豪威集团(603501) 核心观点 上半年营业收入同比增长0.5%，归母净利润同比下降40%。公司发布2026年半年度报告，上半年实现营业收入140.25亿元(YoY0.49%)，主要由于新兴市场业务高增与消费电子和车载业务承压相抵；归母净利润12.20亿元(YoY-39.85%)，扣非归母净利润12.42亿元(YoY-36.33%)，毛利率28.78%(YoY-1.85pct)。 第二季度营业收入同比增长1.7%，归母净利润同比下降38%。公司2Q26实现营业收入76.11亿元(YoY1.69%，QoQ18.65%)，归母净利润7.17亿元(YoY-38.31%，QoQ42.52%)，扣非归母净利润6.27亿元(YoY-43.16%，QoQ1.85%)，毛利率28.27%(YoY-1.73pct，QoQ-1.11pct)。 初步估算第三季度营业收入同比变动-3.18%至3.87%。公司发布2026年第三 季度主要经营数据的公告，预计3Q26实现营业收入75.78-81.30亿元(YoY 3.18%至3.87%)，毛利率29.35%-30.65%(YoY-0.99pct至0.31pct)。 存储趋紧需求偏弱，消费电子出货承压。上半年消费电子CIS收入28.36亿元(YoY-30.98%)。受DRAM、NAND等存储器件供给趋紧、涨价及终端需求偏弱影响，全球智能手机市场承压，整机厂商成本压力上升，部分客户结合终端销售、库存和产品规划调整机型组合与采购节奏，公司消费电子出货承压。车市分化需求下行，车载收入阶段性承压。上半年车载CIS收入31.59亿元(YoY-16.64%)。全球汽车市场承压、区域及结构分化明显，受国内需求阶段性下降、不同品牌及车型销售表现分化影响，部分客户结合终端销售、库存及车型项目进度，阶段性调整采购和备货节奏。 AI驱动多场景放量，新兴市场收入高增。上半年新兴市场CIS收入17.26亿元(YoY47.12%)。AI推动新兴市场应用加速拓展，新兴市场已成为CIS业务重要增长来源。其中，专业影像终端CIS受益于运动及全景相机行业快速发展，销售规模显著增长；公司推进与具身智能、人形机器人客户的技术对接，布局新兴领域；端侧AI终端产品应用于智能眼镜，单机价值持续提升。 投资建议：维持“优于大市”评级。我们看好公司在新兴市场CIS业务领域的强劲增长，根据上半年实际经营情况适当调整盈利预测，预计2026-2028年营业收入302.08/346.63/407.06亿元(前值312.00/355.05/408.40亿元)，归母净利润39.13/48.36/61.58亿元(前值40.91/50.01/61.89亿元)，当前股价对应PE为25.9/20.9/16.4，维持“优于大市”评级。 风险提示：需求不及预期；芯片制造产能不及预期；新品不及预期等。

     豪威集团(603501) OmniVision reported 1H26 revenue of RMB14.0bn, flat YoY, while net profit fell39.9% YoY and GPM declined 1.7ppt YoY to 28.8%, as lower-margin distributionrevenue rose 41% YoY to 23% of total sales. 2Q26 revenue rose 18.7% QoQ toRMB7.61bn, exceeding guidance of RMB7.15-7.54bn and Bloombergconsensus of RMB7.4bn, although GPM remained soft at 28.3%. The 3Q26guidance of RMB7.58-8.13bn revenue and 29.4-30.7% GPM points to modestsequential growth but a clearer margin recovery. We cut 2026E/27E revenue by12%/12% and GPM by 2.1ppt/2.9ppt factoring in the results. Nevertheless, wemaintain BUY as earnings approach a cyclical trough and the mix shifts towardhigher-value applications. We lower our TP to RMB125, based on 33x 2027EP/E (previously 33x 2026E), below its two-year historical forward avg. P/E of36.7x to reflect cyclical weakness. Mixed segment performance, but higher-value applications remainedresilient. Consumer-electronics CIS revenue fell 31% YoY and accountedfor 31% of CIS sales, reflecting weak smartphone demand and producttransitions. Auto CIS declined 16% YoY and represented 34% of CIS sales,as inventory adjustments weighed mainly on 1Q26; however, demandrecovered visibly in 2Q26 and should benefit from rising camera content andhigher-resolution ADAS adoption. In contrast, professional-imaging CISgrew 53% YoY to 14% of CIS sales, machine-vision and robotics CISincreased