格隆汇8月6日丨豪威集团(603501.SH)公布，公司于近日收到东方理工基金会的通知，截至2025年8月5 日，东方理工基金会累计以本公司无限售条件流通股股票999.99万股换购华泰柏瑞沪深300交易型开放 式指数证券投资基金份额，占公司总股本的比例为0.82%，参与换购的股份数量已达成，本次换购交易 型开放式指数基金份额计划实施完毕。本次换购后东方理工基金会持有的公司股票数为4060.01万股， 持股比例为3.34%。 ...

Core Viewpoint - The company will cancel 11.2132 million shares on August 7, 2025, representing 0.92% of the total share capital, to enhance shareholder value and increase net asset per share [1] Group 1 - After the cancellation, the total share capital will decrease from 1.217 billion shares to 1.206 billion shares [1] - The move aims to boost investor confidence by increasing equity per share [1] - The share cancellation will not significantly impact the company's operational activities, profitability, financial condition, or debt servicing ability [1]

豪威集团公告，宁波东方理工大学教育基金会参与换购证券投资基金份额计划已实施完毕。换购前，东 方理工基金会持有公司5060万股，占总股本的4.16%。换购后，持有4060.01万股，持股比例降至 3.34%。换购期间为2025年5月29日至2025年8月5日，换购价格区间为121.47元/股至127.93元/股，换购 总金额为12.47亿元。 ...

机构评级方面，上述股价超百元个股共有宁德时代、豪威集团、海光信息等6只个股今日获机构买入评 级。 | 代码 | 简称 | 最新收盘价（元） | 今日涨跌（%） | 换手率（%） | 行业 | | --- | --- | --- | --- | --- | --- | | 600519 | 贵州茅台 | 1423.88 | -0.27 | 0.19 | 食品饮料 | | 688256 | 寒武纪 | 694.34 | -0.09 | 0.01 | 电子 | | 603444 | 吉比特 | 384.78 | 3.88 | 2.06 | 传媒 | | 688502 | 茂莱光学 | 347.82 | 2.62 | 0.10 | 电子 | | 002371 | 北方华创 | 331.58 | 0.94 | 0.68 | 电子 | | 832982 | 锦波生物 | 328.28 | 0.90 | 0.86 | 美容护理 | | 688111 | 金山办公 | 309.66 | -0.08 | 0.01 | 计算机 | | 688506 | 百利天恒 | 306.19 | 3.11 | 0.01 | 医药生物 | | ...

格隆汇8月6日｜东莞证券研报指出，豪威集团Q2营收创历史新高，下游应用市场稳步渗透。2025年上 半年，公司图像传感器产品在汽车智能驾驶、全景、运动相机等应用市场持续渗透，带动公司营收实现 持续增长。公司营收规模增长的同时，管理效率也实现持续提升，有效促进净利润增长与盈利能力释 放。智能手机业务方面，下半年为智能手机行业传统旺季，公司主摄、长焦、超广角等料号有望在安卓 旗舰机型中全面推广；汽车业务方面，受益汽车"三化"持续普及，车载摄像头搭载量与渗透率有望持续 提升，公司2024年来自汽车市场的CIS的收入约59.05亿元，同比增加约29.85%，2025年有望实现继续增 长；新兴应用领域方面，全景、运动相机等新型应用市场增长迅速，据Frost&Sullivan，2017—2023年 全球运动相机市场规模CAGR为14.5%，预计2027年市场规模将达513.5亿元，2023—2027年CAGR为 13.0%。运动相机市场规模的快速增长也有望拉动上游CIS需求。维持"买入"评级。 ...

Global Market Overview - Major global stock markets showed positive performance, with the Hang Seng Index closing at 24,903, up 1.61% for the day and 24.14% year-to-date [1] - The Hang Seng Tech Index rose by 2.29%, reflecting a year-to-date increase of 23.57% [1] - The US markets experienced slight declines, with the Dow Jones down 1.20% and the S&P 500 down 0.98% [1] Hong Kong Stock Performance - The Hang Seng Financial Index increased by 2.00%, with a year-to-date rise of 27.05% [2] - The Hang Seng Property Index rose by 1.35%, reflecting a year-to-date increase of 22.31% [2] Chinese Stock Market Insights - The Chinese stock market saw gains, particularly in healthcare, materials, and information technology sectors, while real estate and consumer sectors lagged [3] - Southbound capital inflow reached a four-month high of 23.43 billion HKD [3] - A forecast for the A-share market indicated strong performance for upstream companies in non-ferrous metals and chemicals due to rising product prices [3] Company Analysis: Yum China - Yum China maintained its full-year guidance, with Q2 sales increasing by 4% to 2.79 billion USD and net profit rising by 1% to 215 million USD, aligning with market expectations [4] - The company reported a gross margin of 70.9% and an operating profit margin of 10.9%, both exceeding market expectations [4] - The management set a conservative same-store sales growth target for the second half of the year, citing macroeconomic instability and cautious consumer behavior [5] Company Analysis: China Tower - China Tower's H1 2025 results met expectations, with revenue growing by 2.8% year-on-year to 49.6 billion RMB and net profit increasing by 8.0% to 5.8 billion RMB [5] - The net profit margin improved to 11.6%, reflecting a slight increase from the previous year [5] - The company announced an interim dividend of 0.13 RMB per share, enhancing shareholder returns [5] Focus Stocks - Geely Automobile (175 HK) rated as "Buy" with a target price of 24.00 HKD, indicating a potential upside of 32% [6] - Tencent (700 HK) also rated as "Buy" with a target price of 660.00 HKD, suggesting a 17% upside [6] - Alibaba (BABA US) rated as "Buy" with a target price of 141.20 USD, indicating a potential increase of 21% [6]

