Performance Overview - In Q1 2025, iFlytek's revenue grew nearly 30%, with gross profit increasing by 35% and business opportunities rising by almost 50% [4] - The company achieved a historical high in cash flow for 2024, with a net cash flow from operating activities of CNY 2.495 billion [21] - The overall gross margin remains stable, with a projected revenue growth of approximately 27% and gross profit growth of about 35% in Q1 2025 [22] AI Model Development - iFlytek's Starfire X1 model, based on fully domestic computing power, is recognized as the best deep reasoning model among 70B parameter models, achieving performance comparable to international top models [6][17] - The company emphasizes the importance of high precision and reliability in key areas, focusing on closed-source systems while also embracing open-source models [5] - The Starfire model's training efficiency has improved significantly, with training efficiency rising from 55% to 85% compared to A100 [6][20] Market Demand and Strategy - The demand for domestically controlled AI solutions is increasing, especially in sectors like government, education, and healthcare, where iFlytek is well-positioned [8][24] - The company is actively expanding its presence in the education sector, with a focus on AI-driven personalized learning solutions [10][12] - iFlytek's hardware products, such as the AI learning machine and smart office notebook, have shown significant revenue growth, with the smart office notebook's revenue increasing by 50% in Q1 [14] Geopolitical Context - The ongoing US-China trade tensions are not expected to significantly impact iFlytek's operations, as the company has developed a self-sufficient supply chain and primarily serves the domestic market [23] - The company anticipates that the demand for autonomous AI solutions will grow in response to geopolitical challenges, positioning itself to capitalize on these opportunities [24] Future Outlook - iFlytek plans to enhance its international business through the development of multilingual models, supporting various languages to meet global market needs [18] - The company aims to leverage its technological advantages in the healthcare sector, focusing on AI-assisted medical solutions and expanding its partnerships with top hospitals [15][16]

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [2][6]. Core Insights - The company's performance met expectations, with stable gross margins and slight optimization in expense ratios. AI technology is driving stable growth in both B-end and C-end businesses, with the commercialization of the Spark large model accelerating [1][5]. - The company achieved a total revenue of 23.343 billion yuan in 2024, representing a year-over-year increase of 18.79%. The net profit attributable to shareholders was 560 million yuan, down 14.78% year-over-year, while the non-recurring net profit increased by 59.36% to 188 million yuan [5][7]. - The gross margin remained stable at 42.63%, while the net profit margin decreased by 0.95 percentage points to 2.17% due to increased bad debt provisions and reduced investment income [5][7]. - The company is significantly increasing its investment in the "Xunfei Spark" large model, with an additional R&D investment of 740 million yuan during the reporting period, establishing a solid foundation for competitive advantage in the AI industry [5][6]. Financial Data Summary - The company expects revenues of 27.673 billion yuan, 33.001 billion yuan, and 39.300 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 738 million yuan, 1.072 billion yuan, and 1.312 billion yuan [6][7]. - The report indicates a projected PE ratio of 141.6, 97.4, and 79.6 for the years 2025, 2026, and 2027, respectively [6][7]. - The company reported a significant improvement in operating cash flow, reaching 2.495 billion yuan in 2024, a year-over-year increase of 613.40% [5][7].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a revenue of 23.34 billion yuan for 2024, representing a year-on-year growth of 18.79%. However, the net profit attributable to shareholders decreased by 14.78% to 560.16 million yuan, while the non-recurring net profit increased by 59.36% to 188 million yuan, aligning with market expectations [1] - In Q1 2025, the company achieved a revenue of 4.658 billion yuan, a year-on-year increase of 27.74%, with a net loss of 193 million yuan, which is a 35.68% reduction in loss compared to the previous year, slightly exceeding market expectations [1] Financial Performance Summary - The total revenue forecast for the company is projected to grow from 19.65 billion yuan in 2023 to 40.37 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 19.50% [1] - The net profit attributable to shareholders is expected to increase significantly from 657.31 million yuan in 2023 to 2.49 billion yuan in 2027, reflecting a substantial growth trajectory [1] - The earnings per share (EPS) is forecasted to rise from 0.28 yuan in 2023 to 1.08 yuan in 2027, indicating a strong improvement in profitability [1] Business Growth and Developments - The company's core business segments, including open platforms, smart education, smart automotive, smart healthcare, and enterprise AI solutions, have shown robust growth, with revenue increases of 31.33%, 29.94%, 42.16%, 28.18%, and 122.56% respectively [8] - The company has secured multiple partnerships with leading enterprises, becoming a major player in the AI solutions market, with a total of 91 projects won in the large model solutions category, amounting to 848 million yuan [8] - The launch of the upgraded "Xunfei Spark X1" model has demonstrated significant improvements in various tasks, positioning the company competitively against industry peers [8]

