证券代码：688088 证券简称：虹软科技 公告编号：临 2025-014 虹软科技股份有限公司 关于举办投资者接待日活动的公告 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。 重要内容提示： 为便于广大投资者全面、深入地了解虹软科技股份有限公司（以下简称公司） 的经营情况和发展战略，公司计划于 2025 年 5 月 15 日 10:00-11:30 举办投资者 接待日活动。通过此项活动，公司将进一步加强与投资者的沟通交流，认真倾听 投资者的意见和建议。现将有关事项公告如下： 一、活动召开的时间及地点 活动时间：2025 年 5 月 15 日（星期四）10:00-11:30 活动地点：浙江省杭州市滨江区长河街道滨兴路 392 号（虹软大厦） 二、活动方式：现场召开 活动时间：2025 年 5 月 15 日（星期四）10:00-11:30 活动地点：浙江省杭州市滨江区长河街道滨兴路 392 号（虹软大厦） 召开方式：现场召开 三、公司出席人员 公司管理层，具体人员以实际出席为准。 四、投资者参加方式 为了更好地安排本次活动， ...

股票研究 /[Table_Date] 2025.04.29 2025-05-06 [Table_Industry] 计算机 习近平总书记考察调研上海"模速空间" ， 人工智能发展动能强劲 本报告导读： 习近平总书记在上海考察强调要加快建设全球科技创新高地，上海承担建设国际科 技创新中心的使命。此次调研上海"模速空间"大模型创新生态社区，彰显人工智能 作为科技创新的核心抓手，凸显对 AI 产业的高度重视，产业发展迎新动能。 投资要点： 究 报 告 请务必阅读正文之后的免责条款部分 股 票 研 究 券 研 [Table_Invest] [table_Authors] 杨林(分析师) 杨蒙(分析师) 朱瑶(研究助理) 行 业 跟 踪 报 告 证 021-38676666 021-38676666 021-38676666 登记编号 S0880525040027 S0880525040072 S0880125042238 [Table_Summary] 近日国家层面高度重视人工智能产业发展，4 月 25 日中共中央政治局 就加强人工智能发展和监管进行第二十次集体学习，习总书记强调坚持 自立自强、突出应用导向，推动人工 ...

证券代码：688088 证券简称：虹软科技 公告编号：临 2025-013 虹软科技股份有限公司 关于股东权益变动触及 1%刻度的提示性公告 信息披露义务人南京瑞联新兴产业投资基金合伙企业（有限合伙）保证向本 公司提供的信息真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一致。 重要内容提示： 第 1 页 / 共 3 页 本次权益变动为虹软科技股份有限公司（以下简称公司）股东南京瑞联 新兴产业投资基金合伙企业（有限合伙）（以下简称瑞联新产业、信息披露义务 人）履行此前披露的减持股份计划，以及因公司注销回购股份导致总股本减少后 持股比例变化的被动增持，不触及要约收购。 本次权益变动前，瑞联新产业持有公司的股份数量为 49,070,332 股，占 公司当时总股本的比例为 12.09%；本次权益变动后，瑞联新产业持有公司的股 份数量为 44,128,744 股，占公司目前总股本的比例为 11.00%，持股比例触及 1% 的整数倍。 本次权益变动为公司持股 5%以上非第一大股东减持及被动增持，不会使 公司控股股东、实际控制人发生变化。 本次权益变动未 ...

高盛近期与中国从基础设施层到应用层的软件供应链企业进行了交流，探讨了客户软件预算、生成式人工智能的进展，以及 2025 年下半年的增长和盈利 前景。预计 2025 年，高盛覆盖的中国软件公司营收平均同比增长 26%，且四个季度营收将实现环比增长。 正文： 在生成式人工智能方面，增强型本土基础模型（如深度求索模型）的出现带来了以下影响： 第一，客户的软件预算从功能性工具转向生成式人工智能软件，推动每用户平均收入增长，并吸引新的付费客户； 第二，鉴于需求不断上升，且面向企业（B 端）/ 消费者（C 端）用户的盈利商业模式更加清晰，更多软件公司投资基于基础模型的应用软件研发； 第三，企业利用生成式人工智能降低运营成本（如招聘工具）。 预计我们覆盖的中国软件公司的生成式人工智能营收占比将从 2025 年的 0%-10%，提升至 2028 年的 10%-50%（见图 1）。 | Company | Ticker | Segment | Gen Al rev contribution (GSe) | | SaaS contribution (GSe) | | Rule of 40 (GSe) | | | --- | -- ...

Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Viewpoints - The company is positioned as a global enabler of imaging and visual technology, benefiting from the recovery in emerging markets, which is expected to provide stable revenue growth in mobile intelligence and intelligent driving sectors, while also tapping into the blue ocean market of smart commercial photography [3][4] - The company reported a revenue of 815 million yuan for 2024, representing a year-on-year growth of 21.62%, and a net profit attributable to the parent company of 177 million yuan, up 99.67% [1][4] - For the first quarter of 2025, the company achieved a revenue of 209 million yuan, a year-on-year increase of 13.77%, with a net profit of 50 million yuan, reflecting a growth of 45.36% [1] Summary by Relevant Sections Mobile Intelligence - In 2024, the revenue from mobile intelligent terminal visual solutions reached 675 million yuan, marking a year-on-year growth of 16.17%. The Turbo Fusion technology has penetrated flagship to mainstream models, establishing a foundation for large-scale video solutions [2] - The company has developed multiple high-definition image processing algorithms tailored for AI glasses, successfully aiding the launch of the first domestic AI glasses by Thunderbird V3 [2] Intelligent Driving - The intelligent driving and other IoT visual solutions generated revenue of 127 million yuan in 2024, a significant year-on-year increase of 71.20%. The company is expanding its model coverage and market share [2] Smart Commercial Photography - The ArcMuse model has been upgraded, with the image generation model system increasing from billions to hundreds of billions of parameters. The PSAI service has entered multiple platforms, serving hundreds of thousands of merchants [3] Financial Forecast - Projected revenues for 2025, 2026, and 2027 are 1,011 million yuan, 1,274 million yuan, and 1,618 million yuan, respectively, with corresponding net profits of 234 million yuan, 314 million yuan, and 443 million yuan [4][9]

Core Insights - The company reported a revenue of 815 million yuan for 2024, representing a year-on-year growth of 21.62% [1] - The net profit attributable to shareholders reached 177 million yuan, with a significant year-on-year increase of 99.67% [1] - The company achieved a net profit of 156 million yuan after deducting non-recurring items, marking a year-on-year growth of 128.93% [1] Financial Performance - In Q4 2024, the company generated revenue of 241 million yuan, an increase of 44.23% year-on-year, and a net profit of 88 million yuan, up 1194.1% year-on-year [1] - For Q1 2025, the company reported revenue of 209 million yuan, reflecting a year-on-year growth of 13.77%, and a net profit of 50 million yuan, which is a 45.36% increase year-on-year [1] Business Development - The company is making steady progress in both in-cabin and out-of-cabin businesses, with high growth rates expected to be maintained [2] - In-cabin business includes the Tahoe integrated vehicle vision solution, which has secured multiple global projects and is advancing towards mass production [2] - Out-of-cabin business focuses on the WestLake solution, with efforts in market promotion and project implementation [2] Product Innovation - The company is enhancing its AI glasses by developing lightweight models and optimizing algorithms for various applications, resulting in improved image quality [3] - A strong partnership with Qualcomm is being leveraged to maximize the potential of the AR1Gen1 chip platform [3] - The company successfully assisted in the launch of the first domestic AI glasses, receiving positive market feedback [3] Technological Advancements - The TurboFusion technology has seen significant penetration across various device models, achieving commercialization in flagship, high-end, and mainstream devices [4] - New features such as motion capture and AI portrait reconstruction have been introduced, enhancing the user experience [4] - The company is exploring the integration of generative AI with TurboFusion technology to improve image quality in challenging conditions [4] Future Outlook - The company is expected to benefit from the rapid growth in the smart imaging and smart driving sectors, while also exploring new revenue growth points [4] - Earnings per share (EPS) forecasts for 2025-2027 are projected at 0.54, 0.65, and 0.81 yuan, with corresponding price-to-earnings (P/E) ratios of 80.47, 66.38, and 53.24 times [4]

