Group 1: Financial Performance - In the first three quarters of 2024, the company achieved operating revenue of 17.152 billion CNY, a year-on-year increase of 11.50% [2] - The net profit attributable to shareholders was 0.931 billion CNY, a year-on-year decrease of 12.33% [2] - The net profit after deducting non-recurring gains and losses was 0.864 billion CNY, a year-on-year decrease of 4.55% [2] - In Q3, the company reported operating revenue of 7.032 billion CNY, a year-on-year decrease of 0.19% [2] - The net profit attributable to shareholders in Q3 was 0.436 billion CNY, a year-on-year decrease of 5.11% [2] Group 2: Business Segment Performance - The components business continued to show steady growth, while the home appliance business maintained a high growth rate [3] - The automotive electronics sector experienced stable development [3] - The education business faced challenges due to weak procurement demand, leading to a decline in overall revenue, although the decline was narrower compared to the first half of the year [3] - The enterprise service business maintained steady growth, with a strong position in the meeting panel market [3] Group 3: Future Outlook and Strategies - The company is expanding its education business from hardware to integrated software and hardware solutions, leveraging AI technology [4] - The company plans to enhance its collaboration with educational departments and schools to promote smart education [4] - The components business will continue to develop, focusing on expanding customer share and exploring new directions such as power supply and projection boards [5] - The overseas business strategy includes parallel development of ODM and self-owned brand businesses, with a focus on expanding into emerging markets [5] Group 4: Emerging Business Developments - The company is increasing investment in LED, computing devices, and power electronics, with all related businesses showing rapid growth [6] - The LED business has achieved breakthroughs in both domestic and international markets, particularly with its innovative LED cinema screen system [6] - The computing devices sector is actively expanding in smart manufacturing and smart city applications [6]

Core Viewpoint - The integration of artificial intelligence (AI) into various business scenarios is essential for achieving high-quality development and creating new growth opportunities for companies [1][7]. Company Overview - Since its establishment, the company has focused on technology and innovation, achieving over 20 billion yuan in revenue for three consecutive years, with nearly 70% growth in overseas revenue in the first half of this year [1][2]. - The company has made significant investments in core technology areas, particularly in AI, to drive its business expansion [1][2]. AI Integration and Achievements - The company has successfully applied AI technology to real business scenarios, enhancing production efficiency and service quality while opening new business areas [2][3]. - In the education sector, the company launched the Seewo Teaching Model, which has been adopted in over 81% of primary and secondary schools nationwide, significantly improving teaching efficiency [3][4]. - The company has developed an AI+Meeting solution that streamlines the meeting process, enhancing collaboration and efficiency [5][6]. Technological Innovations - The Seewo Classroom Intelligent Feedback System 2.0 provides detailed analytics on classroom interactions, supporting teaching assessments with robust data [4][5]. - AI tools such as subject-specific tools and lesson preparation functions have significantly reduced lesson preparation time from hours to just a few minutes [5][6]. - The company has invested 2 billion yuan in an intelligent manufacturing base, achieving over 80% automation and enhancing production quality and efficiency [6][7]. Future Directions - The company plans to continue increasing its investment and research in AI, aiming to develop more innovative and competitive products while responding to market challenges [7].

关于公司股份回购进展的公告 证券代码：002841 证券简称：视源股份 公告编号：2024-072 广州视源电子科技股份有限公司 关于公司股份回购进展的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有任 何虚假记载、误导性陈述或重大遗漏。 公司回购股份的时间、回购股份数量及集中竞价交易价格、集中竞价交易的 委托时段等均符合《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》 及公司回购股份方案的相关规定。 1、公司未在下列期间内回购股票： （1）自可能对本公司股票交易价格产生重大影响的重大事项发生之日或者 在决策过程中，至依法披露之日内； （2）中国证监会及深圳证券交易所规定的其他情形。 广州视源电子科技股份有限公司（以下简称"公司"）于 2024 年 7 月 26 日召开第五届董事会第三次会议，审议通过了《关于公司回购股份方案的议案》。 公司将以自有资金回购公司发行的人民币普通股（A 股）的部分社会公众股份， 回购资金总额不低于人民币 1 亿元（含），不超过人民币 2 亿元（含），回购价 格不超过人民币 43.65 元/股。本次回购的实施期限自公司董事会审议通过回购方 案之日起 ...

