Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company achieved a revenue of 330 million yuan in H1 2025, representing a year-on-year growth of 16.26%, and a net profit attributable to the parent company of 50 million yuan, up 7.81% year-on-year [4] - The company is expected to maintain its profit forecast for 2025-2027, with net profits projected at 104 million, 128 million, and 142 million yuan respectively, and corresponding EPS of 0.74, 0.91, and 1.00 yuan [4] - The current stock price corresponds to P/E ratios of 42.8, 34.7, and 31.4 for the years 2025, 2026, and 2027 respectively, indicating a positive outlook due to the expected volume increase of new products [4] Financial Summary - In H1 2025, the company reported a gross margin of 35.42% [4] - The projected revenue for 2025 is 744 million yuan, with a year-on-year growth of 20.6% [7] - The projected net profit for 2025 is 104 million yuan, with a year-on-year growth of 18.5% [7] - The company’s gross margin is expected to decline slightly from 38.0% in 2023 to 33.1% in 2027 [10] - The return on equity (ROE) is projected to increase from 8.3% in 2023 to 11.1% in 2027 [10] Product Development and Market Position - The company has made significant breakthroughs in multiple technologies, including a new ultrasonic distance measurement obstacle avoidance solution for lawnmowers and a piezoelectric touch switch product [5] - The company is positioned in high-growth sectors such as liquid-cooled servers, robotics, and smart vehicles, with a focus on intelligent sensor and actuator innovations [6] - The new generation AKII ultrasonic sensor for vehicles is expected to enhance smart driving systems and is already being applied in domestic automotive brands [6]

证券研究报告·公司点评报告·元件 奥迪威（832491） 2025 年中报点评：业绩稳中有升，液冷赛道 新品值得期待 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 467.08 | 617.16 | 746.40 | 925.55 | 1,148.04 | | 同比 | 23.58 | 32.13 | 20.94 | 24.00 | 24.04 | | 归母净利润（百万元） | 76.98 | 87.66 | 101.65 | 123.83 | 150.10 | | 同比 | 45.32 | 13.87 | 15.96 | 21.83 | 21.21 | | EPS-最新摊薄（元/股） | 0.55 | 0.62 | 0.72 | 0.88 | 1.06 | | P/E（现价&最新摊薄） | 57.74 | 50.71 | 43.73 | 35.89 | 29.61 | [Table_Summary] 事件：公 ...

Group 1 - The company achieved revenue of 330 million yuan in H1 2025, representing a year-over-year increase of 16%, with a net profit attributable to shareholders of 50.47 million yuan, up 8% year-over-year [1] - In Q2 2025, the company reported revenue of 173 million yuan, an 8% year-over-year increase and a 10% quarter-over-quarter increase, with a net profit of 27.46 million yuan, up 4% year-over-year and 19% quarter-over-quarter [1] - The company's cash flow from operating activities improved significantly, reaching 44.46 million yuan in H1 2025, a 73% year-over-year increase, while maintaining good control over expense ratios [1] Group 2 - Sensor revenue increased by 29% in H1 2025, driven by continuous R&D investment and product upgrades, while actuator revenue decreased by 33.16% due to reduced sales of electroacoustic devices [1] - Domestic revenue grew by 30% in H1 2025, while overseas revenue remained stable, indicating the company's efforts to expand in the domestic market [1] - R&D expenses increased by 12% in H1 2025, with an R&D expense ratio of 8.1%, reflecting the company's commitment to innovation and industry collaboration [2] Group 3 - The company launched several new products, including ultrasonic distance measurement solutions for lawnmowers and lead-free innovative products for smart devices, which are expected to drive revenue growth [2] - The company is well-positioned to capitalize on opportunities in automotive intelligence, consumer electronics, robotics, and medical fields, which may lead to sustained performance growth [3] - Profit forecasts for the company indicate net profits of 98 million yuan, 124 million yuan, and 147 million yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 47.8, 37.8, and 31.8 [3]

