IFLYTEK(002230) 国盛证券·2024-10-20 05:10Investment 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].