IFLYTEK(002230) 信达证券·2025-04-24 07:31Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company reported a revenue of 23.343 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 million yuan. The non-GAAP net profit increased by 59.36% to 188 million yuan [1][2] - The core business segments showed strong growth, with smart education revenue increasing by 29.94% to 7.229 billion yuan, smart healthcare by 28.18% to 0.692 billion yuan, and the open platform by 31.33% to 5.172 billion yuan. New revenue growth points included smart automotive and enterprise AI solutions, which grew by 42.16% and 122.56% respectively [2] - The company has significantly increased its R&D investment, with a total of 740 million yuan in new R&D spending for 2024, up 410 million yuan from the previous year. The operating cash flow reached a historical high of 2.495 billion yuan, a 613% increase year-on-year [2] - The company has established a commercialized AI application system across various sectors, including education, healthcare, automotive, and enterprise solutions, with significant market penetration [2][3] - The company’s deep learning model, X1, has achieved breakthroughs in reasoning and text generation, positioning it as a leading player in the AI field [5] Financial Summary - In 2024, the total revenue was 23.343 billion yuan, with a projected growth rate of 20.9% for 2025, reaching 28.212 billion yuan. The net profit is expected to rebound to 775 million yuan in 2025, reflecting a growth rate of 38.4% [4] - The gross margin for 2024 was 42.63%, remaining stable compared to the previous year. The company’s return on equity (ROE) is projected to improve from 3.1% in 2024 to 6.2% by 2027 [4] - The earnings per share (EPS) for 2025 is estimated at 0.34 yuan, with a price-to-earnings (P/E) ratio of 134.52 [5]