【华龙电子】豪威集团2025年三季报点评报告：主业稳健增长，业绩符合预期

Core Viewpoint - The company reported a strong performance in the first three quarters of 2025, with significant growth in both revenue and net profit, driven by demand in the smartphone and automotive sectors [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 21.783 billion yuan, a year-on-year increase of 15.2% - The net profit attributable to shareholders reached 3.21 billion yuan, reflecting a year-on-year growth of 35.15% - In Q3 alone, the company reported revenue of 7.827 billion yuan, up 14.81% year-on-year, and a net profit of 1.182 billion yuan, which is a 17.26% increase year-on-year [1][2]. Business Segments - The image sensor (CIS) business constitutes over 70% of the company's main revenue, with stable demand in the smartphone sector and rapid growth in automotive smart driving and emerging markets [2]. - The company expects continued strong performance in its CIS business, supported by robust downstream demand in both smartphones and automotive sectors [2]. Cash Flow and Inventory - As of the end of Q3, the company's inventory and contract liabilities were 8.07 billion yuan and 245 million yuan, respectively, showing growth compared to the end of 2024 [2]. - The net operating cash flow for Q3 was 2.676 billion yuan, indicating a high proportion relative to net profit, which suggests improving operational quality [2]. Profit Forecast and Investment Rating - The company is projected to achieve net profits of 4.406 billion yuan, 5.301 billion yuan, and 6 billion yuan for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 36.2, 30.1, and 26.6 times [2][4]. - The investment rating is maintained at "Accumulate" based on the expected growth trajectory [2].