IFLYTEK(002230) 招商证券·2025-04-22 12:17Investment 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].