Core Viewpoint - The rise of companies like Cambricon reflects the inevitable trend of domestic substitution in the semiconductor industry, focusing on hard technology enterprises that excel in niche markets [1] Group 1: Company Transformation - Weir Shares, now known as OmniVision Group, underwent a significant transformation after acquiring Beijing OmniVision in 2019, which was a pivotal moment for the company's performance [2][3] - The acquisition allowed the company to shift its business structure from relying on consumer electronics to becoming a leader in automotive visual chips, marking a critical turning point in its growth trajectory [3][4] Group 2: Financial Performance - In 2024, the automotive segment's revenue reached 5.905 billion yuan, a year-on-year increase of 29.85%, contributing over 30% to the total revenue of the image sensor solutions segment [3][4] - The company reported a projected revenue growth of 13.49% to 15.97% for the first half of 2025, with net profit expected to increase by 39.43% to 49.67%, indicating strong performance in the automotive sector [6] Group 3: Market Position and Competition - OmniVision Group holds nearly 30% market share in the domestic automotive CIS sector, benefiting from high-resolution sensors and competitive advantages in low-light performance and power consumption [5][6] - The company is positioned as a leader in the automotive CIS market, having surpassed ON Semiconductor in sales for two consecutive years [5] Group 4: Challenges and Risks - The company's high share pledge by its controlling shareholder raises concerns about financial stability and control, which could impact its IPO process in Hong Kong [10][12] - Despite achieving revenue growth, the decline in R&D expenditure and the rising compensation for executives create a paradox that may undermine market confidence in the company's long-term growth potential [12][14]

【开栏的话】 在国产替代的浪潮中，寒武纪们的崛起看似偶然，实则蕴含诸多必然。我们聚焦"国产替代浪潮中的隐 形冠军"，本质上也是在聚焦那些深耕细分赛道的硬科技企业。 它们中，有的借天时地利人和实现业绩跃迁，成为产业自主的攻坚尖兵；有的在资本市场的估值重塑 中，印证了硬科技"从研发投入到价值兑现"的逻辑，成为科技牛市的核心标的。通过研究这些典型样 本，我们既能拆解中国科技企业从技术攻坚到资本突围的破局路径与成长密码，也能为市场读懂硬科技 的长期价值提供参照。 曾经作为全球CMOS（互补金属氧化物半导体）图像传感器产业重要成员、亦是果链参与者而被外界熟 知的韦尔股份，在2025年6月更名后的称呼，已正式改为了豪威集团。 2025年2月那场大佬云集的全国民营企业座谈会，豪威集团创始人、董事长虞仁荣受邀参加，并作为6位 发言企业家之一、半导体行业代表就民营经济发展建言献策。和他一同参会的科技界企业代表，还包括 小米集团雷军、宇树科技王兴兴等。 不过当时，他的头衔还是"韦尔股份"。 而"豪威"之名，源自2019年韦尔股份的关键战略并购：当时公司拟以发行股份方式，收购北京豪威 85.53%股权。而北京豪威的核心业务经营者， ...