虹软科技（688088.SH）2025 年半年报点评 汽车业务量产驱动增长，AI 眼镜+商拍未来可期 2025 年 08 月 26 日 ➢ 事件：近日，虹软科技发布 2025 年半年度报告。2025 年上半年，公司实 现营业收入 4.10 亿元，同比增长 7.73%，归母净利润 0.89 亿元，同比增长 44.06%；其中 Q2 实现营收 2.01 亿元，同比增长 2.08%，归母净利润 0.39 亿 元，同比增长 42.42%。 ➢ 风险提示：生成式 AI 商业化落地有不确定性，行业竞争加剧。 [盈利预测与财务指标 Table_Forcast] ➢ 移动智能终端：Turbo Fusion 稳定续航能力增强，AI 眼镜头部地位巩固。 2025 年上半年，公司移动智能终端视觉解决方案实现收入 3.39 亿元，同比增长 2.23%。智能手机领域，公司针对不同算力芯片平台持续下沉 Turbo Fusion 技 术和扩大产品支持范围，进一步提升了影像处理效率并降低系统负载与功耗，确 保不同平台机型高频使用影像功能时的稳定续航，在夜景、逆光、长焦等场景上 显著改善了画质。AI 眼镜领域，公司重点围绕产品能力提升、生态资 ...

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 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a robust revenue of 410 million yuan in H1 2025, with a year-on-year growth of 7.7%, and a net profit attributable to the parent company of 89 million yuan, reflecting a significant year-on-year increase of 44.1% [6] - The automotive segment continues to show high growth, with revenue from smart automotive and other AloT reaching 60 million yuan in H1 2025, a year-on-year increase of 49.1% [6] - The company is expected to achieve revenue of 1 billion yuan in 2025, with a projected net profit of 233 million yuan, corresponding to a PE ratio of 92 [6] Financial Data and Profit Forecast - Total revenue projections for 2025 are set at 1,000 million yuan, with a year-on-year growth rate of 22.7% [5] - The net profit attributable to the parent company is forecasted to be 233 million yuan for 2025, with a growth rate of 32.0% [5] - The gross margin is expected to remain high at 90.3% for 2025, with a return on equity (ROE) projected at 8.0% [5]

Core Viewpoint - The company emphasizes its commitment to enhancing operational quality and investor returns through its 2025 "Quality Improvement and Return" action plan, focusing on innovation, core business development, and sustainable growth [2][11]. Group 1: Business Performance - In the first half of 2025, the company achieved operating revenue of 410.35 million yuan, a year-on-year increase of 7.73%, and a net profit attributable to shareholders of 88.54 million yuan, up 44.06% [3]. - The mobile intelligent terminal visual solutions generated revenue of 339.32 million yuan, growing by 2.23%, while the smart automotive and other AIoT visual solutions brought in 64.65 million yuan, reflecting a significant increase [3]. Group 2: R&D and Innovation - The company maintains a high level of R&D investment, with R&D expenses totaling 62.15% of its workforce being dedicated to innovation in computer vision technology [2]. - The Turbo Fusion technology for mobile devices has undergone continuous iterations, enhancing image processing efficiency and reducing system load, particularly in challenging lighting conditions [4][5]. Group 3: Strategic Initiatives - The company is expanding its AI glasses business through a dual strategy of deepening technology and building ecosystems, focusing on enhancing visual perception and image capture capabilities [6]. - In the automotive sector, the company has made significant progress in driver and passenger safety systems, achieving compliance with EU regulations and securing contracts with major automotive brands [7][8]. Group 4: Investor Returns - The company has implemented a stable profit distribution policy, with cumulative cash dividends amounting to 524.47 million yuan since its listing, representing 41.79% of the net funds raised [11]. - For the first half of 2025, the company plans to distribute cash dividends of 2.20 yuan per share, totaling 88.16 million yuan, which constitutes 99.58% of the net profit attributable to shareholders [11]. Group 5: Governance and Management - The company is enhancing its governance structure and has initiated adjustments to its governance framework to align with regulatory requirements [14]. - A focus on risk management and resource optimization is being emphasized to support business development and shareholder returns [13][14]. Group 6: Communication with Investors - The company has organized multiple investor communication activities, including performance briefings and workshops, to enhance transparency and trust with investors [15][16]. - A feedback mechanism has been established to address investor inquiries effectively, ensuring that their concerns are communicated to management [16].

