Speechocean(SH:688787) Huachuang Securities·2024-05-07 06:32Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation of outperforming the benchmark index by 10%-20% over the next six months [7][18]. Core Insights - The company's performance faced short-term pressure in 2023, with revenue declining by 35.33% year-on-year to 170 million yuan, primarily due to internal cyclical adjustments and regulatory impacts [22][23]. - In Q1 2024, the company reported a significant revenue increase of 41.04% year-on-year, reaching 41 million yuan, driven by the growing demand for data related to large model technologies [22][23]. - The gross margin improved significantly in Q1 2024, reaching 71.92%, up 24.13 percentage points year-on-year, attributed to a higher proportion of revenue from data set products [22][23]. - The company is focused on advancing large model development and enhancing AIGC research, with over 1,550 proprietary training data products covering various business lines [22][23]. Financial Summary - For 2023, the company reported a net profit attributable to shareholders of -30 million yuan, compared to a profit of 29 million yuan in the previous year [22][23]. - The forecast for 2024-2026 anticipates revenues of 214 million, 272 million, and 348 million yuan, with corresponding growth rates of 25.8%, 27.3%, and 27.8% respectively [22][23]. - The projected net profit for 2024-2026 is expected to be 30 million, 70 million, and 90 million yuan, with growth rates of 200%, 130%, and 29% respectively [22][23].