\u3000\u3000 Iflytek Co.Ltd(002230) (002230)
Event: on January 29, 2022, Iflytek Co.Ltd(002230) held the annual cloud conference to sort out the two core businesses of the company: base business and innovation business, and released the Super Brain 2030 plan.
Education, smart healthcare, smart city and other base businesses will continue to grow rapidly in 2021, and will enter the harvest period in 2022. 1) Education business: in the project of teaching students in accordance with their aptitude in Bengbu, Anhui Province, the efficiency of teachers’ lesson preparation has been improved by 33%, the ineffective and inefficient exercises of students have been reduced by 49%, the teaching quality has been improved by 20%, and the user scale of personalized learning manual has increased by 40% year-on-year in 2021. In 2021, the overall sales of learning machines will increase by 150%, and the sales of double 11 will increase by 300%. The NPs value recommended by users ranks first in the industry. 2) Smart city: last year, the Jianghuai big data center platform was built, and 16 cities in the province have been connected. At present, 1 trillion pieces of data have been exchanged. In 2021, the number of base cities increased from 10 to 13, and further development and breakthrough will be made in 2022. 3) Smart medicine: in 2021, the average daily diagnosis provided by the company’s general practitioner assistant reached 770000, an increase of 40%, covering 280 counties and districts across the country, and the daily visits of family doctor assistant increased by 100%. 4) Automobile business: more than 200 cooperative models will be added in 2021. 5) Operator business: Iflytek Co.Ltd(002230) voice remote control was activated last year, with a daily life of more than 6 million. The target of daily life users exceeded 10 million in 2022.
Launch iFLYTEK Super Brain 2030 plan to let Siasun Robot&Automation Co.Ltd(300024) enter every family. 1) The first stage 2022-2023: to develop the integration of software and hardware Siasun Robot&Automation Co.Ltd(300024) into exoskeleton Siasun Robot&Automation Co.Ltd(300024) and make pet type machine intelligent hardware, we should have the cognitive ability to understand people’s multimodality, take companionship as the concept and can be cultivated. And release the professional virtual human family to help us in more fields such as medical treatment and teaching. 2) The second stage 2023-2025: to make exoskeleton Siasun Robot&Automation Co.Ltd(300024) enter life, every family will have a Siasun Robot&Automation Co.Ltd(300024) in the next ten years, and release the virtual human family to accompany the elderly and have emotional communication with temperature. 3) The third stage 2025-2030: let the company Siasun Robot&Automation Co.Ltd(300024) who knows knowledge and can learn enter the family, and the digital virtual human can learn and evolve by itself. Artificial intelligence will truly solve the problems of aging and lower birth rate that mankind is most concerned about by 2030. The company hopes to really help mankind better face the future in the immediate need through the practical ability of software and hardware integration. At the same time, it provides a strong support for the global R & D plan.
The real barriers of the company come from semantics and scenes. Behind consumer goods, medical treatment and justice are semantics and scenes, which are expected to grow rapidly in the future. Deep neural network fusion end-to-end technology has greatly improved the accuracy of speech recognition. Technological iteration and innovation have promoted the speech recognition rate to a higher level than human beings. Deepening the situational semantic understanding and building a knowledge map is the key to speech recognition in the future, and it is also the real barrier of Iflytek Co.Ltd(002230) . Consumption: each product has its own scene and customer demand pain points behind it. In 2021, the overall sales of C-end learning machine increased by 150%, and the sales of double 11 increased by 300%. In the future, it is expected to further improve the market share of each product with the continuous polishing of C-end products. Medical: Based on the medical depth model, build a knowledge map for reasoning to improve the service capacity and efficiency of grass-roots medical institutions. Justice: through graphic recognition, semantic understanding and judicial element extraction, we will help the reform of the judicial system and the construction of smart courts, and improve the quality, efficiency and credibility of justice. We believe that the continuous deepening of the above vertical industries is expected to accelerate the revenue end of each section in the future.
Maintain the “buy” rating. We expect the net profit attributable to the parent company from Iflytek Co.Ltd(002230) 2021 to 2023 to be 1.805 billion, 2.501 billion and 3.459 billion respectively, maintaining the “buy” rating.
Risk warning: the risk of intensified market competition; Risks of backward technology research and development and investment not meeting expectations; The risk of brain drain; The risk of increasing accounts receivable and the customer’s collection not reaching the expectation.
