IFLYTEK(SZ:002230) ZHESHANG SECURITIES·2025-01-15 08:23Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The report highlights that the company is a leading domestic AI large model provider, with comprehensive layouts in AI + education, healthcare, and automotive industries, and has entered the commercialization phase. Future AI application penetration is expected to accelerate, driving revenue and profitability beyond expectations [1][2]. Summary by Relevant Sections Company Strategy and Structure - The company adheres to a "platform + track" strategy, building a multidimensional business ecosystem centered around generative AI. It has won 91 projects related to its general large model in 2024, with a total bid amount of 848 million yuan, ranking first in all three metrics [2][24]. - The company's stable shareholding structure includes China Mobile as the largest shareholder, holding 10.03% of shares, while the founder, Liu Qingfeng, holds 5.55% [21][23]. Market and Financial Performance - The AI + industry application commercialization process is accelerating, with significant growth expected in market size across education, healthcare, and industrial sectors. The average gross margin of seven overseas AI application companies reached 81.33% in Q3 2024, indicating improved operational quality due to AI empowerment [1][3]. - The company is projected to achieve revenues of 234.69 billion yuan, 297.33 billion yuan, and 368.59 billion yuan from 2024 to 2026, with year-on-year growth rates of 19.44%, 26.69%, and 23.97%, respectively [11][13]. Business Segments and Innovations - The company has established a comprehensive service matrix across G, B, and C ends in education, with over 60 cities implementing its "tailored teaching" solutions. The AI grading machine significantly reduces grading time from 90 minutes to 5 minutes [27][28]. - In the healthcare sector, the company has maintained a leading position in AI + medical services, with a contract value of 0.67 billion yuan for grassroots medical services, reflecting a year-on-year growth of 22.7% [44]. Competitive Position - The company ranks fifth globally in the smart voice market with an 8.1% market share and leads the domestic market with a 44.2% share, significantly ahead of competitors like Baidu and Apple [36][39]. - In the automotive sector, the company holds a 42.3% market share in the domestic voice-activated systems, reinforcing its position as a market leader [45].