Speechocean(688787) China Post Securities·2025-05-30 08:23Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][10]. Core Insights - The company is recognized as a leading AI training data provider in China, with a significant uptick in performance driven by the rapid development of large model technologies and the increasing demand for multilingual and natural language processing services [5][6]. - The company has established a strong competitive edge through its standardized dataset products, with over 1,700 proprietary training datasets available, catering to various AI core fields [7]. - Strategic collaborations with government entities and local operators are underway to build a "trusted data space," enhancing data governance and circulation systems [8]. - A partnership with Huawei has led to the launch of the Deepseek data flywheel intelligent agent, which integrates high-performance hardware and software for comprehensive data processing solutions [9]. Financial Performance - In 2024, the company achieved a revenue of 237 million yuan, representing a year-on-year growth of 39.45%, with a net profit attributable to shareholders of 11.34 million yuan [6][10]. - The first quarter of 2025 saw a rapid revenue increase of 71.75% year-on-year, reaching approximately 69.81 million yuan, with a turnaround to profitability [6]. - Forecasts for 2025-2027 predict earnings per share (EPS) of 0.33, 0.49, and 0.70 yuan, with corresponding price-to-earnings (P/E) ratios of 290.74, 192.52, and 135.94 [10][11].