计算机 证 券 研 究 报 告 上 市 公 司 2024 年 08 月 28 日 虹软科技 (688088) ——业绩符合预期，智能驾驶增长突出！ | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 08 月 27 日 | | 收盘价（元） | 23.78 | | 一年内最高/最低（元） | 44.50/21.00 | | 市净率 | 3.6 | | 息率（分红 / 股价） | 0.93 | | 流通 A 股市值（百万元） | 9,540 | | 上证指数 / 深证成指 | 2,848.73/8,103.76 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |------------------------------|------------------------| | | | | 基础数据 : | 年 06 月 30 日 | | | | | | 6.61 | | 每股净资产（元） | | | 资产负债率 % | 10.7 ...

Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The report highlights stable revenue growth in the first half of the year, with a high dividend payout ratio of 97.8%. The company achieved a revenue of 380 million yuan, a year-on-year increase of 12%, with mobile smart terminals and intelligent driving contributing 330 million yuan and 43 million yuan respectively, growing by 6.4% and 93% [10] - The company is accelerating the promotion of technology and models in its mobile business, while also increasing R&D and targeted collaborations in its intelligent driving segment. The AIGC commercial photography business is rapidly implementing a new business model [3][10] Summary by Sections Financial Performance - The company reported a net profit of 61 million yuan in the first half of 2024, a 23% increase year-on-year, with the second quarter net profit reaching 27 million yuan, up 25% [10] - The operating cash flow for the first half of 2024 was -65 million yuan, a negative shift due to some customers prepaying sales from the previous year [10] - The company plans to maintain its target price at 37.82 yuan and forecasts EPS for 2024-2026 to be 0.36, 0.48, and 0.60 yuan respectively [10] Business Segments - In the mobile smart terminal segment, the company is promoting its Turbo Fusion technology across more high-end models and optimizing its engine for mid- to low-end models. The technology has also been extended to video applications, gaining recognition from several key clients [10] - The intelligent driving business is expected to see rapid revenue growth from previously targeted models, with plans to expand the range of models covered in the second half of the year. The company is also advancing its 3D AVM and monitoring algorithms, which have been adopted by new production models [10] R&D and Innovation - R&D expenses for the first half of 2024 were 194 million yuan, an 18% increase year-on-year, with an R&D expense ratio of 50.9%, reflecting continued investment in the automotive business [10] - The company launched its PSAI video generation feature three months ago, becoming a leader in the domestic commercial photography sector, and plans to expand its presence on international e-commerce platforms [10]

证券研究报告 虹软科技 (688088 CH) 业绩稳健增长，智能驾驶持续高增 华泰研究 中报点评 2024 年 8 月 27 日│中国内地 计算机应用 风险提示：智能终端销量及智能汽车量产不及预期；AIGC 等推进不及预期。 SFC No. BQZ938 +(86) 21 2987 2036 虹软 24H1 营收 yoy+11.97%，归母净利润 yoy+22.82% 公司 24H1 营收 3.81 亿，yoy+11.97%；归母净利润 6145.89 万， yoy+22.82%；扣非净利润 5379.43 万，yoy+21.70%；经营性净现金流 -6484.63 万，yoy-130.82%。鉴于智能驾驶业务高速增长，我们上调 24-26 年 EPS 至 0.34/0.49/0.66 元(前值 0.32/0.42/0.57 元)。鉴于智能驾驶业务 24 年尚未放量，采用 25 年估值，可比公司 25 年均值 PE 74 倍（Wind）， 鉴于公司在智能驾驶、商拍等领域均处于领先地位，给予公司 25 年目标 PE 80 倍，对应目标价 38.92 元（前值 33.6 元），维持买入评级。 24H1：智能终端 ...

虹软科技(688088.SH) 业绩简评 2024 年 8 月 26 日，公司披露 2024 年度中期业绩：公司 2024 年 上半年实现营收 3.8 亿元，同比增长 12.0%；实现扣非后归母净 利润 0.5 亿元，同比增长 21.7%。2024 年第二季度，公司营业收 入为 2.0 亿元，同比增长 10.2%；扣非后归母净利润为 0.2 亿元， 同比增长 19.0%。 2024 年上半年公司销售商品、提供劳务收到的现金为 2.7 亿元， 同比下滑 48.1%，主要系部分客户于 2023 年提前支付销售款。此 外，公司上半年应收账款增加较快，主要受到移动智能终端客户回 款影响。 经营分析 移动智能终端视觉解决方案 2024 年上半年营收为 3.3 亿元，同比 增长 6.4%。报告期内公司推出智能超域融合即刻拍摄、夜景影调、 25M 高分辨率融合解决方案。预计将从旗舰机型向高端机型以及 中低端机型推广。 智能驾驶及其他 AIOT 上半年营收为 0.4 亿元，同比增长 93.2%。 舱内健康监测算法获得多个量产车型定点项目，舱内前装软硬一 体方案 Tahoe 也获得多款车型的全球定点，下半年预计加强与海 外 T ...

