豪威集团（603501）：前三季度净利润同比增长35%，新产品开启份额提升周期

Investment Rating - The investment rating for the company is "Outperform the Market" [4][6]. Core Insights - The company reported a 15.2% year-on-year increase in revenue for the first three quarters, reaching 21.783 billion yuan, and a 35.1% increase in net profit, amounting to 3.210 billion yuan, driven by growth in the automotive intelligent driving sector and expansion in the smart imaging terminal market [1][2]. - The company is accelerating the development and launch of new products, including a 50MP high dynamic range image sensor aimed at high-end smartphones, which is expected to enhance market share [2][3]. - The penetration rate of intelligent driving is increasing, with new products providing fresh growth momentum, including advanced image sensors for driver monitoring systems and automotive external cameras [3][4]. Financial Performance Summary - For the third quarter of 2025, the company achieved a revenue of 7.827 billion yuan, a 14.8% increase year-on-year, and a net profit of 1.182 billion yuan, reflecting a 17.3% year-on-year growth [2]. - The company expects revenue to grow to 31.093 billion yuan in 2025, with net profit projected at 4.551 billion yuan, indicating a strong growth trajectory [4][5]. - The gross margin for the third quarter was 30.34%, showing a slight decrease year-on-year but an increase quarter-on-quarter [2][3]. Financial Forecasts - Revenue projections for the company are as follows: 31.093 billion yuan in 2025, 37.239 billion yuan in 2026, and 43.678 billion yuan in 2027, with corresponding net profits of 4.551 billion yuan, 5.803 billion yuan, and 7.128 billion yuan respectively [4][5]. - The company’s earnings per share are expected to increase from 3.74 yuan in 2025 to 5.86 yuan in 2027, reflecting a positive outlook on profitability [5][31].