虹软科技(688088)：营收实现稳健增长 利润加速释放顾

Core Insights - The company reported a revenue of 628 million yuan for the first three quarters of 2025, representing a year-on-year increase of 9.39% [1] - The net profit attributable to shareholders reached 142 million yuan, up 60.51% year-on-year, while the net profit excluding non-recurring items was 113 million yuan, reflecting a 44.53% increase [1] - In Q3 2025, the company achieved a revenue of 217 million yuan, a year-on-year growth of 12.68%, and a net profit of 53 million yuan, which is a significant increase of 98.21% year-on-year [1] Financial Highlights - The gross margin for Q3 2025 was 87.8%, showing a year-on-year decline of 1.6 percentage points but a quarter-on-quarter increase of 0.9 percentage points, attributed to the shipment of integrated hardware and software products in the smart automotive sector [1] - The expense ratios for sales, management, and R&D in Q3 2025 were 15.2%, 7.3%, and 51.9%, respectively, with year-on-year reductions of 1.1 percentage points, 1.4 percentage points, and 4.4 percentage points [1] Development Trends - The mobile smart terminal business generated a revenue of 172 million yuan in Q3 2025, growing by 12.89% year-on-year, with the company's "smart super fusion" technology covering both flagship and mid-to-low-end models [2] - The smart automotive and other AIoT visual solution business reported a revenue of 40 million yuan, with a slower growth rate of 10.34% year-on-year, primarily due to project recognition timing disruptions, although long-term growth prospects remain positive [2] - The company is actively expanding into emerging markets, particularly in AI glasses and AI commercial photography, establishing deep partnerships with well-known brands and integrating features into major e-commerce platforms [2] Profit Forecast and Valuation - Revenue forecasts for 2025 and 2026 have been adjusted downwards by 5% and 6% to 960 million yuan and 1.23 billion yuan, respectively, while profit forecasts remain largely unchanged due to improved profitability [3] - The current stock price corresponds to a 17.0x price-to-sales ratio for 2026, with a target price of 62.31 yuan, indicating a 19% upside potential based on a 20.3x price-to-sales ratio for 2026 [3]