科大讯飞（002230.SZ） 年报及一季报业绩健康，亮眼收入增速印证公司 AI 落地能力 证券研究报告 | 年报点评报告 gszqdatemark 2025 04 22 年 月 日 企业 AI 解决方案业务快速成长，成为全新收入来源。2024 年，公司企业 AI 解决方案业务同比增长 122.56%，成为公司各个细分领域中增速最快 的业务板块。AI 大模型带来下游旺盛项目机会，截至 2024 年 12 月，科 大讯飞已经与中石油、中海油、国家能源、华润、绿发、交行、人保等 20 多家行业头部企业联合发布行业大模型，覆盖 300 多个应用场景。根据第 三方数据显示，在 2024 年，科大讯飞大模型的中标数量和中标金额均居 第一，涵盖了通信、金融、能源、教科、政务、医疗等多个行业。 智慧教育业务、开放平台与消费者业务提供增长基本盘。2024 年，公司 智慧教育业务同比增长 29.94%，为公司夯实传统业务增长的基本盘。开 放平台与消费者业务中，开放平台收入同比增长 31.33%，智能硬件业务 同比增长 25.07%，体现公司在 C 端创收能力的持续兑现。 坚持投入 AI 研发，进一步夯实公司技术壁垒。2024 ...

4月21日盘后，AI龙头科大讯飞（002230）(002230.SZ)交出了一份稳中有进的年度答卷，公司在2024年 全年营收突破233亿元，同比增长18.79%；实现归母净利润5.6亿元。 证券之星注意到，公司消费者、教育、汽车、医疗等核心业务增长动能强劲，成为拉动业绩增长的重要 引擎。同时，公司的现金流更是同比暴增超6倍，创下历史新高。作为国内AI行业的重要参与者，科大 讯飞在大模型研发领域持续加大投入，进一步夯实技术底座，推动旗下应用和产品的持续迭代升级。 核心业务增长动能强劲，Q1业绩持续向好 2024年年报显示，科大讯飞全年实现营收233.43亿元，同比增长18.79%，时隔两年重回双位数增长。同 时，公司的盈利能力正在逐步修复，毛利同比增长18.7%至99.5亿元，归母净利润为5.6亿元，扣非净利 润同比增长59.35%。 分业务来看，公司的重点业务增长动能强劲。2024年，公司开放平台及消费者业务板块实现营业收入 78.86亿元，同比增长27.58%，持续领跑各业务板块，进一步巩固其营收支柱地位。 科大讯飞的业绩增长态势延续到了2025年。据一季报显示，公司在2025年第一季度录得营收46.58 ...

证券研究报告·公司点评报告·软件开发 科大讯飞（002230） 证券分析师 王紫敬 执业证书：S0600521080005 021-60199781 wangzj@dwzq.com.cn 2024 年年报和 2025 年一季报点评：一季报 略超市场预期，核心业务保持较快增长 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 19,650 | 23,343 | 28,205 | 33,778 | 40,366 | | 同比（%） | 4.41 | 18.79 | 20.83 | 19.76 | 19.50 | | 归母净利润（百万元） | 657.31 | 560.16 | 1,637.79 | 1,979.54 | 2,493.53 | | 同比（%） | 17.12 | (14.78) | 192.38 | 20.87 | 25.97 | | EPS-最新摊薄（元/股） | 0.28 | 0.24 | 0.71 ...

