证券研究报告：电子 | 公司点评报告 股票投资评级 买入|首次覆盖 个股表现 -6% 4% 14% 24% 34% 44% 54% 64% 74% 84% 94% 2024-09 2024-11 2025-01 2025-04 2025-06 2025-09 视源股份 电子 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 38.90 | | --- | --- | | 总股本/流通股本（亿股）6.96 / 5.21 | | | 总市值/流通市值（亿元）271 / 203 | | | 52 周内最高/最低价 | 46.66 / 30.16 | | 资产负债率(%) | 42.1% | | 市盈率 | 27.59 | | 第一大股东 | 黄正聪 | 研究所 分析师:陈涵泊 SAC 登记编号:S1340525080001 Email:chenhanbo@cnpsec.com 分析师:王思 SAC 登记编号:S1340525080002 Email:wangsi1@cnpsec.com 视源股份(002841) 教育回暖 AI 放量，发力机器人业务 ⚫ 事件 公司发布半年报，营收企稳，利润受供 ...

Core Insights - The article discusses the recent developments regarding the Hong Kong IPO of Shiyuan Co., highlighting its transition from a successful A-share company to a global leader in display control technology [1] Group 1: IPO Details - Shiyuan Co. has received feedback from the China Securities Regulatory Commission (CSRC) regarding its overseas listing application, indicating the need for further clarification on certain regulatory compliance issues [1] - The CSRC has requested information on whether the company's domestic subsidiaries fall under the prohibitions outlined in the "Interim Measures for the Administration of the Issuance of Securities and Listing by Domestic Enterprises Overseas" [1] Group 2: Business Operations - The company is required to clarify the compliance of its educational service products, such as "Xihuo Teaching Large Model" and "Xihuo Classroom Intelligent Feedback System," with national policies and whether they involve subject-based training [1] - Shiyuan Co. must provide evidence that its telecommunications and medical services comply with foreign investment access policies, as well as confirm that its business operations do not involve sectors restricted by the "Negative List for Foreign Investment Access (2024 Edition)" [1]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has requested additional materials from Guangzhou Shiyuan Electronic Technology Co., Ltd. regarding its Hong Kong IPO, focusing on compliance with national policies related to its AI products and foreign investment regulations [1][2][3]. Group 1: Regulatory Requirements - CSRC requires Shiyuan to clarify whether its AI products, such as "Xihuo Teaching Large Model," "Xihuo Classroom Intelligent Feedback System," and "Xihuo AI Preparation," have completed the necessary model filings and whether they involve subject-based training, in accordance with national policies [1][2]. - The company must also provide evidence that its subsidiaries' value-added telecommunications services and medical services comply with foreign investment access policies, and confirm that its business operations do not involve sectors restricted or prohibited for foreign investment [3]. Group 2: Company Overview and Financial Performance - Shiyuan is recognized as an expert in intelligent control technology and a leading company in commercial display devices, particularly in interactive smart panels (IFPD) and LCD main control boards for educational and enterprise services [4]. - The company has expanded from LCD main control boards to high-growth potential intelligent control components across various sectors, including white goods, automotive, energy storage, and robotics [4]. - Financially, Shiyuan reported revenues of RMB 20.99 billion, RMB 20.17 billion, and RMB 22.40 billion for the years 2022, 2023, and 2024, respectively, with annual profits of RMB 2.12 billion, RMB 1.40 billion, and RMB 1.04 billion during the same period [4][6].

