证券研究报告·公司点评报告 2025 年 10 月 31 日 江海证券研究发展部 执业证书编号：S1410525010001 联系人：刘瑜 执业证书编号：S1410123110011 | 投资评级： | 增持（维持） | | --- | --- | | 当前价格: | 27.06元 | | 总股本(百万股) | 70.95 | | --- | --- | | A 股股本(百万股) | 70.95 | | B/H 股股本(百万股) | -/- | | A 股流通比例(%) | 62.18 | | 12 个月最高/最低(元) | 38.98/16.85 | | 第一大股东 | 朱湘军 | | 第一大股东持股比例(%) | 43.70 | | 上证综指/沪深 300 | 3986.90/4709.91 | % 1 个月 3 个月 12 个月 相对收益 1.76 -7.71 14.03 绝对收益 2.66 0.19 34.60 数据来源：聚源 注：相对收益与北证 50 相比 1. 江海证券-公司深度报告（首次覆盖）- 视声智能：KNX 总线智能家居品牌，提供 住宅与建筑智能化解决方案 – 2025.05.13 分析师 ...

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [3] Core Insights - The company reported a revenue of 199 million yuan and a net profit attributable to the parent company of 44.27 million yuan for the first three quarters of 2025, representing a year-on-year growth of 12.56% and 22.79% respectively [5] - The company maintains its profit forecast for 2025-2027, expecting net profits of 65 million, 83 million, and 105 million yuan, with corresponding EPS of 0.92, 1.17, and 1.47 yuan per share, leading to PE ratios of 29.0, 22.8, and 18.0 times [5] - The company is focusing on R&D and innovation, with over 10% of annual revenue allocated to R&D since 2022, and is expanding its product applications in AI, big data, and cloud computing [6] Financial Performance - For 2025, the company expects revenue to reach 297 million yuan, with a year-on-year growth of 19.6%, and net profit to be 65 million yuan, reflecting a growth of 36.4% [8] - The gross margin is projected to improve from 49.5% in 2023 to 55.6% in 2027, while the net margin is expected to rise from 16.6% to 23.7% over the same period [11] - The company has a strong cash flow position, with operating cash flow expected to increase from 63 million yuan in 2025 to 190 million yuan in 2026 [10] Market Outlook - The global smart home market is projected to exceed 1.6 trillion yuan in 2024, with China contributing over 35% [7] - The KNX global market is expected to reach 17.92 billion USD by 2031, with a compound annual growth rate (CAGR) of 10.3% from 2025 to 2031 [7] - The residential building sector is the primary application area for KNX products, accounting for 53.4% of the market, indicating strong demand in the smart home sector [7]