Financial Data and Key Metrics Changes - Revenue for Q2 2025 was $215 million, representing a 25% sequential increase and a 6% year-over-year increase [9][25] - Total shipments were $206 million, up 32% sequentially and 2% year-over-year [9][25] - Gross margin was 48.7%, exceeding the targeted range of 42% to 48% [9][26] - Operating income was $41.5 million, down 20.2% year-over-year, with an operating margin of 19.3% [27] - Net income attributable to ACM Research was $36.8 million, compared to $37.5 million in the previous year [28] Business Line Data and Key Metrics Changes - Revenue from single wafer cleaning, Tahoe, and semi-critical cleaning tools grew 1%, representing 72% of total revenue [10] - Revenue from ECP furnace and other technologies grew 23%, representing 22% of total revenue [12] - Revenue from advanced packaging, excluding ECP but including service, was up 20% and represented 6% of total revenue [13] Market Data and Key Metrics Changes - The long-term revenue target for Mainland China was increased to $2.5 billion from $1.5 billion, based on an updated market size assumption of $40 billion for the China WFE market [15][16] - The company maintained its revenue target for the rest of the world at $1.5 billion [17] Company Strategy and Development Direction - The company is focused on delivering innovative products to meet the challenges of next-generation semiconductor manufacturing, particularly driven by AI demand [7] - A major upgrade to the Ultra C WB wet bench cleaning tool was announced, integrating new nitrogen bubbling technology [8] - The company is expanding its production capacity in both China and Oregon to support growth initiatives [20][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving revenue growth for 2025, maintaining a target range of $850 million to $950 million, implying a 15% year-over-year growth at the midpoint [23] - The company is actively working to mitigate supply chain risks by diversifying suppliers and sourcing components from multiple regions [41][42] Other Important Information - ACM Shanghai received approval for a follow-on offering to raise up to $620 million, aimed at accelerating updated revenue targets [19] - The company is investing in R&D, with plans for R&D expenses in the 14% to 16% range of sales [27] Q&A Session Summary Question: Shipment growth expectations for 2025 - Management acknowledged that while shipments were up, they were only slightly higher year-over-year and emphasized that the second half of the year is expected to be stronger [32][34] Question: Strategic purchases and supply chain risks - The company is multi-sourcing components and looking for suppliers outside the U.S. to mitigate potential supply chain risks due to export controls [38][42] Question: Differences in financial results between ACM and ACM Shanghai - The difference in reported revenue is attributed to different revenue recognition standards between U.S. GAAP and China GAAP [77][80] Question: Long-term market size assumptions for China - Management expressed confidence in the long-term WFE market size in China, projecting it to remain around $40 billion based on demand for memory and logic products [92][95] Question: Progress in Taiwan and Southeast Asia - The company is actively engaging with customers in Taiwan and Southeast Asia, focusing on panel level packaging technology [60][122]

