证券日报网讯思特威11月18日在互动平台回答投资者提问时表示，未来，公司将继续加强协作，共同推 动国产CIS工艺的创新与发展。 （文章来源：证券日报） ...

Core Viewpoint - The report from Zhongyou Securities highlights that OmniVision Technologies achieved a net profit attributable to shareholders of 3.21 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 35.15% [1] Financial Performance - In Q3 2025, the net profit attributable to shareholders reached 1.18 billion yuan, up 17.26% year-on-year [1] - The non-recurring net profit attributable to shareholders for Q3 was 1.11 billion yuan, reflecting a year-on-year growth of 20.40%, marking a historical high for both quarterly revenue and non-recurring net profit [1] Market Opportunities - The significant growth in revenue and profit is attributed to the company's ability to seize market opportunities, particularly in the rapidly increasing penetration of intelligent driving in the automotive sector [1] - There has been notable expansion in the smart imaging terminal application market, including panoramic and action cameras, contributing to revenue growth [1] Operational Improvements - The company has improved its gross margin through product structure optimization and supply chain management [1] - The accelerated penetration of intelligent driving is seen as a new growth driver for the company [1] Emerging Market Growth - In the first half of 2025, the company's image sensor business generated approximately 1.17 billion yuan in revenue from emerging markets, showing a remarkable year-on-year increase of 249.42% [1]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company has shown significant growth in revenue and profit, with a 15.20% year-on-year increase in revenue to 21.783 billion yuan and a 35.15% increase in net profit to 3.210 billion yuan for the first three quarters of 2025 [4] - The automotive sector and emerging markets are key growth drivers, with the company achieving a leading position in the global automotive CIS market [5] - The demand for video recording devices is increasing, particularly in outdoor sports and short video creation, which is expanding the market for panoramic and action cameras [6] - The company is also advancing in the smart glasses market, leveraging its technology to meet the growing demand for AR/AI glasses [7] Financial Performance - The company is projected to achieve revenues of 30 billion yuan in 2025, 35 billion yuan in 2026, and 40 billion yuan in 2027, with net profits of 4.4 billion yuan, 5.5 billion yuan, and 7 billion yuan respectively [8] - The EBITDA is expected to grow from 6.476 billion yuan in 2025 to 9.344 billion yuan in 2027, indicating strong operational performance [10] - The company’s gross margin is projected to improve from 29.4% in 2024 to 32.8% in 2027, reflecting enhanced profitability [13] Market Position - The company holds the largest market share in the global automotive CIS market, benefiting from the rapid increase in smart driving penetration [5] - The image sensor business in the automotive sector generated approximately 3.789 billion yuan in revenue in the first half of 2025, a year-on-year increase of 30.04% [5] - The emerging market segment for image sensors saw a remarkable revenue increase of 249.42% year-on-year, reaching approximately 1.173 billion yuan in the first half of 2025 [7]

Core Viewpoint - The global CMOS image sensor market is recovering from a cyclical low, with a projected growth of 6.4% to reach $23 billion in 2024, indicating a new phase of structural differentiation and sustained growth in the industry [1] Market Dynamics - The mobile terminal segment, which accounts for over 60% of industry revenue, is stabilizing, with future growth driven by an increase in average selling prices due to consumer shifts towards high-end models and generative AI smartphones, despite moderate growth in device shipments [2] - The automotive CMOS image sensor market is expected to maintain double-digit growth from 2025 to 2027, driven by increased camera penetration in ADAS, in-cabin monitoring, and ongoing resolution upgrades, rather than vehicle production [2] - Emerging applications such as smart glasses and machine vision are opening new growth avenues, requiring specialized sensors with ultra-low power consumption, miniaturization, and global shutter technology, providing high-value growth opportunities for technology leaders [2] Competitive Landscape - The CMOS image sensor market is consolidating around a few leading companies, with firms establishing advantages through technological differentiation and strategic focus [3] - Sony continues to lead the high-end market with its technological advantages and significant R&D investment, while Samsung solidifies its second position through an IDM model focused on high-resolution and small pixel technology, although its strategic tilt towards HBM may limit its market share growth in CMOS image sensors [3] - Chinese manufacturers are becoming key industry changers, with OmniVision demonstrating exceptional execution to surpass ON Semiconductor and become the leader in the automotive CMOS image sensor market by 2024, while companies like SmartSens are rapidly expanding their market share in mobile terminals and security markets through high-cost performance solutions [3] - Intense competition in the CMOS image sensor market is expected to continue, with successful players needing to maintain ongoing innovation, strategic market focus, and strict cost control capabilities [3]

