IFLYTEK(002230) 中原证券·2025-04-25 12:33Investment Rating - The report assigns an "Accumulate" rating to the company, indicating a potential increase of 5% to 15% relative to the CSI 300 index over the next six months [42]. Core Views - The company achieved a revenue of 23.34 billion yuan in 2024, representing a year-on-year growth of 18.79%, while the net profit attributable to shareholders decreased by 14.78% to 560 million yuan [5][9]. - The company has established a significant advantage in the AI industry, particularly in the education sector, with a 29.94% growth in its smart education business, which accounts for 31% of total revenue [6][9]. - The company has made substantial investments in R&D, amounting to 4.58 billion yuan in 2024, which is 19.62% of its revenue, indicating a commitment to maintaining competitive advantages in AI model development [9][40]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 23.34 billion yuan, with a net profit of 560 million yuan, and a basic earnings per share of 0.24 yuan [5][9]. - The company’s operating cash flow reached a historical high of 2.50 billion yuan in 2024, showing significant improvement in cash flow management [9]. Business Segments - The smart education segment grew by 29.94% with a gross margin of 54.94%, while the open platform business also saw a growth of 31.33% [6]. - The intelligent hardware segment grew by 25.07%, and other sectors such as automotive AI and healthcare showed remarkable growth rates of 42.16% and 28.18%, respectively [6]. AI Development - The company has developed a comprehensive AI model strategy, including a foundational model and various industry-specific models, achieving significant milestones in AI capabilities [6][7]. - The company has been proactive in establishing domestic computing power platforms, which enhances its competitive edge in AI model training [6][9]. Market Position - The company ranked first in the number of projects and contract amounts in the national model application market, indicating a strong market position [6][9]. - The company has established partnerships with major tech firms like Huawei, enhancing its capabilities in AI and computing power [6][9].