证券研究报告 | 季报点评 gszqdatemark 2025 10 29 年 月 日 豪威集团（603501.SH） 25Q3 营收及扣非归母均创新高，CIS 龙头行稳致远 25Q3 营收再创历史新高。豪威集团正式发布 2025 三季报：公司 25Q1- Q3 实现营收 217.8 亿元，yoy+15.2%；实现归母净利 32.1 亿元， yoy+35.1%；实现扣非归母净利 30.6 亿元，yoy+33.5%。 单季度来看，25Q3 实现营收 78.3 亿元，yoy+14.8%，qoq+4.6%；实现 归母净利 11.8 亿元，yoy+17.3%，qoq+1.8%；实现扣非归母净利 11.1 亿元，yoy+20.4%，qoq+0.5%。我们看到，公司 25Q3 营收再次创下历 史新高，主要得益于公司 CIS 产品在智驾、全景、运动相机等领域的持续 渗透，市占率稳步提升。 25Q3 利润率保持稳定，扣非归母净利创下历史新高。盈利能力方面，25Q3 毛利率达到 30.3%，yoy-0.1pct，qoq+0.3pct，毛利率基本保持稳定，我 们认为手机 CIS 高端新料号有望从 25H2 开始陆续放量，因此毛利 ...

Core Viewpoint - The company expects significant growth in net profit and revenue for the first half of 2025, driven by strong performance in its CIS products and market penetration in various applications [1][3]. Financial Performance - The company anticipates a net profit attributable to shareholders of between 1.906 billion and 2.046 billion yuan for the first half of 2025, representing a year-on-year increase of 39.43% to 49.67% [1]. - The expected revenue for the same period is projected to be between 13.722 billion and 14.022 billion yuan, reflecting a year-on-year growth of 13.49% to 15.97% [1]. - For Q2 2025, the company is expected to achieve a revenue of approximately 7.4 billion yuan, marking a year-on-year increase of 14.77% [2]. Market and Product Insights - The company's CIS products are experiencing continuous penetration in downstream markets, particularly in automotive smart driving and action cameras, contributing to revenue growth [3]. - The smartphone sector is expected to see a boost in the second half of the year, with the promotion of various camera modules in flagship Android models [3]. - The automotive market is projected to generate approximately 5.905 billion yuan in revenue from CIS in 2024, with a year-on-year increase of about 29.85% [3]. - The action camera market is expected to grow rapidly, with a projected CAGR of 14.5% from 2017 to 2023, reaching a market size of 51.35 billion yuan by 2027 [3]. Investment Outlook - The company is projected to have earnings per share of 3.70 yuan and 4.79 yuan for 2025 and 2026, respectively, with corresponding PE ratios of 32 times and 25 times [3].

Group 1 - The core viewpoint of the article is that Dongguan Securities has given a "buy" rating to Haowei Group (603501.SH) based on its strong performance and market position [2] - The company disclosed its operating data for the first half of 2025, indicating positive growth trends [2] - In Q2 2025, the company's single-quarter revenue reached a historical high, showcasing its financial strength [2] - The market share of the company's CIS products is steadily increasing due to continued penetration in downstream markets [2]

Core Viewpoint - The company expects a significant increase in net profit for the first half of 2025, projecting a year-on-year growth of 39.04% to 108.55% [1] Financial Performance - The estimated net profit attributable to the parent company is projected to be between 260 million and 390 million yuan [1] - The growth in performance is primarily driven by the recovery in industry conditions, increased product sales, and high capacity utilization [1] Product and Market Dynamics - The increase in revenue and gross profit is attributed to the rise in sales volume and the higher proportion of CIS products [1]

