IFLYTEK(002230) 信达证券·2025-04-24 08:23Investment 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 total R&D expenses reaching 3.892 billion yuan in 2024, up 11.79% year-on-year. The operating cash flow reached a historical high of 2.495 billion yuan, a 613% increase, due to improved collection mechanisms [2] - The company has established three major AI commercialization systems, including industry applications, an open platform, and consumer products, which are driving business growth through a data-driven model [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 company achieved total revenue of 23.343 billion yuan, with a projected growth rate of 20.9% for 2025, reaching an estimated 28.212 billion yuan. The net profit attributable to shareholders is expected to recover 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 projected EPS for 2025 is 0.34 yuan, with corresponding P/E ratios of 134.52 for 2025, 105.33 for 2026, and 84.30 for 2027 [4][5]