IFLYTEK(SZ:002230) ZHONGTAI SECURITIES·2024-10-29 03:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights the launch of iFlytek Spark 4.0 Turbo, which accelerates commercial applications across various sectors including automotive, healthcare, and legal [1] - The company has made significant advancements in its AI capabilities, with the Spark model showing competitive performance against GPT-4o in multiple tasks [1] - The report anticipates revenue growth for the company, projecting revenues of 23,074 million in 2024, 26,608 million in 2025, and 30,651 million in 2026, reflecting a year-on-year growth rate of 17% in 2024 and 15% in the following years [1][2] Financial Summary - Revenue (in million): - 2023A: 19,650 - 2024E: 23,074 - 2025E: 26,608 - 2026E: 30,651 [1][2] - Net Profit (in million): - 2023A: 657 - 2024E: 503 - 2025E: 731 - 2026E: 1,060 [1][2] - Earnings Per Share (EPS): - 2024E: 0.22 - 2025E: 0.32 - 2026E: 0.46 [2] - Return on Equity (ROE): - 2024E: 3% - 2025E: 4% - 2026E: 6% [1][2] Market Position and Developments - The company has established a robust ecosystem with over 7 million developer teams, and its Spark GMV has increased by 50% year-on-year [1] - The report notes that the company is expanding its application scenarios and has launched multiple large models for various industries [1] - The AI capabilities of the company are positioned as leading within the industry, with ongoing investments in research and development [1][2]