenues growing by 41% and 50% respectively [3]. - The smart automotive business experienced a growth of 49%, offsetting declines in G-end businesses such as smart cities and information engineering [3]. Market Position - The company holds the top market share in high-end learning machines and online sales, maintaining its leading position in the market [3]. - The "Xunfei Xinghuo" app has surpassed 190 million downloads, ranking as the top general-purpose large model app in China [3]. Upcoming Developments - The company plans to upgrade its large model capabilities on October 24, 2024, with significant improvements expected in mathematics, coding, and long-text generation capabilities [3].