豪威集团（603501）：上半年业绩稳健，维持“买入”评级

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 173 RMB, down from the previous target of 176 RMB, indicating a potential upside of 19.1% from the current price of 145.20 RMB [1][2][17]. Core Insights - The company reported a robust performance in the first half of 2025, with revenue increasing by 15% year-on-year to 14 billion RMB, driven by double-digit growth in simulation solutions (+21%) and distribution business (+42%) [1]. - Gross margin remained stable at 30.5%, up 1.3 percentage points year-on-year, while net profit surged by 48% to 2 billion RMB, leading to a net profit margin increase to 14.5% from 11.3% in the same period last year [1]. - The core business, CIS (image sensors), achieved record sales of 10.3 billion RMB, growing 11% year-on-year, with significant growth in automotive (+30%), security (+17%), emerging IoT (+249%), and medical CIS (+68%), offsetting a decline in mobile CIS (-19%) [1][6]. - The company is expected to maintain a favorable position in the CIS market, particularly in automotive and medical sectors, with projected revenue growth of 18% and 25% for FY25 and FY26, respectively, and net profit growth of 24% and 50% [1][6]. Financial Summary - The company’s market capitalization is approximately 172.79 billion RMB, with an average trading volume of 2.1 million RMB [2]. - The financial outlook includes projected sales revenue of 30.3 billion RMB for FY25, with a year-on-year growth of 17.8%, and net profit expected to reach 4.13 billion RMB, reflecting a 24.3% increase [7][11]. - The report indicates a decrease in profit forecasts for FY25 and FY26 by 19% and 15%, respectively, due to slower growth in mobile CIS and pressure on gross margins [6][11].