国产替代浪潮中的隐形冠军② | 豪威集团：视觉芯片的“车载之王”

Core Viewpoint - The article discusses the transformation of Weir Shares into Haowei Group, highlighting its strategic shift from consumer electronics to automotive visual chips, driven by the growth of the intelligent automotive market and the company's successful acquisitions [3][4][6][8]. Company Transformation - Haowei Group, formerly Weir Shares, underwent a significant transformation after acquiring Beijing Haowei, which was a key player in the global CMOS image sensor market, leading to a substantial increase in net profit and a shift in business focus [4][6][12]. - The company has successfully transitioned from being heavily reliant on the consumer electronics sector to becoming a leader in the automotive visual chip market, capitalizing on the growing demand for intelligent driving technologies [6][8][10]. Financial Performance - In 2024, Haowei Group reported automotive market revenue of 5.905 billion yuan, a year-on-year increase of 29.85%, contributing over 30% to the total revenue of its image sensor solutions [8][10]. - The company’s revenue is projected to grow by 13.49% to 15.97% in 2025, with net profit expected to increase by 39.43% to 49.67%, indicating strong growth potential in the automotive sector [10][16]. Market Position and Strategy - Haowei Group holds a market share of nearly 30% in the domestic automotive CIS sector, benefiting from its advanced technology and competitive product offerings [9][10]. - The company has strategically positioned itself to take advantage of the shift towards intelligent vehicles, with major automotive manufacturers increasing their adoption of advanced camera systems [9][10]. Challenges and Risks - Despite its growth, Haowei Group faces challenges such as high share pledges by its controlling shareholder, which may impact its control stability and investor confidence [14][15][16]. - The company’s R&D expenditure has shown volatility, with a declining R&D expense ratio, raising concerns about its ability to maintain competitive advantages in a rapidly evolving market [16][17][18].