IFLYTEK(002230) 国信证券·2025-04-24 09:35Investment Rating - The investment rating for the company is "Outperform the Market" [5][12][17] Core Views - The company's core business continues to expand, with significant growth in operating cash flow. In 2024, the main revenue reached 23.34 billion yuan, an increase of 18.79% year-on-year, while the net profit attributable to shareholders was 560 million yuan, a decrease of 14.78%. The non-recurring net profit was 188 million yuan, up 59.36% year-on-year. In Q1 2025, the main revenue was 4.658 billion yuan, a year-on-year increase of 27.74% [1][8] - The company has seen substantial growth in various business segments, including smart education (7.229 billion yuan, up 29.94%), smart healthcare (692 million yuan, up 28.18%), open platform and consumer business (7.886 billion yuan, up 27.51%), and smart automotive (989 million yuan, up 42.16%) [2][8] - The launch of the Spark large model V4.0 Turbo and the X1 deep reasoning model has positioned the company favorably in the AI sector, with applications across 43 professional scenarios [2][3] Financial Performance and Forecast - The company's financial performance shows a projected revenue increase from 27.253 billion yuan in 2025 to 37.368 billion yuan in 2027, with net profit expected to rise from 1.278 billion yuan to 3.530 billion yuan during the same period [4][12] - The operating cash flow for 2024 reached 2.495 billion yuan, a significant increase of 613.40% year-on-year [2][4] - The gross margin for 2024 was 42.63%, remaining stable compared to the previous year, while the expense ratios for sales, management, and finance were 17.49%, 25.86%, and 0.58%, respectively [2][4]