研報掘金丨國投證券:維持科大訊飛“買入-A”評級,目標價61.29元
國投證券研報指出,科大訊飛預計2025年上半年營業收入、毛利較上年同期增長15%-20%,歸母淨利潤較上年同期增長30%-50%,上半年毛利增長超過6億元,銷售回款總額約103億元,較去年同期增長約13億元。截至6月30日,經營活動產生的現金流量淨額較去年增長超過7億元,增長約50%。7月17日,公司發佈科大訊飛AI學習機暑期16大升級,涵蓋多項AI能力提升,包括小初數學AI 精準學升級,首創AI 1對1互動式問診規劃;新增初中數學AI 組卷,個性化定製專屬試卷等。公司AI學習機能力進一步提升。科大訊飛作為國內人工智能產業的領軍企業,始終堅持“頂天立地”的發展戰略,保持對AI 前沿技術的投入,同時在GBC 多個領域實現人工智能的規模商用。公司依託通用認知智能大模型——星火大模型,實現垂直領域的場景和產品落地,有望進一步提升自身競爭優勢。考慮到公司尚處於大模型研發和國產算力的投入期,採用PS進行估值,維持“買入-A”的投資評級,給予6個月目標價61.29元,相當於2025年5倍動態市銷率。
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