虹软科技（688088.SH）2025 年三季报点评 智能终端+汽车同比双增，AI 影像打开成长空间 2025 年 10 月 27 日 ➢ 事件：近日，虹软科技发布 2025 年三季度报告。2025 年前三季度，公司 实现营业收入 6.28 亿元，同比增长 9.39%，归母净利润 1.42 亿元，同比增长 60.51%，扣非净利润 1.13 亿元，同比增长 44.53%；其中 Q3 实现营收 2.17 亿 元，同比增长 12.68%，归母净利润 0.53 亿元，同比增长 98.21%，扣非净利润 0.41 亿元，同比增长 68.32%。 ➢ 移动智能终端业务稳健增长。2025 年前三季度，公司移动智能终端视觉解 决方案实现营收 5.12 亿元，同比增长 5.59%；Q3 当季度实现营收 1.72 亿元， 同比增长 12.89%。智能手机领域，公司持续推进 Turbo Fusion 技术和产品的 迭代，进一步提升影像处理效率并降低系统负载与功耗；AI 眼镜领域，公司积极 推动 AI 眼镜加速从创新概念向规模化商用核心智能终端的转变，相关产品方案 已在多个标杆项目中完成量产落地。 ➢ 智能汽车业务商业化进程亮眼。 ...

Investment Rating - The report maintains a "Recommended" rating for the company [4][7]. Core Viewpoints - The company achieved a revenue of 410 million yuan in the first half of 2025, representing a year-on-year growth of 7.73%, with a net profit attributable to the parent company of 89 million yuan, up 44.06% [1]. - The mobile intelligent terminal segment generated revenue of 339 million yuan, growing by 2.23%, while the smart automotive segment saw a significant increase of 49.09% in revenue, reaching 65 million yuan [2][3]. - The company is positioned to benefit from the recovery of emerging markets and aims to tap into the blue ocean market of smart commercial photography, projecting revenues of 1.011 billion yuan, 1.274 billion yuan, and 1.618 billion yuan for 2025, 2026, and 2027 respectively [4]. Summary by Sections Mobile Intelligent Terminals - The Turbo Fusion technology has enhanced stability and efficiency in mobile devices, leading to improved image processing and reduced power consumption [2]. - The company has established partnerships with leading manufacturers, solidifying its position in the AI glasses market [2]. Smart Automotive - The company has successfully launched core products for in-cabin applications and is progressing steadily with driver assistance systems [3]. - The Tahoe product, a comprehensive vehicle-mounted visual solution, has been delivered in mass production to renowned luxury brands in Europe [3]. AI Vision - The ArcMuse 2025 V1.1 model has been upgraded, enhancing capabilities across various business sectors [4]. - The PSAI product has introduced new features tailored for the apparel industry, significantly expanding its market presence on major e-commerce platforms [4]. Financial Projections - The company forecasts revenues of 1.011 billion yuan for 2025, with a net profit of 234 million yuan, reflecting a growth rate of 32.2% [6][12]. - The projected PE ratios for 2025, 2026, and 2027 are 91X, 68X, and 48X respectively, indicating a favorable valuation trend [4][6].

Core Viewpoint - The company has showcased its smart driving solutions in collaboration with Texas Instruments (TI) at the Munich Shanghai Electronics Show, indicating an enhancement in customer expansion capabilities and driving core business growth [1] Group 1: Financial Performance - In 2024, the company achieved revenue of 815 million yuan, a year-on-year increase of 21.62%, and a net profit attributable to shareholders of 177 million yuan, a year-on-year increase of 99.67% [1] - For Q1 2025, the company reported revenue of 209 million yuan, a year-on-year increase of 13.77%, and a net profit attributable to shareholders of 50 million yuan, a year-on-year increase of 45.36% [1] Group 2: Mobile Intelligence - In 2024, the company's mobile intelligent terminal visual solutions generated revenue of 675 million yuan, a year-on-year increase of 16.17% [2] - The Turbo Fusion technology has penetrated flagship, high-end, and mainstream models, with commercial solutions implemented across multiple models [2] - The company has developed high-definition image processing algorithms for AI glasses, optimizing solutions for various application scenarios and establishing deep partnerships with several AI glasses brands [2] Group 3: Smart Driving - In 2024, the company's smart driving and other IoT intelligent device visual solutions achieved revenue of 127 million yuan, a year-on-year increase of 71.20% [2] - The company is expanding its model coverage and market share in the cabin business while driving product launches through projects in the external business [2] Group 4: Smart Commercial Photography - The ArcMuse computing technology engine has upgraded its vertical model system from billions to hundreds of billions of parameters in 2024 [3] - The PSAI service has entered multiple platforms, including Taobao, Douyin, and Shein, serving hundreds of thousands of merchant clients [3] Group 5: Investment Outlook - The company is positioned to benefit from the recovery in emerging markets, with expected stable revenue growth in mobile intelligence and smart driving, while also tapping into the blue ocean market of smart commercial photography [3] - Projected revenues for 2025-2027 are 1.011 billion, 1.274 billion, and 1.618 billion yuan, with net profits of 234 million, 314 million, and 443 million yuan respectively [3]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [5][13]. Core Insights - In 2024, the company achieved revenue of 815 million RMB, a year-on-year increase of 21.6%, and a net profit attributable to shareholders of 177 million RMB, up 99.7% year-on-year [2]. - For Q1 2025, the company reported revenue of 209 million RMB, a 13.8% increase year-on-year, and a net profit of 50 million RMB, reflecting a 45.4% year-on-year growth [2]. - The mobile intelligent terminal visual solutions segment generated revenue of 675 million RMB in 2024, growing 16.2% year-on-year, while the smart driving and other IoT intelligent devices visual solutions segment saw revenue of 127 million RMB, up 71.2% year-on-year [3]. - The company has successfully penetrated the market with its Turbo Fusion technology across various smartphone models, including mid-range and low-end devices, and has launched the first domestic AI glasses [3][4]. Financial Performance - Revenue projections for 2025-2027 are 992 million RMB, 1.218 billion RMB, and 1.5 billion RMB, with year-on-year growth rates of 21.74%, 22.77%, and 23.15% respectively [5][10]. - The net profit forecasts for the same period are 220 million RMB, 270 million RMB, and 339 million RMB, with growth rates of 24.54%, 22.81%, and 25.62% respectively [5][10]. - The company’s P/E ratios are projected to be 79.24, 64.52, and 51.36 for 2025, 2026, and 2027 respectively [5][10].