IFLYTEK(SZ:002230) GOLDEN SUN SECURITIES·2025-04-22 09:24Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Insights - The company reported a healthy performance in its 2024 annual report and 2025 Q1 report, achieving a revenue of 23.343 billion yuan in 2024, with a year-on-year growth rate of 18.79%. In Q1 2025, the revenue grew by 27.74% compared to the same period last year, indicating strong AI implementation capabilities [1]. - The enterprise AI solutions business experienced rapid growth, with a year-on-year increase of 122.56% in 2024, becoming the fastest-growing segment. The company has partnered with over 20 leading enterprises to release industry-specific large models, covering more than 300 application scenarios [2]. - The company continues to invest in AI research and development, enhancing its technological barriers. The latest upgrades to its large model have surpassed GPT-4Turbo in several core capabilities, and it has initiated a fully domestic training and inference platform [3]. Financial Performance Summary - In 2024, the company achieved a revenue of 23.343 billion yuan, with a year-on-year growth rate of 18.79%. The projected revenues for 2025, 2026, and 2027 are 28.169 billion yuan, 34.831 billion yuan, and 43.363 billion yuan, respectively, with growth rates of 20.7%, 23.6%, and 24.5% [5]. - The net profit attributable to the parent company for 2024 was 560 million yuan, with projections of 871 million yuan, 1.203 billion yuan, and 1.491 billion yuan for 2025, 2026, and 2027, respectively, reflecting growth rates of -14.8%, 55.5%, 38.1%, and 24.0% [5]. - The latest diluted EPS for 2024 is 0.24 yuan per share, with projections of 0.38 yuan, 0.52 yuan, and 0.64 yuan for the following years [5].