近日，豪威集团发布公告称，公司控股股东虞仁荣计划将于2025年10月29日至2026年1月28日期间，通 过大宗交易方式减持公司股份不超过2400万股，减持比例合计不超过公司股份总数的1.99%。 据了解，虞仁荣此次减持的原因是为归还借款并降低质押率。 分业务来看，图像传感器解决方案贡献收入103.46亿元，占总营收比重的74.21%，较上年同期增加 11.10%，主要得益于汽车电子、全景、运动相机等新兴领域需求的增长。 数据显示，截至9月26日，虞仁荣及其一致行动人累计质押股份1.98亿股，占其持有股份的48.54%及公 司总股本的16.44%，股权质押率处于较高水平。其中，未来半年内到期的质押股份2538万股，对应融 资余额为11亿元；未来一年内到期的质押股份约1.1亿股，对应融资余额55.58亿元。 其中，汽车CIS业务的收入为37.89亿，同比增长30.04%。据其港股上市招股书显示，豪威科技在2024年 全球汽车CIS市场市占率达32.9%，并有望在2024-2026年持续提升在汽车CIS市场市占率。 此次减持也并非是虞仁荣首次减持豪威集团。自2021年1月至今，虞仁荣已累计减持3890万股股份。截 ...

9月30日晚间，A股芯片龙头之一的豪威集团公告，公司控股股东虞仁荣为归还其借款并降低质押率，计划自本公告披露之日起15个交易日后的3个月内通 过大宗交易方式减持公司股份不超过2400万股，减持比例合计不超过公司股份总数的1.99%。上述股份减持价格按照减持实施时的市场价格确定。 | 股东名称 | 虞仁荣 | | --- | --- | | 计划减持数量 | 不超过:24.000.000 股 | | 计划减持比例 | 不超过:1.99% | | 减持方式及对应减持数量 | 大宗交易减持,不超过:24,000,000 股 | | 减持期间 | 2025年10月29日~2026年1月28日 | | 拟减持股份来源 | IPO 前取得 | | 拟减持原因 | 归还借款并降低质押率 | 据公告，虞仁荣目前持有公司股份333472250股，占公司目前总股本的27.65%。虞仁荣所持上述股份来源于公司首次公开发行股票前已取得的股份。 9月30日，豪威集团收盘报151.17元/股，以此粗略计算，虞仁荣拟最高减持的这2400万股的最新市值为36.28亿元。 读创财经注意到，对于虞仁荣此次堪称巨额的减持计划，网友在股吧的反应不一 ...

（编辑 任世碧） 证券日报网讯 豪威集团9月26日在互动平台回答投资者提问时表示，公司是全球知名提供先进数字成像 解决方案的芯片设计公司，致力于提供图像传感器解决方案、模拟解决方案和显示解决方案。公司产品 已经广泛应用于消费电子和工业应用领域，包括汽车、智能手机、家居安防、医疗、工业/机器视觉、 新兴市场等领域。 ...

Core Viewpoint - Company has successfully entered NVIDIA's supply chain, enhancing its position in the smart driving automotive sector and potentially increasing overseas revenue [1][2][3] Group 1: Financial Performance - In 2024, company achieved operating revenue of 25.731 billion yuan, a year-on-year increase of 22.41%, and net profit attributable to shareholders of 3.323 billion yuan, up 498.11% [2] - For the first half of 2025, company reported operating revenue of 13.956 billion yuan, a 15.42% increase, and net profit of 2.028 billion yuan, growing by 48.34% [4] - The semiconductor design business contributed 11.572 billion yuan in revenue, accounting for 83.01% of total revenue, with a year-on-year growth of 11.08% [5] Group 2: Market Expansion - Company’s overseas revenue reached 20.961 billion yuan in 2024, a 14.35% increase, making up over 81% of total revenue [2] - Company is accelerating international development and has submitted an IPO application to the Hong Kong Stock Exchange [3] Group 3: Business Segments - Image sensor solutions are the core business, contributing 10.346 billion yuan in revenue, which is 74.21% of the main business revenue, with an increase of 11.10% year-on-year [6] - Revenue from IoT image sensors surged by 249.42% to 1.173 billion yuan, while automotive-related revenue reached 3.789 billion yuan, up 30.04% [6] Group 4: Research and Development - Company’s R&D expenses have been increasing annually, reaching 1.365 billion yuan in the first half of 2025, a growth of 8.7% [6]

