【招银国际】豪威集团（603501）-Solid 1H25 results; Maintain BUY-250902（5页）.pdf

1、 PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE MORE REPORTS FROM BLOOMBERG:RESP CMBR OR http:/.hk 1 MN 2 Sep 2025 CMB International Global Markets|Equity Research|Company Update OmniVision(603501 CH)Solid 1H25 results;Maintain BUY OmniVision reported 1H25 results.1H re

2、venue rose 15%YoY to RMB14.0bn,led by double-digit growth in Analog Solutions(+21%YoY)and Distribution(+42%YoY).During the period,gross margin remained stable at 30.5%(+1.3 ppts YoY),while net profit surged by 48%YoY to RMB2.0bn.NPM improved to 14.5%(from 11.3%in 1H24),reflecting operating leverage

3、and cost control.The sales of OVs core business,CIS,reached a record RMB10.3bn(+11%YoY),with auto,security,emerging IoT,and medical CIS growing 30%,17%,249%,and 68%YoY,respectively,offsetting weakness in mobile CIS(-19%YoY).We believe OmniVision is well-positioned in the CIS market,with leading mark

4、et share in auto CIS,medical CIS,etc.We forecast its revenue to grow at 18%/25%YoY in 2025/26E,while NP to increase by 24%/50%YoY.Maintain BUY with TP of RMB173.Auto CIS remained a key growth pillar,accounting for 37%of segment sales with revenue of RMB3.8bn(+30%YoY).The growth was fueled by ADAS pe

5、netration and cabin imaging demand.With a 30%global market share(per TechInsights)and tailwinds from Chinas“intelligent driving equality”policy,we expect OVs auto CIS sales to grow at 40%YoY in both 2025E and 2026E.Mobile CIS faced headwinds in 1H(-19%YoY)due to cyclical demand transition(end-of-cyc

6、le demand for OV50H EOL)and slow smartphone recovery in China(domestic shipment grew 3.3%YoY in 1Q25 on government subsidies but decreased 4%/4%YoY/QoQ in 2Q as demand fell).We expect a seasonal pickup in 2H,but project full-year mobile CIS revenue to decline 15%YoY as the headwinds persist(2025 sma