泉果基金调研视源股份，海外自有品牌业务Q3延续高速增长态势

Core Viewpoint - The company has shown steady growth in its financial performance, with a focus on expanding its AI and education products, while facing challenges in its overseas ODM business and enterprise services. Financial Performance - In Q3 2025, the company achieved revenue of 7.522 billion, a year-on-year increase of 6.96%, with net profit reaching 469 million, up 7.79% year-on-year [3][4] - For the first three quarters of 2025, the company reported revenue of 18.087 billion, a 5.45% increase year-on-year, but net profit decreased by 6.81% [3][4] - The gross margin declined by 1.19 percentage points year-on-year due to raw material price fluctuations and changes in revenue structure, although it showed signs of stabilization [3][4] Business Segments - In the smart control components sector, the company has seen significant growth in its LCD display main control board business and home appliance controllers, benefiting from rapid order growth [3][4][5] - The education business continues to grow steadily, with the company's AI education products gaining traction due to supportive government policies [4][5][6] - The overseas ODM business has faced challenges, with revenue continuing to decline due to market demand changes and tariff fluctuations [5][6][12] AI and Education Initiatives - The company has established 19 key application demonstration areas for its AI classroom feedback system, covering over 4,000 schools and generating more than 450,000 feedback reports [6][7] - The company aims to deepen the integration of AI across its product offerings and enhance user experience in the education sector [7][8] Robotics and Innovation - The company is optimistic about the long-term potential of the robotics sector, having launched new products such as flexible robotic arms and commercial cleaning robots [10][11] - The company plans to continue investing in the robotics business to drive growth [11] Future Outlook - The company expects steady revenue growth for the year, driven by strong performance in smart control components and education businesses, despite challenges in overseas ODM and enterprise services [15][16] - The company has submitted an application for listing H shares on the Hong Kong Stock Exchange, indicating plans for further expansion [17]