Group 1 - Foreign institutional interest in A-shares has increased significantly since Q2, with over 470 A-share companies receiving foreign institutional research from early April to May 8, highlighting companies like Huaming Equipment, Hongfa Technology, and Luxshare Precision as the most engaged [1] - The sectors attracting the most attention from foreign investors include electronics, pharmaceuticals, and machinery, indicating a trend towards these industries [1] - Foreign institutions are particularly focused on companies' overseas market expansion and capacity construction, with Huaming Equipment emphasizing its strategy of local market penetration rather than capacity considerations [3] Group 2 - The AR/VR industry is transitioning from technology validation to large-scale penetration, with significant investments from global tech giants, creating new opportunities for AI hardware like smart glasses [3] - Weier Technology is leveraging its technological advantages in the chip sector to actively enter emerging markets, with its CIS products being core chips in the AR/VR field, enhancing the value of its products [3] - The development of intelligent computing systems is providing new opportunities for companies in the industry, with companies like Lanke Technology aiming to become a leading international interconnected chip design company over the next five to ten years [4] Group 3 - Foreign institutions are also focusing on the application and layout of robotics, with companies like Huqin Technology planning to establish a professional robotics team by 2025, targeting industrial and health care robots [4] - Huqin Technology sees significant potential in the development of industrial robots and health care robots, aiming to build core technological competitiveness in these areas [4]

Group 1: Foreign Investment Interest in A-shares - Since the second quarter, foreign investment institutions have shown increased enthusiasm for researching A-shares, with over 470 A-share companies receiving foreign institutional visits from early April to May 8 [1] - Companies such as Huaming Equipment, Hongfa Technology, and Luxshare Precision have been among the most visited by foreign institutions, particularly in the electronics, pharmaceutical, and machinery sectors [1] Group 2: Focus on Overseas Expansion - Foreign institutions are particularly interested in companies' overseas market expansion and capacity construction, with firms like Huaming Equipment emphasizing local market penetration rather than just production capacity [2] - Prolaya is focusing on the Southeast Asian market, developing products tailored to local needs and collaborating with local distributors [2] - Anker Innovations is capitalizing on the European market's demand for clean energy through its Solarbank series, which is experiencing a surge in market demand [2] Group 3: Overseas Capacity Development - Luxshare Precision expects its Vietnam facility to account for 30% of its production capacity in three years [3] - Huidian Technology is pushing its Thai production base towards mass production, aiming for accelerated customer certification and product introduction by Q2 2025 [3] - Crystal Optoelectronics anticipates its second phase of the Vietnam factory to enter mass production this year, enhancing its global manufacturing layout [3] Group 4: Interest in Cutting-edge Technologies - Foreign institutions are closely monitoring companies' product layouts and future trends, with a particular focus on robotics, chips, and AI [4] - Weir Shares is leveraging its technology in the chip sector to actively engage in emerging markets, particularly in the AR/VR field [4] - Crystal Optoelectronics is developing optical hardware for AR glasses, with a significant market share compared to smartphones [4] Group 5: Interconnect Chip Market Potential - Interconnect chips are becoming essential for enhancing system efficiency in intelligent computing systems, with a growing demand for higher bandwidth and lower latency [5] - The interconnect chip market is emerging as a significant blue ocean market due to the complexity of intelligent computing systems [6] Group 6: Robotics Sector Developments - Foreign institutions are also focusing on the application and layout of robotics, with companies like Estun planning to enhance their AI and robotics R&D investments [6] - Huqian Technology is forming a specialized robotics team, aiming to establish core technological competitiveness in industrial and health care robotics by 2025 [6]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company reported a revenue of 6.472 billion yuan in Q1 2025, representing a year-on-year growth of 14.68%. The net profit attributable to shareholders was 866 million yuan, up 55.25% year-on-year, while the net profit excluding non-recurring items was 848 million yuan, reflecting a 49.88% increase year-on-year and an 11.11% increase quarter-on-quarter. The gross margin for Q1 2025 was 31.03%, showing a significant improvement with a 2 percentage point increase quarter-on-quarter [2][6][12] Summary by Sections Company Performance - The revenue growth in Q1 2025 was primarily driven by high demand in the automotive, IoT, machine vision, and medical sectors, where the company's CIS products have higher gross margins. The effective allocation of wafer manufacturing capacity also contributed to the improvement in gross margins. The company maintained good control over operating expenses, leading to a net profit margin that exceeded expectations [12] Future Outlook - For the full year of 2025, the automotive CIS and analog products are expected to experience rapid growth due to the expansion of industry demand driven by automotive intelligence. The company is well-positioned to benefit from the trend of localizing global supply chains amid tariff uncertainties, with a potential increase in market share due to rapid product technology iterations. Additionally, the IoT market is expected to grow rapidly, supported by new consumer hardware such as action cameras and AI glasses, where the company holds a dominant share among key clients [12] Long-term Growth Potential - The company is developing a comprehensive semiconductor blueprint through organic growth and acquisitions, covering CIS, TDDI, discrete devices, power management ICs, and LCOS. The automotive CIS segment, characterized by high average selling prices and growth rates, is expected to continue contributing to revenue growth. The company aims to expand its application areas and product lines, potentially leading to the development of flagship products in automotive, VR/AR, and IoT sectors. EPS forecasts for 2025-2027 are 3.70 yuan, 4.67 yuan, and 5.75 yuan, respectively [12][16]

