IFLYTEK(SZ:002230) INDUSTRIAL SECURITIES·2024-06-05 02:31Investment Rating - The report maintains a "Buy" rating for the company [4] Core Insights - The company has shown steady revenue growth, with a projected increase in revenue from 196.50 billion CNY in 2023 to 313.47 billion CNY by 2026, reflecting a compound annual growth rate (CAGR) of approximately 15.9% [1][5] - The net profit attributable to the parent company is expected to grow from 657 million CNY in 2023 to 1.24 billion CNY in 2026, with a notable growth rate of 29.9% in 2024 [1][5] - The company is focusing on expanding its AI product matrix and enhancing its capabilities in the AI sector, particularly with the upcoming release of the Starfire V4.0 model [2][3] Financial Summary - Revenue for 2023 is reported at 196.50 billion CNY, with a year-on-year growth of 4.4% [1] - The gross margin is projected to decline slightly from 42.7% in 2023 to 39.9% by 2026 [1] - Return on equity (ROE) is expected to improve from 3.9% in 2023 to 6.4% in 2026 [1] - Earnings per share (EPS) are forecasted to increase from 0.28 CNY in 2023 to 0.54 CNY in 2026 [1] Market Data - As of June 4, 2024, the closing price of the company's stock is 42.16 CNY, with a total share capital of approximately 2.315 billion shares [2] - The net asset value per share is reported at 7.36 CNY [2] Growth Projections - The company anticipates continued growth in its open platform and consumer business, with revenues expected to reach 61.85 billion CNY in 2023, a 33.28% increase year-on-year [2] - The number of developers on the open platform has increased by 52%, indicating strong engagement and demand for AI capabilities [2][3]