Summary of the Conference Call for Hongsoft Technology Company Overview - **Company**: Hongsoft Technology - **Industry**: AI and Smart Technology, focusing on mobile smart terminals and intelligent driving solutions Key Financial Highlights - **2024 Revenue**: 813 million CNY, a year-on-year increase of 128.93% [2] - **Mobile Smart Terminal Revenue**: 675 million CNY, a year-on-year increase of 16.17%, marking a historical high [2] - **Intelligent Driving Revenue**: 127 million CNY, a year-on-year increase of 71.2% [2] - **Q1 2025 Revenue**: 1.209 billion CNY, a year-on-year increase of 13.77% [2] - **Net Profit**: 49.63 million CNY in Q1 2025, a year-on-year increase of 45.36% [2] Dividend and Share Buyback - **Dividend Distribution**: 2.5 CNY per ten shares, totaling approximately 160 million CNY, which is 90.72% of the net profit for 2024 [2][6] - **Total Cash Distribution**: Approximately 170 million CNY, accounting for 98% of the net profit for 2024 [6] Research and Development - **R&D Investment**: 390 million CNY, representing 48% of total revenue [2][7] - **Patents**: 264 invention patents and 154 software copyrights [7] - **R&D Personnel**: 586 employees, making up 62% of the total workforce [7] Business Segments AI Glasses - **Focus**: AI glasses are a key development area, with successful launch of the first domestic AI glasses, Thunderbird V3 [2][10] - **Market Growth**: The global AI glasses market is expected to grow significantly in the next five years [10][13] Intelligent Driving - **Product Development**: Multiple mass production projects in cabin products (DMS, OMS) and vehicle cabin products [2][11] - **Market Position**: Positive outlook on the intelligent driving industry, with progress in overseas markets and commercial vehicles [3][14] Mobile Smart Terminals - **Market Penetration**: Comprehensive penetration from flagship to mid-range models, with significant commercial success in static and video solutions [8][20] - **Future Growth**: Expected double-digit growth in mobile business from 2025 to 2026, focusing on software solutions to replace optical zoom [20][21] Commercial Photography - **Business Development**: Significant progress since the launch in 2023, with expectations for substantial growth in 2025 [12][18] - **Market Size**: The commercial photography market is projected to be worth hundreds of billions, with a focus on AI-generated images [19][24] Strategic Insights - **AI Integration**: The integration of AI in commercial photography is seen as a natural evolution, with a focus on building AI capabilities that can benefit other sectors [19][23] - **Competitive Landscape**: Hongsoft maintains a competitive edge in the AR glasses market, with many clients preferring their solutions over competitors [31] Challenges and Opportunities - **Market Education**: The commercial photography sector requires time for market education regarding AI applications [24] - **Technological Barriers**: Challenges include low chip computing power and battery capacity in AI glasses, but Hongsoft's experience in mobile technology provides a strong foundation [13] Conclusion Hongsoft Technology is positioned for significant growth across its various business segments, with strong financial performance, a commitment to R&D, and a strategic focus on emerging technologies such as AI glasses and intelligent driving solutions. The company is optimistic about future market opportunities and continues to adapt to industry changes.

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of 60.13 RMB [8][9]. Core Views - The company is positioned as a leader in edge AI algorithms, with continuous high growth in performance driven by rapid revenue increases in smart driving and smartphones, alongside enhanced cost control measures [1][2]. - The company is expected to enter a high growth phase from 2025 to 2027, with significant contributions from both smart smartphones and smart automotive sectors [1][3]. Revenue and Profitability - The company forecasts a revenue of 815.17 million RMB for 2024, representing a year-on-year growth of 21.62%, and a net profit of 176.69 million RMB, reflecting a year-on-year increase of 99.67% [7]. - For Q1 2025, the revenue is projected at 209 million RMB, with a year-on-year growth of 13.77%, and a net profit of 49.66 million RMB, showing a year-on-year increase of 45.35% [1][2]. Segment Performance - Smart terminal revenue is expected to reach 675 million RMB in 2024, growing by 16.17% year-on-year, while smart driving and other IoT revenues are projected to grow by 71.20% to 127 million RMB in the same year [2]. - The gross margins for 2024 and Q1 2025 are forecasted to be 90.43% and 89.84%, respectively, indicating strong profitability [2]. Future Growth Drivers - The company is actively exploring new growth areas such as AI glasses, robotics, and smart commercial photography, which are anticipated to become significant contributors to future revenue [4]. - The smart automotive sector is expected to continue its high growth trajectory, with a focus on domestic and international market expansion [3][4]. Earnings Forecast and Valuation - The earnings per share (EPS) estimates for 2025 and 2026 are 0.71 RMB and 0.98 RMB, respectively, with a new estimate for 2027 at 1.38 RMB [5][7]. - The target price is based on a price-to-earnings (PE) ratio of 85 times for 2025, reflecting an increase in overall sector valuations [5].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 60.13 [8][9]. Core Views - The company is positioned as a leader in edge AI algorithms, with continuous high growth in performance driven by rapid revenue increases in smart driving and smartphones, alongside cost control measures [1][2]. - The company is expected to enter a high growth phase from 2025 to 2027, with significant contributions from both smart smartphones and smart automotive sectors [1][3]. Revenue and Profitability - The company forecasts a revenue of RMB 815.17 million for 2024, representing a year-over-year increase of 21.62%, and a net profit of RMB 176.69 million, up 99.67% year-over-year [7]. - For Q1 2025, the company reported revenue of RMB 209 million, a 13.77% increase year-over-year, and a net profit of RMB 49.66 million, up 45.35% year-over-year [1][2]. Segment Performance - Smart terminal revenue is projected to reach RMB 675 million in 2024, growing 16.17% year-over-year, while smart driving and other IoT revenues are expected to grow by 71.20% to RMB 127 million [2]. - The gross margins for 2024 and Q1 2025 are forecasted to be 90.43% and 89.84%, respectively, indicating strong profitability [2]. Future Growth Drivers - The company anticipates continued rapid growth in smartphone sales, supported by advanced imaging algorithms and AI-driven sales increases [3]. - The smart automotive sector is expected to see accelerated production and reduced losses, particularly through the launch of targeted models and expansion into overseas markets [3][4]. Potential New Growth Areas - The company is actively exploring new growth opportunities in AI glasses, robotics, and smart commercial photography, which are expected to become significant contributors to revenue [4]. - AI glasses are projected to become a major new terminal with substantial market potential, supported by the company's technological advantages and partnerships with notable clients [4]. Earnings Forecast and Valuation - The earnings per share (EPS) estimates for 2025 and 2026 are RMB 0.71 and RMB 0.98, respectively, with a new estimate for 2027 at RMB 1.38 [5]. - The target price reflects a price-to-earnings (PE) ratio of 85 times for 2025, indicating an increase in overall sector valuation [5].