证券代码：002841 证券简称：视源股份 公告编号：2024-071 关于 2024 年员工持股计划非交易过户完成的公告 广州视源电子科技股份有限公司（以下简称"公司"）于 2024 年 8 月 26 日召开第五届董事会第四次会议和第五届监事会第三次会议，并于 2024 年 9 月 11 日召开 2024 年第二次临时股东大会，审议通过了《关于<公司 2024 年员工持 股计划（草案）>及其摘要的议案》（以下简称"本次持股计划"）等相关议案。 具体内容详见公司于 2024 年 8 月 27 日、2024 年 9 月 12 日在巨潮资讯网 （www.cninfo.com.cn）披露的相关公告。根据中国证监会《关于上市公司实施 员工持股计划试点的指导意见》及《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》等要求，现将本次持股计划实施进展情况公告如 下： 一、本次持股计划股票来源及数量 本次持股计划股票来源为公司回购专用证券账户回购的视源股份 A 股普通 股股票，公司回购股票的情况如下： 1、根据公司第四届董事会第二十六次会议审议通过的《关于公司回购股份 方案的议案》并于 2024 年 4 ...

Education Business Development - The company is expanding from single hardware products to integrated hardware and software solutions in the education sector [3] - The Seewo teaching terminal has achieved rapid development, with Seewo recording sales leading the industry [3] - Seewo's software business, represented by Seewo Magic Cube, continues to grow, and Seewo learning machines have seen rapid sales growth [3] - The Seewo teaching model has been rapidly promoted, with core applications like the classroom intelligent feedback system widely adopted [3] - By September 2024, the Seewo teaching model has covered over 1,000 schools and generated more than 75,000 intelligent feedback reports [3] Seewo Teaching Model Development - The Seewo teaching model supports AI-assisted lesson preparation, classroom feedback, teaching discussions, intelligent recognition, homework design, and tutoring [3] - The 2.0 version of the Seewo teaching model, released in October 2024, has significantly improved in computing power, data, algorithms, and application scenarios [3] - The classroom intelligent feedback system has enhanced teaching analysis, 3D layout, behavior recognition, and voice recognition [3] Component Business Outlook - The TV board business will maintain steady growth, with expansion into new areas such as power boards and projection boards [4] - The home appliance business is experiencing rapid growth, expected to continue with the development of domestic and international customers [4] - The automotive electronics business will actively seek high-quality acquisition targets to further expand its business layout [4] Overseas Business Development - The company adheres to a dual strategy of ODM business and self-owned brand development [4] - The ODM business focuses on capturing emerging market opportunities and expanding product categories such as audio-visual, digital signage, and PCs [4] - The self-owned brand business is promoting the MAXHUB brand, collaborating with global partners like Microsoft and Intel to expand into the European and American markets [4] - The company has established overseas supply chains in regions like Vietnam to meet ODM customer demands [4] Overseas Self-owned Brand Conference Business - The overseas conference market has vast potential, with MAXHUB collaborating with Microsoft to launch the XT Series for Microsoft Teams Rooms [4] - The XT Series and XCore Kit Pro products have entered mass production, with the company working on Microsoft certification [4] - The overseas self-owned brand business is expected to grow rapidly with improved channel construction and localized operations [4] Emerging Business Development - The company is increasing investment in LED, computing devices, and power electronics, with rapid growth in these areas [5] - The LED business has achieved multiple installations of DCI-certified cinema screens, including the industry-first three-fold immersive LED cinema screen system [5] - The computing device business is making progress in smart manufacturing and smart city applications [5] - The power electronics business is focusing on residential energy storage and UPS, with breakthroughs in multiple product lines [5] - The company plans to increase R&D and talent investment, optimize products and technologies, and expand overseas markets [5] - The company will continue to pursue related diversification and accelerate new business development through investments and acquisitions [5]

