OmniVision（韦尔股份）2025年上半年业绩稳健，维持买入评级
Solid 1H25results; Maintain BUY OmniVision reported 1H25 results.1H revenuerose15% YoYtoRMB14.0bn,led bydouble-digit growth in Analog Solutions (+21% YoY) and Distribution(+42% YoY).During the period, gross margin remained stable at 30.5% (+1.3pptsYoY), while net profit surgedby48% YoY to RMB2.0bn.NPMimprovedto 14.5%(from 11.3% in 1H24),reflecting operating leverage and cost control.The salesof OV’s 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).WebelieveOmniVision is well-positionedintheCIS market, with leading market share in autoCIS, medical CIS, etc. We forecastits revenue to grow at 18%/25% YoY in2025/26E, while NP to increaseby24%/50% YoY.Maintain BUYwithTPofRMB173. Target PriceRMB173.00(Previous TPRMB176.00)Up/Downside19.1%Current PriceRMB145.20 China Semiconductors Lily YANG, Ph.D(852) 3916 3716lilyyang@cmbi.com.hk Kevin ZHANG(852) 3761 8727kevinzhang@cmbi.com.hk Auto CIS remained a key growth pillar, accounting for 37% of segmentsales with revenue of RMB3.8bn(+30% YoY). The growth was fueled byADAS penetration and cabin imaging demand. With a ~30% global marketshare(per TechInsights)and tailwinds from China’s“intelligent drivingequality”policy, we expect OV’s auto CIS sales togrow at40% YoY in both2025E and 2026E.Mobile CIS faced headwinds in 1H(-19% YoY) due to cyclical demand Jiahao Jiang(852) 39163739JiangJiahao@cmbi.com.hk Stock Data transition (end-of-cycle demand for OV50H EOL) and slow smartphonerecoveryin China(domestic shipment grew 3.3%YoY in 1Q25 ongovernment subsidies but decreased 4%/4% YoY/QoQ in 2Q asdemand fell).We expect a seasonal pickup in 2H, but project full-year mobile CISrevenue todecline 15%YoYas the headwinds persist (2025 smartphoneshipment to grow by a merely 0.6%/1.9% YoY,per IDC/Counterpoint).Growth should resume in 2026Ewith design-wins in 200MP sensors andnew product cycles.Emerging IoT and Medical CIS showed explosive growth, while security demand gradually recovers. Emerging IoT revenue surgedby249% YoYto RMB1.2bnin 1H25,driven by sports cameras, XR, and machine vision.Medical CIS rose 68% YoY to RMB443mn. Security CIS grewby17% YoY toRMB827mn,due to rising adoption of its high-end products (Nyxeltech) andmarket recovery.Weexpect Emerging IoT and Medical CIS to maintainsignificant growth at 230%/50%YoY in 2025E.Maintain BUY withTPofRMB173, based on 33.6x 2026E P/E (in-line with historical2-year average).Previous TP was RMB176 (41x 2025E P/E).Wecut 2025/26E net profitforecastsby 19%/15% on slower mobile CIS rampand GPM headwinds from mix shift (greaterdistribution salescontribution).Weremain optimistic on OVwith 50% YoY profit growth projection for 2026E,considering new mobile CIS product ramp-up and margin improvement.Keyrisks:Soft smartphone shipmentsandintensifiedcompetition. Source: FactSet Source: Company data,CMBIGM estimates Source: Company data,CMBIGM estimates Disclosures& Disclaimers Analyst CertificationThe research analyst who is primary responsible for the content of this research report, in whole or in part, certifies thatwith respect to the securities or issuer that the analyst covered in this report: (1) all of the views expressed accurately reflect his or her personal views about the subject securities or issuer; and (2)no part of his or her compensation was, is, or will be, directly or indirectly, related to the specific views expressed by that analyst inthis report.Besides, the analyst confirms that neither the analyst nor his/her associates (as defined in the code of conduct issued by The Hong Kong Securities and Futures Commission) (1) have dealt in or traded in the stock(s) covered in this research report within 30 calendar days prior to the date of issue of this report; (2) willdeal in or trade in the stock(s) covered in this research report 3 business days after the date of issue of this report; (3)serve as an officer of any of the HongKong listed companies covered in this report; and (4) have any financial interests in the Hong Kong listed companies covered in this report. CMBIGM RatingsBUY : Stock with potential return of over 15% over next 12 monthsHOLD: Stock with potential return of +15% to-10% over next 12 monthsSELL: Stock with potential loss of over 10% over next 12 monthsNOT RATED: Stock is not rated byCMBIGM :Industry expected to outperform the relevant broad market benchmark over next12 months:Industry expected to perform in-line with the relevant broad market benchmark over next 12 months:Industry expected to underperform the relevant broad market benchmark over next 12 months CMB InternationalGlobal MarketsLimited Address: 45/F, Champion Tower, 3 Garden Road, Hong Kong, Tel: (852) 3900 0888 Fax: (852) 3900 0800CMB InternationalGlobal MarketsLimited (“CMBIGM”) is a wholly owned subsidiary of CMB International CapitalCorporation Limited (a wholly owneds
