Summary of the Conference Call for Shiyuan Co., Ltd. Industry and Company Overview - The conference call discusses Shiyuan Co., Ltd., focusing on its various business segments including education, home appliance controllers, enterprise services, and overseas operations [1][2][3]. Key Points and Arguments Education Business - The education segment is projected to generate revenue of 5 billion yuan in 2024, showing a year-on-year decline. However, a double-digit recovery growth is expected in Q1 2025, driven by stable sales of traditional products like interactive smart panels and growth in education PCs, recording devices, software, and learning machines [2][5]. - The classroom intelligent feedback system has been implemented in over 3,000 classrooms across more than 2,000 schools, with an additional 2,600 classrooms added in Q1 2025, enhancing classroom value by approximately 7,000-8,000 yuan per classroom, totaling around 17.8 million yuan [2][10]. Home Appliance Controller Business - The home appliance controller business is performing well, with revenue expected to rise from 1 billion yuan in 2023 to 1.8 billion yuan in 2024, and projected to reach 2.8-3 billion yuan in 2025. The gross margin has surpassed that of LCD display main control boards [2][3]. Enterprise Services - The enterprise services segment is anticipated to generate around 1.6 billion yuan in 2024, but faces revenue pressure in 2025 due to decreased demand from major digital signage clients [6]. Overseas Operations - The overseas ODM business is under pressure, particularly in the U.S. market, but new product lines are beginning to ramp up, potentially offsetting some downward pressure [6]. - The MAXHUB conference products have made progress in overseas markets, with a complete product matrix established and certification from Microsoft Teams Rooms, indicating a strong growth trajectory expected in 2025 [2][6]. AI Education Products - The AI lesson preparation system, launched in March 2025, aims to assist teachers in lesson planning, with a target of converting 9 million active teachers into users. The system has a gross margin of 80%-90% and is expected to generate significant net profits [4][12][23]. - The AI preparation system has improved teacher preparation efficiency by 50%, aligning with national policies promoting educational digitalization [16][21]. Financial Performance and Market Potential - The overall financial outlook for educational digitalization funding in 2025 is more optimistic compared to 2024, with increased funding for equipment procurement [20]. - The potential market for upgrading classroom technology is estimated to be in the hundreds of billions if all 2.8 million classrooms upgrade their systems, and if 9 million active teachers pay an annual fee of 100 yuan, it could generate 900 million yuan in software revenue [22]. Gross Margin Insights - The gross margins vary across different segments, with the LCD display main control board having the lowest at 12%-13%, while the home appliance controllers and emerging sectors like automotive and power electronics show higher growth and margins [25]. Other Important Insights - The classroom intelligent feedback system not only aids teachers but also provides valuable data for educational managers and researchers, enhancing overall teaching quality [9][10]. - The company has established 19 demonstration zones covering over 2,000 schools, indicating a strong commitment to expanding its educational technology footprint [21][22].

Core Viewpoint - The company, Guangzhou Shiyuan Electronic Technology Co., Ltd. (视源股份), is seeking to list H-shares in Hong Kong amid a significant decline in its market valuation, which has dropped from nearly 100 billion yuan in early 2021 to approximately 23.1 billion yuan as of June 19, 2025, representing a loss of over 75 billion yuan [1][22]. Financial Performance - In 2024, the company reported record revenue of 22.401 billion yuan, a year-on-year increase of 11.05%, but its net profit attributable to shareholders plummeted by 29.13% to 971 million yuan. The gross margin also fell from 26.2% in 2022 to 20.9% in 2024 [2][4]. - The "Smart Terminal and Applications" segment, which includes the "Seewo" and "MAXHUB" brands, saw its gross margin decline sharply from 35.6% in 2022 to 25.3% in 2024, indicating pressure on its core business [3][9]. Business Segments - The "Smart Control Components" segment experienced robust growth, with a revenue increase of 20.4% in 2024, particularly in the home appliance controller business, which surged by 65.64%. However, this segment's lower gross margin of 14.3% negatively impacted the overall profitability of the company [3][10][13]. - The education business generated revenue of 5.054 billion yuan, down 8.75%, while the enterprise service business saw a revenue decline of 2.6% to 1.582 billion yuan, reflecting challenges in traditional markets [8][9]. R&D Investment - The company invested 1.54 billion yuan in R&D in 2024, which accounted for 6.88% of its revenue, indicating a commitment to innovation despite declining profits. The R&D workforce comprised 48.24% of total employees, totaling 3,229 personnel [4][14]. IPO Purpose - The primary goal of the H-share listing is to support the company's globalization strategy, enhance international market presence, and secure funding for R&D and strategic investments [17][18]. Global Expansion - The company reported overseas revenue of 4.348 billion yuan, a year-on-year increase of 16.83%, and is focusing on deepening its presence in international markets through localized teams and partnerships with global tech giants [18][19]. AI Strategy - The company is heavily investing in AI, with initiatives such as the "Seewo Classroom Intelligent Feedback System" and the "Seewo Teaching Large Model," aiming to transform from a hardware manufacturer to a technology platform with advanced algorithms and applications [20]. Market Competition - The company faces intense competition from major players like Huawei and Lenovo, which poses risks to its market share and profitability. The management has acknowledged these challenges and is focusing on increasing the revenue share of high-margin products [21][22].

