Speechocean(688787) Huachuang Securities·2025-05-15 05:20Investment Rating - The report maintains a "Recommendation" rating for the company, expecting it to outperform the benchmark index by 5% or more in the next 3-6 months [2][18]. Core Insights - In 2024, the company achieved total revenue of 237 million yuan, a year-on-year increase of 39.45%, and a net profit attributable to shareholders of 11.34 million yuan, marking a significant turnaround with a growth of 137.31% [2][8]. - The company’s data labeling business continues to show strong growth, particularly in the fields of autonomous driving and multimodal applications, with a notable increase in revenue from overseas markets [2][8]. - The company is expected to benefit from the AI wave, with projected revenues for 2025-2027 of 300 million, 381 million, and 466 million yuan, respectively, corresponding to growth rates of 26.6%, 27%, and 22% [2][8]. Financial Summary - 2024 Financial Performance: - Total revenue: 237 million yuan - Year-on-year growth: 39.5% - Net profit: 11 million yuan - Year-on-year growth: 137.3% - Gross margin: 66.46%, up 10.45 percentage points [4][8]. - 2025 Financial Projections: - Expected total revenue: 300 million yuan - Expected net profit: 26 million yuan - Expected EPS: 0.43 yuan [4][8]. - 2026 and 2027 Projections: - 2026 expected revenue: 381 million yuan, net profit: 30 million yuan - 2027 expected revenue: 466 million yuan, net profit: 33 million yuan [4][8]. Market Position and Strategy - The company has deepened its global layout, with overseas revenue reaching 114 million yuan in 2024, a year-on-year increase of 89.53%, accounting for 48.1% of total revenue [2][8]. - The company has made significant advancements in its core technology areas, particularly with its self-developed "DOTS-AD" autonomous driving data platform, enhancing its competitiveness in the smart driving market [2][8].