研报掘金丨中邮证券：维持豪威集团“买入”评级，汽车，运动相机，AI眼镜加速增长

Core Viewpoint - The report from Zhongyou Securities highlights that OmniVision Technologies achieved a net profit attributable to shareholders of 3.21 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 35.15% [1] Financial Performance - In Q3 2025, the net profit attributable to shareholders reached 1.18 billion yuan, up 17.26% year-on-year [1] - The non-recurring net profit attributable to shareholders for Q3 was 1.11 billion yuan, reflecting a year-on-year growth of 20.40%, marking a historical high for both quarterly revenue and non-recurring net profit [1] Market Opportunities - The significant growth in revenue and profit is attributed to the company's ability to seize market opportunities, particularly in the rapidly increasing penetration of intelligent driving in the automotive sector [1] - There has been notable expansion in the smart imaging terminal application market, including panoramic and action cameras, contributing to revenue growth [1] Operational Improvements - The company has improved its gross margin through product structure optimization and supply chain management [1] - The accelerated penetration of intelligent driving is seen as a new growth driver for the company [1] Emerging Market Growth - In the first half of 2025, the company's image sensor business generated approximately 1.17 billion yuan in revenue from emerging markets, showing a remarkable year-on-year increase of 249.42% [1]