Group 1 - The core focus of the article is on the innovative educational solutions provided by the company, particularly through its brand Seewo, which emphasizes family space education and integrates AI technology to redefine home learning models [2][3]. - Seewo's new products, including the Seewo Learning Machine and Seewo Parent-Child Screen, serve as comprehensive educational assistants for families, enhancing the quality of parent-child interaction and learning at home [2][3]. - The Seewo Parent-Child Screen is designed as a protective eye screen that combines multiple functions such as display, interaction, and learning, creating a family library experience with over 1,400 picture books and 3,000 animation courses [2][3]. Group 2 - The recently launched "AI Growth Companion" integrates advanced AI models from various sources, providing a multi-dimensional learning support system that enhances desktop learning environments [3]. - The company has developed a "4+1" AI technology layout focusing on sensory capabilities, which includes visual, auditory, tactile, and data analysis, aimed at creating a new digital ecosystem in education [3]. - By the end of 2024, the Seewo Classroom Intelligent Feedback System will have established 19 key application demonstration areas across over 2,000 schools, generating more than 150,000 AI evaluation reports [4].

Core Insights - Guangdong has launched a batch of AI products and announced the first 30 categories of "Artificial Intelligence +" application scenarios, covering manufacturing, education, healthcare, and safety industries [1][2] Group 1: Manufacturing - In the industrial sector, Guangdong has identified typical application scenarios of AI in ten subfields, including electronic information, automotive, machinery, textiles, and home appliances [1] - For example, Diexun Network has applied AI in clothing design, reducing the garment design layout time from one day to just a few minutes [1] Group 2: Education - In the education sector, AI applications have been categorized into five areas: learning, teaching, experiments, resource distribution, and assessment and decision support [1] - For instance, Shiyuan Co. has implemented AI in education through its Xiwo Classroom Intelligent Feedback System, generating over 150,000 feedback reports to enhance teaching quality [1] Group 3: Healthcare - In healthcare, AI applications have been identified in ten areas, including imaging diagnosis, clinical decision-making, surgical planning, outpatient triage, and medical consultation [1] - An example includes the collaboration between Mindray Medical and Tencent, which developed the world's first clinically applicable "Qiyuan Critical Care Model," improving doctors' work efficiency by over 30 times [1] Group 4: Safety - In the safety sector, AI applications have been categorized into five scenarios, such as production risk monitoring and early warning, safety behavior recognition, emergency rescue decision-making, disaster site situational awareness, and robotic rescue and search [2] - For instance, Yuanzheng Intelligent has applied AI in production risk monitoring, with its aluminum processing safety management platform reducing the number of safety incident alarms by 53% [2] Group 5: Industry Support - The Guangdong government aims to support more AI and robotics companies in technology industrialization, product commercialization, and service business development [2] - The region's advantages in electromechanical technology and digital intelligence create a complete AI and robotics industry chain, facilitating the rapid deployment of "Artificial Intelligence +" application scenarios across various sectors [2]

点击 关注我们 报告发布日期：2025年2月22日 报告名称:《视源股份（002841.SZ）-2024年营收同比增长11%，AI+教育创新应用加速》 分析师：胡剑 S0980521080001/胡慧 S0980521080002/ 叶 子 S0980522100003 / 詹浏洋 S0980524060001 / 张大为 S0980524100002/ 李书颖 S0980522100003 联系人：连欣然 完整报告请扫描下方二维码 核心观点 2024年公司营收同比增长11%，归母净利润同比下滑29% 2024年受到客户采购预算收紧等因素影响，公司教育业务收入同比下滑8.7%。公司旗下教育品牌希沃行业领 先地位稳固，希沃教学终端、希沃录播、希沃魔方数字基座等软硬件产品业务收入延续快速增长势头。希沃在 教育领域持续发力，2023年10月发布教学大模型，2024年10月推出大模型2.0版本，赋能教育教学各环节，实 现AI备课、AI课堂报告分析等功能。截至2024年底，希沃课堂智能反馈系统已建成19个示范区，覆盖2000多 所学校，生成15万份课堂智能反馈报告。2月8日起，希沃全系产品接入DeepSeek大模型，加 ...