公司公布2025H1 业绩，上半年实现收入4.1 亿，同比增长7.7%，归母净利润0.9 亿，同比增长44.1%。 扣非净利润0.72 亿元，同比增长33.9%。 四大业务稳步推进。1）手机：Turbo Fusion 加速全机型渗透，视频解决方案核心优化；2）AI 眼镜：推 进算法与AI 眼镜专用芯片底层适配，与多头部厂商签约，占据头部厂商市占率优势；3）汽车：DMS 通过欧盟ADDW 认证，助力岚图、吉利等国内品牌海外量产车型巩固法规合规基础。Tahoe25H1 在欧 洲知名豪华品牌车型量产交互。舱外舱泊一体完成客户项目POC 验证；4）AI 创新业务：PSAI 商拍累 计服务中小商家数十万，头部服饰品牌客户300+。具身智能机器人与全球知名民用机器人公司建立技 术合作。 维持 "买入"评级。考虑到公司在手机业务的竞争壁垒，在汽车、AI 眼镜等业务有望逐步实现销售突 破、以及未来更多AI 创新业务的空间。维持"买入"评级。维持公司2025-2027 年收入预测分别为 10.00、12.57、15.94 亿元，归母净利润分别为 2.33、3.09、4.38 亿元。对应2025 年92 倍PE。 利润超预期，收 ...

计算机 上 市 公 司 2025 年 08 月 24 日 虹软科技 (688088) ——收入稳健，利润超预期，汽车板块维持高增 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 08 月 22 日 | | --- | --- | | 收盘价（元） | 53.20 | | 一年内最高/最低（元） | 57.68/23.18 | | 市净率 | 7.9 | | 股息率%（分红/股价） | 0.75 | | 流通 A 股市值（百万元） | 21,342 | | 上证指数/深证成指 | 3,825.76/12,166.06 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 06 月 30 日 | | | | --- | --- | --- | --- | | 每股净资产（元） | 6.75 | | | | 资产负债率% | | 10.03 | | | 总股本/流通 A 股（百万） | 401/401 | | | | 流通 B 股/H 股（百万） | | | -/- | 一年内股价与大盘对比走势： 08-22 09-22 10-22 11-22 12 ...

Group 1 - The report highlights the selection of 12 innovative companies from the North Exchange, focusing on their strong technological attributes and scarcity in the market, with an average revenue of 582 million yuan and an average net profit of 72.05 million yuan for 2024 [2][4][10] - Key selected companies include: - Caike Technology: A specialized fine chemical "little giant" with expected revenue of 454 million yuan and net profit of 115.64 million yuan in 2024 [2][3] - Meikang Co., Ltd.: A leader in medical knowledge base construction, with expected revenue of 245 million yuan and net profit of 91.09 million yuan in 2024 [2][3] - Aikem: A "little giant" in pre-dispersed rubber additives, with expected revenue of 516 million yuan and net profit of 84.22 million yuan in 2024 [2][3] - Fuyin New Materials: A "little giant" in precision functional materials, with expected revenue of 724 million yuan and net profit of 81.83 million yuan in 2024 [3][4] - Tianjian New Materials: A leading company in high-performance modified plastics, with expected revenue of 1.129 billion yuan and net profit of 63.52 million yuan in 2024 [3][4] - Juxin Technology: A "little giant" in semiconductor power devices, with expected revenue of 564 million yuan and net profit of 54.53 million yuan in 2024 [3][4] - Tiniou Technology: Focused on semiconductor cleaning equipment, with expected revenue of 148 million yuan and net profit of 49.08 million yuan in 2024 [3][4] Group 2 - The North Exchange has a rich reserve of new productivity companies, including 189 companies accepted for listing, covering high-end equipment manufacturing, TMT, chemical new materials, consumption, and biomedicine [1][10][13] - Among the companies awaiting approval, 153 are in various stages, with the highest number in high-end equipment (54 companies) and TMT (28 companies), showing an average revenue of 830 million yuan and net profit of 95.79 million yuan for 2024 in the high-end equipment sector [1][13][14] - The report emphasizes the importance of innovation and technology in driving industrial growth and enhancing productivity, aligning with government initiatives to promote a modern industrial system [10][12]

Group 1: Financial Performance - The company achieved a revenue of 360 million yuan in the first half of 2025, representing a nearly 25% year-on-year decline [2] - The net profit attributable to shareholders is estimated to be between 29.61 million yuan and 39.48 million yuan, reflecting a year-on-year decrease of 60% to 70% [2] - The decline in revenue led to a gross profit drop of over 50 million yuan, while expenses increased by nearly 20 million yuan due to heightened sales and R&D investments [2] Group 2: Market Conditions and Challenges - Global economic slowdown has affected key sales regions such as North America and Europe, with weakened growth momentum [2] - Tariff impacts and geopolitical conflicts have caused significant disruptions, leading to customer order delays and a cautious market outlook [2] - Despite relocating some production capacity to Indonesia and Vietnam, the company still faces 30% to 40% tariff fluctuations on exports, which has led North American clients to adopt a wait-and-see approach [7] Group 3: Strategic Initiatives and Future Outlook - The company plans to fully release overseas production capacity in the second half of 2025 to mitigate tariff pressures [4] - New national standards for electric two-wheelers will be implemented on September 1, 2025, which is expected to drive the transition from "transportation tools" to "smart terminals" [5] - The company is actively expanding into AI technology applications, focusing on visual algorithms and developing products for advanced driver assistance systems (ADAS) and driver monitoring systems (DMS) [6] Group 4: R&D and Product Development - The company has invested 100 million yuan to establish a wholly-owned subsidiary focused on integrating R&D and capital for new technology and product incubation [4] - Ongoing projects include dual-mode vehicle terminals with satellite communication capabilities, high-precision inertial navigation systems, and emergency call terminals that have passed certification [6] - The company is also exploring the AI toy market through its new subsidiary, leveraging existing AI algorithms and hardware experience [7]