Investment Rating - The investment rating for the company is "Buy-A" with a target price of 31.37 CNY per share, maintaining the rating [4]. Core Views - The company's revenue for the first half of 2024 reached 381 million CNY, a year-on-year increase of 11.97%, while the net profit attributable to shareholders was 61.45 million CNY, up 22.82% year-on-year [1][2]. - The smart driving and IoT device business saw significant growth, with revenue increasing by 93.19% to 43 million CNY, driven by the increase in the number of smart car projects and product deliveries [2]. - The gross margin remained high at 90.35%, attributed to the successful transition of the smart driving business [2]. Business Segments Summary Smart Phone Visual Business - Revenue from the smartphone visual business was 332 million CNY, a growth of 6.43% year-on-year, due to the accelerated promotion of Turbo Fusion technology and its application in more high-end models [2]. Smart Driving and IoT Devices - The smart driving and IoT devices segment achieved revenue of 43 million CNY, marking a 93.19% increase year-on-year, primarily due to the increase in designated projects and product deliveries [2]. Smart Commercial Photography - The company launched the PhotoStudio® AI smart commercial photography cloud studio, which significantly reduced product shooting costs for merchants. The product has made notable progress in both product features and channel partnerships [3]. - The AI model video generation feature was introduced, allowing users to create realistic videos from a single photo, enhancing the product's market competitiveness [3]. Customer Expansion and Product Delivery - The company has successfully established multiple front-end mass production projects with various car manufacturers, including Changan New Energy and Geely, among others [8]. - The company’s algorithms for in-cabin and out-of-cabin applications have seen increased adoption, with several products achieving mass production [8]. Financial Projections - Revenue projections for 2024, 2025, and 2026 are estimated at 839 million CNY, 1.03 billion CNY, and 1.28 billion CNY respectively, with net profits expected to be 145 million CNY, 203 million CNY, and 288 million CNY [9][10].

Investment Rating - The report maintains a "Recommended" rating for the company [3][6]. Core Insights - The company reported a revenue of 381 million yuan in the first half of 2024, representing an increase of 11.97% year-on-year, with a net profit attributable to shareholders of 61 million yuan, up 22.82% [3]. - The smart driving business has shown significant growth, with overseas revenue continuing to grow rapidly, achieving 178 million yuan, an increase of 18.97% [3]. - The gross margin for the smart driving business improved significantly, reaching 87.28%, an increase of 7.31 percentage points compared to the same period last year [3]. Financial Performance Summary - In the first half of 2024, the company's main business gross margin was 91.06%, remaining stable compared to the previous year [3]. - The company increased its R&D investment to 194 million yuan, accounting for 50.93% of revenue, reflecting a further increase compared to last year [3]. - The company expects to achieve revenues of 832 million yuan, 1.003 billion yuan, and 1.173 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 24.20%, 20.44%, and 17.03% [6]. Business Segment Performance - The revenue from the smartphone visual solutions business was 332 million yuan, up 6.43%, while the revenue from smart driving and other IoT visual solutions surged to 43 million yuan, an increase of 93.19% [3]. - The company is accelerating the promotion of its smart super-domain fusion technology and products, expanding its applications in high-end models and gradually penetrating mainstream market models [3]. - The company has made significant advancements in its health monitoring algorithm engine, achieving theoretical breakthroughs and securing multiple mass production projects [3].

虹软科技股份有限公司 投资者关系活动记录表 编号：2024-007 | --- | --- | --- | |---------------------------------|--------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | R | 特定对象调研 □分析师会议 | | 投 资 者 | □ 媒体采访 | R 业绩说明会 | | 关 系 活 | □ 新闻发布会 □路演活动 | | | 动类别 | □ | 现场参观 £一对一沟通 | | | R 其他 券商组织的交流会 | | | 参 与 单 位 名 称 及 ...

计算机 证 券 研 究 报 告 上 市 公 司 2024 年 08 月 28 日 虹软科技 (688088) ——业绩符合预期，智能驾驶增长突出！ | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 08 月 27 日 | | 收盘价（元） | 23.78 | | 一年内最高/最低（元） | 44.50/21.00 | | 市净率 | 3.6 | | 息率（分红 / 股价） | 0.93 | | 流通 A 股市值（百万元） | 9,540 | | 上证指数 / 深证成指 | 2,848.73/8,103.76 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |------------------------------|------------------------| | | | | 基础数据 : | 年 06 月 30 日 | | | | | | 6.61 | | 每股净资产（元） | | | 资产负债率 % | 10.7 ...

Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The report highlights stable revenue growth in the first half of the year, with a high dividend payout ratio of 97.8%. The company achieved a revenue of 380 million yuan, a year-on-year increase of 12%, with mobile smart terminals and intelligent driving contributing 330 million yuan and 43 million yuan respectively, growing by 6.4% and 93% [10] - The company is accelerating the promotion of technology and models in its mobile business, while also increasing R&D and targeted collaborations in its intelligent driving segment. The AIGC commercial photography business is rapidly implementing a new business model [3][10] Summary by Sections Financial Performance - The company reported a net profit of 61 million yuan in the first half of 2024, a 23% increase year-on-year, with the second quarter net profit reaching 27 million yuan, up 25% [10] - The operating cash flow for the first half of 2024 was -65 million yuan, a negative shift due to some customers prepaying sales from the previous year [10] - The company plans to maintain its target price at 37.82 yuan and forecasts EPS for 2024-2026 to be 0.36, 0.48, and 0.60 yuan respectively [10] Business Segments - In the mobile smart terminal segment, the company is promoting its Turbo Fusion technology across more high-end models and optimizing its engine for mid- to low-end models. The technology has also been extended to video applications, gaining recognition from several key clients [10] - The intelligent driving business is expected to see rapid revenue growth from previously targeted models, with plans to expand the range of models covered in the second half of the year. The company is also advancing its 3D AVM and monitoring algorithms, which have been adopted by new production models [10] R&D and Innovation - R&D expenses for the first half of 2024 were 194 million yuan, an 18% increase year-on-year, with an R&D expense ratio of 50.9%, reflecting continued investment in the automotive business [10] - The company launched its PSAI video generation feature three months ago, becoming a leader in the domestic commercial photography sector, and plans to expand its presence on international e-commerce platforms [10]

