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虹软科技(688088):收入稳健 利润超预期 汽车板块维持高增

Core Viewpoint - The company reported strong financial performance for the first half of 2025, with revenue and net profit exceeding expectations, driven by scalable R&D and a focus on high-growth sectors like automotive and AI solutions [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 410 million, a year-on-year increase of 7.7%, and a net profit attributable to shareholders of 90 million, up 44.1% year-on-year [1]. - The non-GAAP net profit was 72 million, reflecting a year-on-year growth of 33.9% [1]. - Q2 2025 revenue was 200 million, with a year-on-year increase of 2.1%, aligning with expectations of 0-5% growth [1]. - Q2 2025 net profit attributable to shareholders was 38.87 million, a year-on-year increase of 42.4%, surpassing the expected growth rate of approximately 35% [1]. Business Segments - The automotive segment continued to show high growth, with revenue from smart automotive and other AIoT reaching 60 million in H1 2025, a year-on-year increase of 49.1% [1]. - Revenue from mobile intelligent terminal visual solutions (smartphones) was 340 million in H1 2025, reflecting a year-on-year growth of 2.2% [1]. - The company is executing a strategic approach of prioritizing domestic markets and software before hardware, with expectations for automotive business to become a new growth curve as products like Tahoe complete production and delivery [1]. Cost Management and Cash Flow - The company maintained stable control over expenses, with sales, management, and R&D expense ratios at 16.4%, 9%, and 48.4% respectively, showing year-on-year reductions [2]. - Operating cash flow turned positive in H1 2025, with a net amount of 4.6 million compared to a negative 6.5 million in the same period last year, primarily due to increased sales collections [2]. Future Outlook - The company is expected to achieve significant sales breakthroughs in automotive and AI glasses, with ongoing innovations in AI business [3]. - Revenue forecasts for 2025-2027 are projected at 1 billion, 1.257 billion, and 1.594 billion respectively, with net profits of 233 million, 309 million, and 438 million [3].