over 70% YoY, medical CIS rose 15% YoY, auto analog expanded67% YoY, and display solutions grew ~13% YoY. This divergence suggestsa structural product-mix transition rather than a broad-based deterioration incompetitiveness, in our view. Robotics, auto analog and optical connectivity are emerging as newgrowth engines. Higher-end robotic data-collection systems can carry overUS$100 of image-sensor content, offering meaningful upside despite thebusiness’s small current base. In auto analog, OmniVision is expandingacross MCU, PMIC and SBC products, leveraging its established customerbase to evolve from a sensor vendor into a platform supplier. Opticalconnectivity could offer an even larger opportunity, with mgmt. estimatingthat its product portfolio could provide US$10 or more of semiconductorcontent per optical module, depending on product adoption. We thereforeview optical connectivity as meaningful long-term earnings optionality ratherthan a material near-term contributor. OmniVision is entering a gradual recovery. Volume stabilization becamevisible in 2Q26, while margin normalization should begin in 3Q26. Structuralearnings expansion is more likely in 2027, when higher-value businessesshould contribute for a full year. Maintain BUY with TP of RMB125. Key risks: Slower-than-expected product R&D, weak demand recovery, etc.

     豪威集团(603501) 核心观点 2025年收入同比增长约12%，归母净利润同比增长约22%。2025年公司实现营业收入288.55亿元(YoY12.14%)。公司半导体设计业务收入238.00亿元(YoY9.98%)；其中，图像传感器解决方案业务收入212.46亿元(YoY10.71%)，显示解决方案业务收入9.41亿元(YoY-8.47%)，模拟解决方案业务收入16.13亿元(YoY13.43%)。公司半导体代理销售业务收入49.05亿元(YoY24.52%)。公司归母净利润40.45亿元(YoY21.73%)，扣非归母净利润39.10亿元(YoY27.91%)；毛利率30.63%(YoY1.19pct)。 2026年一季度业绩承压，主要受存储涨价对终端市场影响。1Q26营业收入64.14亿元(YoY-0.90%，QoQ-9.31%)，归母净利润5.03亿元(YoY-41.92%，QoQ-39.78%)，扣非归母净利润6.16亿元(YoY-27.44%，QoQ-27.54%)；主要原因系以存储为代表的产品供需关系出现阶段性扰动，消费电子、汽车电子等终端市场需求承压，对公司业绩产生一定影响。毛利率29.38%(YoY-1.65pct，QoQ-1.89pct)，主要原因为半导体代理业务收入占比提升。 智驾发展推动车载业务快速增长，智能手机市场阶段性承压。2025年公司车载CIS收入74.71亿元(YoY26.52%)，占CIS收入比例35.2%。公司车载CIS分辨率显著迭代，800万像素产品加速普及，进一步丰富车规级产品矩阵。2025年公司智能手机CIS收入82.72亿元(YoY-15.61%)，占CIS收入比例38.9%。公司持续强化在高端手机CIS领域的竞争优势，推出5000万像素一英寸高动态范围图像传感器OV50X，2亿像素产品已通过验证并实现导入。多元智能应用需求高增，新兴市场打开成长空间。2025年公司新兴市场CIS收入23.69亿元(YoY211.85%)，占CIS收入比例11.2%。运动及全景相机、智能眼镜、端侧AI及机器视觉等各类新兴市场推动图像传感器需求不断释放，公司充分受益于运动及全景相机领域下游行业的快速发展。此外，公司产品高度契合智能眼镜设备的应用要求，针对工业场景严苛的成像要求打造多款创新视觉解决方案。 投资建议：维持“优于大市”评级。我们看好公司尤其在新兴市场CIS业务领域有望强劲增长。由于存储涨价对于消费电子行业特别是手机市场的冲击，结合公司客户结构调整及订单情况，我们调整盈利预测，预计2026-2028年营业收入312.00/355.05/408.40亿元(2026-2027年前值372.39/436.78亿元)，归母净利润40.91/50.01/61.89亿元(2026-2027年前值58.03/71.28亿元)，当前股价对应PE为28.1/23.0/18.6，维持“优于大市”评级。 风险提示：需求不及预期；芯片制造产能不及预期；新品不及预期等。