科大讯飞（002230.SZ）2024 年三季报点评 [盈利预测与财务指标 Table_Forcast] Q3 业绩亮眼，AI 拐点初现 2024 年 10 月 22 日 ➢ 事件：近日，科大讯飞发布 2024 年三季报，2024 年前三季度，公司实现 营收为 148.5 亿元（yoy+17.73%），归母净利润亏损 3.44 亿元。 ➢ 2024 年第三季度表现亮眼，营收增速、毛利、净利润、现金流均转正。2024 年第三季度，公司实现营业收入 55.25 亿元，同比增长 15.77%；实现毛利 22.60 亿元，同比增长 16.68%；经营性现金流净额 7.15 亿元，同比增长 100.09%， 公司在加大星火大模型的研发投入和布局的同时，实现归母净利润当季度转正为 0.57 亿元，2024Q1/Q2 归母净利润分别为-3.00 亿元/-1.00 亿元，环比显著改 善。 ➢ 公司在 2024 年前三季度，AI 商业化迎来多项重大里程碑，据公司三季报 披露： ➢ 1）"讯飞星火"在夯实自主可控优势的同时，综合性能保持行业领先；科 大讯飞承担了国家发改委、工信部、科技部和中科院的多项国家战略任务。 ➢ 2）"讯 ...

公司点评报告 · 计算机行业 单季度扭亏为盈,经营能力持续改善 2024年10月19日 ● 事件:公司发布 2024年三季度报告。2024 前三季度,公司实现营业收入 148.49亿元,同比增长 17.73%;实现归母净利润-3.44亿元,同比转亏; 实现扣非归母净利润-4.68亿元,同比亏损幅度扩大。 ● Q3 单季度净利润转正,经营能力良性发展。单季度来看,公司 Q3 实现 营业收入55.25亿元,同比增长 15.77%;归母净利润 5696.14万元,同比 增长 120.87%,盈利能力虽回正轨。其他各项经营指标整体维持健康发展 态势:1)毛利:前三季度实现毛利 60.07亿元,同比增长 18.17%,Q3 实 现毛利 22.60亿元,同比增长 16.68%;2)毛利率:前三季度实现毛利率 40.45%,同比+0.25pct;3)经营性现金流:Q3 实现净额 7.15亿元,同比 增长 100.09%。4) 销售回款:前三季度销售回款 150亿,同比增长 25%, Q3 销售回款 60亿,同比增长 33%,回款增速高于收入增速(15.77%)。 我们认为,公司利润竭逐渐释放,毛利率维持稳定,销售回款速度加 ...

公 司 报 告 公 司 季 报 点 评 证 券 研 究 报 告 2024年10月21日 计算机 科大讯飞(002230.SZ) 三季度业绩向好，讯飞星火大模型拓展取得积极成效 推荐 ( 维持) 事项： 公司公告2024年三季度报告，2024年前三季度实现营业收入148.50亿元，同 比增长17.73%；实现归母净利润-3.44亿元，同比由盈转亏。 平安观点： ■ 公司2024年前三季度归母净利润同比仍然承压，但单三季度归母净利润 表现好转。公司2024年前三季度实现营业收入148.50亿元，同比增长 17.73%，公司营收持续实现较快增长；实现归母净利润-3.44亿元，同比 由盈转亏，归母净利润同比仍然承压。分季度看，公司2024年单三季度 实现营收55.25亿元，同比增长15.77%；实现毛利22.60亿元，同比增长 16.68%；实现归母净利润5696.14万元，同比增长120.87%；实现扣非 归母净利润1486.64万元，同比由负转正；实现经营性现金流净额 7.15 亿元，同比增长100.09%。公司2024年单三季度营收、毛利、归母净利 润、现金流等各项经营指标均实现正向增长，表明公司在加大星火大模 ...

