豪威集团(603501)：新兴市场多点开花 Q3业绩稳健增长

Core Insights - The company reported a strong performance for the first three quarters of 2025, with revenue reaching 21.783 billion yuan, a year-on-year increase of 15.20%, and a net profit attributable to shareholders of 3.210 billion yuan, up 35.15% [1] - The growth in revenue and profit is attributed to the company's strategic focus on the automotive smart driving sector and significant expansion in the smart imaging terminal market [1][2] Financial Performance - For Q3 2025, the company achieved a revenue of 7.827 billion yuan, reflecting a year-on-year growth of 14.81%, and a net profit of 1.182 billion yuan, which is a 17.26% increase [1] - The gross margin for the first three quarters of 2025 was 30.4%, an increase of 0.8 percentage points year-on-year, while the net margin improved by 2.2 percentage points to 14.7% [1] Market Position and Growth Areas - In the mobile CIS sector, the company ranks third globally and has successfully launched its 50 million pixel OV50X series high-end sensor, while also introducing a 200 million pixel product to expand market share [2] - The company holds the number one position in the automotive CIS market, leveraging its TheiaCel technology to capitalize on the smart driving trend [2] - The company plans to enhance revenue and profit contributions in the panoramic and action camera market through natural market growth and product innovation [2] Technological Advancements - The company's LCOS products are now in mass production for wavelength selective switches (WSS), offering advantages in spectral flexibility and grid adaptability [3] - With the increasing demand for optical circuit switching (OCS) driven by AI data centers, LCOS products are expected to play a crucial role in high-speed optical interconnects and energy efficiency improvements [3] Investment Outlook - Revenue projections for 2025-2027 are set at 30.75 billion, 37.08 billion, and 43.72 billion yuan, with net profits expected to be 4.50 billion, 5.74 billion, and 7.09 billion yuan respectively [4] - The estimated EPS for the same period is 3.73, 4.76, and 5.87 yuan, with corresponding PE ratios of 33.24, 26.07, and 21.13x, maintaining a "buy" rating [4]