Financial Performance - The company's revenue for the first half of 2024 reached ¥380,916,644.89, representing an increase of 11.97% compared to ¥340,191,923.92 in the same period last year[15]. - The net profit attributable to shareholders of the listed company was ¥61,458,925.83, up 22.82% from ¥50,038,584.16 in the previous year[15]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥53,794,279.76, reflecting a 21.70% increase from ¥44,204,008.21 year-on-year[15]. - The net cash flow from operating activities was negative at -¥64,846,330.38, a significant decrease from ¥210,373,258.06 in the previous year, marking a decline of 130.82%[15]. - The net assets attributable to shareholders at the end of the reporting period were ¥2,649,924,500.96, a decrease of 0.85% from ¥2,672,606,161.32 at the end of the previous year[15]. - Total assets decreased by 4.86% to ¥2,968,972,136.83 from ¥3,120,573,359.75 at the end of the previous year[15]. - The company's operating revenue increased by 11.97% year-on-year, reaching 331.92 million yuan, driven by a 6.43% growth in mobile intelligent terminal visual solutions and a 93.19% increase in smart driving and other IoT visual solutions[17]. - Basic earnings per share rose by 25.00% to 0.15 yuan, with diluted earnings per share also increasing by 25.00%[17]. - The weighted average return on equity improved by 0.36 percentage points to 2.27%[17]. Research and Development - Research and development expenses accounted for 50.93% of operating revenue, up by 2.75 percentage points compared to the previous year[17]. - The total R&D investment for the first half of 2024 reached ¥193,999,916.04, an increase of 18.37% compared to ¥163,891,247.81 in the same period last year[90]. - R&D investment accounted for 50.93% of operating revenue, up from 48.18% year-on-year, representing an increase of 2.75 percentage points[90]. - The number of R&D personnel increased to 595, up from 524, with R&D staff now making up 63.64% of the total workforce[94]. - The average salary for R&D personnel rose to ¥24.16 million, compared to ¥22.84 million in the previous year[94]. Market Position and Strategy - The company is positioned within the "new generation information technology industry," focusing on computer vision technology and AI applications[21]. - The company has established long-term partnerships with major chip manufacturers like Qualcomm and MediaTek to optimize visual AI technology for mobile chips[29]. - The company is actively expanding its presence in the smart driving sector with its VisDrive® solution, becoming a mainstream visual algorithm supplier for Qualcomm's automotive chip platform[34]. - The company has successfully entered the international e-commerce market by integrating with TikTok's application and service market, targeting cross-border merchants in countries such as the UK, Thailand, and Malaysia[102]. - The company is expanding its PSAI platform strategy by collaborating with major domestic e-commerce platforms, enhancing its service offerings to a broader customer base[102]. Risks and Compliance - The report includes a risk statement regarding forward-looking statements, indicating that future plans and strategies do not constitute substantive commitments to investors[4]. - The company faces risks related to rapid technological upgrades in the visual AI industry, which could impact its competitive edge if it fails to keep pace with market demands[104]. - The company is at risk of losing core talent due to intense competition for skilled professionals in the visual AI industry, which could adversely affect its business development[110]. - The company has not disclosed any non-operating fund occupation by controlling shareholders or related parties[4]. - There are no violations of decision-making procedures regarding external guarantees[5]. Shareholder Information - The company plans to distribute a cash dividend of 1.50 RMB per 10 shares, totaling approximately 60,109,710.00 RMB, which accounts for 97.80% of the net profit attributable to shareholders for the first half of 2024[3]. - As of August 26, 2024, the total share capital of the company is 401,170,400 shares, with 439,000 shares held in the repurchase account, which will not participate in the profit distribution[3]. - The actual controller and shareholders have committed to not transferring or entrusting the management of their shares for 36 months post-IPO, with a maximum annual transfer limit of 25% of their total shares thereafter[145]. - The company will only reduce its shares if the market capitalization exceeds 12 billion RMB[151]. - The company has a long-term commitment to not engage in non-operational occupation of company funds or assets[156]. Legal and Compliance Matters - The company reported a court ruling requiring it to pay $9.706 million in damages due to negligence in a lawsuit involving ArcSoft US, with both parties appealing the decision[161]. - The company has committed to covering any economic losses resulting from legal disputes involving its actual controller, Hui Deng, ensuring no financial impact on the company[159]. - There are no significant lawsuits or arbitration matters reported during the reporting period, indicating a stable legal environment for the company[161]. - The company has maintained a good integrity status, with no unfulfilled court judgments or significant overdue debts reported[162]. Environmental and Sustainability Initiatives - The company has implemented energy-saving measures, including smart lighting systems and centralized air conditioning management, to reduce carbon emissions[144]. - The newly launched PhotoStudio® AI significantly reduces resource consumption during product photography, aligning with the company's commitment to sustainable development[144].