Summary of the Conference Call for iFLYTEK Company Overview - The conference call focused on iFLYTEK, a leading company in the AI and education technology sector, discussing its Q3 2024 performance and strategic outlook. Key Points Financial Performance - In Q3 2024, iFLYTEK achieved revenue and gross profit growth, with profits turning positive for the quarter [1] - The company reported a 25% increase in sales collections for the first three quarters of 2024, totaling 15 billion yuan, compared to 12 billion yuan in the same period of 2023 [4] - Q3 2024 sales collections reached 6 billion yuan, a 33% increase from 4.5 billion yuan in Q3 2023 [4] Strategic Focus - iFLYTEK is optimizing its revenue structure by focusing on "B+C" business development amidst complex global trade dynamics and macroeconomic challenges [2] - The company is prioritizing strategic market areas and has identified key business focuses based on market space and competitive advantages [2] - The sales of consumer hardware, particularly AI learning machines, have doubled, with a 100% increase in sales volume in the first three quarters [3] Product Development and Market Position - The AI learning machine product line has seen significant upgrades, with the introduction of new models like T30, enhancing user experience and educational outcomes [3] - iFLYTEK's AI learning machines maintain the highest market share in both online and offline sales channels [3] - The company has established nearly 800 new stores, bringing the total number of offline stores to over 1,800 [3] Government Policies and Market Opportunities - Recent government policies aimed at stimulating the economy and addressing local government debt are expected to positively impact iFLYTEK's G-end business [4] - The company anticipates that these policies will facilitate faster recovery of accounts receivable and reduce bad debt provisions [4] AI Model Development - iFLYTEK's large model, "Xinghuo," has been recognized as a leader in the market, with the highest number of contracts and contract values in the industry for large model projects [7] - The company is collaborating with major state-owned enterprises to develop industry-specific AI models, enhancing operational efficiency and decision-making [7][10] - iFLYTEK's large model capabilities are being applied across various sectors, including education, healthcare, and automotive, demonstrating significant commercial value [6][9] Competitive Landscape - iFLYTEK is positioned as a leading player in the large model market, with a strong focus on partnerships with central state-owned enterprises [7] - The company is leveraging its first-mover advantage to create standardized products for enterprise markets, enhancing scalability and operational efficiency [9] Future Outlook - iFLYTEK plans to continue investing in AI model development while maintaining a controlled increase in capital expenditures related to computing power [6] - The company aims to explore long-term goals in artificial general intelligence (AGI) while ensuring sustainable growth and profitability [6] Additional Insights - iFLYTEK's proactive approach to managing accounts receivable and its focus on high-quality clients, such as government and state-owned enterprises, contribute to its financial stability [4] - The company has implemented a specialized incentive management system to encourage timely collections and improve cash flow management [4] This summary encapsulates the key insights from the conference call, highlighting iFLYTEK's strategic initiatives, financial performance, and market positioning in the AI and education technology sectors.

基本数据 收盘价 ￥45.83 总市值(百万元) 105,946.78 总股本(百万股) 2,311.73 证券研究报告 | 公司点评 | 软件开发 科大讯飞(002230) 报告日期：2024 年 10 月 19 日 Q3 盈利能力显著改善，星火大模型应用加速商业化落地 ——科大讯飞点评报告 投资要点 2024 年 10 月 18 日，公司 2024 年三季报披露，前三季度公司实现营业总收入 148.50 亿元，同比增长 17.73%，实现归母净利润-3.44 亿元，同比由盈转亏。 2024Q3 单季度公司实现归母净利润 5696.14 万元，同比增长 120.87%，盈利能 力及现金流情况环比均显著改善。 分析师：刘雯蜀 执业证书号：s1230523020002 liuwenshu03@stocke.com.cn 公司三季报披露，前三季度整体营收保持稳健增长态势 分析师：陶韫琦 执业证书号：S1230524090010 taoyunqi@stocke.com.cn 2024 年前三季度，公司实现营业总收入 148.50 亿元，同比增长 17.73%；实现归 母净利润-3.44 亿元，同比由盈转亏，整体毛利 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Views - In Q3 2024, the company achieved a revenue of 5.525 billion yuan, representing a year-on-year growth of 15.77% and a significant improvement in net profit, indicating operational enhancement [1]. - The company continues to invest in the development of the "Xunfei Spark" large model, solidifying its competitive edge and leading position in the industry [1]. - The number of developers using the "Xunfei Spark" ecosystem has rapidly increased, with 1.777 million new developers added in the first three quarters of 2024 [2]. Financial Summary - Revenue (in million yuan): - 2022A: 18,820 - 2023A: 19,650 - 2024E: 23,544 - 2025E: 29,029 - 2026E: 35,505 - Year-on-year growth rates: - 2024E: 19.8% - 2025E: 23.3% - 2026E: 22.3% [3][10]. - Net profit (in million yuan): - 2022A: 561 - 2023A: 657 - 2024E: 633 - 2025E: 823 - 2026E: 1,093 - Year-on-year growth rates for net profit: - 2024E: -3.8% - 2025E: 30.2% - 2026E: 32.8% [3][10]. Market Position - The company has become a leading player in the market for large model projects, with the highest number of bids and amounts won in the first half of 2024 [1][2]. - The "Xunfei Spark" app has surpassed 190 million downloads on Android, ranking first among general-purpose large model apps in China [2].

