Investment Rating - The investment rating for the company is "Outperform" (Maintain) [2][3] Core Views - The company achieved a 34.7% year-on-year increase in net profit attributable to shareholders in Q3 2024, driven by the application of artificial intelligence technologies [2][3] - Revenue for the first three quarters of 2024 reached 177 million yuan, representing a 4.19% increase, while net profit attributable to shareholders was 36.06 million yuan, up 43.12% [3] - The gross margin and net margin for the company were 52.83% and 20.42%, respectively, with gross margin increasing by 4.72 percentage points year-on-year due to a higher sales proportion of smart home products [3] - The company is recognized for its unique KNX technology in the smart home and building control sector, which serves as a significant competitive barrier [3] - The earnings forecast for 2024-2026 has been revised upwards, with expected net profits of 50 million, 62 million, and 80 million yuan for the respective years [3] Financial Summary - For 2024, the company is projected to achieve revenues of 255 million yuan, with a year-on-year growth of 8.2% [5] - The net profit for 2024 is expected to be 50 million yuan, reflecting a year-on-year growth of 27.6% [5] - The gross margin is forecasted to be 51.4% in 2024, with a gradual increase to 52.8% by 2026 [5] - The earnings per share (EPS) for 2024 is estimated at 0.70 yuan, with a P/E ratio of 26.7 times [5] - The company’s R&D expenses for the first three quarters of 2024 were 21.82 million yuan, accounting for 12.36% of revenue, indicating a commitment to innovation [5]
视声智能：北交所信息更新：引入并应用人工智能领域技术，2024Q3归母净利润+34.7%