证券代码：002841 证券简称：视源股份 公告编号：2024-070 广州视源电子科技股份有限公司 关于完成工商变更登记的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有任 何虚假记载、误导性陈述或重大遗漏。 广州视源电子科技股份有限公司（以下简称"公司"）分别于 2024 年 4 月 24 日、2024 年 5 月 16 日召开第五届董事会第二次会议及 2023 年年度股东大会， 审议通过了《关于终止实施限制性股票激励计划、调整回购价格并回购注销已授 予但尚未解除限售的限制性股票的议案》和《关于变更公司注册资本、修改〈公 司章程〉及办理工商变更登记的议案》，同意公司终止实施《2022 年限制性股 票激励计划》并回购注销已授予但尚未解除限售的全部限制性股票，回购注销的 限制性股票数量为 5,222,500 股；同意公司总股本由人民币 701,239,045 股变更为 696,016,545 股，同意公司注册资本由人民币 701,239,045 元变更为 696,016,545 元。 关于完成工商变更登记的公告 公司分别于 2024 年 9 月 27 日、2024 年 10 月 14 日召 ...

关于公司股份回购进展的公告 证券代码：002841 证券简称：视源股份 公告编号：2024-069 广州视源电子科技股份有限公司 关于公司股份回购进展的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有任 何虚假记载、误导性陈述或重大遗漏。 关于公司股份回购进展的公告 公司回购股份的时间、回购股份数量及集中竞价交易价格、集中竞价交易的 委托时段等均符合《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》 及公司回购股份方案的相关规定。 1、公司未在下列期间内回购股票： （1）自可能对本公司股票交易价格产生重大影响的重大事项发生之日或者 在决策过程中，至依法披露之日内； （2）中国证监会及深圳证券交易所规定的其他情形。 广州视源电子科技股份有限公司（以下简称"公司"）于 2024 年 7 月 26 日召开第五届董事会第三次会议，审议通过了《关于公司回购股份方案的议案》。 公司将以自有资金回购公司发行的人民币普通股（A 股）的部分社会公众股份， 回购资金总额不低于人民币 1 亿元（含），不超过人民币 2 亿元（含），回购价 格不超过人民币 43.65 元/股。本次回购的实施期限自公司董事 ...

Summary of Conference Call Company and Industry - The conference call pertains to a company involved in the ODM (Original Design Manufacturer) and OBM (Original Brand Manufacturer) sectors, focusing on commercial display products and educational technology. Key Points and Arguments Financial Performance - The company reported a significant difference in growth rates between revenue and net profit, particularly in the third quarter, indicating challenges in non-recurring income compared to the previous year [1][1]. - Non-recurring income struggled in Q3, primarily due to changes in investment income structures and reduced government subsidies, impacting overall profitability [1][1]. - Accounts receivable increased compared to the previous year, driven by business expansion with international clients [1][1]. Overseas Business Strategy - The company views overseas expansion as a critical strategic focus for the next five years, maintaining strong growth in both ODM and proprietary brand segments [2][2]. - There are concerns about the impact of potential U.S. tariffs on overseas operations, but the company has already established offshore production capabilities to mitigate risks [2][3]. - The company is actively expanding its overseas supply chain capabilities, particularly in Vietnam and Mexico, to ensure stable supply and meet customer demands [3][3]. Gross Margin and Cost Pressures - Gross margin fluctuations in Q3 were attributed to rising costs of materials, particularly memory chips and panels, which were affected by price increases earlier in the year [4][4]. - The company maintains a higher inventory level compared to the previous year, primarily in storage and chip components, to manage cost pressures [4][5]. Competitive Landscape and Market Dynamics - The company is facing intensified competition in the domestic market, prompting a focus on product differentiation and technological innovation to combat price wars [6][6]. - New business segments, such as life appliances and educational technology, are experiencing rapid growth, with significant investments planned for these areas [6][6]. Future Growth Opportunities - The company is expanding its product offerings in the educational technology sector, including learning machines and classroom feedback systems, to enhance its market position [7][8]. - There is a strategic shift towards integrating AI into educational products, aiming to improve user engagement and learning outcomes [9][9]. Shareholder Returns and Capital Expenditure - The company has outlined a shareholder return plan, committing to distribute at least 30% of annual profits as dividends, with a historical payout exceeding 43% [12][12]. - Future capital expenditures for overseas operations will focus on partnerships rather than building new factories, keeping costs manageable [12][12]. Overall Strategic Direction - The company plans to continue investing in its core industries, including components and commercial displays, while exploring mergers and acquisitions to enhance industry presence [13][13]. - The management emphasizes the importance of maintaining operational efficiency and adapting to market changes to sustain growth amid global uncertainties [13][13]. Other Important but Overlooked Content - The company is actively working on enhancing its supply chain resilience and exploring new market opportunities in higher education and vocational training sectors, which are expected to grow significantly in the coming years [10][10]. - The integration of AI in educational products is seen as a long-term strategy to improve product offerings and customer satisfaction [9][9].