证券代码：832491 证券简称：奥迪威 公告编号：2025-059 广东奥迪威传感科技股份有限公司 投资者关系活动记录表 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、 投资者关系活动类别 √特定对象调研 □业绩说明会 □媒体采访 □现场参观 □新闻发布会 □分析师会议 □路演活动 □其他 二、 投资者关系活动情况 活动时间：2025 年 8 月 27 日至 2025 年 8 月 28 日 活动地点：线上交流会 参会单位及人员：华源证券、申万宏源证券、东吴证券、西部证券、中信建 投基金、博时基金、创金合信基金、长江证券、国泰海通证券、国联民生证券、 开源证券、浙商证券、第一创业证券、中泰证券、联储证券、国投证券、上海滦 海投资管理、晨鸣（青岛）资管、中柏资管、共青城汇美盈创投资、磊垚资本、 上海颢升私募基金、北京星允投资、北京聚智投资、广东汇创私募基金、北京指 南创业投资、巨鹿投资、江苏苏豪投资、上海颐歌资管、深圳市尚诚资管、广东 至尚资管、新华养老保险、兴业证券、开源资管、北京珺洲私募基金、北 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a revenue of 330 million yuan for H1 2025, representing a year-over-year growth of 16.26%, while the net profit was 50.47 million yuan, growing by 7.81% year-over-year. The revenue growth outpaced profit growth due to increased focus on the domestic market, which has a lower gross margin [4][7] - The company is diversifying its operations into advanced fields such as liquid cooling and robotics, aiming to establish itself as a platform company for ultrasonic sensors rather than just an automotive parts manufacturer [7] Financial Data and Profit Forecast - Total revenue projections for the company are as follows: - 2024: 617 million yuan - 2025E: 748 million yuan - 2026E: 896 million yuan - 2027E: 1,043 million yuan - The expected net profit for the years is: - 2025E: 104 million yuan - 2026E: 123 million yuan - 2027E: 144 million yuan - The gross margin is projected to improve from 35.4% in H1 2025 to 37.3% by 2027 [6][9]

奥迪威 20250827 摘要 奥迪威 2025 年上半年营收同比增长 16.26%，归母净利润增长 7.8%，扣非后净利润增长 12%，经营活动现金流同比增长 73.07%， 财务状况稳健，但需关注境内外市场毛利率差异。 公司研发投入持续增加，2025 年上半年研发费用同比增长 12.29%， 占营收比重达 8.08%，主要用于智能传感器和执行器领域的核心技术研 发，包括敏感材料、换能芯片等。 传感器业务是主要增长驱动力，2025 年中报显示同比增长 29%，受益 于智能驾驶、工控仪表和机器人赛道，而执行器业务受电声器件和海外 安防订单下滑影响。 奥迪威积极拓展新兴应用领域，如 AI 服务器液冷散热系统、水下机器人、 割草机器人等，并与头部系统集成商合作，提供数字信号和控制软件。 公司在液冷散热技术上取得突破，采用动态管理方式和涡接技术，实现 毫秒级响应和 3%以内的测量精度，目标毛利率为 40%-50%以上。 奥迪威正从模拟信号器件向数模转换数字信号升级，致力于数字化、智 能化、集成化和微型化，以适应人工智能嵌入需求，并推动下游客户产 品升级。 公司未来五年战略目标是成为国际市场主要参与者，通过技术迭代升 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company achieved a revenue growth of 16% in the first half of 2025, with diversified expansion into new fields such as medical, consumer electronics, and robotics [5][8] - The company's sensor revenue increased by 29%, while actuator revenue decreased by 33.16% due to reduced demand in the overseas security market [8] - The company is focusing on domestic market expansion, with domestic revenue growth of 30% in the first half of 2025 [8] - The company is actively investing in R&D, with a 12% increase in R&D expenses, indicating a commitment to innovation and product upgrades [8] Financial Summary - Revenue projections for 2025 are estimated at 753 million yuan, with a year-on-year growth rate of 21.99% [7] - The net profit attributable to the parent company is projected to be 98 million yuan in 2025, reflecting a growth rate of 11.77% [7] - The earnings per share (EPS) is expected to be 0.69 yuan in 2025, with a projected price-to-earnings (P/E) ratio of 47.76 [7] - The company maintains a low debt-to-asset ratio of 11.27%, indicating a strong financial position [3]

