科大讯飞：人工智能“国家队”，“1+N”实现模型赋能

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [4]. Core Viewpoints - The company is recognized as China's largest intelligent voice technology provider and a key player in the artificial intelligence sector, having established itself as a "national team" in AI [3][9]. - The company has implemented a "Platform + Track" strategy, leveraging its AI capabilities across various sectors such as education, healthcare, smart cities, and finance, thereby creating a sustainable development base [3][14]. - The launch of the "Xunfei Spark" cognitive model positions the company at the forefront of AI technology, with capabilities surpassing those of leading models like GPT-4 Turbo [3][27]. Summary by Sections Financial Forecast and Valuation - The company is projected to achieve total revenue of 22,941 million yuan in 2024, with a year-on-year growth of 16.75% [4]. - The net profit attributable to shareholders is expected to reach 912.79 million yuan in 2024, reflecting a year-on-year increase of 38.87% [4]. - The earnings per share (EPS) is forecasted to be 0.39 yuan in 2024, with a price-to-earnings (P/E) ratio of 108.67 [4]. Company Overview - Founded in 1999, the company has been a pioneer in AI technologies, maintaining a leading position in intelligent voice, computer vision, and natural language processing [3][9]. - The company has established significant partnerships and holds key positions in various AI-related organizations, enhancing its influence in the industry [3][9]. Business Strategy - The "Platform + Track" strategy involves providing 647 AI capabilities through the Xunfei Open Platform, fostering a robust AI ecosystem [3][14]. - The company has developed specialized models for various industries, ensuring the practical application of AI technologies [4][30]. Model Development - The Xunfei Spark cognitive model has been recognized for its advanced capabilities, including text generation and language understanding, and is set to release further enhanced versions [3][27]. - The company collaborates with Huawei to establish a domestic computing platform, enhancing its model training capabilities [3][29]. Revenue Streams - The company’s revenue is diversified across education (29.77%), smart cities (20.02%), and consumer products (31.47%), among others [19]. - The education sector is expected to see stable growth, with projected revenue increases of 10% annually from 2024 to 2026 [43]. Market Position - The company is positioned as a leader in the AI industry, with a competitive edge in various applications, including education, healthcare, and automotive sectors [4][42]. - The report highlights the company's unique position in the market, suggesting a potential premium in its valuation due to its comprehensive AI capabilities and industry partnerships [44].