IFLYTEK(SZ:002230) GUOTAI HAITONG SECURITIES·2025-09-05 09:24Investment Rating - The investment rating for the company is "Accumulate" with a target price of 66.75 CNY per share [6]. Core Views - The company has shown significant improvement in its performance in the first half of 2025, with a notable reduction in losses. The demand for smart education is recovering, and the AI consumer business is expanding, indicating a positive long-term growth outlook for the company [2][12]. Financial Summary - Total revenue for 2023 is projected at 19.65 billion CNY, with a year-on-year growth of 4.4%. Revenue is expected to reach 28.06 billion CNY in 2025, reflecting a growth rate of 20.2% [4]. - The net profit attributable to the parent company is forecasted to be 845 million CNY in 2025, a significant increase of 50.8% compared to 2024 [4]. - The earnings per share (EPS) is expected to rise to 0.37 CNY in 2025, with a projected return on equity (ROE) of 4.6% [4][13]. Revenue Breakdown - The revenue from the smart education segment is expected to reach 72.29 billion CNY in 2024, growing by 24% year-on-year, and maintaining a gross margin of 55% [14]. - The enterprise AI solutions segment has shown remarkable growth, with revenue expected to increase by 349.92% year-on-year, reaching 4.39 billion CNY [12][14]. - The overall revenue forecast for the company is 280.56 billion CNY in 2025, with a year-on-year growth of 20% [14].