Research Report Goldmine | Bank of China Securities: Maintain "Buy" Rating for OmniVision Technologies, Automotive and Emerging Applications Lead the Future

China Securities Research Report points out that OmniVision Group’s revenue and net profit attributable to the parent company are expected to grow steadily year-over-year by 2025, with performance differentiation across various business segments. Automotive and emerging applications drive CIS business growth, with automotive analog ICs becoming a highlight of the analog business growth, showing active transformation in the OLEDDDIC solution track. The company’s image sensor business revenue is projected to reach 21.25B yuan in 2025, accounting for approximately 74% of main business income, with revenue growth mainly driven by automotive intelligent driving and emerging application fields. As demand for automotive autonomous driving upgrades, in-vehicle CIS products are iterating toward 8-megapixel high-resolution models. In 2025, due to declining demand and supply redundancy in the mobile LCD TDDI market, standard product prices will continue to be under pressure. Meanwhile, the company is closely collaborating with leading domestic panel manufacturers to successfully develop smartphone OLEDDDIC solutions, which have been successfully introduced to top-tier panel manufacturers and are now in mass production. Considering the negative impact of storage price increases on consumer electronics, it is expected that downstream consumer electronics sales may decline year-over-year in 2026. As of the close on April 3, 2026, the company’s total market value is approximately 113.7 billion yuan, with PE ratios for 2026/2027/2028 at 27.4/23.5/21.0 times. Maintain a “Buy” rating.