IFLYTEK(002230) 西南证券·2024-04-28 01:30Investment Rating - Buy (Maintained) [1] Core Views - The company's Q1 revenue growth is strong, with continued focus on application deployment [2] - B-end business shows robust growth, with open platform and consumer business performing well [2] - The company is making significant investments in R&D, particularly in large model development, which is expected to strengthen its competitive advantage [2] - The "Spark" large model is continuously iterating, with the V3.5 version approaching the latest level of GPT-4 Turbo in various capabilities [2] - The company is expected to see a performance inflection point, with significant growth potential in AI and multiple application scenarios [2] Financial Performance - 2023 revenue: 19.65 billion yuan, up 4.4% YoY [2] - 2023 net profit attributable to parent company: 657.31 million yuan, up 17.12% YoY [1] - 2024 Q1 revenue: 3.65 billion yuan, up 26.3% YoY [2] - 2024 Q1 net profit attributable to parent company: -300 million yuan, down 419% YoY [2] - 2024-2026 EPS forecast: 0.36 yuan, 0.49 yuan, 0.68 yuan [2] Business Segments - Open Platform & Consumer Business: Revenue of 3.94 billion yuan in 2023, up 41.6% YoY, accounting for over 30% of total revenue [2] - Smart Hardware: Revenue of 1.52 billion yuan in 2023, up 22.4% YoY, with GMV growth of 84% for products like office books and recording pens [2] - Smart Automotive: Revenue of 700 million yuan in 2023, up 49.7% YoY, with breakthroughs in products like sound effects, cockpit, and intelligent driving [2] - Smart Healthcare: Revenue of 540 million yuan in 2023, up 15.4% YoY [2] - Smart Finance: Revenue of 290 million yuan in 2023, up 23% YoY [2] Future Growth Drivers - Education Sector: Expected revenue growth of 10%, 14.8%, and 14.8% for 2024-2026, driven by the integration of the Spark large model into educational products [7] - Open Platform: Expected revenue growth of 30%, 25%, and 25% for 2024-2026, with the launch of the open-source Spark 13B model attracting more developers [7] - Consumer Business: Expected revenue growth of 20%, 20%, and 20% for 2024-2026, with enhanced product capabilities and improved sales channels [7] - Smart Automotive: Expected revenue growth of 40%, 40%, and 35% for 2024-2026, with the full upgrade of automotive product solutions based on the Spark large model [7] - Smart City, Healthcare, and Finance: The Spark large model is expected to rewrite the underlying logic of these industries, opening up new growth opportunities [7] Financial Forecasts - 2024-2026 revenue forecast: 22.57 billion yuan, 26.4 billion yuan, 31.15 billion yuan [1] - 2024-2026 net profit forecast: 826.12 million yuan, 1.14 billion yuan, 1.57 billion yuan [1] - 2024-2026 ROE forecast: 4.19%, 5.51%, 7.16% [1] - 2024-2026 PE forecast: 122, 88, 64 [1]