证券代码：688088 证券简称：虹软科技 公告编号：临 2025-013 虹软科技股份有限公司 关于股东权益变动触及 1%刻度的提示性公告 信息披露义务人南京瑞联新兴产业投资基金合伙企业（有限合伙）保证向本 公司提供的信息真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一致。 重要内容提示： 第 1 页 / 共 3 页 本次权益变动为虹软科技股份有限公司（以下简称公司）股东南京瑞联 新兴产业投资基金合伙企业（有限合伙）（以下简称瑞联新产业、信息披露义务 人）履行此前披露的减持股份计划，以及因公司注销回购股份导致总股本减少后 持股比例变化的被动增持，不触及要约收购。 本次权益变动前，瑞联新产业持有公司的股份数量为 49,070,332 股，占 公司当时总股本的比例为 12.09%；本次权益变动后，瑞联新产业持有公司的股 份数量为 44,128,744 股，占公司目前总股本的比例为 11.00%，持股比例触及 1% 的整数倍。 本次权益变动为公司持股 5%以上非第一大股东减持及被动增持，不会使 公司控股股东、实际控制人发生变化。 本次权益变动未 ...

Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Viewpoints - The company is positioned as a global enabler of imaging and visual technology, benefiting from the recovery in emerging markets, which is expected to provide stable revenue growth in mobile intelligence and intelligent driving sectors, while also tapping into the blue ocean market of smart commercial photography [3][4] - The company reported a revenue of 815 million yuan for 2024, representing a year-on-year growth of 21.62%, and a net profit attributable to the parent company of 177 million yuan, up 99.67% [1][4] - For the first quarter of 2025, the company achieved a revenue of 209 million yuan, a year-on-year increase of 13.77%, with a net profit of 50 million yuan, reflecting a growth of 45.36% [1] Summary by Relevant Sections Mobile Intelligence - In 2024, the revenue from mobile intelligent terminal visual solutions reached 675 million yuan, marking a year-on-year growth of 16.17%. The Turbo Fusion technology has penetrated flagship to mainstream models, establishing a foundation for large-scale video solutions [2] - The company has developed multiple high-definition image processing algorithms tailored for AI glasses, successfully aiding the launch of the first domestic AI glasses by Thunderbird V3 [2] Intelligent Driving - The intelligent driving and other IoT visual solutions generated revenue of 127 million yuan in 2024, a significant year-on-year increase of 71.20%. The company is expanding its model coverage and market share [2] Smart Commercial Photography - The ArcMuse model has been upgraded, with the image generation model system increasing from billions to hundreds of billions of parameters. The PSAI service has entered multiple platforms, serving hundreds of thousands of merchants [3] Financial Forecast - Projected revenues for 2025, 2026, and 2027 are 1,011 million yuan, 1,274 million yuan, and 1,618 million yuan, respectively, with corresponding net profits of 234 million yuan, 314 million yuan, and 443 million yuan [4][9]

Core Insights - The company reported a revenue of 815 million yuan for 2024, representing a year-on-year growth of 21.62% [1] - The net profit attributable to shareholders reached 177 million yuan, with a significant year-on-year increase of 99.67% [1] - The company achieved a net profit of 156 million yuan after deducting non-recurring items, marking a year-on-year growth of 128.93% [1] Financial Performance - In Q4 2024, the company generated revenue of 241 million yuan, an increase of 44.23% year-on-year, and a net profit of 88 million yuan, up 1194.1% year-on-year [1] - For Q1 2025, the company reported revenue of 209 million yuan, reflecting a year-on-year growth of 13.77%, and a net profit of 50 million yuan, which is a 45.36% increase year-on-year [1] Business Development - The company is making steady progress in both in-cabin and out-of-cabin businesses, with high growth rates expected to be maintained [2] - In-cabin business includes the Tahoe integrated vehicle vision solution, which has secured multiple global projects and is advancing towards mass production [2] - Out-of-cabin business focuses on the WestLake solution, with efforts in market promotion and project implementation [2] Product Innovation - The company is enhancing its AI glasses by developing lightweight models and optimizing algorithms for various applications, resulting in improved image quality [3] - A strong partnership with Qualcomm is being leveraged to maximize the potential of the AR1Gen1 chip platform [3] - The company successfully assisted in the launch of the first domestic AI glasses, receiving positive market feedback [3] Technological Advancements - The TurboFusion technology has seen significant penetration across various device models, achieving commercialization in flagship, high-end, and mainstream devices [4] - New features such as motion capture and AI portrait reconstruction have been introduced, enhancing the user experience [4] - The company is exploring the integration of generative AI with TurboFusion technology to improve image quality in challenging conditions [4] Future Outlook - The company is expected to benefit from the rapid growth in the smart imaging and smart driving sectors, while also exploring new revenue growth points [4] - Earnings per share (EPS) forecasts for 2025-2027 are projected at 0.54, 0.65, and 0.81 yuan, with corresponding price-to-earnings (P/E) ratios of 80.47, 66.38, and 53.24 times [4]

