\u3000\u3000 Iflytek Co.Ltd(002230) (002230)
Event: on February 15, 2022, the Ministry of Education held the first series of “education Spring Festival” press conferences in 2022. At the conference, it was proposed to focus on innovation and breakthroughs, focus on key areas, and achieve breakthroughs in improving the level of information application.
The improvement of the application level of educational informatization was emphasized by the Ministry of education. The long-term direction of science and technology empowerment continues to be confirmed. As the leader of educational informatization, the company is expected to benefit from the core. At the recent “education Spring Festival” series of press conferences, the Ministry of education proposed to grasp innovation breakthroughs, focus on key areas and focus on realizing “four breakthroughs”. One of them is to make breakthroughs in improving the level of information application: 1) implement the digital strategic action of basic education, integrate and build a comprehensive management service platform for basic education, Improve the macro management and scientific decision-making level of basic education; 2) Further upgrade the national primary and secondary school network cloud platform, vigorously promote the co construction and sharing of high-quality educational resources, and strengthen the in-depth integration and application of information technology and education and teaching. We believe that the emphasis of the Ministry of education on the improvement of information application level reflects the objective demand for fairness and efficiency in the field of Education under the background of double reduction, and once again confirms that scientific and technological empowerment is the long-term direction. As a leading enterprise in education informatization, the company is expected to benefit from the core of the policy.
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: behind each product, there are scenes and customer demand pain points. The 618 good news in 2021 indicates that the income of the consumer sector is expected to accelerate. 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.
