视源股份（002841）：基本盘地位稳固，拟H股发行并上市

Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Views - The company maintains a solid market position in the smart control and commercial display sectors, with significant market shares in its product lines [5] - The company is actively promoting AI in education, with tools that have shown to significantly enhance teaching efficiency [5] - The company is accelerating its overseas expansion with its MAXHUB brand, having achieved official compatibility certifications with major platforms [5] - The profit forecast has been adjusted, maintaining the "Buy" rating, with expected net profits for 2025 and 2026 revised to 1.041 billion and 1.250 billion respectively [5] Financial Data and Profit Forecast - Total revenue is projected to grow from 22,401 million in 2024 to 29,794 million by 2027, with a compound annual growth rate of approximately 10.5% [4][6] - The net profit attributable to the parent company is expected to increase from 971 million in 2024 to 1,450 million in 2027, reflecting a growth rate of 16% in 2027 [4][6] - The earnings per share (EPS) is forecasted to rise from 1.41 in 2024 to 2.08 in 2027 [4][6] - The overall gross margin is expected to recover to pre-2023 levels, with a projected gross margin of 22.4% in 2025 [5]