Investment Rating - The investment rating for the company is "Accumulate" [4] Core Insights - The company reported a year-on-year revenue increase of 5.5% for the first three quarters of 2025, reaching 18.1 billion yuan, while the net profit attributable to shareholders decreased by 7% to 870 million yuan [1] - In Q3 2025, the revenue was 7.52 billion yuan, reflecting a 7% year-on-year growth, and the net profit attributable to shareholders increased by 7.8% to 470 million yuan [1] - The company is accelerating the promotion of its education AI products, capitalizing on the ongoing digital transformation in the education sector driven by national policies [2] Revenue Analysis - Domestic education business showed steady growth in Q3, with significant contributions from various software and hardware products [2] - The LCD display main control board segment experienced rapid revenue growth, positively impacting overall revenue for the first three quarters [2] - The home appliance controller segment continued to benefit from a surge in domestic and international orders, maintaining a high growth rate in Q3 [2] - Overseas business faced challenges due to market demand fluctuations and tariff changes, but the MAXHUB overseas brand maintained strong growth [2] - The company's robotics segment saw good revenue growth, with the launch of intelligent flexible robotic arms and commercial cleaning robots in international markets [2] Profitability Analysis - For the first three quarters of 2025, the company's gross margin was 20.3%, a decrease of 1.7 percentage points year-on-year, while the net margin was 5.4%, down 0.3 percentage points [3] - In Q3 2025, the gross margin was 20.0%, down 1.5 percentage points year-on-year, but the net margin improved to 7.1%, an increase of 0.3 percentage points [3] Expense Analysis - The expense ratios for the first three quarters of 2025 showed a decrease in sales and management expenses, while R&D and financial expenses saw slight increases [8] - In Q3 2025, the expense ratios continued to reflect a similar trend, with reductions in sales, management, and R&D expenses [8] Earnings Forecast and Valuation - The company adjusted its revenue forecast for 2025-2027, expecting revenues of 23.89 billion, 27.58 billion, and 31.60 billion yuan respectively, with net profits of 1.00 billion, 1.21 billion, and 1.51 billion yuan [8] - Corresponding EPS estimates are 1.44, 1.74, and 2.16 yuan, with PE ratios projected at 30, 25, and 20 times [8]

事件概述 公司发布2025 年前三季度业绩： 25 年前三季度：营业收入实现181 亿元（YOY+5.5%），归母净利润实现8.7 亿元（YOY-7%），扣非 归母净利润实现6.8 亿元（YOY-21%）。 25Q3：营业收入实现75.2 亿元（YOY+7%），归母净利润实现4.7 亿元（ YOY+7.8% ）， 扣非归母净 利润实现4 亿元（YOY+1.5%）。 分析判断: 收入端 分产品来看，根据2025 年10 月21 日投资者关系活动表： （1）国内教育业务：国内教育业务方面 Q3 收入继续保持稳健增长。希沃录播、希沃魔方数字基座、 希沃教学终端及希沃学习机等软硬件产品整体收入保持良好增长态势，产品矩阵协同效应凸显。随着国 家及各地教育+AI 政策持续加码，公司加速推广教育AI 产品， 领跑国内教育数智化转型。 （5）机器人领域：公司智能柔性机械臂产品近日于广交会正式亮相。公司商用清洁机器人亦已批量进 入欧洲、日韩等市场，推动公司机器人业务收入实现良好增长。 利润端 （1）25 年前三季度：公司毛利率实现20.3%（YOY-1.7pct），公司净利率实现5.4%（YOY-0.3pct） （2）25Q3 ...

Core Insights - The Ministry of Education's Information Technology Standards Committee announced 30 exemplary cases for the 2025 CELTSC standards, with a project from Xiangtan City focusing on AI-driven teacher development and school-based research reform being selected [1][2] Group 1: Project Overview - The project titled "AI Empowerment Thematic School-Based Research Reform Practice" utilizes the Xiwo Classroom Intelligent Feedback System from Vision Source Co., Ltd. to address traditional research challenges in education [1] - The initiative aims to transform school research from experience-based to evidence-based through AI technology that collects real-time classroom data [1][2] Group 2: System Functionality - The Xiwo Classroom Intelligent Feedback System collects data on teacher-student interactions, voice dialogues, and teaching equipment interactions, providing a rich data foundation for educational research [1] - It employs a multi-modal AI classroom analysis model to process collected data, identify interaction patterns, and generate comprehensive reports, including teaching time and Q&A analysis [1][2] Group 3: Application and Impact - The system has demonstrated multi-layered application value in individual reflection, peer guidance, school-based communities, and regional team building, enhancing the sharing of quality educational resources [2] - In Xiangtan's practice, the "AI + Teacher Research Community" (ETopic) has increased cross-school resource utilization by 317%, promoting balanced regional education development [2] Group 4: Implementation and Reach - As of September 2025, the Xiwo Classroom Intelligent Feedback System has established 19 key application demonstration areas nationwide, covering over 4,000 schools and more than 10,000 classrooms, generating over 450,000 intelligent feedback reports [2] - The number of active users for Xiwo AI lesson preparation has exceeded 1 million, and the Xiwo Digital Base has reached over 9,000 schools in China [2]

