IFLYTEK(SZ:002230) Soochow Securities·2025-04-22 08:03Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a revenue of 23.34 billion yuan for 2024, representing a year-on-year growth of 18.79%. The net profit attributable to shareholders was 560.16 million yuan, a decrease of 14.78% year-on-year, while the non-recurring net profit increased by 59.36% year-on-year, aligning with market expectations. In Q1 2025, the company achieved a revenue of 4.658 billion yuan, a year-on-year increase of 27.74%, with a net loss of 193 million yuan, narrowing the loss by 35.68%, slightly exceeding market expectations [1]. Financial Performance Summary - For 2023A, total revenue was 19.65 billion yuan, with a year-on-year growth of 4.41%. The net profit attributable to shareholders was 657.31 million yuan, reflecting a year-on-year increase of 17.12%. The latest diluted EPS was 0.28 yuan, with a P/E ratio of 159.60 [1]. - The financial forecasts for 2024A to 2027E indicate total revenues of 23.34 billion yuan, 28.21 billion yuan, 33.78 billion yuan, and 40.37 billion yuan respectively, with corresponding year-on-year growth rates of 18.79%, 20.83%, 19.76%, and 19.50% [1][9]. - The net profit attributable to shareholders is projected to be 560.16 million yuan in 2024A, 1.64 billion yuan in 2025E, 1.98 billion yuan in 2026E, and 2.49 billion yuan in 2027E, with growth rates of (14.78)%, 192.38%, 20.87%, and 25.97% respectively [1][9]. Business Growth and Developments - The company's core business segments, including open platforms, smart education, smart automotive, smart healthcare, and enterprise AI solutions, have shown significant growth, with revenue increases of 31.33%, 29.94%, 42.16%, 28.18%, and 122.56% respectively [8]. - The company has secured multiple partnerships with leading enterprises, becoming a major collaborator in large model solutions, with 91 projects won and a total bid amount of 848 million yuan, leading the industry in both project count and bid amount [8]. - The launch of the upgraded "Xunfei Xinghuo X1" model has shown significant improvements in various tasks, positioning it competitively against industry peers [8]. Earnings Forecast and Valuation - The EPS forecasts for 2025E, 2026E, and 2027E have been adjusted to 0.71 yuan, 0.86 yuan, and 1.08 yuan respectively, reflecting the anticipated growth in core business applications and platforms [8].