豪威集团（603501）：技术升级与合作策略，维持竞争优势

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company achieved a revenue of 21.783 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 15.20%. The net profit attributable to shareholders was 3.210 billion yuan, up 35.15% year-on-year [8] - The company is expected to maintain robust growth driven by advancements in automotive intelligent driving and the expansion of smart imaging applications [8] - The forecasted revenues for 2025-2027 are 30.806 billion yuan, 37.689 billion yuan, and 44.179 billion yuan, with corresponding net profits of 4.247 billion yuan, 5.632 billion yuan, and 7.358 billion yuan, respectively [8] Financial Performance Summary - Revenue growth rates are projected at 4.7% for 2023, 22.4% for 2024, 19.7% for 2025, 22.3% for 2026, and 17.2% for 2027 [7] - The net profit growth rates are forecasted at -43.9% for 2023, 498.1% for 2024, 27.8% for 2025, 32.6% for 2026, and 30.6% for 2027 [7] - The earnings per share (EPS) are expected to increase from 0.47 yuan in 2023 to 6.10 yuan in 2027 [7] Market Performance - The company has shown a market performance of -10%, 6%, 21%, 37%, 52%, and 68% over the last 12 months compared to the CSI 300 and the semiconductor sector [4]