来源：公司年报、国金证券研究所 业绩简评 2024 年 10 月 18 日公司发布三季报，前三季度实现营收 148.5 亿 元，同比增长 17.7%，扣非归母净利润为-4.7 亿元，同比下降 44.4%；单 Q3 公司实现营收 55.2 亿元，同比增长 15.8%，扣非归 母净利润为 0.15 亿元，同比扭亏为盈。公司 Q3 销售商品提供劳 务收到的现金、经营活动现金流量净额分别同比增长 33.5%、 100.1%，可支撑公司经营稳步推进。 经营分析 公司主动优化营收结构，聚焦"B+C"端业务发展。前三季度公司 教育业务收入增长 22%，其中学习机销量增长超过 100%；开放平 台与消费者业务收入增长 44%，其中智能硬件、开放平台收入分别 增长 41%、50%；智能汽车业务增长 49%，较好地抵消了 G 端业务 如智慧城市、信息工程等收入下降的影响。 坚定大模型研发投入，市场化落地推进有序。面向 B 端，公司与 多个重点行业头部企业合作，包括国家能源集团、中国石油、中 国绿发、中国移动、中国人保、太平洋保险等，据第三方相关统 计，讯飞星火大模型中标数量、中标金额均为通用大模型厂商第 一。面向 C 端，202 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [3][8]. Core Insights - The company reported a revenue of 14.85 billion yuan for the first three quarters of 2024, a year-on-year increase of 17.7%. The net profit attributable to the parent company was -470 million yuan, a decline of 44.4% year-on-year. In Q3 alone, revenue reached 5.52 billion yuan, up 15.8% year-on-year, with a net profit of 15 million yuan, marking a return to profitability [1]. - The company is focusing on optimizing its revenue structure, particularly in the "B+C" business segment. The education business saw a 22% revenue increase, with sales of learning machines more than doubling. The consumer and open platform business grew by 44%, while the smart automotive sector increased by 49%, offsetting declines in G-end businesses [2]. - The company is committed to investing in large model research and development, with successful collaborations with major industry players. It has achieved the highest number of bids and bid amounts among general large model vendors. The company also leads the market in high-end learning machines and has launched new products to enhance its offerings [2]. Summary by Sections Performance Review - For the first three quarters of 2024, the company achieved a revenue of 14.85 billion yuan, a 17.7% increase year-on-year. The net profit attributable to the parent company was -470 million yuan, down 44.4% year-on-year. In Q3, revenue was 5.52 billion yuan, up 15.8% year-on-year, with a net profit of 15 million yuan, indicating a turnaround [1]. Operational Analysis - The company is actively optimizing its revenue structure, focusing on the "B+C" business model. The education segment grew by 22%, with learning machine sales increasing over 100%. The consumer and open platform business saw a 44% increase, while the smart automotive business grew by 49%, compensating for declines in G-end business revenues [2]. - The company is enhancing its large model capabilities and has established partnerships with leading enterprises across various sectors. It has the highest number of successful bids in the large model market and maintains a leading position in the high-end learning machine market [2]. Profit Forecast - The revenue forecast for 2024-2026 has been adjusted to 23.15 billion, 27.99 billion, and 33.92 billion yuan, reflecting year-on-year growth rates of 17.8%, 20.9%, and 21.2% respectively. The net profit attributable to the parent company is projected to be 220 million, 730 million, and 1.35 billion yuan, with corresponding year-on-year growth rates of -66.3%, 231.0%, and 83.8% [3].

Financial Performance - In Q3 2024, revenue reached 5.525 billion, a year-on-year increase of 15.77% [2] - For the first three quarters of 2024, total revenue was 14.85 billion, up 17.73% year-on-year [2] - Q3 gross profit was 2.26 billion, reflecting a 16.68% increase; gross profit for the first three quarters was 6.007 billion, up 18.17% [2] - The gross profit margin for the first three quarters was 40.45%, remaining stable [2] Business Segments Growth - Education business revenue grew by 22%, with sales of learning machines increasing by over 100% [2] - Revenue from the open platform and consumer business surged by 44%, with smart hardware revenue up 41% and open platform revenue up 50% [2] - The smart automotive business experienced a growth of 49% [2] Research and Development - R&D investment accounted for 23.6% of sales revenue, with significant focus on the Spark large model [3] - The company achieved positive net profit attributable to shareholders in Q3 2024, alongside a positive net profit after deducting non-recurring items [3] Cash Flow and Receivables - Q3 sales receipts totaled 6 billion, a 33% increase from 4.5 billion in Q3 2023, outpacing revenue growth [5] - Total sales receipts for the first three quarters reached 15 billion, a 25% increase from 12 billion in the same period last year [5] - Q3 operating cash flow net amount was 715 million, a 100.09% year-on-year increase, indicating healthy operational progress [5] Market Position and Product Development - The iFlyCode model received a top rating from the China Academy of Information and Communications Technology, enhancing its application in digital transformation [12] - The Spark large model has established a preliminary market advantage, being the top bidder in projects among major state-owned enterprises [10] - The AI learning machine maintained the top market share in Tmall and JD channels from January to September 2024 [8] Policy Impact - Recent fiscal policies, including "old-for-new" initiatives, are expected to support growth in education and healthcare sectors, ensuring funding sources for projects [16] - Accelerated receivables recovery from government sectors is anticipated to reduce bad debt provisions impacting profits [16]

证券代码：002230 证券简称：科大讯飞 科大讯飞股份有限公司投资者关系活动记录表 编号：20241019 | --- | --- | --- | |-------------------------|----------------------------------------------------------|-------------------------------------------------------------------------------------------------------------| | | | | | 投资者关系活 动类别 | □ 特定对象调研 □ 媒体采访 □ 新闻发布会 □ 现场参观 ■ 其他 | □ 分析师会议 ■ 业绩说明会 □ 路演活动 | | 参与单位名称 及人员姓名 | 末。 | 本次业绩说明会通过"讯飞听见"云会议接入的投资者共 142 名。为便于投资者阅读本次说明会的内容，人员名单请详见文 | | 时间 | 2024.10.19 | | | 地点及方式 | "讯飞听见"视频会议 | | | 上市公司接待 人员姓名 | 董事 / 副总裁 ...