Core Viewpoint - The company, Shiyuan Co., Ltd. (视源股份), reported a strong performance in Q3 2024, with revenue of 17.152 billion yuan, a year-on-year increase of 11.50%, and a net profit of 931 million yuan, indicating resilience and alignment with expectations [1] Group 1: Financial Performance - In the first three quarters of 2024, the company achieved a revenue of 171.52 billion yuan, reflecting an 11.50% year-on-year growth [1] - The net profit attributable to shareholders for Q3 2024 was 436 million yuan, contributing to a total of 931 million yuan for the first three quarters [1] Group 2: Technological Advancements - The company is enhancing its capabilities in technology research and comprehensive solution provision, transitioning from a single product provider to a comprehensive solution service provider [1] - The launch of the Teaching Model 2.0 by the subsidiary, Xihuo, aims to deepen understanding of educational scenarios and improve application in the education sector [1] Group 3: Global Expansion and Market Strategy - Shiyuan Co., Ltd. has established partnerships in emerging markets, such as collaborating with the Jakarta Polytechnic in Indonesia to enhance educational informationization [2] - The company showcased its solutions at the 136th China Import and Export Fair, highlighting its strong solution provision capabilities and innovative products for overseas markets [2] - The company is expanding its presence in the Middle East and Southeast Asia, with new subsidiaries in Thailand and Indonesia, and plans to enhance its global marketing and after-sales service systems [2] Group 4: Product Development and Innovation - The company’s MAXHUB brand has launched the XT series solution in collaboration with Microsoft, which is now in mass production [2] - The life appliance business continues to grow rapidly, contributing significantly to overall revenue, alongside the expansion of educational products and software services [2] - Shiyuan Co., Ltd. ranked 12th in the 2024 list of top 500 private enterprises for invention patents, alongside major companies like Huawei and Tencent, indicating strong innovation capabilities [3]

Investment Rating - The investment rating for the company is maintained at "Buy-A" with a target price of 46.53 CNY for the next six months, based on a price-to-earnings ratio of 26 times for 2024 [4][10]. Core Insights - The company reported a revenue of 17.15 billion CNY for the first three quarters of 2024, representing a year-over-year increase of 11.5%. However, the net profit attributable to shareholders was 0.93 billion CNY, showing a year-over-year decrease of 12.3% [1]. - In Q3 2024, the company achieved a revenue of 7.03 billion CNY, which is nearly flat with a year-over-year change of -0.2%. The net profit for the same quarter was 0.44 billion CNY, down 5.1% year-over-year [1]. - The company anticipates a recovery in its education and corporate meeting businesses as the domestic economic environment improves [1]. Financial Performance Summary - Revenue growth for Q3 2024 was negatively impacted by weak demand in the domestic education interactive flat panel market and a decline in overseas business revenue due to tightened education funding in the U.S. [1]. - The gross profit margin for Q3 2024 decreased by 2.4 percentage points year-over-year, primarily due to price competition in the domestic meeting interactive flat panel market and an increased revenue share from lower-margin home appliance components [1]. - Operating cash flow for Q3 2024 saw a year-over-year decline of 5.4 billion CNY, attributed to increased inventory purchases in response to rising material costs [1]. Earnings Forecast - The expected earnings per share (EPS) for the company are projected to be 1.79 CNY, 1.95 CNY, and 2.17 CNY for the years 2024, 2025, and 2026, respectively [1][9].