豪威集团(603501)：Q2营收创历史新高 下游应用市场稳步渗透

Core Viewpoint - The company expects significant growth in net profit and revenue for the first half of 2025, driven by strong performance in its CIS products and market penetration in various applications [1][3]. Financial Performance - The company anticipates a net profit attributable to shareholders of between 1.906 billion and 2.046 billion yuan for the first half of 2025, representing a year-on-year increase of 39.43% to 49.67% [1]. - The expected revenue for the same period is projected to be between 13.722 billion and 14.022 billion yuan, reflecting a year-on-year growth of 13.49% to 15.97% [1]. - For Q2 2025, the company is expected to achieve a revenue of approximately 7.4 billion yuan, marking a year-on-year increase of 14.77% [2]. Market and Product Insights - The company's CIS products are experiencing continuous penetration in downstream markets, particularly in automotive smart driving and action cameras, contributing to revenue growth [3]. - The smartphone sector is expected to see a boost in the second half of the year, with the promotion of various camera modules in flagship Android models [3]. - The automotive market is projected to generate approximately 5.905 billion yuan in revenue from CIS in 2024, with a year-on-year increase of about 29.85% [3]. - The action camera market is expected to grow rapidly, with a projected CAGR of 14.5% from 2017 to 2023, reaching a market size of 51.35 billion yuan by 2027 [3]. Investment Outlook - The company is projected to have earnings per share of 3.70 yuan and 4.79 yuan for 2025 and 2026, respectively, with corresponding PE ratios of 32 times and 25 times [3].