机构评级来看，近一个月该股获6家机构买入评级。预计目标价最高的是国投证券，10月21日国投证券 发布的研报给予公司目标价48.55元。（数据宝） （文章来源：证券时报网） 证券时报·数据宝统计，截至发稿，视源股份收盘价为42.13元，上涨0.98%，本期筹码集中以来股价累 计上涨13.53%。具体到各交易日，7次上涨，3次下跌。 融资融券数据显示，该股最新（10月31日）两融余额为3.10亿元，其中，融资余额为3.02亿元，本期筹 码集中以来融资余额合计减少7303.94万元，降幅为19.49%。 公司发布的三季报数据显示，前三季公司共实现营业收入180.87亿元，同比增长5.45%，实现净利润 8.67亿元，同比下降6.81%，基本每股收益为1.2600元，加权平均净资产收益率6.70%。 视源股份11月3日披露，截至10月31日公司股东户数为28629户，较上期（10月20日）减少3999户，环比 降幅为12.26%。这已是该公司股东户数连续第2期下降。 ...

[Table_Info1] 视源股份(002841) 电子 [Table_Title] 证券研究报告 / 公司点评报告 [Table_Date] 发布时间：2025-11-03 [Table_Invest]买入 AI 教育规模化落地，新兴业务快速成长 教育 AI 生态规模化落地：依托 "硬件 + 软件 + 服务" 的全链条布 局，视源股份旗下希沃构建了覆盖教学研评管的教育 AI 生态，实现从 "工具赋能" 到 "平台化运营" 的跨越。核心产品课堂智能反馈系统通过 多模态数据采集与 AI 分析，生成客观课堂报告，已在全国建成 19 个 重点应用示范区，覆盖超 3000 所学校，助力教研从 "经验驱动" 转向 "数据驱动"。AI 备课助手激活用户超百万，搭配自研教学大模型构建的 教学质量常模框架，不仅在上海等国内区域规模化应用，还通过多语言 版 EasiClass 平台接入海外教育生态，实现国内外场景的深度适配。 海外自有品牌高速扩张：以 MAXHUB 为核心，视源股份通过 "产品定 制 + 本地化运营 + 生态绑定" 实现海外突破。针对不同市场推出差异 化产品：欧美市场的 XBar 系列获微软 Teams 认证 ...

Investment Rating - The investment rating for the company is "Buy" [6][9][16] Core Insights - The company reported a revenue of 18.087 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 5.45%. The net profit attributable to shareholders was 868 million yuan, a decrease of 6.81% year-on-year. In Q3 alone, the revenue reached 7.522 billion yuan, with a year-on-year increase of 6.96%, and a net profit of 469 million yuan, up 7.79% year-on-year [3][4][5] - The company is experiencing steady growth in its smart components and education business, with significant growth in its overseas self-owned brands. The decline in enterprise services has narrowed, indicating a recovery trend [4][5] - The AI and education layout has shown significant results, with the Xiwo classroom intelligent feedback system established in 19 key application demonstration areas, covering over 4,000 schools and more than 10,000 classrooms. The company has also launched new robot products and is expanding its overseas market presence [6][5] Financial Performance Summary - For 2025, the company is expected to achieve revenues of 23.754 billion yuan, with net profits of 992 million yuan. The projected earnings per share (EPS) for 2025 is 1.42 yuan, with estimates for 2026 and 2027 being 1.77 yuan and 2.25 yuan respectively [6][11] - The company’s revenue growth rates are projected at 6% for 2025, 22% for 2026, and 24% for 2027, indicating a positive growth trajectory [11][6] - The company maintains a healthy financial position with a debt-to-asset ratio of 47.40% and a current market capitalization of approximately 22.574 billion yuan [9][11]

Investment Rating - The investment rating for the company is "Accumulate" [4] Core Insights - The company reported a year-on-year revenue increase of 5.5% for the first three quarters of 2025, reaching 18.1 billion yuan, while the net profit attributable to shareholders decreased by 7% to 870 million yuan [1] - In Q3 2025, the revenue was 7.52 billion yuan, reflecting a 7% year-on-year growth, and the net profit attributable to shareholders increased by 7.8% to 470 million yuan [1] - The company is accelerating the promotion of its education AI products, capitalizing on the ongoing digital transformation in the education sector driven by national policies [2] Revenue Analysis - Domestic education business showed steady growth in Q3, with significant contributions from various software and hardware products [2] - The LCD display main control board segment experienced rapid revenue growth, positively impacting overall revenue for the first three quarters [2] - The home appliance controller segment continued to benefit from a surge in domestic and international orders, maintaining a high growth rate in Q3 [2] - Overseas business faced challenges due to market demand fluctuations and tariff changes, but the MAXHUB overseas brand maintained strong growth [2] - The company's robotics segment saw good revenue growth, with the launch of intelligent flexible robotic arms and commercial cleaning robots in international markets [2] Profitability Analysis - For the first three quarters of 2025, the company's gross margin was 20.3%, a decrease of 1.7 percentage points year-on-year, while the net margin was 5.4%, down 0.3 percentage points [3] - In Q3 2025, the gross margin was 20.0%, down 1.5 percentage points year-on-year, but the net margin improved to 7.1%, an increase of 0.3 percentage points [3] Expense Analysis - The expense ratios for the first three quarters of 2025 showed a decrease in sales and management expenses, while R&D and financial expenses saw slight increases [8] - In Q3 2025, the expense ratios continued to reflect a similar trend, with reductions in sales, management, and R&D expenses [8] Earnings Forecast and Valuation - The company adjusted its revenue forecast for 2025-2027, expecting revenues of 23.89 billion, 27.58 billion, and 31.60 billion yuan respectively, with net profits of 1.00 billion, 1.21 billion, and 1.51 billion yuan [8] - Corresponding EPS estimates are 1.44, 1.74, and 2.16 yuan, with PE ratios projected at 30, 25, and 20 times [8]

