Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1][5] Core Views - The company reported a steady growth in its Q3 2025 performance, with a revenue of 199 million yuan, representing a year-on-year increase of 12.56%, and a net profit attributable to the parent company of 44.27 million yuan, up 22.79% year-on-year [5][10] - The company has a strong focus on R&D, investing over 10% of its annual revenue in this area, which is crucial for maintaining its competitive edge in the KNX smart home market [10][12] - The global KNX market is still in its early stages, with an expected annual growth rate of 10%, while the company's overseas business is growing at a faster rate of 20% to 30% [10][12] Financial Summary - The total share capital of the company is 70.95 million shares, with a circulation ratio of 62.18% [2] - The company's stock price has fluctuated between 38.98 yuan and 16.85 yuan over the past 12 months [2] - The first major shareholder, Zhu Xiangjun, holds 43.70% of the shares [2] - The company's projected revenues for 2025-2027 are 279.25 million yuan, 316.22 million yuan, and 361.48 million yuan, respectively, with growth rates of 12.29%, 13.24%, and 14.31% [10][12] - The net profit attributable to the parent company is expected to be 60.88 million yuan, 73.38 million yuan, and 87.13 million yuan for the same period, with growth rates of 27.68%, 20.55%, and 18.73% [10][12] Market Position - The company has established a broad sales network globally, with significant growth in the Middle East and Africa, and potential for expansion in the European market [10] - The company has maintained long-term collaborations with leading international brands, enhancing its market presence [10]
视声智能（920976）：公司三季报业绩稳健增长，坚持布局全球市场