Investment Rating - The investment rating for the company is "Buy" based on the expectation that the stock price will outperform the benchmark by over 15% [9] Core Views - The company has achieved significant revenue growth, with a reported revenue of 815 million yuan in 2024, representing a year-on-year increase of 21.62%. The net profit attributable to the parent company reached 177 million yuan, a remarkable growth of 99.67% [1] - The company's intelligent driving and IoT visual solutions are expected to generate substantial revenue, projected at 1.27 billion yuan in 2024, reflecting a growth of 71.2% [1] - The TurboFusion technology has seen increased penetration across various models, indicating a successful commercialization of core imaging solutions [1] Financial Summary - Total revenue is projected to grow from 670 million yuan in 2023 to 1.5 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 24.4% [3] - The net profit attributable to the parent company is expected to increase from 88 million yuan in 2023 to 327 million yuan in 2027, with a CAGR of around 24.7% [3] - The company's gross margin is expected to remain stable, around 90%, indicating strong profitability [3] Earnings Forecast - Earnings per share (EPS) are forecasted to be 0.54 yuan in 2025, 0.65 yuan in 2026, and 0.81 yuan in 2027, with corresponding price-to-earnings (P/E) ratios of 80.47, 66.38, and 53.24 respectively [2][3]

Investment Rating - The investment rating for the company is "Buy" based on its strong performance relative to the benchmark index [9] Core Views - The company achieved a revenue of 815 million yuan in 2024, representing a year-on-year growth of 21.62%, and a net profit attributable to shareholders of 177 million yuan, which is a 99.67% increase [1] - The company's intelligent driving and IoT visual solutions are expected to generate significant revenue growth, with projected income of 127 million yuan in 2024, reflecting a 71.2% increase [1] - The TurboFusion technology has seen increased penetration across various models, enhancing the company's competitive edge in the imaging sector [1] Financial Summary - Total revenue is projected to grow from 670 million yuan in 2023 to 1.5 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 24.4% [3] - The net profit attributable to shareholders is expected to rise from 88 million yuan in 2023 to 327 million yuan in 2027, indicating a strong growth trajectory [3] - The company's gross margin is forecasted to remain stable around 90% over the next five years [3] Earnings Forecast - The expected earnings per share (EPS) for 2025 is 0.54 yuan, with corresponding price-to-earnings (P/E) ratios of 80.47, 66.38, and 53.24 for the years 2025, 2026, and 2027 respectively [2][3]

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 49.73 CNY, compared to the current stock price of 42.39 CNY as of April 18, 2025 [5]. Core Insights - The company achieved a revenue of 815 million CNY in 2024, representing a year-on-year growth of 21.62%, and a net profit of 177 million CNY, which is a 99.67% increase year-on-year [1]. - In Q1 2025, the company reported a revenue of 209 million CNY, a 13.77% increase year-on-year, and a net profit of 50 million CNY, up 45.36% year-on-year [1]. - The company is benefiting from a recovery in downstream terminal demand, particularly in the smartphone and intelligent driving sectors, with significant growth in both areas [2]. Revenue Breakdown - In the smartphone segment, the company generated 675 million CNY in revenue for 2024, a 16.17% increase year-on-year, with a gross margin of 91.39% [2]. - The intelligent driving segment saw revenue of 127 million CNY in 2024, marking a 71.20% year-on-year growth, although the gross margin decreased to 84.49% [2]. Cost Management and R&D Investment - The company has successfully reduced its selling and management expense ratios, with selling expenses at 16.29% and management expenses at 10.49% for 2024, indicating improved operational efficiency [3]. - R&D expenses for 2024 were 398 million CNY, a 9.69% increase year-on-year, representing a R&D expense ratio of 48.81% [3]. Technological Advancements - The company has made significant progress in its Turbo Fusion technology, which has been integrated across various smartphone models, and is exploring deep integration with AIGC technology [4]. - The company is also increasing its investment in AI glasses, collaborating with Qualcomm on the AR1 Gen1 chip platform, and has successfully launched the first domestic AI glasses [10]. Business Expansion - The VisDrive® solution for intelligent driving is expanding its vehicle coverage and has secured multiple production model contracts, with plans for mass production in 2025 [11]. - The ArcMuse computing technology engine for intelligent commercial photography has significantly enhanced its model parameters, achieving integration with major e-commerce platforms [11]. Financial Projections - Revenue projections for the company are 997 million CNY in 2025, 1.23 billion CNY in 2026, and 1.51 billion CNY in 2027, with net profits expected to reach 241 million CNY, 312 million CNY, and 410 million CNY respectively [12][14].

