Group 1 - Renowned private equity firm Chongyang Investment recently conducted research on two listed companies [1] - The first company, Xingsen Technology, specializes in PCB products used in industrial control and robotics, with IC packaging substrate business targeting chip design companies and packaging plants [1] - The second company, Shiyuan Co., has integrated its education brand Xihuo with the DeepSeek large model, and is evaluating its adaptation across various business areas [2] Group 2 - Xingsen Technology's products are applicable in CPU, GPU, FPGA, ASIC, storage chips, and RF chips [1] - Shiyuan Co. has entered the automotive electronic components sector through the acquisition of Shenzhen Zhangrui [2] - The Xihuo teaching large model enables interactive reading experiences through AI technology, including graded reading plans and AI companionship [2] Group 3 - Chongyang Investment was established in 2001 and transitioned to a limited liability company in 2009, focusing on sustainable asset growth and effective risk control [3] - The firm emphasizes research-driven investment and a rigorous scientific investment process [3]

视源股份（002841.SZ）2024 年年报及 2025 年一季报点评 Q1 收入稳增，毛利率环比企稳 2025 年 04 月 27 日 ➢ 事件：2025 年 04 月 23 日，公司发布 2024 年年报和 2025 年一季度业绩报告， 2024 年公司实现营收 224.01 亿元，同比增长 11.05%；归母净利润 9.71 亿元，同比下 降 29.13%；扣非归母净利润 8.37 亿元，同比下降 27.94%；拟现金分红总额 4.72 亿元， 分红率达 48.57%，提升 5.7pct。25Q1 营收 50.05 亿元，同比增长 11.35%；归母净利 润 1.62 亿元，同比下降 9.23%；扣非归母净利润为 1.04 亿元，同比下降 26.63%。 分析师 马天诣 执业证书： S0100521100003 邮箱： matianyi@mszq.com 分析师 范宇 执业证书： S0100525030002 邮箱： fanyu@mszq.com 相关研究 ➢ 24 年收入增速稳健，家用控制器及海外业务引领成长。分产品看，24 年 1）智能控 制部件营收达 102.74 亿元，同比增长 20.37%， ...

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 32.86 CNY [6]. Core Views - The company achieved a revenue of 22.401 billion CNY in 2024, representing a year-on-year growth of 11.05%. However, the net profit attributable to shareholders decreased by 29.13% to 0.971 billion CNY [1][5]. - The first quarter of 2025 saw a revenue of 5.005 billion CNY, marking an increase of 11.35% year-on-year, while the net profit attributable to shareholders fell by 9.23% to 0.162 billion CNY [1][3]. Summary by Sections Revenue Growth - In 2024, the revenue from smart control components reached 10.274 billion CNY, up 20.37% year-on-year, accounting for 45.86% of total revenue. The gross margin for this segment was 14.74%, a decrease of 1.15 percentage points [2]. - The revenue from smart terminals and applications was 11.627 billion CNY, growing by 4.23% year-on-year, with a gross margin of 25.66%, down 4.98 percentage points [2]. Profitability - The overall gross margin for 2024 was 21.33%, a decline of 3.69 percentage points compared to the previous year. The gross margin for Q1 2025 was 20.66%, showing a quarter-on-quarter increase of 1.45 percentage points [3]. - The report indicates that the decline in net profit in Q1 2025 was primarily due to increased R&D expenses and a reduction in financial income from government subsidies [3]. Future Projections - The company is expected to maintain its leading position in traditional businesses, with anticipated recovery in the education sector and continued high growth in home appliance controllers and computing devices. The projected net profits for 2025, 2026, and 2027 are 1.027 billion CNY, 1.109 billion CNY, and 1.267 billion CNY, respectively [4][5]. - The report forecasts a PE ratio of 22x for 2025, decreasing to 18x by 2027, indicating a positive outlook for the company's valuation [4][5].

Financial Performance - In 2024, the company achieved a revenue of 22.401 billion yuan, representing an 11.05% year-on-year growth [4] - The overall revenue from the intelligent control components sector reached 10.274 billion yuan, with a year-on-year increase of 20.37% [4] - The net profit attributable to shareholders for 2024 was 971 million yuan, a decrease of 29.13% compared to the previous year [5] - In Q1 2025, the company reported a revenue of 5.005 billion yuan, marking an 11.35% year-on-year growth [5] Product Performance - Revenue from liquid crystal display main control boards increased by 11.82% to 6.629 billion yuan [4] - Home appliance controllers saw a significant growth of 65.64%, generating 6.629 billion yuan [4] - The education sector's revenue was 5.054 billion yuan, down 8.75% year-on-year due to tightened customer budgets [4] - Overseas business revenue reached 4.348 billion yuan, reflecting a 16.83% increase [4] Market Strategy - The company is focusing on AI integration in education, with rapid deployment of AI-enabled products [7] - Plans for H-share listing aim to enhance global strategic layout and improve international competitiveness [11] - The company is expanding its global marketing service network, particularly in Europe and India [4][9] R&D and Innovation - R&D expenses in Q1 2025 were directed towards new product development and core technology enhancements [13] - The company is committed to increasing R&D investment in key technologies and smart hardware [13] - AI education products are being rapidly promoted, with significant user engagement in schools [7] Challenges and Outlook - The overall gross margin has declined due to increased raw material costs and competitive pressures [5] - The company anticipates steady revenue growth in 2025, with a focus on improving gross margins through strategic product offerings [15] - The impact of U.S. tariff policies is manageable, with diversified supply chain strategies in place [10]