Group 1 - The China Securities Regulatory Commission (CSRC) has issued supplementary material requirements for 10 companies, including Shiyuan Technology (002841.SZ), regarding their overseas listing applications [1] - Shiyuan Technology is required to clarify whether its domestic subsidiaries are subject to any prohibitions on overseas listings as per the relevant regulations [1] - The company must also provide information on whether its AI products in the education service sector have completed the necessary model filings and comply with national policies [1] Group 2 - Shiyuan Technology is a provider of smart electronic products and solutions, focusing on interactive display and artificial intelligence [2] - The company's revenue for 2022, 2023, and 2024 was reported at 20.99 billion, 20.17 billion, and 22.40 billion respectively, with annual profits of 2.12 billion, 1.40 billion, and 1.04 billion [2] - The major shareholders of Shiyuan Technology include Huang Zhengcong, Wang Yiran, and Sun Yonghui, who formed a controlling shareholder group in 2011 [2]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has requested additional documentation from Visionox Technology Co., Ltd. regarding its overseas listing application, focusing on compliance with regulations and the status of its AI products in the education sector [1][2]. Group 1: Regulatory Requirements - The CSRC has asked Visionox to clarify whether its domestic subsidiaries are subject to any prohibitions on overseas listings as per the relevant regulations [2]. - The company is required to provide details on whether its AI products related to educational services, such as "Xihuo Teaching Model" and "Xihuo Classroom Intelligent Feedback System," have completed the necessary large model filings and whether they comply with national policies [2][1]. - The CSRC also seeks confirmation that the company's telecommunications and medical services comply with foreign investment regulations and do not fall under restricted categories [2]. Group 2: Company Overview - Visionox is a provider of smart electronic products and solutions, focusing on interactive display and artificial intelligence, aiming to enhance user experience through innovation [2]. - The company's product range includes smart control components, intelligent terminals, and various applications and services [2]. Group 3: Financial Performance - Visionox's revenue figures for the years 2022 to 2024 are reported as 20.99 billion, 20.17 billion, and 22.40 billion respectively, while the annual profits are 2.12 billion, 1.40 billion, and 1.04 billion [3]. - The company has a group of six controlling shareholders who signed a joint action agreement in 2011 prior to the IPO [3].

Core Insights - The company reported a revenue of 10.6 billion yuan for the first half of 2025, a year-on-year increase of 4%, but the net profit attributable to shareholders decreased by 20% to 400 million yuan [1] - In Q2 2025, the company achieved a revenue of 5.6 billion yuan, a slight decline of 1% year-on-year, with a net profit of 240 million yuan, down 26% [1][2] - The company is focusing on AI education and robotics, with significant growth in its AI education products and the launch of its self-developed industrial robot [3] Financial Performance - For 1H25, the company’s gross margin was 20.4%, a decrease of 2.1 percentage points year-on-year, remaining stable compared to Q1 [2] - The sales expense ratio, management expense ratio, and R&D expense ratio decreased by 0.9 percentage points, 0.6 percentage points, and increased by 0.3 percentage points year-on-year, respectively [2] - The company’s non-recurring net profit margin for 1H25 was 2.7%, down 2 percentage points year-on-year, primarily due to changes in the financial structure [2] Business Segments - The smart control components segment generated revenue of 54.97 billion yuan, an increase of 11% year-on-year, with significant growth in household appliance controllers [2] - The smart terminal and application segment saw a revenue of 48.4 billion yuan, a decrease of 2% year-on-year, mainly due to a weak enterprise market [2] - The education business within the smart terminal segment grew by 14% year-on-year, with total revenue of 1.72 billion yuan in 1H25 [2] Future Outlook - The company expects net profits attributable to shareholders to reach 890 million yuan, 1.19 billion yuan, and 1.44 billion yuan for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 33X, 24X, and 20X [3] - The company is actively promoting its AI education products, with significant market penetration and user engagement [3] - The robotics business is expanding, with the launch of the MAXSUB-X7 robot and growth in commercial cleaning robots in international markets [3]

Core Viewpoint - The company has reported a mixed performance in the first half of 2025, with revenue growth in certain segments but a decline in net profit due to various factors including raw material price fluctuations and changes in product revenue structure [2][3][12]. Financial Performance - The company achieved operating revenue of 1,056,460.75 million yuan, a year-on-year increase of 4.39% [2]. - The net profit attributable to shareholders decreased by 19.66% to 39,767.63 million yuan [2]. - The comprehensive gross margin declined by 1.38 percentage points year-on-year, although it stabilized quarter-on-quarter [2]. Segment Performance - Revenue from the liquid crystal display main control board decreased by 7.26% to 308,336.50 million yuan due to a drop in shipments from major TV clients [3]. - The home appliance controller segment saw a significant revenue increase of 66.43%, reaching 129,969.34 million yuan [3]. - The domestic education business generated revenue of 172,684.82 million yuan, up 13.79%, benefiting from a multi-product strategy [4]. - The LED business experienced a revenue growth of 52.26% in the first half of 2025 [5]. - The overseas ODM business faced challenges, with revenue declining by 23.69% due to external factors [6]. Product Development and Innovation - The company is focusing on AI integration in education, with the Xiwo classroom intelligent feedback system implemented in 19 key application demonstration areas, covering over 3,000 schools [7][9]. - The company is expanding its product ecosystem in education AI, including the Xiwo AI preparation assistant and other hardware solutions [9][10]. - The company has launched several robotic products, including commercial cleaning robots and the MAXHUB X7 quadruped robot, with plans for further market expansion [11]. Strategic Initiatives - The company has submitted an application for listing H shares on the Hong Kong Stock Exchange, with funds aimed at enhancing R&D capabilities and international expansion [14]. - The company maintains a consistent R&D investment of around 7% of operating revenue, focusing on core areas such as smart control components and AI algorithms [15].

