Report | Vision Source 2024 Net rofit of 9P72 Million, Down 29.07% Y/Y

    On January 23, vision source shares (002841) released performance snapshot, the company realized operating income of 22.457 billion yuan from January to December 2024, an increase of 11.32% year-on-year; net profit attributable to shareholders of listed companies of 972 million yuan, a year-on-year decline of 29.07%.

    The company said that in FY2024, the company adhered to product technology innovation, continued to develop domestic and international markets, and consolidated the competitiveness of emerging businesses, and realized operating income of 22,456,842,200 yuan in the current year, an increase of 11.32% year-on-year. 

    In terms of component business, global TV shipments increased slightly, the competitiveness of the company's products continued to lead compared with the industry, and the company actively laid out the overseas supply chain, the company's market share in the first-tier large customers to further increase, LCD main control boards and other related business revenue increased by 13.64% year-on-year. Thanks to the active development of overseas markets and the increase in the share of domestic first-tier customers, the revenue of the household electrical appliances business maintained high growth, up 70.23% year-on-year. The automotive electronics business also maintained steady growth. 

    As for the education business, revenue decreased by 8.69% year-on-year due to the tightening of customers' purchasing budgets and other factors, while the leading position of XIVO's interactive intelligent flat panel industry was solid, XIVO's teaching model continued to be iterated and upgraded, the application scenarios continued to be expanded, and XIVO's classroom intelligent feedback system and other innovative products were rapidly promoted and landed in the market. By the end of December 2024, XIVO Classroom Intelligent Feedback System has been continuously promoted and applied nationwide, and 19 key application demonstration areas have been built, covering more than 2,000 schools and generating more than 150,000 classroom intelligent feedback reports. Meanwhile, the revenue of software and hardware products such as XIVO Teaching Terminal, XIVO Recording and Playing, and XIVO Magic Digital Docking Station continued to grow rapidly.

    In terms of enterprise service business, affected by the weak market demand and other factors, the company's enterprise service business revenue fell 2.18% year-on-year, MAXHUB interactive intelligent flat panel industry position is further consolidated. At the same time, digital signage, commercial computers, audio and video conferencing terminals and other products maintained a good development trend. 

    In terms of overseas business, thanks to the acceleration of the company's globalization strategy and the continuous expansion of overseas markets, revenue increased by 17.51% year-on-year. Among them, the private label business accelerated and the product matrix was further expanded. Products cooperated with Microsoft and other eco-partners were gradually launched, opening up space for the sustained growth of overseas business in the future.

    In terms of emerging businesses, LED business, computing equipment business and power electronics business realized steady development. During the reporting period, the Company's consolidated gross profit margin decreased by 3.55 percentage points year-on-year, and stabilized quarter-on-quarter due to factors such as tightening of customers' budgets, intensified market competition, rising costs of some raw materials, and changes in the revenue structure of major products. Meanwhile, the Company continued to strengthen its investment in research and development (R&D), with R&D expenses increasing by RMB 113,661,700. During the year, the Company made breakthroughs in the areas of end-side grand modeling, microphone array voice enhancement technology, new-generation tactile sensing and feedback technology, and advanced material technology. On the product side, the Company released the XIVO Teaching Big Model 2.0, upgraded its MTR audio and video products and a number of software applications. During the year, the Company obtained more than 1,000 new patents, of which more than 350 were invention patents, and more than 260 new computer software copyrights and copyrights of works.

    In addition, during the reporting period, the Company terminated the 2022 Restricted Stock Incentive Plan and implemented the 2024 Employee Stock Ownership Plan, share-based payment expenses increased year-on-year, and the decline in capital gains due to the downward trend of market interest rates also significantly affected the Company's net profit in the fourth quarter and the whole year.