虹软科技股份有限公司 关于公司 2024 年度提质增效重回报专项行动方案的半年度 评估报告 虹软科技股份有限公司（以下简称公司、虹软科技）始终重视投资者利益， 牢固树立以投资者为本的理念，为推动经营发展质量、投资价值及可持续发展水 平的提升，积极维护市场稳定，公司于 2024 年 4 月 19 日披露了《2024 年度"提 质增效重回报"行动方案》（以下简称行动方案）。公司根据行动方案内容，积极 开展和落实各项工作，现就本次行动方案的半年度执行情况报告如下： 一、"聚焦主业稳健经营，提升价值创造能力"相关措施的落实情况 1、持续加大研发投入，构筑面向未来的领先和竞争力 虹软科技专注于计算机视觉领域，为行业提供算法授权及系统解决方案，是 全球领先的视觉人工智能企业，始终致力于视觉人工智能技术的研发和应用，坚 持以技术创新为核心驱动力，在全球范围内为智能设备提供一站式视觉人工智能 解决方案。 2024 年上半年，公司继续以技术创新赋能行业为使命，聚焦主业经营，实 现营业收入 38,091.66 万元，同比增长 11.97%；实现归属于上市公司股东的净 利润 6,145.89 万元，同比增长 22.82%。其中，公 ...

证券代码：688088 证券简称：虹软科技 公告编号：临 2024-044 虹软科技股份有限公司 第二届董事会第十七次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、董事会会议召开情况 虹软科技股份有限公司（以下简称公司）第二届董事会第十七次会议通知于 2024 年 8 月 16 日以电子邮件等书面方式送达全体董事，会议于 2024 年 8 月 26 日在公司会议室以现场结合通讯的方式召开。本次会议应出席董事 9 人，现场出 席的董事 4 人，以通讯方式出席的董事 5 人（独立董事王慧女士、王展先生，董 事孔晓明先生、Xiangxin Bi 先生、王进先生）。本次会议由董事长 Hui Deng(邓 晖)先生主持，公司监事及高级管理人员列席会议。本次会议的召集、召开和表 决情况符合法律、行政法规、部门规章、规范性文件以及《公司章程》《董事会 议事规则》的相关规定。 二、董事会会议审议情况 本次会议以记名投票方式审议通过了以下议案： （一）审议通过了《2024 年半年度报告及其摘要》 具体内容详见同日刊载于上 ...

证券代码：688088 证券简称：虹软科技 公告编号：临 2024-041 虹软科技股份有限公司 2024 年半年度募集资金存放与实际使用情况的 专项报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 根据中国证券监督管理委员会《上市公司监管指引第 2 号——上市公司募集 资金管理和使用的监管要求（2022 年修订）》（证监会公告〔2022〕15 号）、《上 海证券交易所科创板上市公司自律监管指引第 1 号——规范运作》的相关规定， 现将虹软科技股份有限公司（以下简称公司、本公司）2024 年 1-6 月募集资金 存放与实际使用情况作如下专项报告： 一、募集资金基本情况 （一）实际募集资金金额、资金到位情况 根据中国证券监督管理委员会证监许可[2019]1180 号《关于同意虹软科技 股份有限公司首次公开发行股票注册的批复》同意注册，本公司获准在上海证券 交易所向社会公开发行人民币普通股 46,000,000 股，每股面值人民币 1.00 元， 每股发行价为人民币 28.88 元，共募集资金总额人民币 1,328,480 ...

证券代码：688088 证券简称：虹软科技 公告编号：临 2024-042 虹软科技股份有限公司 2024 年半年度利润分配方案公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 每 10 股分配比例：A 股每 10 股派发现金红利 1.50 元（含税），不进行 资本公积金转增股本，不送红股。 本次利润分配以实施权益分派股权登记日登记的总股本扣减公司回购专 用证券账户中的股份为基数，具体日期将在权益分派实施公告中明确。 在实施权益分派的股权登记日前公司总股本扣减公司回购专用证券账户 中的股份发生变动的，拟维持每股分配比例不变，相应调整分配总额，并将另行 公告具体调整情况。 一、利润分配方案内容 虹软科技股份有限公司（以下简称公司）2024 年半年度实现归属于上市公 司股东的净利润为 61,458,925.83 元。截至 2024 年 6 月 30 日，公司母公司报表 中期末未分配利润为 203,815,476.99 元。上述财务数据未经审计。经董事会决 议，公司 2024 年半年度利润分配方案如下： 公司 ...

本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、监事会会议召开情况 虹软科技股份有限公司（以下简称公司）第二届监事会第十六次会议通知于 2024 年 8 月 16 日以电子邮件等书面方式送达全体监事，会议于 2024 年 8 月 26 日在公司会议室以现场方式召开。本次会议应出席监事 3 人，实际出席监事 3 人。本次会议由监事会主席刘晓倩女士主持，公司董事会秘书列席会议。本次会 议的召集、召开和表决情况符合法律、行政法规、部门规章、规范性文件以及《公 司章程》《监事会议事规则》的相关规定。 二、监事会会议审议情况 本次会议以记名投票方式审议通过了以下议案： 证券代码：688088 证券简称：虹软科技 公告编号：临 2024-043 虹软科技股份有限公司 第二届监事会第十六次会议决议公告 （一）审议通过了《2024 年半年度报告及其摘要》 经审核，监事会认为： 1、公司《2024 年半年度报告及其摘要》的编制和审议程序符合法律、法规、 公司章程和公司内部管理制度的各项规定； 2、半年度报告的内容和格式符合中国证监会和上 ...