公司CIS 产品在下游市场持续渗透，市场份额稳步增长。2025 年上半年，公司图像传感器产品在汽车 智能驾驶、全景、运动相机等应用市场持续渗透，带动公司营收实现持续增长。公司营收规模增长的同 时，管理效率也实现持续提升，有效促进净利润增长与盈利能力释放。智能手机业务方面，下半年为智 能手机行业传统旺季，公司主摄、长焦、超广角等料号有望在安卓旗舰机型中全面推广；汽车业务方 面，受益汽车"三化"持续普及，车载摄像头搭载量与渗透率有望持续提升，公司2024 年来自汽车市场 的CIS 的收入约59.05 亿元，同比增加约29.85%，2025 年有望实现继续增长；新兴应用领域方面，全 景、运动相机等新型应用市场增长迅速，据Frost&Sullivan，2017—2023 年全球运动相机市场规模 CAGR为14.5%，预计2027 年市场规模将达513.5 亿元，2023—2027 年CAGR为13.0%。运动相机市场规 模的快速增长也有望拉动上游CIS 需求。 点评： 25Q2 单季度营收创历史新高。若按预告区间中值计算，公司2025 年上半年实现营收138.72 亿元，同比 增长14.73%，实现归母净利润19.7 ...

Core Viewpoint - The semiconductor giant, OmniVision Technologies, has reported record-high quarterly performance, with significant growth in net profit and revenue for the first half of 2025, driven by the increasing market penetration of its image sensor products in various applications [1][4]. Financial Performance - For the first half of 2025, the company expects a net profit attributable to shareholders between 1.906 billion to 2.046 billion yuan, representing a year-on-year growth of 39.43% to 49.67% [1][4]. - In Q2 2025, the company anticipates a net profit exceeding 1.04 billion yuan, marking a new high for quarterly net profit [2][5]. - The expected revenue for the first half of 2025 is approximately 13.722 billion to 14.022 billion yuan, reflecting a year-on-year increase of 13.49% to 15.97% [4][5]. Market Position and Strategy - OmniVision has a strong presence in the global market, with 81.47% of its revenue coming from overseas markets in 2024, amounting to 20.962 billion yuan [3][7]. - The company is pursuing a secondary listing on the Hong Kong Stock Exchange to accelerate its international strategy and enhance its overseas business development [3][8]. Business Operations - The company specializes in chip design and sales, with its core product, image sensors, widely used in flagship products from major brands like Xiaomi and Huawei [2][7]. - OmniVision's image sensor solutions accounted for 74.76% of its main business revenue in 2024, highlighting its focus on this segment [7]. Research and Development - The company has consistently invested in R&D, with expenditures of 2.620 billion yuan, 3.218 billion yuan, 2.927 billion yuan, and 3.245 billion yuan from 2021 to 2024, representing 12.61% of its revenue in 2024 [7].

东莞证券8月4日发布研报称，给予豪威集团（603501.SH，最新价：121.47元）买入评级。评级理由主 要包括：1）事件：公司披露2025年上半年经营数据；2）2025Q2单季度营收创历史新高；3）公司CIS 产品在下游市场持续渗透，市场份额稳步增长。风险提示：消费电子景气度下行风险，产品技术迭代不 及预期的风险。 （文章来源：每日经济新闻） ...

Core Insights - The company is expected to achieve a revenue of 13.72-14.02 billion yuan in H1 2025, representing a year-on-year growth of 13%-16%, and a net profit attributable to shareholders of 1.91-2.05 billion yuan, indicating a growth of 39%-50% [1] Group 1: Revenue and Profit Growth - The company reported a historical high in revenue for Q2 2025, driven by the continuous penetration of image sensor products in automotive intelligent driving and other application markets [1] - The increase in net profit is attributed to improved management efficiency, which has effectively promoted and released profitability [1] Group 2: Image Sensor Business Development - The company is advancing the penetration of its mobile camera image sensors (CIS) in mid-to-high-end smartphones, with a focus on its 50 million pixel product series [2] - The launch of the OV50X sensor, featuring a 1.6um pixel size and a 1-inch optical format, is expected to contribute to revenue growth in Q3 2025 [2] - The automotive CIS segment is benefiting from the accelerated adoption of intelligent driving technologies, with a full range of automotive application CIS products already developed [2] - The company is positioned to benefit from the high growth in demand for intelligent imaging devices, particularly in the drone and handheld device markets [2] Group 3: Earnings Forecast and Investment Rating - The company is projected to achieve revenues of 30.56 billion, 36.02 billion, and 42.08 billion yuan from 2025 to 2027, with net profits of 4.41 billion, 5.60 billion, and 6.70 billion yuan respectively [3] - The current market valuation corresponds to price-to-earnings ratios of 33, 26, and 22 for the years 2025, 2026, and 2027 [3]