Core Viewpoint - The company reported a strong performance in the first three quarters of 2025, with significant growth in both revenue and net profit, driven by demand in the smartphone and automotive sectors [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 21.783 billion yuan, a year-on-year increase of 15.2% - The net profit attributable to shareholders reached 3.21 billion yuan, reflecting a year-on-year growth of 35.15% - In Q3 alone, the company reported revenue of 7.827 billion yuan, up 14.81% year-on-year, and a net profit of 1.182 billion yuan, which is a 17.26% increase year-on-year [1][2]. Business Segments - The image sensor (CIS) business constitutes over 70% of the company's main revenue, with stable demand in the smartphone sector and rapid growth in automotive smart driving and emerging markets [2]. - The company expects continued strong performance in its CIS business, supported by robust downstream demand in both smartphones and automotive sectors [2]. Cash Flow and Inventory - As of the end of Q3, the company's inventory and contract liabilities were 8.07 billion yuan and 245 million yuan, respectively, showing growth compared to the end of 2024 [2]. - The net operating cash flow for Q3 was 2.676 billion yuan, indicating a high proportion relative to net profit, which suggests improving operational quality [2]. Profit Forecast and Investment Rating - The company is projected to achieve net profits of 4.406 billion yuan, 5.301 billion yuan, and 6 billion yuan for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 36.2, 30.1, and 26.6 times [2][4]. - The investment rating is maintained at "Accumulate" based on the expected growth trajectory [2].

Core Viewpoint - The company believes that the automotive electronics business will become a key driver for long-term sustainable development, driven by the trend of automotive intelligence and the penetration of intelligent driving equality solutions [2] Group 1: Automotive Electronics Business - The automotive electronics field shares many similarities with the smart security field, such as good night vision imaging performance, low noise, rapid adaptation to changing light environments requiring high dynamic range (HDR), wide temperature range requirements, and high standards for redundancy design [2] - The company has leveraged its deep technical accumulation in the smart security field to quickly enter the automotive electronics sector [2] Group 2: Product Reliability and Quality Management - Compared to security and consumer terminal CIS, automotive CIS requires stringent automotive-grade certification to ensure product reliability [2] - Since entering the automotive sector, the company has prioritized safety, establishing a high-quality R&D control system from the initial product design phase to ensure the reliability of automotive CIS products throughout their lifecycle [2] Group 3: Collaboration and Innovation - The company has intensified collaboration with Jinghe Integrated in areas such as process development, product innovation, and capacity supply [2] - The domestic Stacked BSI platform has successfully mass-produced several CMOS image sensor products for mobile applications, such as SC532HS and SC562HS, balancing performance and cost advantages [2] - The company plans to continue strengthening collaboration to promote innovation and development in domestic CIS technology [2]