事件概述 公司发布2025 年前三季度业绩： 25 年前三季度：营业收入实现181 亿元（YOY+5.5%），归母净利润实现8.7 亿元（YOY-7%），扣非 归母净利润实现6.8 亿元（YOY-21%）。 25Q3：营业收入实现75.2 亿元（YOY+7%），归母净利润实现4.7 亿元（ YOY+7.8% ）， 扣非归母净 利润实现4 亿元（YOY+1.5%）。 分析判断: 收入端 分产品来看，根据2025 年10 月21 日投资者关系活动表： （1）国内教育业务：国内教育业务方面 Q3 收入继续保持稳健增长。希沃录播、希沃魔方数字基座、 希沃教学终端及希沃学习机等软硬件产品整体收入保持良好增长态势，产品矩阵协同效应凸显。随着国 家及各地教育+AI 政策持续加码，公司加速推广教育AI 产品， 领跑国内教育数智化转型。 （5）机器人领域：公司智能柔性机械臂产品近日于广交会正式亮相。公司商用清洁机器人亦已批量进 入欧洲、日韩等市场，推动公司机器人业务收入实现良好增长。 利润端 （1）25 年前三季度：公司毛利率实现20.3%（YOY-1.7pct），公司净利率实现5.4%（YOY-0.3pct） （2）25Q3 ...

数据显示，东证资管旗下1只基金重仓视源股份。东方红欣和平衡两年混合(FOF)（011587）二季度持有 股数89.46万股，与上期相比持股数量不变，占基金净值比例为1.9%，位居第二大重仓股。根据测算， 今日浮盈赚取约188.77万元。连续5天上涨期间浮盈赚取473.27万元。 10月27日，视源股份涨5.06%，截至发稿，报43.78元/股，成交5.81亿元，换手率2.60%，总市值304.72 亿元。视源股份股价已经连续5天上涨，区间累计涨幅14.54%。 资料显示，广州视源电子科技股份有限公司位于广东省广州黄埔区云埔四路6号,香港铜锣湾勿地臣街1 号时代广场2座31楼，成立日期2005年12月28日，上市日期2017年1月19日，公司主营业务涉及液晶显示 主控板卡、交互智能平板、移动智能终端等电子类产品的涉及、研发和销售。主营业务收入构成为：智 能控制部件26.30%，智能终端及应用23.16%，智能终端及应用:商用显示设备及系统16.71%，智能控制 部件:液晶显示主控板卡14.75%，智能控制部件:家用电器控制器6.22%，智能控制部件:其他5.33%，智 能终端及应用:其他2.95%，智能终端及应 ...

Market Performance - The market experienced a rebound last week, with the CSI Xinhua National Brand Index rising by 4.14% to 2037.67 points [1][2] - The Shanghai Composite Index increased by 2.88%, the Shenzhen Component Index by 4.73%, the ChiNext Index by 8.05%, and the CSI 300 Index by 3.24% [2] Strong Stock Performances - Notable strong performers included: - Zhongji Xuchuang (up 32.23%) - Shiyuan Technology (up 14.54%) - Sunshine Power (up 14.37%) [2] - Other stocks with significant gains included: - Anji Technology and Wowo Bio (both up over 10%) - SMIC and Zhaoyi Innovation (both up over 9%) [2] Year-to-Date Stock Performance - Since the beginning of the second half of the year, Zhongji Xuchuang has surged by 239.03%, leading the gains [3] - Sunshine Power has increased by 145.06%, while other stocks like Lanke Technology and Yiwei Lithium Energy have risen over 70% [3] Market Outlook - According to Fangzheng Fubang Fund, liquidity remains a crucial driver for market development, and future capital inflow will significantly impact market trends [4] - The fund suggests focusing on sectors with solid fundamentals and reasonable valuations, rather than chasing high-performing stocks with poor earnings [4] - Long-term investment opportunities may lie in technology companies with real technological barriers that align with national strategies [4] - Kangmand Capital anticipates a volatile market in the short term due to uncertainties, but the core logic for an upward trend remains unchanged [4] - Xingshi Investment notes that positive incremental information could stabilize market expectations and emotions, with a potential shift in economic momentum towards technology and consumption [4]

