IFLYTEK(002230) 东吴证券·2025-04-22 10:23Investment 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]