Yes they convey the same meaning. There is at most a minuscule difference, if any. It is a matter of personal choice and taste.
- Active voice, present tense, can.
- Conditional voice of "can": could. Can and could are never used with other modals.
- Condirional voice of "to be able" using conditional form of modal "will": would.
The modal "can" and verb phrase "to be able" both convey the sense of ability or capability, so they convey synonymous senses. So 2 and 3 are just synonyms for the same thing, both in the conditional voice.
The only distinction is that 2 and 3 are addressing clearly hypothetical situations, while 1 is addressing a situation which could by hypothetical or an actual present situation.
- A child can understand the topic, right now, (if the situation arises).
- A child could hypothetically understand the topic, (if the situation arose).
- A child could hypothetically understand the topic, (if the situation arose).
The distinctions are very slight, as they all are addressing hypotheticals. One is a hypothetical in the active voice, and the others are dealing with hypotheticals in the voice particularly used for hypotheticals. A lot of questions arise from this situation of being able to convey the same meaning in different grammatical ways, apparently under the impression that different grammar must always have a different meaning.