Investment Rating - The investment rating for the company is "Buy" based on the expectation that the stock price will outperform the benchmark by over 15% [9] Core Views - The company has achieved significant revenue growth, with a reported revenue of 815 million yuan in 2024, representing a year-on-year increase of 21.62%. The net profit attributable to the parent company reached 177 million yuan, a remarkable growth of 99.67% [1] - The company's intelligent driving and IoT visual solutions are expected to generate substantial revenue, projected at 1.27 billion yuan in 2024, reflecting a growth of 71.2% [1] - The TurboFusion technology has seen increased penetration across various models, indicating a successful commercialization of core imaging solutions [1] Financial Summary - Total revenue is projected to grow from 670 million yuan in 2023 to 1.5 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 24.4% [3] - The net profit attributable to the parent company is expected to increase from 88 million yuan in 2023 to 327 million yuan in 2027, with a CAGR of around 24.7% [3] - The company's gross margin is expected to remain stable, around 90%, indicating strong profitability [3] Earnings Forecast - Earnings per share (EPS) are forecasted to be 0.54 yuan in 2025, 0.65 yuan in 2026, and 0.81 yuan in 2027, with corresponding price-to-earnings (P/E) ratios of 80.47, 66.38, and 53.24 respectively [2][3]

Investment Rating - The investment rating for the company is "Buy" based on its strong performance relative to the benchmark index [9] Core Views - The company achieved a revenue of 815 million yuan in 2024, representing a year-on-year growth of 21.62%, and a net profit attributable to shareholders of 177 million yuan, which is a 99.67% increase [1] - The company's intelligent driving and IoT visual solutions are expected to generate significant revenue growth, with projected income of 127 million yuan in 2024, reflecting a 71.2% increase [1] - The TurboFusion technology has seen increased penetration across various models, enhancing the company's competitive edge in the imaging sector [1] Financial Summary - Total revenue is projected to grow from 670 million yuan in 2023 to 1.5 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 24.4% [3] - The net profit attributable to shareholders is expected to rise from 88 million yuan in 2023 to 327 million yuan in 2027, indicating a strong growth trajectory [3] - The company's gross margin is forecasted to remain stable around 90% over the next five years [3] Earnings Forecast - The expected earnings per share (EPS) for 2025 is 0.54 yuan, with corresponding price-to-earnings (P/E) ratios of 80.47, 66.38, and 53.24 for the years 2025, 2026, and 2027 respectively [2][3]

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 49.73 CNY, compared to the current stock price of 42.39 CNY as of April 18, 2025 [5]. Core Insights - The company achieved a revenue of 815 million CNY in 2024, representing a year-on-year growth of 21.62%, and a net profit of 177 million CNY, which is a 99.67% increase year-on-year [1]. - In Q1 2025, the company reported a revenue of 209 million CNY, a 13.77% increase year-on-year, and a net profit of 50 million CNY, up 45.36% year-on-year [1]. - The company is benefiting from a recovery in downstream terminal demand, particularly in the smartphone and intelligent driving sectors, with significant growth in both areas [2]. Revenue Breakdown - In the smartphone segment, the company generated 675 million CNY in revenue for 2024, a 16.17% increase year-on-year, with a gross margin of 91.39% [2]. - The intelligent driving segment saw revenue of 127 million CNY in 2024, marking a 71.20% year-on-year growth, although the gross margin decreased to 84.49% [2]. Cost Management and R&D Investment - The company has successfully reduced its selling and management expense ratios, with selling expenses at 16.29% and management expenses at 10.49% for 2024, indicating improved operational efficiency [3]. - R&D expenses for 2024 were 398 million CNY, a 9.69% increase year-on-year, representing a R&D expense ratio of 48.81% [3]. Technological Advancements - The company has made significant progress in its Turbo Fusion technology, which has been integrated across various smartphone models, and is exploring deep integration with AIGC technology [4]. - The company is also increasing its investment in AI glasses, collaborating with Qualcomm on the AR1 Gen1 chip platform, and has successfully launched the first domestic AI glasses [10]. Business Expansion - The VisDrive® solution for intelligent driving is expanding its vehicle coverage and has secured multiple production model contracts, with plans for mass production in 2025 [11]. - The ArcMuse computing technology engine for intelligent commercial photography has significantly enhanced its model parameters, achieving integration with major e-commerce platforms [11]. Financial Projections - Revenue projections for the company are 997 million CNY in 2025, 1.23 billion CNY in 2026, and 1.51 billion CNY in 2027, with net profits expected to reach 241 million CNY, 312 million CNY, and 410 million CNY respectively [12][14].