根据披露的机构调研信息2025年10月21日，泉果基金对上市公司视源股份进行了调研。 基金市场数据显示，泉果基金成立于2022年2月8日。截至目前，其管理资产规模为221.70亿元，管理基 金数6个，旗下基金经理共5位。旗下最近一年表现最佳的基金产品为泉果旭源三年持有期混合A （016709），近一年收益录得36.52%。 截至2025年10月20日，泉果基金近1年回报前9非货币基金业绩表现如下所示： 基金代码基金简称近一年收益成立时间基金经理016709泉果旭源三年持有期混合A36.522022年10月18日 赵诣 016710泉果旭源三年持有期混合C35.982022年10月18日赵诣 022223泉果消费机遇混合发起式 A28.202024年9月27日孙伟 018329泉果思源三年持有期混合A27.852023年6月2日刚登峰 018330泉果思源 三年持有期混合C27.352023年6月2日刚登峰 019624泉果嘉源三年持有期混合A20.342023年12月5日钱思 佳 019625泉果嘉源三年持有期混合C19.852023年12月5日钱思佳 020855泉果泰然30天持有期债券 A2.842024 ...

Core Viewpoint - The hardware manufacturer, with an annual revenue exceeding 22 billion yuan, is experiencing a recovery in profitability, with expectations for steady revenue growth and a rebound in net profit for the year [2][3]. Financial Performance - For the current reporting period, the operating revenue is approximately 7.52 billion yuan, reflecting a year-on-year increase of 6.96%. Year-to-date revenue stands at about 18.09 billion yuan, up 5.45% compared to the same period last year [3]. - The net profit attributable to shareholders for the current period is approximately 469 million yuan, a 7.79% increase year-on-year. However, the year-to-date net profit is around 867 million yuan, down 6.81% compared to the previous year [3]. - The net profit excluding non-recurring gains and losses for the current period is about 400 million yuan, up 1.46% year-on-year, while the year-to-date figure is approximately 683 million yuan, down 20.95% [3]. Business Expansion and Strategy - The company is diversifying its business by expanding into smart services and accelerating international operations, including entering the automotive components and robotics sectors [2][3][27]. - The education sector has become a significant focus, with the brand Seewo covering 2.8 million classrooms and generating around 5 billion yuan in annual revenue [7][11]. - The company is also developing AI-driven educational tools, such as an AI lesson preparation assistant, which has activated over 1 million users [10][11]. International Market Presence - The company has expanded its products and solutions to over 100 countries, generating approximately 5.7 billion yuan in overseas revenue, accounting for about 25% of total revenue [27][28]. - The management is optimistic about the growth potential in overseas markets, particularly in Southeast Asia, the Middle East, and Africa, where there is strong demand for digital transformation in education and enterprise sectors [30]. New Business Ventures - The company has initiated a foray into the automotive electronics sector, with a strong order volume for smart cockpit controllers and components for major automotive manufacturers [31][33]. - Additionally, the company is venturing into robotics, launching products such as quadruped robots and flexible robotic arms, targeting commercial cleaning markets in Europe and Japan [34].

证券研究报告：电子 | 公司点评报告 发布时间：2025-10-22 股票投资评级 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） | 36.38 | | --- | --- | | 总股本/流通股本（亿股）6.96 / 5.21 | | | 总市值/流通市值（亿元）253 / 190 | | | 52 周内最高/最低价 | 46.66 / 32.33 | | 资产负债率(%) | 42.1% | | 市盈率 | 25.80 | | 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) 业绩迎来拐点，AI 教育+机器人持续突破 ⚫ 公司发布 25 年三季报，营收利润增速迎来拐点，毛利率 受供应链影响短期承压 2025 年前三季度，公司实现营收 180.87 亿元（同比+5.45%）；受 原材料价格波动、主要产品收入结构变动等因素影响，公司毛利率同 比-1. ...

值得重点关注的是，MAXHUB海外自有品牌业务在第三季度延续高速增长态势，成为公司海外业务布 局的核心增长引擎。具体来看，公司加快海外产品上市与推广节奏，成功推出支持多语种的创新教育 AI软件应用MAXHUB EasiClass，以及获得微软认证的XBar系列会议产品，一站式产品竞争力与本地化 适配能力持续提升。与此同时，海外营销网络建设进一步完善。今年第三季度，作为中东地区战略支点 的阿联酋子公司开业，为相关市场拓展奠定基础。公司表示海外自有品牌业务预计将保持高速增长态 势。 10月21日，视源股份（002841.SZ）召开线上业绩交流会议，就2025年第三季度经营情况与广大投资者 开展深度交流，吸引超过百家券商、基金等专业投资机构参与。 公司三季度经营基本面持续向好，第三季度营业收入及归母净利润实现双增长，AI+教育生态布局成效 显著，海外自有品牌业务增长势能持续释放，家用电器控制器、汽车电子、电力电子等新兴业务均保持 高速增长态势，机器人业务年内推出多款创新产品，多引擎驱动的发展格局进一步巩固。 作为教育信息化领域的龙头，视源股份在夯实希沃交互智能平板行业领先地位的同时，持续加 码"AI+教育"战略布局 ...