证券研究报告 | 2025年11月04日 豪威集团（603501.SH） 优于大市 前三季度净利润同比增长 35%，新产品开启份额提升周期 前三季度营业收入同比增长 15.2%，归母净利润同比增长 35.1%。公司发布 2025 年第三季度报告，前三季度实现营业收入 217.83 亿元(YoY 15.20%)， 主要得益于公司紧抓市场机遇，伴随在汽车智能驾驶领域渗透率的快速提 升，以及在全景与运动相机等智能影像终端应用市场的显著扩张，营业收入 实现了明显增长；归母净利润 32.10 亿元(YoY 35.15%)，扣非归母净利润 30.60 亿元(YoY 33.45%)，毛利率 30.43%(YoY 0.82pct)，毛利率持续改善 主要受益于公司产品结构优化与供应链梳理等举措。 第三季度营业收入同比增长 14.8%，归母净利润同比增长 17.3%。公司 3Q25 实现营业收入 78.27 亿元(YoY 14.81%，QoQ 4.58%)，归母净利润 11.82 亿 元(YoY 17.26%，QoQ 1.76%)，扣非归母净利润 11.09 亿元(YoY 20.40%，QoQ 0.52%)，毛利率 30.34% ...

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].