CMB Securities: Maintains Smartway "Hold" investment rating, 25H1 revenue and net profit increase significantly year-on-year

CMB Securities research report points out that Soter 25H1 revenue and net profit have increased significantly year-on-year, with continued expansion in mobile phones, automobiles, and other businesses. The company expects the 2025H1 net profit attributable to shareholders to be between 3.60-4.20 billion yuan, year-on-year increase of 140%-180%; Q2 net profit attributable to shareholders to be between 1.69-2.29 billion yuan, year-on-year increase of 24%-68% / quarter-on-quarter decrease of 12%-19%, showing a significant growth in net profit. The company's high-end smartphones are entering a harvesting period, continuously expanding new customers for flagship smartphones, and the launch of higher value new products is expected to drive the performance of the smartphone business to maintain high growth; the automotive business is benefiting from the trend of intelligent driving equality, and in-development high-end automotive components will gradually move towards mass production; AI will open up new markets downstream for machine vision, driving new possibilities in the smart security business. It is recommended to pay close attention to the company's various businesses, especially the expansion of customers and market share for high-end smartphone products. Maintain a "buy" investment rating.