招银国际：豪威集团（603501）-Earlysignsofinflectionatacyclicaltrough

豪威集团(603501) OmniVisionreported1H26revenueofRMB14.0bn,flatYoY,whilenetprofitfell39.9%YoYandGPMdeclined1.7pptYoYto28.8%,aslower-margindistributionrevenuerose41%YoYto23%oftotalsales.2Q26revenuerose18.7%QoQtoRMB7.61bn,exceedingguidanceofRMB7.15-7.54bnandBloombergconsensusofRMB7.4bn,althoughGPMremainedsoftat28.3%.The3Q26guidanceofRMB7.58-8.13bnrevenueand29.4-30.7%GPMpointstomodestsequentialgrowthbutaclearermarginrecovery.Wecut2026E/27Erevenueby12%/12%andGPMby2.1ppt/2.9pptfactoringintheresults.Nevert