IFLYTEK(SZ:002230) Tai Ping Yang·2025-05-02 10:23Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on the last closing price of 46.93 [1]. Core Insights - The company has demonstrated rapid revenue growth, with a reported revenue of 233.43 billion yuan in 2024, reflecting an 18.79% year-on-year increase. The first quarter of 2025 showed a revenue of 46.58 billion yuan, marking a 27.74% increase year-on-year [4][5]. - The company continues to iterate its AI models, with significant upgrades to its "Xunfei Spark" deep reasoning model, which now competes with leading models like OpenAI's GPT-4 Turbo [6]. - The company is focused on the application of AI across various sectors, including education, healthcare, and smart hardware, and is exploring cost-effective solutions for enterprise digital transformation [6]. Financial Summary - The company's revenue is projected to grow from 27,780 million yuan in 2025 to 40,500 million yuan in 2027, with corresponding growth rates of 19.01% and 21.26% [8]. - The net profit is expected to increase significantly from 912 million yuan in 2025 to 1,915 million yuan in 2027, with growth rates of 62.81% and 36.45% respectively [8]. - The diluted earnings per share (EPS) are forecasted to rise from 0.39 yuan in 2025 to 0.83 yuan in 2027 [8].