Group 1 - The company, Visionox, is planning to complete its issuance and listing at an appropriate time while considering the interests of existing shareholders and the conditions of domestic and foreign capital markets [3] - Visionox, established in December 2005, focuses on interactive display and artificial intelligence, providing smart electronic products and solutions [3] - The main business of the company includes the design, research and development, and sales of LCD display main control boards and interactive smart panels, widely used in home appliances, education informatization, and enterprise services [3] Group 2 - In Q1 2025, Visionox achieved a revenue of 5.005 billion yuan, representing a year-on-year increase of 11.35%, while the net profit attributable to shareholders decreased by 9.23% to 162 million yuan [5][6] - For the year 2024, the company reported a revenue of 22.401 billion yuan, an increase of 11.05% year-on-year, but the net profit attributable to shareholders decreased by 29.13% to 971 million yuan [6] - As of April 24, the closing price of Visionox's A-shares was 32.61 yuan, down 2.39%, with a total market capitalization of approximately 22.697 billion yuan [6]

Summary of CVTE's Conference Call Company Overview - **Company**: CVTE (视源股份) - **Industry**: Smart control components and intelligent terminal applications Key Financial Highlights - **2024 Revenue**: 224.01 billion CNY, up 11.05% YoY [2][3] - **Smart Control Components Revenue**: 102.74 billion CNY, up 20.37% YoY [2][3] - **LCD Display Mainboard Revenue**: 66.29 billion CNY, up 11.82% YoY [3][12] - **Home Appliance Revenue**: 17.22 billion CNY, up 65.64% YoY [3][12] - **Intelligent Terminal and Applications Revenue**: 116.27 billion CNY, up 4.23% YoY [2][3] - **Commercial Display Systems Revenue**: 92.98 billion CNY, up 1.04% YoY [3][12] - **Computer and Peripheral Equipment Revenue**: 8.25 billion CNY, up 56.55% YoY [3][12] - **Audio-Video Equipment Revenue**: 5.36 billion CNY, up 24.88% YoY [3][12] - **2025 Q1 Revenue**: 50.05 billion CNY, up 11.35% YoY [2][6] - **Gross Margin**: Decreased by 3.69 percentage points YoY due to increased costs and competition [2][5] - **Net Profit**: Decreased by 9.23% YoY in Q1 2025 due to increased R&D expenses and reduced financial income [2][6] Strategic Initiatives - **Market Expansion**: Focus on domestic and international market development, particularly in education and AI solutions [4][16] - **H-Share Listing**: Plans to initiate a Hong Kong H-share listing as part of long-term strategic planning [4][15] - **Response to US-China Tariff War**: Low exposure to US market risks; increased production capabilities in Vietnam [4][9][10] Product Performance - **AI Education Products**: Deployed in over 2,000 schools with significant engagement metrics [8] - **Learning Machine Sales**: Achieved approximately 50% growth in 2024, with new product launches planned for 2025 [18][26] Challenges and Risks - **Profitability Pressure**: Decreased gross margin and net profit due to rising costs and competitive pressures [2][5][6] - **Funding Structure Changes**: Shift from high-interest deposits to debt investments led to reduced interest income [7] Future Outlook - **Growth Expectations**: Confidence in achieving steady growth in 2025, with a focus on high-margin products [14][24] - **Investment in R&D**: Increased R&D spending to support new product development and technological advancements [25] - **Long-term Vision**: Commitment to adapting to market changes and enhancing product offerings to ensure sustainable growth [29]

