豪威集团（603501）：25Q3营收及扣非归母均创新高，CIS龙头行稳致远

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company achieved record-high revenue and net profit in Q3 2025, driven by the continuous penetration of its CIS products in various fields such as intelligent driving and action cameras, leading to a steady increase in market share [1][2] - The company's profitability remains stable, with a gross margin of 30.3% in Q3 2025, and the non-net profit attributable to the parent company reached a historical high of 11.1 billion yuan [2] - The company is well-positioned in three major downstream markets: smartphones, automotive, and emerging markets, with significant growth expected in the automotive sector due to its entry into NVIDIA's supply chain [3][4] Financial Performance - For the first three quarters of 2025, the company reported revenue of 21.78 billion yuan, a year-on-year increase of 15.2%, and a net profit of 3.21 billion yuan, up 35.1% year-on-year [1] - The Q3 2025 revenue was 7.83 billion yuan, reflecting a year-on-year growth of 14.8% and a quarter-on-quarter increase of 4.6% [1] - The company forecasts revenues of 30.16 billion yuan, 37.57 billion yuan, and 43.67 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 17.2%, 24.6%, and 16.2% [4][9] Market Position and Growth Potential - The company has launched new high-end CIS products for smartphones and automotive applications, which are expected to drive future growth [3] - The emerging markets, particularly in the imaging sector and AR/AI glasses, present additional growth opportunities for the company [4] - The company is expected to maintain its leadership position in the CIS market, benefiting from the ongoing upward trend in the intelligent driving industry [3]