对于业绩大涨的原因，虹软科技表示公司紧跟全球消费电子行业复苏步伐，积极把握市场变化趋势，通过技术和产品创新、市场开拓、经营管理优化等多方 面工作，实现了移动智能终端和智能汽车两大业务板块收入的双双攀升，驱动了公司归母净利润同比大幅增长，展现出强大的市场适应能力与竞争优势。 4月14日晚，虹软科技（688088.SH）发布了2024年年度报告，2024年度，虹软科技实现营业收入8.15亿元，同比增长21.62%；实现归母净利润1.77亿元，同 比增长99.67%；实现扣非净利润1.56亿元，同比增长128.93%；研发投入金额为3.98亿元，同比增长9.69%。根据公司历年财报数据，2024年度虹软科技营业 收入和研发投入均创下上市以来新高。 在智能汽车业务领域，2024年度虹软科技智能驾驶及其他IoT智能设备视觉解决方案实现营业收入1.27亿元，同比增长71.20%。公司面向舱内/舱外的 VisDrive®一站式车载视觉软件解决方案已获得多家车企及Tier1的定点，客户包括长城、长安、吉利、东风、奇瑞等国内主要的自主品牌以及部分合资与外 资品牌汽车主机厂商。此外，2024年公司加速了面向舱外的前装软硬一体车载 ...

虹软科技(688088) 报告日期：2025 年 04 月 15 日 整体盈利能力大幅提升，商拍+AI 眼镜业务有望打开空间 ——虹软科技 2024 年报&2025 一季报点评 投资要点 ❑ 4 月 14 日，公司披露 2024 年报及 2025 年一季报。2024 年公司实现营业总收入 8.15 亿元（YoY +21.62%），实现归母净利润 1.77 亿元（YoY +99.67%），公司经 营效率大幅优化下盈利能力大幅提升。2025 年公司在智能手机、智能汽车业务 稳步增长的基础上，有望加速推进 AI 眼镜、AI 商拍业务的商业化落地，打开 新成长极。 证券研究报告 | 公司点评 | IT 服务Ⅱ ❑ 2024 年公司主营业务良好增长，盈利能力大幅提升 2024 年全年，公司实现营业总收入 8.15 亿元（YoY +21.62%），实现归母净利润 1.77 亿元（YoY +99.67%），扣非后归母净利润为 1.56 亿元（YoY+128.93%），盈 利能力大幅提升。公司全年整体毛利率为 90.43%（YoY +0.08pct），销售/管理/研 发费用率分别为 16.29%/10.49%/48.81%， ...

业绩简评 2025 年 4 月 15 日，公司披露 2024 年报以及 2025 年一季报。2024 年，公司实现营收 8.15 亿元，同比增长 21.6%；实现归母净利润 1.77 亿元，同比增长 99.7%。25 年一季度，公司实现营收 2.09 亿元，同比增长 13.8%；实现归母净利润 0.50 亿元，同比增长 45.4%。 经营分析 分业务来看，24 年公司移动智能终端视觉解决方案实现营收 6.75 亿元，同比增长 16.2%，智能驾驶及其他 IoT 智能设备视觉解决方 案实现营收 1.27 亿元，同比增长 71.2%。两部分业务毛利率分别 为 91.4%/84.5%，较上年同期变动+0.5pct/-1.5pct。伴随收入高 增，公司各项费用率显著降低，24 年销售/管理/研发费用率分别 为 16.3%/10.5%/48.8%，同比下降 1.3pct/3.0pct/5.3pct；25Q1 各项费用率分别同比下降 1.4pct/5.8pct/3.8pct。 公司移动智能终端业务受益于行业复苏和 Turbo Fusion 产品渗透 率提升。24 年全球智能手机出货量同比增长 4%；公司 Turbo Fu ...

