Investment Rating - The report does not provide a specific investment rating for the company [3]. Core Insights - The company, Vision Smart (视声智能), has shown a good growth momentum in its smart home business, which has significantly contributed to its performance [6]. - For the first three quarters of 2024, the company achieved a revenue of 177 million yuan, representing a year-on-year increase of 4.19%, and a net profit attributable to shareholders of 36.06 million yuan, up 43.12% year-on-year [6]. - The company's main products include smart home products, visual intercom products, and LCD screens and modules, with a notable increase in the proportion of smart home products driving revenue growth and margin improvement [6]. - The gross margin for the third quarter was 54.57%, an increase of 2.41 percentage points year-on-year, attributed to an optimized business structure [6]. Financial Summary - Total revenue for the years 2020 to 2023 was as follows: 175 million yuan (2020), 228 million yuan (2021), 232 million yuan (2022), and 236 million yuan (2023), with year-on-year growth rates of 12%, 30%, 2%, and 2% respectively [5]. - Net profit attributable to shareholders for the same years was: 20 million yuan (2020), 26 million yuan (2021), 34 million yuan (2022), and 39 million yuan (2023), with significant growth rates of 4032%, 31%, 32%, and 15% respectively [5]. - The company's gross margin improved from 40.8% in 2020 to 49.5% in 2023, indicating a positive trend in profitability [5]. - The earnings per share (EPS) were 0.58 yuan (2020), 0.76 yuan (2021), 0.90 yuan (2022), and 0.77 yuan (2023) [5]. Sales and Expenses - Sales expenses increased by 23.3% year-on-year to 25.35 million yuan, while management expenses rose by 6.8% to 16.67 million yuan, and R&D expenses increased by 1.3% to 21.82 million yuan [7]. - Other income saw a significant increase of 109.5% year-on-year, primarily due to government subsidies and software tax rebates [7]. Company Positioning - The company is a pioneer in the domestic KNX system and has focused on the development of open smart home and building control standards for 16 years [14]. - As of 2023, the company has conducted over 60 training sessions on KNX technology and has developed 7 proprietary KNX protocol stacks and 37 KNX security products [14].
视声智能：智能家居业务增长势头良好