招银国际：豪威集团（603501）-Higher-valueCISmixexpansionsupportsmarginresilience

豪威集团(603501) OmniVisionreportedFY25resultswithrevenueup12.1%YoYtoRMB28.9bn,5%belowbothourestimateandBBGconsensus,whilenetprofitrose21.7%YoYtoRMB4.0bn,2%belowourforecastand9%belowBBGconsensus.GPMimprovedto30.6%inFY25from29.4%inFY24,broadlyinlinewithbothourestimateandconsensus,mainlydrivenbyaricherCISmixandahighercontributionfromautoCIS.Byquarter,4Q25revenuegrew4%YoYbutdeclined10%QoQ,mainlyreflectingsoftersmartphone-relatedshipmentsandseasonality,whileGPMimprovedsequentiallyto31.3%,supportedbycont