新股解读｜豪威集团（603501.SH)：景气赛道叠加技术复用 多引擎驱动CIS产业

Core Viewpoint - Company is a leading Fabless semiconductor design firm focusing on CMOS image sensors (CIS) and expanding into display and analog solutions, targeting high-growth sectors such as smartphones, automotive, security, medical, and AIoT. The upcoming IPO is expected to strengthen its global competitiveness [1]. Group 1: Business Segments - The company operates in three main solution areas: image sensor solutions, display solutions, and analog solutions, continuously driving technological iteration and market expansion [2]. - In the smartphone CIS sector, the company plans to launch the OV50X image sensor in April 2025, featuring LOFIC technology for HDR in various lighting conditions [2]. - In the automotive CIS sector, the company has introduced several products, including the OX08D10 and OX05D10, to meet the requirements of next-generation ADAS and autonomous driving [2]. - The company is also expanding into the medical CIS sector with the OCH2B30 camera module for 3D dental scanning, and has established a machine vision department [2]. Group 2: Financial Performance - The company reported revenues of approximately RMB 20.04 billion, RMB 20.98 billion, RMB 25.71 billion, and RMB 13.94 billion for the years 2022, 2023, 2024, and the first half of 2025, respectively, with a compound annual growth rate (CAGR) of about 13.3% from 2022 to 2024 [3][4]. - The net profit for the same periods was RMB 0.95 billion, RMB 0.54 billion, RMB 3.28 billion, and RMB 2.02 billion, with a remarkable profit increase of 502% in 2024 compared to 2023 [3][4]. Group 3: Market Trends - The global CIS market is projected to grow from USD 17.9 billion in 2020 to USD 19.5 billion in 2024, with a CAGR of 2.2%, and is expected to reach USD 29.5 billion by 2029, with a CAGR of 8.6% from 2024 to 2029 [7]. - The company is positioned as the third-largest digital image sensor supplier globally, holding a market share of 13.7% in 2024 [2]. Group 4: Competitive Strategy - The company leverages its extensive patent portfolio and partnerships with leading foundries to develop a comprehensive technology matrix covering pixel design, circuit architecture, and system integration [3]. - The company's strategy focuses on reusing technology across different applications, enhancing R&D efficiency, and shortening product time-to-market, which creates a competitive barrier against rivals [10]. - The company is actively entering emerging markets such as smart glasses, robotics, and industrial automation, while maintaining its traditional strengths in smartphones and automotive sectors [10][11].