业绩简评 2025 年 4 月 15 日，公司披露 2024 年报以及 2025 年一季报。2024 年，公司实现营收 8.15 亿元，同比增长 21.6%；实现归母净利润 1.77 亿元，同比增长 99.7%。25 年一季度，公司实现营收 2.09 亿元，同比增长 13.8%；实现归母净利润 0.50 亿元，同比增长 45.4%。 经营分析 分业务来看，24 年公司移动智能终端视觉解决方案实现营收 6.75 亿元，同比增长 16.2%，智能驾驶及其他 IoT 智能设备视觉解决方 案实现营收 1.27 亿元，同比增长 71.2%。两部分业务毛利率分别 为 91.4%/84.5%，较上年同期变动+0.5pct/-1.5pct。伴随收入高 增，公司各项费用率显著降低，24 年销售/管理/研发费用率分别 为 16.3%/10.5%/48.8%，同比下降 1.3pct/3.0pct/5.3pct；25Q1 各项费用率分别同比下降 1.4pct/5.8pct/3.8pct。 公司移动智能终端业务受益于行业复苏和 Turbo Fusion 产品渗透 率提升。24 年全球智能手机出货量同比增长 4%；公司 Turbo Fu ...

根据中国证券监督管理委员会《上市公司监管指引第 2 号——上市公司募集 资金管理和使用的监管要求（2022 年修订）》（证监会公告〔2022〕15 号）、《上 海证券交易所科创板上市公司自律监管指引第 1 号——规范运作》等相关规定， 现将虹软科技股份有限公司（以下简称公司、本公司、虹软科技）2024 年度募集 资金存放与实际使用情况作如下专项报告： 一、募集资金基本情况 （一）实际募集资金金额、资金到位情况 根据中国证券监督管理委员会证监许可[2019]1180 号《关于同意虹软科技 股份有限公司首次公开发行股票注册的批复》同意注册，本公司获准在上海证券 交易所向社会公开发行人民币普通股 46,000,000 股，每股面值人民币 1.00 元， 每股发行价为人民币 28.88 元，共募集资金总额人民币 1,328,480,000.00 元， 由公司联席主承销商华泰联合证券有限责任公司、中信建投证券股份有限公司扣 除保荐承销费人民币 53,000,000.00 元后，将募集资金初始金额人民币 1,275,480,000.00 元汇入公司募集资金专户，募集资金初始金额人民币 1,275,480,000.00 元 ...

虹软科技股份有限公司 董事会审计委员会 2024 年度履职情况报告 虹软科技股份有限公司（以下简称公司）董事会审计委员会根据《上市公司治 理准则》《上海证券交易所科创板股票上市规则》《上海证券交易所科创板上市公 司自律监管指引第 1 号——规范运作》《公司章程》和公司《董事会审计委员会议 事规则》等有关规定，在 2024 年度勤勉尽责，积极开展工作，认真履行职责。现就 审计委员会 2024 年度履职情况汇报如下： 一、董事会审计委员会基本情况 第 2 页 / 共 5 页 | 第三届董事会审计委员 | 2024 | 年 | 12 | 1、《关于聘任财务总监的议案》 | | --- | --- | --- | --- | --- | | 会第一次会议 | 月 | 19 | 日 | 2、《关于聘任内部审计负责人的议案》 | | 独立董事、审计委员会 与年审注册会计师关于 | 2024 | 年 | 12 | 2024 年度审计工作安排 | | 2024 年度审计工作第一 | 月 | 31 | 日 | | | 次沟通会 | | | | | | 第三届董事会审计委员 | 2024 | 年 | 12 | 议题一：与年审注册 ...

公司代码：688088 公司简称：虹软科技 虹软科技股份有限公司 2024 年度内部控制评价报告 虹软科技股份有限公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要求（以下简称企业内部 控制规范体系），结合本公司（以下简称公司）内部控制制度和评价办法，在内部控制日常监督和专项 监督的基础上，我们对公司2024年12月31日（内部控制评价报告基准日）的内部控制有效性进行了评价。 一. 重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其有效性，并如实披露内 部控制评价报告是公司董事会的责任。监事会对董事会建立和实施内部控制进行监督。经理层负责组织 领导企业内部控制的日常运行。公司董事会、监事会及董事、监事、高级管理人员保证本报告内容不存 在任何虚假记载、误导性陈述或重大遗漏，并对报告内容的真实性、准确性和完整性承担个别及连带法 律责任。 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及相关信息真实完整，提 高经营效率和效果，促进实现发展战略。由于内部控制存在的固有局限性，故仅能为实现上述目标提供 合理保证。此外，由于情况的变化可能导致内部 ...