Financial Data and Key Metrics Changes - Revenue for Q1 2025 was $172 million, an increase of 13% compared to Q1 2024 [13][25] - Shipments were $157 million, down 36% year-over-year, attributed to strong demand in Q1 2024 [13][26] - Gross margin was 48.2%, exceeding the target range of 42% to 48% [14][27] - Net cash increased to $271 million from $259 million at the end of 2024 [14][29] Business Line Data and Key Metrics Changes - Revenue from single wafer cleaning tools grew 18%, representing 75% of total revenue [15] - Revenue from ECP, furnace, and other technologies grew 7%, accounting for 16% of total revenue [16] - Revenue from advanced packaging, excluding ECP, was down 10.5%, representing 9% of total revenue [19] Market Data and Key Metrics Changes - In China, the company estimates its market share in wafer cleaning and plating exceeded 25%, translating to over 9% globally for each category [7] - The company is expanding its business into the global market, with investments in an Oregon facility to reduce tariff uncertainties [11][12] Company Strategy and Development Direction - The company aims to develop world-class tools and establish R&D and production in key countries to support major semiconductor customers [9] - The focus remains on delivering differentiated enabling technology to solve critical process challenges for global customers [24] - The long-term revenue target is set at $3 billion, with equal contributions expected from China and the global market [21] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the shifting global trade environment and its complexities, emphasizing the importance of their established strategy [9] - The company maintains a revenue outlook for 2025 in the range of $850 million to $950 million, implying a 15% year-over-year growth at the midpoint [24] - Management expressed confidence in continued market share growth despite a plateau in the WFE market in China [44][46] Other Important Information - The Oregon facility is being developed to support global customers and is expected to include a clean room and demo lab [23] - The Lingang production and R&D center is nearing completion, with a potential annual production capacity of $3 billion [22] Q&A Session Summary Question: Shipment figures and full-year shipment growth expectations - Management expects shipments to grow in 2025 but acknowledges that the growth rate may not exceed last year's high levels [35][36] Question: Impact of tariffs on profitability - Management believes the impact of tariffs is minimized as they are sourcing more parts locally and from third countries [42] Question: Thoughts on 2026 growth and market conditions - Management indicated that while the WFE market may plateau, they expect to continue gaining market share through innovation and new products [44][46] Question: Domestic competition and potential consolidation in the semiconductor sector - Management expressed confidence in their technology and innovation, stating that local competitors cannot easily replicate their products [52][55]

Financial Data and Key Metrics Changes - Revenue for Q1 2025 was $172 million, up 13% year-over-year [13][27] - Shipments were $157 million, down 36% compared to Q1 2024 [13][27] - Gross margin was 48.2%, exceeding the targeted range of 42% to 48% [14][28] - Net cash increased to $271 million from $259 million at the end of 2024 [14][31] Business Line Data and Key Metrics Changes - Revenue from single wafer cleaning tools grew 18%, representing 75% of total revenue [15] - Revenue for ECP, furnace, and other technologies grew 7%, accounting for 16% of total revenue [16] - Revenue from advanced packaging, excluding ECP, was down 10.5%, representing 9% of revenue [19] Market Data and Key Metrics Changes - In China, the company estimates its market share in wafer cleaning and plating exceeded 25%, translating to over 9% globally for each category [7] - The company is expanding its business into the global market, particularly in the U.S. [11] Company Strategy and Development Direction - The company aims to develop world-class tools and establish R&D and production in key countries [9] - Investment in the Oregon facility is intended to reduce tariff uncertainty and establish production close to customers [12] - The long-term revenue target is $3 billion, with equal contributions expected from China and the global market [21] Management's Comments on Operating Environment and Future Outlook - The management acknowledged a shifting global trade environment with new tariffs and evolving policies [9] - The company maintains its 2025 revenue outlook in the range of $850 million to $950 million, implying 15% year-over-year growth at the midpoint [24] - Management expressed confidence in continued market share growth despite a plateau in the WFE market in China [47][50] Other Important Information - The Lingang production and R&D center is nearing completion, with a potential annual production capacity of $3 billion [22] - The Oregon facility is being developed to support global customers with a demo lab and clean room [23] Q&A Session Summary Question: Shipment figures and full-year growth expectations - Management expects shipments to grow in 2025 but acknowledges that the growth rate may not exceed last year's high levels [37][38] Question: Impact of tariffs on profitability - Management believes the impact of tariffs is minimized as they are sourcing more parts locally and from third-party countries [44] Question: Thoughts on 2026 growth and market conditions - Management indicated that while the WFE market may plateau, they expect to continue gaining market share through innovation and new products [47][50] Question: Domestic competition and potential consolidation in the semiconductor sector - Management expressed confidence in their technology and innovation, stating that local competitors cannot easily replicate their products [56][59]