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Insights - The company reported better-than-expected profits for Q1 2025, with significant growth in various edge-side businesses [1][6] - The mobile smart terminal business continues to grow steadily, while the smart automotive sector is entering a phase of explosive growth [6][9] - Future highlights include AI glasses and PSAI smart commercial photography, which are expected to open new market opportunities [6][18] Financial Data and Profit Forecast - Total revenue for 2024 is projected at 815 million, with a year-on-year growth of 21.6%, and a net profit of 177 million, reflecting a 99.7% increase [5][7] - Q1 2025 revenue reached 209 million, up 13.8% year-on-year, with net profit at 50 million, a 45.4% increase [5][8] - The company anticipates revenue of 1 billion in 2025, with a growth rate of 22.7%, and a net profit of 233 million, reflecting a 31.7% increase [5][20] - The gross margin remains high at 90.4% for 2024, with a slight increase from the previous year [21] Business Segment Performance - The mobile smart terminal business achieved record revenue of 675 million in 2024, growing 16.17% year-on-year [9][10] - The smart automotive business saw revenue of 127 million in 2024, a significant increase of 71.2%, indicating a strong growth trajectory [10][13] - Q1 2025 revenue from the smart automotive sector was 30 million, up 46.51% year-on-year, with expectations for continued high growth [13][20] Future Outlook - The company is expected to maintain steady growth in its smartphone business and experience high growth in the smart automotive sector [20] - AI glasses and PSAI smart commercial photography are anticipated to have high potential, although they require time for market cultivation [20][18] - Revenue forecasts for 2025 and 2026 have been slightly adjusted to 1 billion and 1.257 billion, respectively, while net profit forecasts have been slightly lowered [20]

Core Viewpoint - The company achieved significant growth in both revenue and profit in 2024, driven primarily by its intelligent visual solutions for mobile smart terminals and smart driving applications [4][5]. Revenue and Profit Growth - In 2024, the company reported total revenue of 815 million yuan, representing a year-on-year increase of 21.62% [4][5]. - The gross profit reached 737 million yuan, also up by 21.62%, indicating effective cost control [4]. - Net profit attributable to shareholders was 177 million yuan, soaring by 99.67%, while the net profit excluding non-recurring items was 156 million yuan, up by 128.93% [4][5]. Business Performance - The mobile smart terminal visual solutions generated revenue of 176.48 million yuan, growing by 9.57% [4][5]. - The smart driving and other IoT visual solutions showed stronger growth, with revenue of 30.17 million yuan, an increase of 46.51% [4][5]. Historical Performance and Improvement - The company experienced significant fluctuations in performance over the past few years, with a revenue decline of 7.22% in 2022 and a recovery in 2023 with a 26.07% increase [5]. - In 2024, the rolling quarter-on-quarter growth rates for total revenue, net profit, and net profit excluding non-recurring items were 9.99%, 85.75%, and 120.38%, respectively, indicating substantial improvement in business expansion and profitability [5]. Dividend Distribution - The company announced a profit distribution plan for 2024, proposing a cash dividend of 2.5 yuan per 10 shares, totaling 100 million yuan, which represents 56.70% of net profit [6]. - The dividend payout ratio has been increasing over the years, with the 2023 dividend at 2.2 yuan per 10 shares and 1.25 yuan in 2022 [6]. - Despite the higher dividend ratio in 2024, the company's dividend amount and yield remain moderate compared to industry peers [6].

