Core Viewpoint - The company reported strong financial performance for 2024 and Q1 2025, indicating significant growth in revenue and net profit, driven by its semiconductor design and automotive businesses [3][4]. Financial Performance - In 2024, the company achieved revenue of 25.731 billion yuan, a year-on-year increase of 22.41%, and a net profit attributable to shareholders of 3.323 billion yuan, up 498.11% [3]. - For Q1 2025, the company reported revenue of 6.472 billion yuan, a 14.68% increase, and a net profit of 866 million yuan, up 55.25% [3]. Business Segments Semiconductor Design - The image sensor solutions segment generated revenue of 19.190 billion yuan in 2024, a 23.52% increase, accounting for 74.76% of total revenue [4]. - The display solutions segment saw a revenue decline of 17.77% to 1.028 billion yuan, representing 4.01% of total revenue [4]. - The analog solutions segment achieved revenue of 1.422 billion yuan, a 23.18% increase, making up 5.54% of total revenue [4]. Automotive Business - Revenue from the automotive market for image sensors reached approximately 5.905 billion yuan in 2024, a year-on-year increase of 29.85%, with a growing market share [5]. - The demand for in-car camera systems is increasing due to the acceleration of advanced driver-assistance systems (ADAS) and the penetration into mid-to-low-end models [5]. - The company has a rich product matrix in the automotive CIS field, with significant growth expected in automotive analog ICs, projected to increase by 37.03% year-on-year in 2024 [5]. Mobile Business - The mobile CIS segment generated revenue of 9.802 billion yuan in 2024, a 26.01% increase, benefiting from a mild recovery in the smartphone market [6]. - The company’s high-end strategy is showing results, with products like OV50H gaining market share against foreign competitors [6][7]. Emerging Businesses - The company is strategically investing in emerging markets such as smart glasses, robotics, and action cameras, leveraging advancements in AI technology [8]. - Collaborations with major clients are expected to drive growth in the wearable business, particularly with the upcoming release of AI glasses in 2025 [8].

手机业务：高端化战略显成效，营收或于26 年重回正增长。2024 年，公司手机CIS实现营收98.02 亿 元，同比增长26.01%。随着智能手机市场温和复苏，公司凭借在CIS 领域的技术积累和产品布局，持续 受益。特别是在高端市场，公司推出的OV50H 等产品已广泛应用于国内主流高端智能手机后置主摄方 案中，逐步替代海外竞争对手同类产品，市场份额显著提升。公司持续推进产品迭代，最新的OV50X 产品拥有手机行业中的超高动态范围，可实现电影级视频拍摄，随着公司5000 万像素系列产品的不断 迭代，26 年新品周期或驱动公司手机业务α 增长。 新兴业务及其他：智能眼镜、机器人、运动相机等多领域深度布局，提供成长新动能。随着AI 技术的 发展，智能眼镜、机器人、运动相机等新兴市场潜力巨大。公司前瞻布局LCOS 微显示技术和相关CIS 产品（如用于眼球追踪的全局快门传感器OG0TC），有望深度受益于市场增长，公司和国内外众多头 部大客户合作深入，25年随着大客户AI 眼镜发布，公司可穿戴业务有望快速增长；同时，公司LCOS 技术全球领先，随着AI 眼镜产业趋势，有望开辟新的业绩增长点。 25Q1 业绩表现亮眼，盈利 ...