经营质量加速改善，讯飞星火商业化进程稳步推进 ——科大讯飞 2024 年报&2025 年一季报点评 投资要点 证券研究报告 | 公司点评 | 软件开发 科大讯飞(002230) 报告日期：2025 年 04 月 22 日 ❑ 4 月 21 日，公司披露 2024 年报及 2025 年一季报。2024 年公司实现营业总收入 233.43 亿元（YoY +18.79%），实现归母净利润 5.60 亿元（YoY -14.78%），扣非 后归母净利润为 1.88 亿元（YoY +59.36%），经营性活动现金流净额为 24.95 亿 元（YoY +613.40%），2025 年第一季度，公司实现营业总收入 46.58 亿元（YoY +27.74%）。公司依托讯飞星火大模型生态，经营质量持续好转的同时，加速推 进各行业应用商业化进程。 ❑ 公司整体营收规模保持高质量增长，经营效率及现金流情况大幅优化 2024 年公司实现营业总收入 233.43 亿元（YoY +18.79%），实现归母净利润 5.60 亿元（YoY -14.78%），扣非后归母净利润为 1.88 亿元（YoY +59.36%），经营性 活动现金流净额为 ...

业绩简评 2025 年 4 月 21 日公司披露年报及一季报，24 年实现营收 233.43 亿元，同比增长 18.97%；实现归母净利润 5.60 亿元，同比下降 14.78%，主要系研发投入和计提坏账准备增加、23 年投资收益较 高所致；经营活动现金流净额 24.95 亿元，创历史新高。25Q1 实 现营收 46.58 亿元，同比增长 27.74%；实现归母净利润-1.93 亿 元，亏损缩窄 35.68%。 经营分析 优势赛道持续高增，大模型中标同业第一。智慧教育/医疗/汽车 营收分别同比增长 29.94%/28.18%/42.16%；企业 AI 解决方案依托 星火大模型，覆盖国央企、金融机构、油气等领域，已与 20 余家 行业头部企业联合发布大模型，全年大模型中标项目 91 个、中标 金额 8.48 亿元，实现营收 6.43 亿元，同比增长 122.56%；政府侧 业务有所收缩，信息工程 / 数字政府业务营收同比下降 10.80%/9.36%。 开放平台生态繁荣，智能硬件领跑行业。24 年公司开放平台/智能 硬件营收同比增长 31.33%/25.07%，其中开放平台 24 年新增 AI 开发者团队 22 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002230 证券简称：科大讯飞 公告编号：2025-017 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 重要内容提示： 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息 的真实、准确、完整。 3.第一季度报告是否经审计 □是 R否 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、 误导性陈述或重大遗漏，并承担个别和连带的法律责任。 其他符合非经常性损益定义的损益项目的具体情况 □适用 R不适用 公司不存在其他符合非经常性损益定义的损益项目的具体情况。 将《公开发行证券的公司信息披露解释性公告第1号——非经常性损益》中列举的非经常性损益项目界 定为经常性损益项目的情况说明 □适用 R不适用 公司不存在将《公开发行证券的公司信息披露解释性公告第1号——非经常性损益》中列举的非经常性 损益项目界定为经常性损益的项目的情形。 ...

（原标题：上市公司动态 | 京东方2024年净利润同比增109%，三博脑科董事长被留置和立案调查，科大讯飞2025年一季度亏1.93亿元） -- 重点要闻 -- 京东方2024年净利润同比增109% 京东方Ａ(000725.SZ)发布2024年年度报告。根据披露，公司实现营业收入1983.81亿元，同比增长13.66%；净利润53.23亿元，同比增长108.97%。 公司拟以374.16亿股为基数，向全体股东每10股派发现金红利0.5元（含税）。 公司介绍称，公司搭建了"1+4+N+生态链"的业务发展架构。其中，"1"即半导体显示业务，公司将持续巩固领先地位，保障其稳居全球行业前 列；"4"所代表的高潜赛道业务目前已涌现众多物联网转型成果，未来将注重打造核心竞争力，助推经营质量不断提升；"N"则指向多元化细分场 景业务。 年度新增专利申请超8,000件，其中发明专利超90%，海外专利超33%，覆盖美、欧、日、韩等多个国家和地区，遍及柔性OLED、传感、人工智 能、大数据等多个领域，连续7 年进入IFI美国专利授权排行榜全球TOP 20。 4月20日，讯飞星火深度推理模型X1重大升级，在原来数学任务行业领先基础 ...