Core Insights - The development of image sensors has evolved over the past fifty years, focusing on increasing complexity in manufacturing processes to meet performance, yield, and cost requirements [1][3][5] - Stacking technology has enabled advancements from front-illuminated CCDs to back-illuminated CMOS, enhancing optical response and functionality [5][8] - The trend in interconnect spacing has stabilized post-2020, with TSMC being competitive at 1.4µm spacing, while optimal smartphone image sensor specifications are around 50 million pixels with a pixel pitch of 0.5µm to 0.7µm [10][12] - Innovations in pixel design, such as deep trench isolation and advanced capacitor types, are crucial for enhancing dynamic range and global shutter capabilities [17][20] - The emergence of short-wave infrared (SWIR) imaging requires innovative solutions due to silicon's limitations, highlighting the ongoing need for technological advancements in the industry [26] Group 1 - The trajectory of pixel development has shifted from merely reducing pixel size to adding more functionalities [17] - The use of novel materials and structures, such as AlO/ZrO layers, is essential for improving optical response and reducing dark signal generation [13][16] - The integration of multi-layer stacking with pixel-level interconnects presents opportunities for further advancements in image sensor technology [26] Group 2 - Enhanced image sensor processes have enabled non-photographic imaging applications, such as eye-tracking in augmented reality devices [25] - The first multi-spectral smartphone camera utilizes a 3x3 color filter array, demonstrating innovation in color correction without traditional filters [25] - The industry is no longer limited to a single dominant product, indicating a broad potential for development and innovation in image sensor technology [26]

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].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company expects a significant increase in net profit for the first half of 2025, projecting a range of CNY 1,905.97 million to CNY 2,045.97 million, representing a year-on-year increase of 39.43% to 49.67% [2][5] - The net profit attributable to the parent company, excluding non-recurring gains and losses, is expected to be between CNY 1,878.30 million and CNY 2,018.30 million, reflecting a year-on-year growth of 36.89% to 47.09% [2][5] - The company achieved a historical high in revenue for the second quarter of 2025, with net profit ranging from CNY 1,040 million to CNY 1,180 million, a year-on-year increase of 28.6% to 45.9% [11] - The growth in revenue is attributed to improved management efficiency and the increasing market share of the company's image sensor products in automotive intelligent driving and consumer electronics [11] Summary by Sections Automotive Sector - The demand for automotive image sensors (CIS) is expected to grow due to the global trend towards automotive intelligence, with major companies like BYD and Geely implementing "smart driving equality" strategies [11] - The company has successfully entered the supply chains of leading automotive manufacturers and is poised to benefit from the long-term growth in demand for onboard image sensors [11] Consumer Electronics - The company's core product, the image sensor, is widely used in flagship products from brands like Xiaomi and Huawei, with the OV50H high-resolution image sensor gaining a competitive edge in the market [11] - The consumer electronics market in China is anticipated to experience a new growth cycle driven by strong policy support, with the company expected to benefit from increased penetration of its high-resolution image sensors [11] Long-term Growth Potential - The company is developing a comprehensive semiconductor blueprint that includes CIS, TDDI, discrete devices, power management ICs, and LCOS, which positions it well for future industry expansion [11] - The automotive CIS segment is expected to continue contributing to revenue growth, with the company aiming to increase its market share in high-end mobile CIS [11] - Future product development is expected to open new application areas in automotive, VR/AR, and IoT, enhancing the company's growth prospects [11]

Financial Performance - The company reported a total operating revenue of 3.79 billion yuan for the first half of the year, representing a 54.11% increase compared to the same period last year [1][3] - The total profit reached 441.14 million yuan, marking a significant increase of 182.81% year-on-year [1][3] - The net profit attributable to shareholders was 396.86 million yuan, up 164.93% from the previous year [1][3] - The net profit after deducting non-recurring items was 395.70 million yuan, reflecting a 159.40% increase compared to the same period last year [1][3] Revenue Breakdown - Revenue from smartphone applications amounted to 1.75 billion yuan, a growth of 40.49%, accounting for 46.35% of total revenue [1] - Revenue from smart security solutions reached 1.55 billion yuan, increasing by 58.77%, which represents 40.93% of total revenue [1] - Revenue from automotive electronics was 481.64 million yuan, showing a remarkable growth of 107.97%, making up 12.72% of total revenue [1] Product Development - The company launched several domestically produced 50-megapixel CMOS image sensors for high-end flagship smartphones, enhancing its product lineup [2] - The SC595XS sensor features a high dynamic range of 110dB and offers low noise, high frame rate, and low power consumption, significantly improving video capture quality for flagship smartphones [2] - In the automotive electronics sector, the company deepened collaborations with major car manufacturers, leading to increased production volumes in smart driving applications [2]