Core Viewpoint - The report highlights the strong growth of Haowei Group in the automotive and emerging markets, with a significant recovery in demand for simulation solutions, leading to a "buy" rating for the company [1][6]. Financial Performance - In the first half of 2025, Haowei Group achieved revenue of 13.956 billion yuan, a year-on-year increase of 15.42%, and a net profit attributable to shareholders of 2.028 billion yuan, up 48.34% year-on-year [2]. - For Q2 2025, the company reported a revenue of 7.484 billion yuan, reflecting a year-on-year growth of 16.07% and a quarter-on-quarter increase of 15.63% [2]. Investment Highlights - Q2 2025 revenue reached a historical high, driven by technological reforms and expansion in high-end application product lines, particularly in automotive intelligent driving and smart terminal imaging markets [3]. - The gross margin for Q2 2025 was 30.00%, a slight decrease of 0.24% year-on-year, while the net profit margin improved to 15.48%, an increase of 2.97% year-on-year [3]. - R&D investment in semiconductor design sales for H1 2025 was approximately 1.724 billion yuan, a year-on-year increase of 9.01% [3]. Market Growth - The automotive CIS (Camera Image Sensor) business saw revenue of approximately 3.789 billion yuan in H1 2025, a year-on-year increase of 30.04% [4]. - The emerging market CIS business achieved revenue of about 1.173 billion yuan, a remarkable year-on-year growth of 249.42% [4]. - The company launched new products in the smartphone CIS segment, including a 50-megapixel sensor, which is expected to enhance market share [4]. Simulation Solutions - Demand for simulation solutions has significantly rebounded, with H1 2025 revenue from this segment reaching 767 million yuan, a year-on-year increase of 20.88% [5]. - The automotive simulation IC segment generated revenue of 120 million yuan, accounting for 15.66% of the simulation solutions business, with a year-on-year growth of 45.51% [5]. Profit Forecast and Investment Recommendation - The company is projected to achieve revenues of 30.16 billion yuan, 35.21 billion yuan, and 40.36 billion yuan for the years 2025, 2026, and 2027, respectively [6]. - The forecasted net profits for the same years are 4.338 billion yuan, 5.400 billion yuan, and 6.623 billion yuan, with corresponding EPS of 3.60, 4.48, and 5.49 yuan [6].

Core Insights - The company reported a 15% year-on-year revenue growth to 14 billion RMB for the first half of 2025, driven by double-digit growth in simulation solutions (up 21%) and distribution business (up 42%) [1] - Gross margin remained stable at 30.5%, an increase of 1.3 percentage points year-on-year [1] - Net profit surged by 48% to 2 billion RMB, with net profit margin rising to 14.5% from 11.3% in the same period last year, attributed to operational leverage and cost control [1] CIS Business Performance - The core business, CIS (Image Sensor), achieved record sales of 10.3 billion RMB, an 11% year-on-year increase, with automotive, security, emerging IoT, and medical CIS growing by 30%, 17%, 249%, and 68% respectively, offsetting a 19% decline in mobile CIS [1] - Automotive CIS remains a key growth driver, generating 3.8 billion RMB in revenue, a 30% increase, accounting for 37% of CIS segment revenue, driven by increased ADAS penetration and strong cabin imaging demand [2] - Mobile CIS faced challenges with a 19% year-on-year revenue decline due to a product demand cycle shift and slow recovery in the Chinese smartphone market [2] Emerging Markets and Future Projections - Emerging IoT and medical CIS experienced explosive growth, with IoT CIS revenue up 249% to 1.2 billion RMB and medical CIS up 68% to 443 million RMB [3] - Security CIS revenue grew by 17% to 827 million RMB, benefiting from the acceptance of high-end products and a recovering market [3] - Projections for 2025 indicate that emerging IoT and medical CIS will maintain high growth rates of 230% and 50% respectively [3] Valuation and Outlook - The company maintains a "buy" rating with a target price of 173 RMB, based on a 33.6 times 2026 price-to-earnings ratio, consistent with the two-year historical average [3] - The previous target price was 176 RMB, based on a 41 times 2025 price-to-earnings ratio, with net profit forecasts for 2025/26 adjusted down by 19% and 15% respectively due to slowing mobile CIS growth and margin pressure [3] - Despite challenges, the outlook remains optimistic for next year, considering the gradual ramp-up of new mobile CIS products and margin improvements, with a projected 50% net profit growth in 2026 [3]