Investment Rating - The investment rating for the company is maintained at "Buy-A" with a 12-month target price of 51.40 CNY [5]. Core Views - The company's revenue for H1 2025 reached 10.56 billion CNY, a year-on-year increase of 4.4%, while the net profit attributable to shareholders was 400 million CNY, a year-on-year decrease of 19.7% [1]. - The company is actively expanding its overseas business and new business directions such as home appliance controllers and computing devices, which are expected to create new growth curves [3]. - The company has seen a positive trend in domestic education business revenue growth, driven by the promotion of educational AI products [2]. Financial Performance Summary - In Q2 2025, the company achieved revenue of 5.56 billion CNY, a year-on-year decrease of 1.2%, and a net profit of 240 million CNY, a year-on-year decrease of 25.5% [1][2]. - The net profit margin for Q2 was 4.2%, down 1.4 percentage points year-on-year, primarily due to rising raw material prices and a higher proportion of lower-margin home appliance controller business [2]. - The company’s operating cash flow for Q2 increased by 220 million CNY year-on-year, attributed to higher cash payments for goods and services [3]. Earnings Forecast - The expected earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 1.41 CNY, 1.61 CNY, and 1.82 CNY respectively [3]. - The company’s revenue is forecasted to grow from 24.66 billion CNY in 2025 to 30.64 billion CNY in 2027, with a compound annual growth rate (CAGR) of approximately 11.3% [4][15].

Core Insights - The company reported a revenue of 10.565 billion yuan for the first half of 2025, continuing to show positive growth with a stable gross margin in the second quarter, indicating strong anti-cyclical capabilities [1] - The domestic education business generated revenue of 1.727 billion yuan, reflecting a year-on-year growth of 13.79% [1] - The overseas self-owned brand business saw a remarkable revenue increase of nearly 60%, with several products certified by Microsoft Teams Rooms, integrating fully into the Microsoft ecosystem [1] Domestic Education Business - The company's AI education products have accelerated deployment, with the Xiwo Classroom Intelligent Feedback System established in 19 key application demonstration areas across the country, covering over 3,000 schools and 7,000 classrooms [1] - Cumulatively, over 360,000 intelligent feedback reports have been generated, and over 600,000 users have activated the Xiwo AI lesson preparation tool, effectively reducing teachers' workload and improving efficiency [1] Overseas Business Performance - The overseas self-owned brand business has shown significant growth, with a revenue increase of nearly 60% year-on-year [1] - Multiple products have received international awards and certifications, enhancing the company's reputation in the global market [1] New Growth Areas - The home appliance controller business achieved a revenue of 1.299 billion yuan, marking a substantial year-on-year increase of 66.43%, becoming a new growth driver [1] - The robotics business has successfully implemented applications in electricity and security sectors, showcasing the company's technological transformation capabilities [1] Future Outlook - The company has initiated plans for a Hong Kong listing in the first half of the year, aiming to establish an "A+H" dual financing platform to further expand its international presence [1] - The company is gradually building a diversified growth engine through its comprehensive advantages in display control, AI education, and international operations, indicating promising future development [1]

Core Insights - The company reported a revenue of 10.565 billion yuan for the first half of 2025, representing a year-on-year growth of 4.39% [1] - The net profit attributable to shareholders was 398 million yuan, with a non-recurring net profit of 283 million yuan, and basic earnings per share of 0.58 yuan [1] - The education business segment achieved a revenue of 1.727 billion yuan, growing by 13.79% year-on-year, driven by the acceleration of education AI implementation [1] Group 1: Business Performance - The overseas self-owned brand business saw a significant revenue increase of nearly 60%, with products like XBoard V7 and BM45 receiving Microsoft Teams Rooms certification and winning international awards [1] - The company established localized teams in 22 countries and regions globally and initiated plans for a dual financing platform through a Hong Kong listing to support its international strategy [1] Group 2: Product Development - The smart control components sector optimized its product structure, with the household appliance controller business achieving a revenue of 1.299 billion yuan, marking a robust year-on-year growth of 66.43% [2] - The automotive electronics business maintained steady growth, and breakthroughs were made in the power electronics product market [2] - The company showcased its self-developed high-performance industrial quadruped robot MAXHUB X7 at the 2025 World Robot Conference, which won an award and features advanced navigation capabilities [2]