IFLYTEK(002230) 国泰君安·2024-04-26 12:32Investment Rating - The report maintains a "Buy" rating with a target price adjusted to 57.79 CNY, down by 28.10 CNY [2]. Core Insights - The company has shown positive growth in revenue and gross profit despite high investment levels, with 2023 revenue reaching 19.65 billion CNY, a year-on-year increase of 4.41%, and a net profit of 0.66 billion CNY, up 17.12% year-on-year [2]. - The proportion of C-end revenue is increasing significantly, with the revenue share from open platforms and consumer business reaching 31.5% in 2023 [2]. - The company is positioned in the first tier of China's large model industry, with continuous investment in computing power and algorithms, maintaining a leading edge [2]. Summary by Sections Revenue and Profit Forecast - The company is expected to achieve revenues of 22.83 billion CNY, 26.46 billion CNY, and 30.44 billion CNY from 2024 to 2026, with corresponding net profits of 0.89 billion CNY, 1.00 billion CNY, and 1.33 billion CNY [8][9]. - The revenue growth rates for the open platform and consumer business are projected at 20.92%, 20.39%, and 21.48% from 2024 to 2026 [7][9]. - The education sector is expected to see revenue growth of 9.90% for both 2024 and 2025, and 5.09% in 2026 [8][9]. Business Segments - In the smart driving sector, the company has developed a full-function L2.9 smart driving solution, with expected revenue growth of 40.00%, 30.00%, and 30.00% from 2024 to 2026 [8][9]. - The smart healthcare segment is projected to grow at 20.00%, 15.00%, and 15.00% from 2024 to 2026, maintaining a gross margin of around 52% [8][9]. - The smart finance segment is anticipated to grow at 25.00% for 2024 and 2025, and 20.00% in 2026, with a stable gross margin of about 50% [8][9]. Valuation - The report employs both PE and PS valuation methods, concluding a reasonable market value of 133.8 billion CNY, corresponding to a target price of 57.79 CNY based on a PE of 150 for 2024 [10][12].