Market Performance - The market rebounded last week, with the China Securities Xinhua National Brand Index rising by 4.14% to 2037.67 points [1] - The Shanghai Composite Index increased by 2.88%, the Shenzhen Component Index by 4.73%, the ChiNext Index by 8.05%, and the CSI 300 Index by 3.24% [1] Strong Stock Performances - Notable strong performers included Zhongji Xuchuang, which surged by 32.23%, followed by Shiyuan Co. with a 14.54% increase, and Sunshine Power with a 14.37% rise [1] - Other stocks that performed well included Anji Technology, Iwubio, and several others, with increases exceeding 10% [1] Year-to-Date Performance - Since the beginning of the second half of the year, Zhongji Xuchuang has risen by 239.03%, while Sunshine Power has increased by 145.06% [2] - Other significant gainers include Lanke Technology and Yiwei Lithium Energy, both up over 70% [2] Market Outlook - According to Fangzheng Fubang Fund, liquidity remains a crucial driver for market development, and future capital inflow will significantly impact market trends [2] - The firm suggests focusing on sectors with solid fundamentals and reasonable valuations, while avoiding those with high previous gains and poor earnings expectations [2] Economic Transition - Xingshi Investment indicates that the domestic economic momentum is expected to shift towards technology and consumption sectors, which will enhance market sentiment and drive stock performance [3] - The stability of mid-term expectations is anticipated to strengthen the fundamental drivers of the market [3]

Core Insights - The Ministry of Education's Information Technology Standards Committee announced 30 exemplary cases for the 2025 CELTSC standards, with a project from Xiangtan City focusing on AI-driven teacher development and school-based research reform being selected [1][2] Group 1: Project Overview - The project titled "AI Empowerment Thematic School-Based Research Reform Practice" utilizes the Xiwo Classroom Intelligent Feedback System from Vision Source Co., Ltd. to address traditional research challenges in education [1] - The initiative aims to transform school research from experience-based to evidence-based through AI technology that collects real-time classroom data [1][2] Group 2: System Functionality - The Xiwo Classroom Intelligent Feedback System collects data on teacher-student interactions, voice dialogues, and teaching equipment interactions, providing a rich data foundation for educational research [1] - It employs a multi-modal AI classroom analysis model to process collected data, identify interaction patterns, and generate comprehensive reports, including teaching time and Q&A analysis [1][2] Group 3: Application and Impact - The system has demonstrated multi-layered application value in individual reflection, peer guidance, school-based communities, and regional team building, enhancing the sharing of quality educational resources [2] - In Xiangtan's practice, the "AI + Teacher Research Community" (ETopic) has increased cross-school resource utilization by 317%, promoting balanced regional education development [2] Group 4: Implementation and Reach - As of September 2025, the Xiwo Classroom Intelligent Feedback System has established 19 key application demonstration areas nationwide, covering over 4,000 schools and more than 10,000 classrooms, generating over 450,000 intelligent feedback reports [2] - The number of active users for Xiwo AI lesson preparation has exceeded 1 million, and the Xiwo Digital Base has reached over 9,000 schools in China [2]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [5][10]. Core Views - The company's Q3 performance shows continued recovery, with a single-quarter profit returning to growth for the first time since 2023, driven by the expansion of its education business and improved operational efficiency [2][3]. - The AI and robotics sectors are opening new growth opportunities, with significant advancements in product deployment and market expansion [3]. Financial Performance Summary - For the first three quarters of 2025, the company achieved revenue of 18.087 billion yuan, a year-on-year increase of 5.45%, while the net profit attributable to shareholders was 867 million yuan, a decrease of 6.81% [1][2]. - In Q3 alone, revenue reached 7.522 billion yuan, up 6.96% year-on-year and 35.29% quarter-on-quarter, with net profit of 470 million yuan, reflecting a year-on-year increase of 7.79% and a quarter-on-quarter increase of 99.15% [1][2]. - The company reported a strong operating cash flow of 1.024 billion yuan for the first three quarters, marking a 42.03% increase year-on-year [2]. Business Segment Insights - The education business continues to expand, with AI-enabled products like the Xiwo Classroom Intelligent Feedback System covering over 7,000 classrooms and the Xiwo AI Preparation Assistant reaching 600,000 users [3]. - The industrial-grade quadruped robots have been applied in various sectors, including power, and the commercial cleaning robot business has expanded into European and Japanese markets [3]. Profit Forecast and Valuation - The projected net profits for 2025, 2026, and 2027 are 1.007 billion yuan, 1.305 billion yuan, and 1.632 billion yuan, respectively, with corresponding price-to-earnings (PE) ratios of 29, 22, and 18 [4][8]. - Revenue forecasts for the years 2025, 2026, and 2027 are 24.108 billion yuan, 26.574 billion yuan, and 30.300 billion yuan, with growth rates of 7.6%, 10.2%, and 14.0% respectively [4][8].