国产传感器龙头豪威集团也玩财技？业绩承压时商誉未计提减值 行业集中度高市场竞争胶着

Core Viewpoint - OmniVision Technologies has successfully entered the CIS market through external acquisitions, but the industry is highly concentrated with one dominant player, leading to intense competition among peers. The future growth potential of OmniVision may be uncertain due to financial engineering practices observed during years of performance pressure, such as significant increases in capitalized R&D expenses and the lack of goodwill impairment despite substantial declines in the profitability of acquired companies [1][9][20]. Group 1: Company Overview - OmniVision, formerly known as Weir Shares, was established in 2007 and initially focused on semiconductor distribution and analog solutions. In 2019, the company acquired Huasen Technology and CIS design company Sipek, successfully entering the CIS market [2][4]. - The company's semiconductor product design business includes image sensor solutions, display solutions, and analog solutions. The image sensor solutions segment has been the core of the company's operations, with revenues of 136.75 billion, 155.36 billion, and 191.90 billion RMB from 2022 to 2024, accounting for 68.3%, 74%, and 74.7% of total revenue, respectively [2][3]. Group 2: Market Position and Competition - The global CIS market is highly concentrated, with the top five players accounting for 84.1% of the market share by revenue in 2024. OmniVision ranks third with approximately 2.7 billion USD (about 194 billion RMB) in revenue, representing a 13.7% market share [4][5]. - In the smartphone CIS segment, OmniVision ranks third globally with 1.4 billion USD (about 100 billion RMB) in revenue and a 10.5% market share, while the leading company, Sony, holds a 46.4% share with 6 billion USD in revenue [5][6]. Group 3: Financial Performance - OmniVision's revenue for the reporting period was 200.4 billion, 209.84 billion, and 257.07 billion RMB, with net profits of 9.51 billion, 5.44 billion, and 32.78 billion RMB, respectively. The company experienced negative revenue growth in 2022 and 2023, with declines of 16.78% and 4.64% [9][10]. - The company's inventory surged to 12.3 billion RMB in 2022, and its inventory turnover significantly declined during 2022 and 2023 [11][13]. Group 4: Financial Engineering Concerns - During periods of financial pressure, OmniVision increased its capitalized R&D expenses significantly, reaching 700 million RMB in 2022, compared to less than 400 million RMB in 2020 [14][16]. - Despite a dramatic drop in profitability for its subsidiary Beijing OmniVision, which saw net profits plummet from over 3 billion RMB in 2021 to 749 million RMB in 2022, the company did not record any goodwill impairment [20][21].