Investment Rating - The report provides a "Buy" recommendation for the technology sector, indicating a positive outlook for the industry over the next 12 months [24]. Core Insights - The report highlights key stocks in the technology sector for May 2025, including Hengxuan Technology, Weir Shares, Cambricon, Tax Friend, Huafeng Technology, Huace Navigation, Kaiying Network, and Shanghai Film [4][7]. - The report emphasizes the growth potential in various sub-sectors such as electronics, computing, communications, and media, driven by advancements in AI and digital transformation [9][10][11][12][14]. Summary by Category Electronics - Hengxuan Technology is recognized as a leader in wearable SoC, with strong growth in TWS earphones and potential in AI glasses and smartwatches [9]. - Weir Shares reported better-than-expected Q1 results, driven by high demand in automotive, IoT, and medical sectors, with a focus on maintaining high gross margins [9]. Computing - Cambricon is positioned as a leading AI chip manufacturer in China, with significant revenue growth expected in 2024 and 2025, benefiting from the expansion of AI capabilities [10]. - Tax Friend is a leading digital government service provider, with strong growth in AI-driven revenue and a focus on enhancing high-margin business segments [11]. Communications - Huafeng Technology is set to benefit from the increasing demand for high-performance connectors in AI computing clusters, with projected net profits of 278 million, 361 million, and 471 million yuan from 2025 to 2027 [12]. - Huace Navigation has seen significant improvements in overseas business margins and aims for a net profit target of 730 million yuan in 2025, reflecting a 25% year-on-year increase [12]. Media - Kaiying Network has a robust pipeline of IP products and is actively expanding into new game categories and overseas markets, with a focus on AI applications in gaming [14]. - Shanghai Film is leveraging its strong IP portfolio and aims to capitalize on the recovery of the film market, with growth strategies centered around IP monetization and innovative product offerings [14].

Investment Rating - The investment rating for the company is "Buy" with an expectation of a relative increase of over 15% compared to the CSI 300 index in the next six months [20]. Core Views - The company achieved a record revenue of 25.73 billion yuan in 2024, representing a year-on-year growth of 22.41%. The net profit attributable to shareholders reached 3.32 billion yuan, a significant increase of 498.11% year-on-year [5][11]. - The company is continuously enhancing its product matrix in the CIS (CMOS Image Sensor) sector, particularly in high-end smartphones and automotive applications, which is expected to drive market share growth [8][9]. - The company is actively pursuing the domestic substitution of analog chips, with a focus on automotive analog chip products, which are anticipated to contribute to future growth [7][9]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 25.73 billion yuan, up 22.41% year-on-year, and a net profit of 3.32 billion yuan, up 498.11% year-on-year. The fourth quarter of 2024 saw a revenue of 6.82 billion yuan, a year-on-year increase of 14.87% [5][11]. - The gross margin for 2024 was 29.44%, an increase of 7.68% year-on-year, while the net margin was 12.76%, up 10.17% year-on-year [8]. Product Development - The company has launched several advanced CIS products, including the OV50K40 sensor, which sets a new performance benchmark for flagship smartphone cameras. The company is also expanding its automotive CIS product offerings, which are expected to enhance its competitive position in the market [8][9]. - The company is focusing on optimizing its product structure and supply chain, which has led to improved profitability and market competitiveness [8]. Market Outlook - The global analog IC market is projected to grow from 79.4 billion USD in 2024 to 103.8 billion USD by 2029, with a compound annual growth rate (CAGR) of 5.5%. The domestic market's self-sufficiency rate for analog chips is currently around 15%, indicating significant potential for domestic substitution [9]. - The company is expected to maintain its growth trajectory, with projected revenues of 30.16 billion yuan in 2025, 35.21 billion yuan in 2026, and 40.36 billion yuan in 2027 [11].