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 40.65 CNY over the next six months [4][3]. Core Views - The company reported a revenue of 22.4 billion CNY in 2024, representing a year-over-year increase of 11.0%, while the net profit attributable to shareholders was 970 million CNY, down 29.1% year-over-year [1][3]. - The company is focusing on expanding its overseas business and new sectors such as home appliance components and computing devices, which are expected to create new growth curves [3][4]. - The company's Q1 2025 revenue was 5.0 billion CNY, showing a year-over-year growth of 11.3%, while the net profit attributable to shareholders was 160 million CNY, down 9.2% year-over-year [1][2]. Financial Performance Summary - In Q1 2025, the company's net profit margin was 3.2%, a decrease of 0.7 percentage points year-over-year, primarily due to a decline in financial income and an increase in financial expenses [2][8]. - The company’s operating cash flow for Q1 2025 increased by 50 million CNY year-over-year, attributed to revenue growth [2][8]. - The company’s projected earnings per share (EPS) for 2025, 2026, and 2027 are 1.45 CNY, 1.65 CNY, and 1.87 CNY respectively [3][7]. Business Segment Analysis - The domestic education business is expected to see positive revenue growth due to the implementation of the "AI + Education" strategy, which enhances product iterations and solution upgrades [2][3]. - The overseas business faced challenges in Q1 2025 due to tightened education funding in the U.S. and high growth in the same period last year [2][3]. - The home appliance controller segment experienced rapid revenue growth due to proactive overseas market expansion and increased market share among domestic first-tier clients [2][3].

Group 1 - The core point of the article is that Guangzhou Shiyuan Electronic Technology Co., Ltd. plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global strategy and international competitiveness [2][3]. - Shiyuan's revenue for 2024 is reported at 22.401 billion, with a year-on-year growth of 11.05%, while its net profit attributable to shareholders is 0.971 billion, showing a decline of 29.13% [2]. - The company holds a leading position in the global LCD TV main control board market, with a shipment volume accounting for 32.72% of the global total in 2024 [2]. Group 2 - The company is actively pursuing a global strategy by attracting overseas talent and deepening partnerships with international ecological partners to build an efficient supply network [3]. - The trend of A-share companies listing in Hong Kong is increasing, with several companies, including Shiyuan, announcing plans to list, indicating a growing "A+H" market trend [3][4]. - The support from policies, such as those from the China Securities Regulatory Commission and the Hong Kong Stock Exchange, is facilitating the trend of A-share companies going public in Hong Kong [4].

【WitsView整理】 4月23日， 视源股份、天禄科技、联得装备 发布2024年营收。 其中，天禄科技 与联得装备实现营收与净利润的双增长。 视源股份 2024年，视源股份实现营收约224.01亿元，同比增长11.05%；归属于上市公司股东的净利润约9.71 亿元，同比减少29.13%。 | | 2024 年 | 2023 年 | 本年比上年增减 | 2022年 | | --- | --- | --- | --- | --- | | 营业收入(元) | 22.401.181.999.32 | 20.172.636.290.28 | 11.05% | 20,990,265,073.39 | | 归属于上市公司股东 | 970.956.088.36 | 1.370.001.016.36 | -29.13% | 2.072.418.661.24 | | 的净利润(元) | | | | | | 归属于上市公司股东 的扣除非经常性损益 | 836.646,676.09 | 1,161,053,572.39 | -27.94% | 1,809,216,233.23 | | 的净利润(元) | | | | | | 经营 ...

Core Viewpoint - The article highlights the financial performance of three companies: Visionox, Tianlu Technology, and Lianhe Equipment, for the year 2024, noting that Tianlu Technology and Lianhe Equipment achieved both revenue and net profit growth, while Visionox experienced a decline in net profit despite revenue growth. Visionox - In 2024, Visionox achieved revenue of approximately 22.401 billion yuan, a year-on-year increase of 11.05%, but the net profit attributable to shareholders decreased by 29.13% to about 971 million yuan [2] - The company expanded its overseas supply chain in the smart control components sector, increasing market share among major clients, with revenue from liquid crystal display main control boards reaching 6.629 billion yuan, up 11.82% [2] - Revenue from home appliance controllers surged by 65.64% to 1.722 billion yuan [2] - Visionox's overseas business generated revenue of 4.348 billion yuan, marking a 16.83% increase [2] Tianlu Technology - In 2024, Tianlu Technology reported revenue of approximately 654 million yuan, a year-on-year increase of 9.67%, and net profit attributable to shareholders rose by 206.84% to 27.116 million yuan [4] - The company experienced revenue growth in its main product lines, including desktop monitors, laptops, and LCD TVs, with increases of approximately 4 million yuan, 12 million yuan, and 48 million yuan respectively [6] - The gross margin improved to 19.21%, up 1.71 percentage points from 2023, driven by a recovery in panel industry demand [6] Lianhe Equipment - In 2024, Lianhe Equipment achieved revenue of 1.396 billion yuan, a year-on-year increase of 15.63%, and net profit attributable to shareholders increased by 37.06% to approximately 243 million yuan [7] - The company expanded its production scale and improved product technology content, successfully penetrating the G8.6 generation film application equipment market, breaking foreign monopolies [9] - Lianhe Equipment's net profit excluding non-recurring gains rose by 40.92% to approximately 229 million yuan [8]