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 ...

Core Viewpoint - The company reported strong financial performance for the first half of 2025, with revenue and net profit exceeding expectations, driven by scalable R&D and a focus on high-growth sectors like automotive and AI solutions [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 410 million, a year-on-year increase of 7.7%, and a net profit attributable to shareholders of 90 million, up 44.1% year-on-year [1]. - The non-GAAP net profit was 72 million, reflecting a year-on-year growth of 33.9% [1]. - Q2 2025 revenue was 200 million, with a year-on-year increase of 2.1%, aligning with expectations of 0-5% growth [1]. - Q2 2025 net profit attributable to shareholders was 38.87 million, a year-on-year increase of 42.4%, surpassing the expected growth rate of approximately 35% [1]. Business Segments - The automotive segment continued to show high growth, with revenue from smart automotive and other AIoT reaching 60 million in H1 2025, a year-on-year increase of 49.1% [1]. - Revenue from mobile intelligent terminal visual solutions (smartphones) was 340 million in H1 2025, reflecting a year-on-year growth of 2.2% [1]. - The company is executing a strategic approach of prioritizing domestic markets and software before hardware, with expectations for automotive business to become a new growth curve as products like Tahoe complete production and delivery [1]. Cost Management and Cash Flow - The company maintained stable control over expenses, with sales, management, and R&D expense ratios at 16.4%, 9%, and 48.4% respectively, showing year-on-year reductions [2]. - Operating cash flow turned positive in H1 2025, with a net amount of 4.6 million compared to a negative 6.5 million in the same period last year, primarily due to increased sales collections [2]. Future Outlook - The company is expected to achieve significant sales breakthroughs in automotive and AI glasses, with ongoing innovations in AI business [3]. - Revenue forecasts for 2025-2027 are projected at 1 billion, 1.257 billion, and 1.594 billion respectively, with net profits of 233 million, 309 million, and 438 million [3].

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]

智能商拍：ArcMuse 大模型全面升级，PSAI 服务数十万商家客户。2024年，公司的ArcMuse 计算技术 引擎图像生成垂直大模型体系实现了从十亿级到百亿级参数量的跨越式提升。商业拓展方面，公司为不 同客群制定差异化的市场战略，PSAI 已完成淘宝千牛、1688、抖音抖店、TikTok、京东京麦、拼多多 和Shein 等平台入驻，累计服务数十万商家客户。 投资建议：虹软科技作为全球影像视觉技术的赋能者，在移动智能业务、智能驾驶业务受益于新兴市场 复苏带来预计稳定收入增量的同时，有望切入智能商拍蓝海市场打开全新增长曲线；预计公司2025- 2027 年营收分别为10.11、12.74、16.18 亿元，归母净利润分别为 2.34、3.14、4.43 亿元，2025 年4 月23 日收盘价对应市盈率76X、56X、40X，维持"推荐"评级。 风险提示：生成式 AI商业化落地有不确定性，行业竞争加剧 移动智能：Turbo Fusion 引领移动影像革新，AI 眼镜场景化应用落地。 2024 年，公司移动智能终端视觉解决方案实现收入6.75 亿元，同比增长16.17%。移动影像领域，公司 Turbo Fusi ...

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].