研报掘金丨华安证券：维持豪威集团“增持”评级，新业务多点开花

Core Viewpoint - Haowei Group achieved a net profit attributable to shareholders of 2.03 billion yuan in the first half of the year, representing a year-on-year increase of 48.3% [1] Financial Performance - The company reported a net profit of 1.16 billion yuan in Q2, which is a year-on-year increase of 43.6% and a quarter-on-quarter increase of 34.2% [1] - The continuous growth in the first half of 2025 is attributed to strong demand in emerging markets such as automotive intelligence and panoramic and action cameras [1] Business Drivers - The automotive business has become the core growth engine, with a platform-based layout opening up long-term potential [1] - Revenue from automotive analog chips increased by 45.5% year-on-year, with new products being gradually introduced and a more diversified product layout [1] Market Outlook - The mobile phone business is consolidating and preparing for a new product cycle, which is expected to regain market share [1] - The explosive growth in emerging markets is contributing significantly to revenue increases [1]