IFLYTEK(002230) 国海证券·2025-04-26 15:22Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve a non-GAAP net profit of 1.88 billion yuan in 2024, representing a year-on-year increase of 59.36% [4] - The company reported a revenue of 23.343 billion yuan in 2024, an increase of 18.79% year-on-year [4] - The company is positioned as a leading player in the AI industry, with significant advancements in its product offerings, particularly the Starfire X1 model [10] Financial Performance Summary - In 2024, the company's revenue was 23.343 billion yuan, with a year-on-year growth of 18.79% [4] - The net profit attributable to shareholders was 560 million yuan, a decrease of 14.78% year-on-year, while the non-GAAP net profit was 1.88 billion yuan, up 59.36% [4] - For Q1 2025, the company reported a revenue of 4.658 billion yuan, a year-on-year increase of 27.74% [4] Business Segment Performance - The company’s revenue from smart education reached 7.229 billion yuan, growing by 29.94% year-on-year [5] - Revenue from the AI open platform was 5.172 billion yuan, an increase of 31.33% year-on-year [5] - The consumer business generated 2.714 billion yuan, with a year-on-year growth of 20.8% [5] Future Projections - Revenue projections for 2025, 2026, and 2027 are 28.159 billion yuan, 34.378 billion yuan, and 42.283 billion yuan, respectively, with growth rates of 21%, 22%, and 23% [11] - The net profit attributable to shareholders is expected to be 713 million yuan in 2025, 923 million yuan in 2026, and 1.255 billion yuan in 2027, with growth rates of 27%, 29%, and 36% respectively [11] Valuation Metrics - The current stock price is 45.49 yuan, with projected P/E ratios of 147, 113, and 83 for 2025, 2026, and 2027 respectively [10][12] - The company maintains a gross margin of 42.63% for 2024, which is stable compared to the previous year [9]