豪威集团- 车载图像传感器（CIS）放量及汽车新产品拓展；2025 年第二季度符合预期；买入

Summary of OmniVision (603501.SS) Conference Call Company Overview - Company: OmniVision (formerly known as Will Semi) - Industry: Automotive Camera Image Sensors (CIS) Key Points Financial Performance - 2Q25 Results: Revenues grew by 16% YoY, reaching Rmb 7,484 million, which was in line with guidance but 2% lower than estimates [1][3] - Gross Margin: Reported at 30.0%, slightly below estimates by 0.6 percentage points, attributed to higher contributions from lower-margin distribution business [3] - Net Income: Increased by 44% YoY to Rmb 1,162 million, exceeding estimates by 8% [3] Automotive CIS Growth - Revenue Contribution: Automotive CIS accounted for 37% of total CIS business in 1H25, up from 31% in 1H24, indicating strong growth momentum [2][3] - Future Expectations: Management is optimistic about continued growth driven by increased camera adoption and specification upgrades in smart driving technology [2] Product Development - New Products: The company is ramping up production of new products, including a 50Mpx sensor and a 200Mpx CIS targeting flagship models, expected to launch in 2H25 [1][2] - Expansion into New Areas: OmniVision has begun mass production of LCOS products for AR-HUD in passenger vehicles and launched several new automotive-related products [2] Earnings Revisions - 2025 Earnings: Revised down by 1% due to lower revenues from smartphone CIS and changes in product mix, while 2026 and 2027 earnings were revised up by 2% each due to higher revenues from automotive new products [7][8] Valuation and Target Price - Target Price: Updated to Rmb 191.0, based on a 33x target P/E multiple for 2026E, reflecting long-term EPS growth potential [8][15] - Current Price: Rmb 145.20, indicating an upside potential of 31.5% [17] Risks - Potential Risks: Include slower new product expansion, weaker-than-expected demand in the smartphone market, and impacts from trade tensions [16] Additional Insights - Operating Expenses: The operating expense ratio was stable at 13.7% in 2Q25, indicating effective cost management [3] - Market Position: OmniVision is positioned to leverage growth in the automotive sector, which is seen as a major long-term driver for the company [2] This summary encapsulates the essential insights from the conference call, highlighting OmniVision's financial performance, growth strategies, and market outlook.