Core Viewpoint - ACM Research (ACMR) is expected to report first-quarter 2025 results with projected revenues between $165 million and $170 million, reflecting year-over-year growth of 8.4%-11.7% despite a decline in earnings per share by 28.85% compared to the previous year [1][2]. Financial Performance - The Zacks Consensus Estimate for earnings is 37 cents per share, unchanged over the past 30 days [1]. - ACMR has consistently beaten earnings estimates in the past four quarters, with an average surprise of 97.86% [2]. Market Demand and Product Expansion - The first-quarter performance is anticipated to benefit from strong demand for single-wafer cleaning, electroplating, furnace tools, and advanced packaging, particularly in Mainland China [3]. - New products, including the high-temperature Sulfuric Peroxide Mixture (SPM) and Tahoe, are expected to drive revenue growth [3][5]. - ACMR is expanding its market presence outside Mainland China, engaging with global customers in the U.S., Europe, Korea, Taiwan, and Singapore [4]. Customer Base and Revenue Growth - The diverse customer base includes major players like Huahong Group, SMIC, and YMTC, contributing to solid demand and revenue growth [5]. - The furnace product line is gaining traction, particularly among memory and logic customers, leading to increased revenues from this segment [5]. Challenges - ACMR faces challenges from macroeconomic uncertainties, increasing competition in the semiconductor industry, and U.S. export restrictions [6][16]. Stock Valuation - ACMR shares are considered undervalued, with a forward 12-month Price/Sales ratio of 1.18X compared to the sector's 5.82X and peers like Applied Materials and Lam Research [7]. - The company's shares have increased by 28.3% year-to-date, outperforming the Zacks Computer & Technology sector, which has declined by 8% [10]. Competitive Landscape - ACMR has outperformed key competitors such as Applied Materials, Lam Research, and Tokyo Electron in the year-to-date period [13]. - The company has diversified its product offerings across cleaning, plating, and advanced packaging, targeting a global semiconductor market estimated at approximately $18 billion [14]. Technological Advancements - A major logic device manufacturer in Mainland China has qualified ACMR's Single-Wafer High-Temperature SPM tool, designed for advanced semiconductor applications [15].

Core Viewpoint - ACM Research (ACMR) has shown strong preliminary first-quarter 2025 results, leading to positive market sentiment and a stock price increase of 5.1% due to robust revenue growth expectations [1][3]. Financial Performance - Preliminary revenue figures indicate a year-over-year growth of 8.4% to 11.7% for ACMR, driven by sustained customer demand and a favorable product mix [1]. - The company expects total revenues for 2025 to be between $850 million and $950 million, with an improved gross margin forecast of 42-48% [13]. Shipment and Market Dynamics - Despite anticipated shipment declines of 36% to 37%, ACMR attributes this to a temporary timing mismatch rather than a structural issue, with combined total shipments projected to increase by 8% to 9% year-over-year for Q4 2024 and Q1 2025 [2]. - Management expects shipment growth to resume in Q2 2025, supported by steady customer orders and ongoing expansion in the semiconductor industry [2]. Competitive Positioning - ACMR has outperformed its peers and the broader market, with a year-to-date stock increase of 28.6%, contrasting with declines in the Zacks Computer & Technology sector and the S&P 500 [3][4]. - The company holds a strong competitive position in the wafer cleaning market, generating $579 million in 2024, which accounts for 74% of total revenues and reflects a 43% growth over 2023 [10]. Market Expansion and Product Diversification - ACMR is strategically diversifying its product portfolio beyond core cleaning and plating segments, targeting a larger serviceable addressable market of $18 billion [12]. - New technologies such as Furnace, Track, PECVD, and LPCVD are gaining traction, with expectations for furnace revenues to grow in 2025 [12]. Valuation Metrics - ACMR shares are considered attractively valued, with a forward 12-month Price/Sales ratio of 1.16, significantly lower than the sector average of 5.60 [14]. - Compared to peers like Applied Materials and Lam Research, ACMR's valuation remains competitive, trading at a forward Price/Sales of 4X [14]. Earnings Estimates - The Zacks Consensus Estimate for Q1 2025 earnings is pegged at 37 cents per share, indicating a 28.9% decline year-over-year, although this figure has improved by 19 cents over the past 90 days [17].

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].