Core Viewpoint - The company has shown steady growth in its financial performance, with a focus on expanding its AI and education products, while facing challenges in its overseas ODM business and enterprise services. Financial Performance - In Q3 2025, the company achieved revenue of 7.522 billion, a year-on-year increase of 6.96%, with net profit reaching 469 million, up 7.79% year-on-year [3][4] - For the first three quarters of 2025, the company reported revenue of 18.087 billion, a 5.45% increase year-on-year, but net profit decreased by 6.81% [3][4] - The gross margin declined by 1.19 percentage points year-on-year due to raw material price fluctuations and changes in revenue structure, although it showed signs of stabilization [3][4] Business Segments - In the smart control components sector, the company has seen significant growth in its LCD display main control board business and home appliance controllers, benefiting from rapid order growth [3][4][5] - The education business continues to grow steadily, with the company's AI education products gaining traction due to supportive government policies [4][5][6] - The overseas ODM business has faced challenges, with revenue continuing to decline due to market demand changes and tariff fluctuations [5][6][12] AI and Education Initiatives - The company has established 19 key application demonstration areas for its AI classroom feedback system, covering over 4,000 schools and generating more than 450,000 feedback reports [6][7] - The company aims to deepen the integration of AI across its product offerings and enhance user experience in the education sector [7][8] Robotics and Innovation - The company is optimistic about the long-term potential of the robotics sector, having launched new products such as flexible robotic arms and commercial cleaning robots [10][11] - The company plans to continue investing in the robotics business to drive growth [11] Future Outlook - The company expects steady revenue growth for the year, driven by strong performance in smart control components and education businesses, despite challenges in overseas ODM and enterprise services [15][16] - The company has submitted an application for listing H shares on the Hong Kong Stock Exchange, indicating plans for further expansion [17]

Group 1 - The company held an online performance exchange meeting on October 21, attracting over a hundred professional investment institutions, indicating strong interest in its business outlook [1] - In the third quarter, the company achieved growth in both operating revenue and net profit attributable to shareholders, driven by its AI+ education ecosystem and emerging businesses such as home appliance controllers and automotive electronics [1][2] - The company has successfully launched multiple innovative products in its robotics business this year, further solidifying its multi-engine growth strategy [1] Group 2 - As a leader in the education information technology sector, the company is accelerating its "AI+ education" strategy, which is supported by favorable national and local policies [2] - By the end of September 2025, the company established 19 key application demonstration areas for its smart feedback system, covering over 4,000 schools and generating more than 450,000 classroom feedback reports [2] - The company’s AI lesson preparation tool has activated over 1 million users, and its digital base has reached over 9,000 schools in China, indicating a scalable implementation of its education AI ecosystem [2] Group 3 - The MAXHUB overseas self-owned brand business continued to grow rapidly in the third quarter, becoming a core growth engine for the company's international operations [3] - The company has accelerated the launch and promotion of overseas products, including the innovative education AI software MAXHUB EasiClass and the Microsoft-certified XBar series meeting products [3] - The company’s robotics business has made significant breakthroughs, with the launch of several innovative products, including quadruped robots and flexible robotic arms, and is expanding its commercial cleaning robots into European and Asian markets [3] Group 4 - The company submitted an application for H-share listing on the Hong Kong Stock Exchange in June, aiming to create an international capital platform to support its global strategy [4] - The funds raised from the listing will be used to enhance AI and display technology research and development, accelerate overseas channel expansion, and improve digital capabilities [4]

Financial Performance - In Q3 2025, the company achieved revenue of CNY 7.522 billion, a year-on-year increase of 6.96% [4] - For the first three quarters of 2025, revenue reached CNY 22.5 billion, up 5.45% year-on-year [4] - Net profit attributable to shareholders in Q3 was CNY 469 million, a 7.79% increase year-on-year [4] - Net profit for the first three quarters was CNY 867 million, down 6.81% year-on-year, but the decline narrowed compared to the first half of the year [4] Business Segments Performance - The smart control components sector saw significant growth, with Q3 revenue from LCD display control boards increasing rapidly [4] - The home appliance controller business benefited from a surge in domestic and international orders, maintaining high growth in Q3 [4] - The automotive electronics and power electronics sectors also experienced rapid growth [4] Education Sector Developments - The company's education AI products have made substantial progress, with the Xiwo Classroom Intelligent Feedback System established in 19 key application demonstration areas, covering over 4,000 schools and 10,000 classrooms by the end of September 2025 [4][7] - The Xiwo AI preparation assistant activated over 1 million users, and the Xiwo Magic Cube Digital Base covered more than 9,000 schools [4][7] Challenges and Strategies - The overseas ODM business faced a decline due to market demand changes and tariff fluctuations, continuing a downward trend in Q3 [6][12] - The company plans to enhance overseas capacity layout and deepen collaboration with core brand customers to explore new product lines [6][12] - The enterprise service business is under pressure due to weak domestic demand and short-term impacts on digital signage [5][12] Future Outlook - The company expects steady revenue growth for the full year, with a stable gross margin trend [17] - Continued focus on cost control and financial management is anticipated to improve operational profits and stabilize net profit [17] - The company is advancing its H-share listing application on the Hong Kong Stock Exchange, submitted on June 17, 2025 [18]

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 ...

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% 公司发布2024年度业绩快报，2024年营业总收入224.57亿元（YoY +11.3%），归母净利润9.72亿元（YoY -29.1%），扣非后归母净利润8.38亿元（YoY -27.8%）。其中，4Q24营收53.04亿元（YoY +10.9%，QoQ -24.6%），归母净利润0.41亿元（YoY -86.6%，QoQ -90.5%）。分业务看，液晶显示主控板卡等相关业务营收 同比增长13.6%；教育业务营收同比下滑8.7%；企业服务业务营收同比下滑2.2%；海外业务营收同比增长 17.5%；新兴业务LE ...