IFLYTEK(002230) 平安证券·2025-04-23 08:30Investment Rating - The investment rating for the company is "Recommended" (maintained) with a stock price of 45.18 CNY [1][3]. Core Insights - The company achieved a revenue of 23.343 billion CNY in 2024, representing a year-on-year growth of 18.79%, while the net profit attributable to shareholders was 560 million CNY, a decrease of 14.78% compared to the previous year [3][6]. - In Q1 2025, the company reported a revenue of 4.658 billion CNY, showing a year-on-year increase of 27.74%, but incurred a net loss of 193 million CNY, although this loss was reduced by 35.68% year-on-year [3][6]. - The company plans to distribute a cash dividend of 1 CNY per 10 shares to all shareholders [3]. Revenue and Profitability - The company has shown consistent revenue growth, with Q4 2024 and Q1 2025 revenues reaching 8.494 billion CNY (YoY +20.71%) and 4.658 billion CNY (YoY +27.74%) respectively [6][8]. - The operating cash flow for 2024 was 2.495 billion CNY, a significant increase of 613.39% year-on-year, marking a historical high due to increased sales collections [6][11]. - The company’s R&D investment in 2024 was 4.58 billion CNY, a 19.37% increase from 2023, focusing on large model development and core technology autonomy [6][8]. Business Segments - The company adjusted its revenue structure in 2024, with significant growth in AI applications: smart education revenue was 7.229 billion CNY (YoY +29.94%), smart automotive revenue was 989 million CNY (YoY +42.16%), and enterprise AI solutions revenue was 643 million CNY (YoY +122.56%) [6][8]. - The company’s AI open platform generated 5.172 billion CNY in revenue (YoY +31.33%), while smart hardware revenue reached 2.023 billion CNY (YoY +25.07%) [6][8]. Financial Projections - The company’s projected net profits for 2025-2027 are 828 million CNY, 1.086 billion CNY, and 1.434 billion CNY respectively, with corresponding EPS of 0.36 CNY, 0.47 CNY, and 0.62 CNY [6][10]. - The P/E ratios for 2025-2027 are projected to be 126.1, 96.2, and 72.8 respectively, indicating a potential for growth in valuation [10][12].