Global Market Overview - Major global stock markets showed varied performance, with the Hang Seng Index rising by 2.15% and the Shenzhen Component Index increasing by 0.87% year-to-date [1][2] - The US stock market remained stable, with the Dow Jones and S&P 500 showing no change, while the Nasdaq saw a year-to-date increase of 11.11% [1] - European markets rebounded, with the DAX and CAC showing increases of 0.57% and 0.05% respectively, supported by better-than-expected economic data [3] Company Analysis Kuaishou (1024 HK) - Kuaishou's 2025 conference highlighted positive advancements in AI, e-commerce, and advertising, with a projected global video production market size of approximately $140 billion by 2024 [4] - The company maintains a "Buy" rating with a target price of HKD 84.0, driven by a projected net profit CAGR of 14% from 2025 to 2027 [4] OmniVision Technologies (603501 CH) - OmniVision reported a 15% year-on-year revenue increase to RMB 14 billion for the first half of 2025, with a net profit surge of 48% to RMB 2 billion [4] - The company maintains a "Buy" rating with a target price of RMB 173, supported by strong growth in automotive and medical CIS sectors [4] China Resources Beverage (2460 HK) - China Resources Beverage experienced an 18.5% revenue decline in the first half of 2025, primarily due to a 23% drop in water business revenue [5][6] - The company is undergoing channel reforms and capacity expansion, with expectations for improved performance in 2026, maintaining a "Buy" rating with a target price of HKD 12.85 [5][6] New Hope Service (3658 HK) - New Hope Service reported a 4.3% revenue increase in the first half of 2025, driven by strong performance in property management [8][9] - The company maintains a "Buy" rating with a target price of HKD 2.50, reflecting a slight adjustment in earnings expectations [8][9] China Pacific Insurance (2328 HK) - China Pacific Insurance's net profit for the first half of 2025 increased by 32.3% to RMB 24.5 billion, driven by underwriting profit and investment income [10] - The company maintains a "Buy" rating with a target price of HKD 21.6, supported by a robust combined ratio of 94.8% [10][11] Alibaba (BABA US) - Alibaba's revenue for the first quarter of FY26 was RMB 247.7 billion, a 1.8% year-on-year increase, with cloud business revenue growth of 26% [12][13] - The company maintains a "Buy" rating with a target price of USD 158.80, reflecting positive developments in cloud and instant retail businesses [12][13] Mindray Medical (300760 CH) - Mindray Medical reported a revenue decline of 18.4% in the first half of 2025, with domestic revenue down 33.4% due to pricing pressures [14][15] - The company maintains a "Buy" rating with a target price of RMB 279.70, anticipating recovery in the second half of 2025 [14][15] Haier Smart Home (6690 HK) - Haier Smart Home expects strong sales growth in the second half of 2025, driven by brand expansion and digital inventory initiatives [16][17] - The company maintains a "Buy" rating with a target price of HKD 31.57, reflecting positive adjustments in profit forecasts [16][17] BYD Electronics (285 HK) - BYD Electronics reported a 4% revenue increase in Q2 2025, driven by growth in the new energy vehicle sector [18] - The company maintains a "Buy" rating with a target price of HKD 47.37, supported by multiple growth drivers including Apple foldable devices [18]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company has shown significant revenue growth driven by the automotive sector and AIoT, with a revenue increase of 15.42% year-on-year in the first half of 2025 [8] - The semiconductor design revenue reached 115.72 billion yuan, accounting for 83.01% of total revenue, with a year-on-year growth of 11.08% [8] - The automotive segment, particularly image sensors, has become a major growth driver, with revenue from automotive products increasing by 30.04% year-on-year [8] - The company is expected to achieve revenues of 308.06 billion yuan, 376.89 billion yuan, and 441.79 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding net profits of 42.85 billion yuan, 56.58 billion yuan, and 73.75 billion yuan [8] Financial Performance Summary - In the first half of 2025, the company reported a revenue of 139.56 billion yuan and a net profit of 20.28 billion yuan, reflecting a year-on-year increase of 15.42% and 48.34% respectively [8] - The projected earnings per share (EPS) for 2025 is 3.55 yuan, with a price-to-earnings (PE) ratio of 40.3 [7] - The return on equity (ROE) is expected to improve to 15.5% by 2025, indicating enhanced profitability [7] Revenue and Profit Forecast - The company forecasts a revenue growth rate of 19.7% for 2025, followed by 22.3% in 2026 and 17.2% in 2027 [7] - The net profit growth rate is projected at 28.9% for 2025, 32.1% for 2026, and 30.3% for 2027 [7] - The company anticipates a steady increase in operating income, with a gross margin expected to reach 30.9% by 2025 [9]

