On the 25th, Iflytek rose 9.26%, and its share price reached a record high, with a market value approaching 654.38+040 billion.
1, the stimulation of educational supervision
In fact, in the education industry, whether online or offline, signs of stricter supervision have already appeared at the beginning of the year, and it is a foregone conclusion that the recent tightening of supervision has changed the industry logic.
The family policy during the epidemic undoubtedly added fuel to the valuation of online education. In the process of enjoying the epidemic dividend, the eating habits of educational institutions are getting ugly. There are frequent chaos in the industry, and false propaganda, induced consumption, teacher fraud, and nowhere to defend rights are endless.
From the perspective of supervision intention, the key to reduce the burden of students' homework and off-campus training in compulsory education stage is to strengthen classroom teaching ability and realize the improvement of classroom teaching quality and efficiency.
Then, AI+ educational technology in Iflytek is expected to play an important role in teaching empowerment and help schools improve their teaching ability.
This is also the key to the sudden emergence of Iflytek's stock price under the supervision of education.
By 2020, Iflytek's smart education has covered 3 1 provincial administrative regions and many overseas countries, cooperated with more than 38,000 schools across the country, served more than 1 100 million teachers and students, constantly explored technological innovation, made every effort to teach students in accordance with their aptitude, and used science and technology to help the fair development of education and the implementation of the "double reduction" policy.
By the end of 2020, smart classroom products have covered more than 30,000 schools in 34 provinces, served more than 850,000 teachers, served more than 1.2 million students, helped teachers teach more than 9 million times, and prepared lessons for more than 1.8 million times. The average time to help teachers prepare lessons is reduced by 56%, the average time to correct homework is reduced by 45%, and the classroom efficiency is improved by 28%.
From the data point of view, Iflytek's empowerment is indeed being released, and it is expected to continue to empower classroom teaching through AI technology, and has achieved good application results.
2. A new growth trend has begun.
The development of global artificial intelligence industry is currently in the third wave, and the market scale is growing rapidly both in the world and in China. China attaches great importance to the development of artificial intelligence industry, and artificial intelligence has become our national strategy.
Iflytek is a pioneer in the artificial intelligence industry in China, and has the international leading core technology of artificial intelligence sources with independent intellectual property rights.
At present, Iflytek continues to promote the strategy of "platform+track", and has achieved remarkable results in the open platforms and tracks of key industries such as consumption, smart education, smart medical care and smart office, which has promoted the sustained and rapid growth of the company's performance.
From the perspective of the company's income structure, in 2020, the income from educational products and services reached 406.5438+09 million yuan (accounting for 30.86%), up 70.68% year-on-year; The medical business realized revenue of RMB 3130,000 (accounting for 2.4%), up by 69.25% year-on-year, and the open platform business realized revenue of RMB19.210,000 (accounting for 14.75%), up by 66.42% year-on-year. The intelligent hardware business achieved revenue of 873 million yuan, an increase of 8.99% year-on-year; The related business of automotive intelligent networking realized revenue of 324 million yuan, down 65,438+02.98% year-on-year.
China has a vast market space for educational informatization. According to the data of iResearch, the market scale will exceed 500 billion yuan in 20021year. Based on artificial intelligence technology, the company has been deeply involved in wisdom education for nearly 20 years.
According to the agency's estimation, the market space of regional solutions for teaching students in accordance with their aptitude will exceed 300 billion yuan. In addition, the market space of personalized learning manuals and learning machine products of Iflytek to C exceeds 800 billion yuan, and the future development potential of intelligent education to C-side business is huge.
In addition, smart medical care will become another boost to the company's growth. The staff of primary medical and health institutions in China are older and have lower academic qualifications, so their diagnosis and treatment ability needs to be improved urgently. Iflytek's intelligent medical assistant has achieved full coverage in Anhui Province in three years, and the applicability of the product has been proved, and the demonstration effect is remarkable.
Since Anhui, the company's intelligent medical assistants have gradually covered the whole country. According to our estimation, the market space of intelligent medical assistant intelligent medical solution exceeds 654.38+000 billion yuan.
Compared with the company's smart medical business income of 3,654,380,300 yuan in 2020, the company's smart medical business has a large room for future growth. With the nationwide promotion of smart medical assistant smart medical solutions, smart medical business will become another boost to the company's performance growth.
Especially under the epidemic situation, Iflytek's business model has not only been verified, but also proved that it is the right way.
3. Investment strategy
From the performance level, Iflytek's grasp is already obvious.
In the first quarter of 20021,the revenue increased by about 80% (about 30% higher than that of 20 19Q 1), and the net profit turned from loss to profit (about 40% higher than that of 20 19Q 1), because the company's smart education and other key tracks continued to drive profits.
The epidemic has accelerated the application habits of online business in all walks of life, and Iflytek's business has also gained more opportunities for rapid growth. The epidemic has also strengthened customers' awareness of education, medical care, smart cities and other related businesses, and the business development after the epidemic has further polished products and accumulated a good customer reputation.
At the same time, the increase of actual controllers has strengthened the confidence of investors. Promote the chairman to participate in the fixed-income plan and accelerate the growth in an all-round way. The company revised and improved the fixed increase plan, with an amount of not less than 654.38+0.95 billion yuan, all of which were used to supplement the working capital to realize the investment in technology research and development and commercialization. The target of this issue is Liu Qingfeng, the chairman of the company, and Yan Zhi Science and Technology, which he controls, showing his optimism about the company's prospects and confidence in its long-term development.
Huaan Securities believes that under the strong supervision of off-campus training institutions by the current "double reduction" policy, the demand for schools to rely on intelligent technology to improve quality and efficiency is expected to continue to increase. With its leading position in the industry, strong technical ability, perfect product system and good application effect, Iflytek is expected to benefit significantly from the policy drive and achieve sustained and rapid growth in the field of education.
CITIC Securities is optimistic about education as the company's core track and takes the lead in welcoming the turning point of the AI ? ? 2.0 era. Increase the EPS forecast from 202 1 to 2022 to 0.76/1.0/yuan, maintain the target price of 6 1.30 yuan 82, and maintain the "buy" rating.
4. Risk warning
The development of artificial intelligence industry is less than expected, the landing speed of each track of the company is lower than expected, and the growth rate of education business income has dropped sharply.