证券代码：832491 证券简称：奥迪威 公告编号：2025-058 广东奥迪威传感科技股份有限公司 关于使用闲置募集资金进行现金管理的进展公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、 授权现金管理情况 为提高募集资金使用效率，增加暂时闲置资金的收益，公司于 2025 年 3 月 24 日召开第四届董事会第十四次会议、第四届监事会第十二次会议，审议通过 《关于使用闲置募集资金进行现金管理的议案》，同意公司在确保不影响募集资 金投资项目正常实施以及确保募集资金安全的前提下，使用额度不超过 1.9 亿元 暂时闲置的募集资金进行现金管理，投资的产品品种为结构性存款、大额存单、 通知存款、协定存款等安全性高、流动性好、可以保障投资本金安全的银行理财 产品。在上述额度范围内资金可以循环滚动使用，期限最长不超过 12 个月。 公司董事会授权董事长行使相关投资决策权并签署相关文件，财务负责人负 责具体组织实施及办理相关事宜。本次使用暂时闲置的募集资金进行现金管理事 项自董事会审议通过之日起一年内有效。 ...

证券代码：832491 证券简称：奥迪威 公告编号：2025-057 经中国证券监督管理委员会于 2022 年 5 月 12 日出具的《关于同意广东奥迪 威传感科技股份有限公司向不特定合格投资者公开发行股票注册的批复》（证监 许可﹝2022﹞979 号），公司向不特定合格投资者公开发行人民币普通股（A 股） 3,130.4348 万股，发行价格为人民币 11.00 元/股，发行募集资金总额为人民币 344,347,828.00 元，扣除与发行有关的费用人民币 46,453,650.72 元（不含税）， 实际募集资金净额为人民币 297,894,177.28 元。2022 年 6 月 6 日，立信会计师事 务所（特殊普通合伙）已对公司公开发行股票的募集资金到位情况进行了审验， 并出具信会师报字[2022]第 ZC10296 号验资报告。 （二）本报告期使用金额及结余情况 | 项目 | 金额 | | --- | --- | | 一、募集资金总额 | 344,347,828.00 | | 发行费用 | 46,453,650.72 | | 募集资金净额 | 297,894,177.28 | | 二、募集资金账户利息收 ...

证券代码：832491 证券简称：奥迪威 公告编号：2025-054 广东奥迪威传感科技股份有限公司 5.会议主持人：蔡锋 第四届监事会第十五次会议决议公告 本公司及监事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、会议召开和出席情况 （一）会议召开情况 1.会议召开时间：2025 年 8 月 25 日 2.会议召开地点：公司会议室 3.会议召开方式：现场及通讯表决 4.发出监事会会议通知的时间和方式：2025 年 8 月 22 日以书面方式发出 年半年度报告摘要》（公告编号：2025-056）。 1.议案内容： 6.召开情况合法、合规、合章程性说明： 根据《上市公司募集资金监管规则》《北京证券交易所股票上市规则》《北京 证券交易所上市公司持续监管指引第 9 号—募集资金管理》《广东奥迪威传感科 技股份有限公司募集资金专项存储及使用管理制度》等有关规定，公司编制了 本次会议的召集、召开符合《公司法》、《公司章程》等相关规定。 （二）会议出席情况 会议应出席监事 3 人，出席和授权出席监事 3 人。 二、议案审 ...