公司CIS 产品在下游市场持续渗透，市场份额稳步增长。2025 年上半年，公司图像传感器产品在汽车 智能驾驶、全景、运动相机等应用市场持续渗透，带动公司营收实现持续增长。公司营收规模增长的同 时，管理效率也实现持续提升，有效促进净利润增长与盈利能力释放。智能手机业务方面，下半年为智 能手机行业传统旺季，公司主摄、长焦、超广角等料号有望在安卓旗舰机型中全面推广；汽车业务方 面，受益汽车"三化"持续普及，车载摄像头搭载量与渗透率有望持续提升，公司2024 年来自汽车市场 的CIS 的收入约59.05 亿元，同比增加约29.85%，2025 年有望实现继续增长；新兴应用领域方面，全 景、运动相机等新型应用市场增长迅速，据Frost&Sullivan，2017—2023 年全球运动相机市场规模 CAGR为14.5%，预计2027 年市场规模将达513.5 亿元，2023—2027 年CAGR为13.0%。运动相机市场规 模的快速增长也有望拉动上游CIS 需求。 点评： 25Q2 单季度营收创历史新高。若按预告区间中值计算，公司2025 年上半年实现营收138.72 亿元，同比 增长14.73%，实现归母净利润19.7 ...

东莞证券8月4日发布研报称，给予豪威集团（603501.SH，最新价：121.47元）买入评级。评级理由主 要包括：1）事件：公司披露2025年上半年经营数据；2）2025Q2单季度营收创历史新高；3）公司CIS 产品在下游市场持续渗透，市场份额稳步增长。风险提示：消费电子景气度下行风险，产品技术迭代不 及预期的风险。 （文章来源：每日经济新闻） ...

金十数据7月21日讯，晶合集成公告称，预计2025年上半年归属于母公司净利润为2.6亿元到3.9亿元，同 比增长39.04%到108.55%。业绩增长主要因行业景气度回升，产品销量增加，产能利用率维持高位，带 动收入和毛利提升；CIS产品占比提升。 晶合集成：预计上半年净利同比增长39.04%-108.55% ...

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 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].