证券研究报告 虹软科技 (688088 CH) 业绩稳健增长，智能驾驶持续高增 华泰研究 中报点评 2024 年 8 月 27 日│中国内地 计算机应用 风险提示：智能终端销量及智能汽车量产不及预期；AIGC 等推进不及预期。 SFC No. BQZ938 +(86) 21 2987 2036 虹软 24H1 营收 yoy+11.97%，归母净利润 yoy+22.82% 公司 24H1 营收 3.81 亿，yoy+11.97%；归母净利润 6145.89 万， yoy+22.82%；扣非净利润 5379.43 万，yoy+21.70%；经营性净现金流 -6484.63 万，yoy-130.82%。鉴于智能驾驶业务高速增长，我们上调 24-26 年 EPS 至 0.34/0.49/0.66 元(前值 0.32/0.42/0.57 元)。鉴于智能驾驶业务 24 年尚未放量，采用 25 年估值，可比公司 25 年均值 PE 74 倍（Wind）， 鉴于公司在智能驾驶、商拍等领域均处于领先地位，给予公司 25 年目标 PE 80 倍，对应目标价 38.92 元（前值 33.6 元），维持买入评级。 24H1：智能终端 ...

虹软科技(688088.SH) 业绩简评 2024 年 8 月 26 日，公司披露 2024 年度中期业绩：公司 2024 年 上半年实现营收 3.8 亿元，同比增长 12.0%；实现扣非后归母净 利润 0.5 亿元，同比增长 21.7%。2024 年第二季度，公司营业收 入为 2.0 亿元，同比增长 10.2%；扣非后归母净利润为 0.2 亿元， 同比增长 19.0%。 2024 年上半年公司销售商品、提供劳务收到的现金为 2.7 亿元， 同比下滑 48.1%，主要系部分客户于 2023 年提前支付销售款。此 外，公司上半年应收账款增加较快，主要受到移动智能终端客户回 款影响。 经营分析 移动智能终端视觉解决方案 2024 年上半年营收为 3.3 亿元，同比 增长 6.4%。报告期内公司推出智能超域融合即刻拍摄、夜景影调、 25M 高分辨率融合解决方案。预计将从旗舰机型向高端机型以及 中低端机型推广。 智能驾驶及其他 AIOT 上半年营收为 0.4 亿元，同比增长 93.2%。 舱内健康监测算法获得多个量产车型定点项目，舱内前装软硬一 体方案 Tahoe 也获得多款车型的全球定点，下半年预计加强与海 外 T ...

证券代码：688088 证券简称：虹软科技 公告编号：临 2024-044 虹软科技股份有限公司 第二届董事会第十七次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、董事会会议召开情况 虹软科技股份有限公司（以下简称公司）第二届董事会第十七次会议通知于 2024 年 8 月 16 日以电子邮件等书面方式送达全体董事，会议于 2024 年 8 月 26 日在公司会议室以现场结合通讯的方式召开。本次会议应出席董事 9 人，现场出 席的董事 4 人，以通讯方式出席的董事 5 人（独立董事王慧女士、王展先生，董 事孔晓明先生、Xiangxin Bi 先生、王进先生）。本次会议由董事长 Hui Deng(邓 晖)先生主持，公司监事及高级管理人员列席会议。本次会议的召集、召开和表 决情况符合法律、行政法规、部门规章、规范性文件以及《公司章程》《董事会 议事规则》的相关规定。 二、董事会会议审议情况 本次会议以记名投票方式审议通过了以下议案： （一）审议通过了《2024 年半年度报告及其摘要》 具体内容详见同日刊载于上 ...

虹软科技股份有限公司 关于公司 2024 年度提质增效重回报专项行动方案的半年度 评估报告 虹软科技股份有限公司（以下简称公司、虹软科技）始终重视投资者利益， 牢固树立以投资者为本的理念，为推动经营发展质量、投资价值及可持续发展水 平的提升，积极维护市场稳定，公司于 2024 年 4 月 19 日披露了《2024 年度"提 质增效重回报"行动方案》（以下简称行动方案）。公司根据行动方案内容，积极 开展和落实各项工作，现就本次行动方案的半年度执行情况报告如下： 一、"聚焦主业稳健经营，提升价值创造能力"相关措施的落实情况 1、持续加大研发投入，构筑面向未来的领先和竞争力 虹软科技专注于计算机视觉领域，为行业提供算法授权及系统解决方案，是 全球领先的视觉人工智能企业，始终致力于视觉人工智能技术的研发和应用，坚 持以技术创新为核心驱动力，在全球范围内为智能设备提供一站式视觉人工智能 解决方案。 2024 年上半年，公司继续以技术创新赋能行业为使命，聚焦主业经营，实 现营业收入 38,091.66 万元，同比增长 11.97%；实现归属于上市公司股东的净 利润 6,145.89 万元，同比增长 22.82%。其中，公 ...

证券代码：688088 证券简称：虹软科技 公告编号：临 2024-041 虹软科技股份有限公司 2024 年半年度募集资金存放与实际使用情况的 专项报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 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》的相关规定， 现将虹软科技股份有限公司（以下简称公司、本公司）2024 年 1-6 月募集资金 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 ...