Core Viewpoint - The company, Haowei Group, reported strong financial performance for the first half of 2025, with significant growth in revenue and net profit, indicating a robust business momentum and operational efficiency [1][2]. Financial Performance - Haowei Group achieved a revenue of 13.956 billion yuan, a year-on-year increase of 15.42%, and a net profit of 2.028 billion yuan, up 48.34% [1]. - In Q2 2025, revenue reached 7.484 billion yuan, growing by 16.07%, while net profit was 1.162 billion yuan, an increase of 43.58% [1]. - The company's main business revenue was 13.940 billion yuan, with a growth of 15.49%, primarily driven by semiconductor design and sales [1]. Business Segments - The semiconductor design business consists of three main areas: image sensor solutions, display solutions, and analog solutions [2]. - Image sensor solutions generated 10.346 billion yuan, accounting for 74.21% of main business revenue, with an 11.10% year-on-year growth, largely due to demand in automotive intelligent driving and action camera sectors [2]. - The analog solutions segment saw a revenue increase of 20.88%, reaching 0.767 billion yuan [2]. Market Trends - The automotive electronics sector is experiencing rapid growth, driven by the increasing penetration of autonomous driving systems and the demand for high-definition, multifunctional, and intelligent vehicle cameras [2]. - The global market for action cameras is projected to grow at a compound annual growth rate (CAGR) of 10.3% until 2029, while panoramic cameras are expected to grow at a CAGR of 17.8% [3]. - The company’s revenue from emerging markets and IoT image sensors reached 1.173 billion yuan, a remarkable increase of 249.42% [3]. Product Development - In the smartphone sector, image sensor revenue reached 3.920 billion yuan, with plans to launch more high-pixel products in the 50 million pixel segment [4]. - The company’s 200 million pixel image sensor products have been validated by customers, indicating potential for market share growth [4]. - Revenue from the medical market reached approximately 0.443 billion yuan, up 68.10%, while the security market generated about 0.827 billion yuan, a 16.77% increase [4]. R&D Investment - The company invested 1.724 billion yuan in R&D for its semiconductor design sales, representing 14.90% of the segment's revenue, with a year-on-year increase of 9.01% [5]. - As of June 2025, the company held 4,761 authorized patents, with over 95% being invention patents, establishing a strong competitive edge [5]. Shareholder Returns - The company has completed a cash dividend distribution of 2.64 billion yuan, with a payout of 2.20 yuan per 10 shares [6]. - The board has been authorized to develop a mid-term profit distribution plan for 2025, continuing the "multiple dividends per year" mechanism to enhance shareholder value [6].

Core Viewpoint - The company,豪威集团, reported strong financial performance for the first half of 2025, with significant growth in revenue and net profit, indicating a robust business momentum and operational efficiency [1][2]. Financial Performance - The company achieved a revenue of 13.956 billion yuan, a year-on-year increase of 15.42%, and a net profit of 2.028 billion yuan, up 48.34% [1]. - In Q2 2025, revenue reached 7.484 billion yuan, growing by 16.07%, and net profit was 1.162 billion yuan, an increase of 43.58% [1]. - The main business revenue for the first half was 13.940 billion yuan, with a growth of 15.49% [1]. Business Segments - The semiconductor design business generated 11.572 billion yuan, accounting for 83.01% of main business revenue, with an 11.08% year-on-year growth [1][2]. - The semiconductor agency sales business saw a remarkable growth of 41.73%, achieving revenue of 2.314 billion yuan [1]. Key Product Areas - The image sensor solutions segment generated 10.346 billion yuan, representing 74.21% of main business revenue, with an 11.10% increase, driven by demand in automotive intelligent driving and action camera sectors [2]. - The automotive electronics sector is a rapidly growing area, with increasing demand for vehicle-mounted image sensors due to advancements in smart and electric vehicles [2]. - Emerging markets for image sensors, particularly in outdoor sports and short video creation, showed explosive growth, with revenue from new markets and IoT image sensors reaching 1.173 billion yuan, a 249.42% increase [3]. R&D and Innovation - The company invested 1.724 billion yuan in R&D for semiconductor design sales, representing 14.90% of the segment's sales, with a 9.01% year-on-year increase [5]. - The company holds 4,761 authorized patents, with over 95% being invention patents, establishing a strong competitive edge [5]. Shareholder Returns - The company has completed a cash dividend distribution of 2.64 billion yuan for the 2024 fiscal year, with a plan for a mid-year profit distribution for 2025, emphasizing a commitment to shareholder value [6].