IFLYTEK(002230) 开源证券·2025-04-25 01:35Investment Rating - The investment rating for the company is "Buy" (maintained) [4][15] Core Views - The company is a leading player in the domestic AI sector, and due to increased R&D investments, the profit forecasts for 2025-2027 have been adjusted downwards. The expected net profits for 2025, 2026, and 2027 are 709 million, 920 million, and 1,184 million respectively, with corresponding EPS of 0.31, 0.40, and 0.51. The current stock price corresponds to P/E ratios of 147.3, 113.6, and 88.3 for the respective years [4][5] - In Q1 2025, the company reported a revenue of 4.658 billion, representing a year-on-year growth of 27.74%. However, the net profit attributable to the parent company was -193 million, showing a year-on-year increase of 35.68% [5][6] Financial Performance Summary - In 2024, the company achieved an operating revenue of 23.343 billion, a year-on-year increase of 18.79%. The net profit attributable to the parent company was 560 million, a decrease of 14.78%. The net cash flow from operating activities increased by 613.4% year-on-year [5][6] - The company has significantly increased its R&D investment in AI, amounting to 740 million, which has led to a rise in R&D expenses by 410 million [6] - The company’s revenue projections for 2025, 2026, and 2027 are 28.868 billion, 36.334 billion, and 45.388 billion respectively, with year-on-year growth rates of 23.7%, 25.9%, and 24.9% [8][11] Key Developments - The company has upgraded its Starfire X1 model, which now competes with leading models from OpenAI and DeepMind in reasoning, text generation, and language understanding tasks. The commercialization of the Starfire model has accelerated, with significant revenue growth in various sectors [7]