Summary of the Conference Call for Hongsoft Technology Company Overview - **Company**: Hongsoft Technology - **Industry**: AI and Smart Technology, focusing on mobile smart terminals and intelligent driving solutions Key Financial Highlights - **2024 Revenue**: 813 million CNY, a year-on-year increase of 128.93% [2] - **Mobile Smart Terminal Revenue**: 675 million CNY, a year-on-year increase of 16.17%, marking a historical high [2] - **Intelligent Driving Revenue**: 127 million CNY, a year-on-year increase of 71.2% [2] - **Q1 2025 Revenue**: 1.209 billion CNY, a year-on-year increase of 13.77% [2] - **Net Profit**: 49.63 million CNY in Q1 2025, a year-on-year increase of 45.36% [2] Dividend and Share Buyback - **Dividend Distribution**: 2.5 CNY per ten shares, totaling approximately 160 million CNY, which is 90.72% of the net profit for 2024 [2][6] - **Total Cash Distribution**: Approximately 170 million CNY, accounting for 98% of the net profit for 2024 [6] Research and Development - **R&D Investment**: 390 million CNY, representing 48% of total revenue [2][7] - **Patents**: 264 invention patents and 154 software copyrights [7] - **R&D Personnel**: 586 employees, making up 62% of the total workforce [7] Business Segments AI Glasses - **Focus**: AI glasses are a key development area, with successful launch of the first domestic AI glasses, Thunderbird V3 [2][10] - **Market Growth**: The global AI glasses market is expected to grow significantly in the next five years [10][13] Intelligent Driving - **Product Development**: Multiple mass production projects in cabin products (DMS, OMS) and vehicle cabin products [2][11] - **Market Position**: Positive outlook on the intelligent driving industry, with progress in overseas markets and commercial vehicles [3][14] Mobile Smart Terminals - **Market Penetration**: Comprehensive penetration from flagship to mid-range models, with significant commercial success in static and video solutions [8][20] - **Future Growth**: Expected double-digit growth in mobile business from 2025 to 2026, focusing on software solutions to replace optical zoom [20][21] Commercial Photography - **Business Development**: Significant progress since the launch in 2023, with expectations for substantial growth in 2025 [12][18] - **Market Size**: The commercial photography market is projected to be worth hundreds of billions, with a focus on AI-generated images [19][24] Strategic Insights - **AI Integration**: The integration of AI in commercial photography is seen as a natural evolution, with a focus on building AI capabilities that can benefit other sectors [19][23] - **Competitive Landscape**: Hongsoft maintains a competitive edge in the AR glasses market, with many clients preferring their solutions over competitors [31] Challenges and Opportunities - **Market Education**: The commercial photography sector requires time for market education regarding AI applications [24] - **Technological Barriers**: Challenges include low chip computing power and battery capacity in AI glasses, but Hongsoft's experience in mobile technology provides a strong foundation [13] Conclusion Hongsoft Technology is positioned for significant growth across its various business segments, with strong financial performance, a commitment to R&D, and a strategic focus on emerging technologies such as AI glasses and intelligent driving solutions. The company is optimistic about future market opportunities and continues to adapt to industry changes.

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of 60.13 RMB [8][9]. Core Views - The company is positioned as a leader in edge AI algorithms, with continuous high growth in performance driven by rapid revenue increases in smart driving and smartphones, alongside enhanced cost control measures [1][2]. - The company is expected to enter a high growth phase from 2025 to 2027, with significant contributions from both smart smartphones and smart automotive sectors [1][3]. Revenue and Profitability - The company forecasts a revenue of 815.17 million RMB for 2024, representing a year-on-year growth of 21.62%, and a net profit of 176.69 million RMB, reflecting a year-on-year increase of 99.67% [7]. - For Q1 2025, the revenue is projected at 209 million RMB, with a year-on-year growth of 13.77%, and a net profit of 49.66 million RMB, showing a year-on-year increase of 45.35% [1][2]. Segment Performance - Smart terminal revenue is expected to reach 675 million RMB in 2024, growing by 16.17% year-on-year, while smart driving and other IoT revenues are projected to grow by 71.20% to 127 million RMB in the same year [2]. - The gross margins for 2024 and Q1 2025 are forecasted to be 90.43% and 89.84%, respectively, indicating strong profitability [2]. Future Growth Drivers - The company is actively exploring new growth areas such as AI glasses, robotics, and smart commercial photography, which are anticipated to become significant contributors to future revenue [4]. - The smart automotive sector is expected to continue its high growth trajectory, with a focus on domestic and international market expansion [3][4]. Earnings Forecast and Valuation - The earnings per share (EPS) estimates for 2025 and 2026 are 0.71 RMB and 0.98 RMB, respectively, with a new estimate for 2027 at 1.38 RMB [5][7]. - The target price is based on a price-to-earnings (PE) ratio of 85 times for 2025, reflecting an increase in overall sector valuations [5].