汽车数模产品pmic/sdc/单片机/canlin/serdes/tddi 等整体送样进展顺利，有望在未来数年抓住汽车模拟行 业国产替代机遇，打造汽车业务第二增长驱动。手机CIS 50X/50P/50G/50M/52A/52B 等新品持续推进为 26 年增长蓄力。触控业务多品类布局，25 年有望盈亏平衡，26 年盈利能力逐步改善。 其他新品类CIS 如运动相机、医疗等领域有望快速增长。 维持买入评级以及目标价150 元 我们上修汽车业务收入增速，并预计公司2025/26/27 年归母净利润45.7/54.7/66.8 亿元（25/26 年前值： 42.1/52.0 亿元）。考虑到公司汽车、IoT 等业务有望快速增长，但手机业务25 年进入瓶颈期，增速或放 缓，给予2025 年40 倍PE（可比公司中位数2025 年53.6 倍），对应目标价150元（前值127 元，对应 2025 年36.62 倍PE），维持买入。 风险提示：全球半导体下行周期，手机等需求不及预期，行业竞争加剧。 韦尔公布24 年年报及一季报，2024 年营业收入257.3 亿元（yoy+22.4%），毛利率29.4% （yoy+7.7pct ...

浦银国际研究 公司研究 | 半导体行业 韦尔股份（603501.CH）：一季度利润 超市场预期，汽车 CIS 预计大幅成长 我们略微调整韦尔股份 2025、2026 年盈利预测，并上调目标价至人民 币 153.0 元，潜在升幅 19.1%，维持"买入"评级。 • 重申韦尔股份的"买入"评级：韦尔股份进入比较强势的产品周期， 多个板块推动 2025 年业务成长。首先，受益于比亚迪推动的智驾平权 带来的新能源车智驾渗透率大幅提升，随着车载 CIS 产能的进一步释 放，公司今年的汽车 CIS 将取得大幅成长。其次，公司布局的汽车模拟 类产品也同样放量成长，从而推动整个模拟业务板块的成长。第三， 公司手机 CIS 业务在下半年大量新品上市的节奏下，有望持续扩张高 端市场份额。第四，公司触控显示业务有望在今年取得盈亏平衡。最 后，从长期来看，公司多个业务板块潜在成长天花板已经打开，长期 增长预期较为乐观。目前，公司远期市盈率为 30.0x，低于历史均值， 估值具备上行空间，重申"买入"评级。 • 一季度业绩超市场预期：今年一季度，韦尔股份收入达到人民币 64.7 亿元，同比增长 15%，环比下降 5%，创历史一季度收入 ...

浦银国际研究 公司研究 | 半导体行业 韦尔股份（603501.CH）：一季度利润 超市场预期，汽车 CIS 预计大幅成长 马智焱 我们略微调整韦尔股份 2025、2026 年盈利预测，并上调目标价至人民 币 153.0 元，潜在升幅 19.1%，维持"买入"评级。 • 重申韦尔股份的"买入"评级：韦尔股份进入比较强势的产品周期， 多个板块推动 2025 年业务成长。首先，受益于比亚迪推动的智驾平权 带来的新能源车智驾渗透率大幅提升，随着车载 CIS 产能的进一步释 放，公司今年的汽车 CIS 将取得大幅成长。其次，公司布局的汽车模拟 类产品也同样放量成长，从而推动整个模拟业务板块的成长。第三， 公司手机 CIS 业务在下半年大量新品上市的节奏下，有望持续扩张高 端市场份额。第四，公司触控显示业务有望在今年取得盈亏平衡。最 后，从长期来看，公司多个业务板块潜在成长天花板已经打开，长期 增长预期较为乐观。目前，公司远期市盈率为 30.0x，低于历史均值， 估值具备上行空间，重申"买入"评级。 • 一季度业绩超市场预期：今年一季度，韦尔股份收入达到人民币 64.7 亿元，同比增长 15%，环比下降 5%，创历史一 ...

证券研究报告 韦尔股份 (603501 CH) 1Q25：25 年汽车业务收入或超手机 | 华泰研究 | | | 季报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 30 日│中国内地 | 半导体 | 韦尔公布 24 年年报及一季报，2024 年营业收入 257.3 亿元（yoy+22.4%）， 毛利率 29.4%（yoy+7.7pct），归母净利润 33.2 亿元（yoy+498%），扣非归 母净利润 30.6 亿元（yoy+2115%）。对应 4Q24 营收 68.2 亿元（yoy+15%， qoq+0.08%），毛利率 29%（yoy+6pct，qoq-1.5pct），归母净利润 9.5 亿 （yoy+406%，qoq-6%），扣非归母净利润 7.6 亿（yoy+9268%，qoq-17%）。 公司 1Q25 实现营业收入 64.7 亿元（yoy +14.7%，qoq -5.1%），毛利率 31% （yoy+3.1pct，qoq+2.1pct），产品结构优化和供应链提质增效带动增长， 归母净利润 8.7 亿元（yoy+55%，qoq-8.7%），扣非归母净 ...

Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Views - The company achieved a record high revenue of 6.47 billion yuan in Q1 2025, representing a year-over-year increase of 14.7% and a quarter-over-quarter decrease of 5.1%. The net profit attributable to shareholders was 870 million yuan, up 55.3% year-over-year [1]. - The growth in revenue is primarily driven by the accelerated penetration of automotive intelligence and the continuous introduction of high-end mobile phone products [1]. - The company is expected to benefit from the rapid growth of automotive CIS and the introduction of new mobile CIS products, with projected revenues of 29.53 billion yuan, 36.67 billion yuan, and 42.29 billion yuan for 2025, 2026, and 2027, respectively [3][5]. Financial Performance - In Q1 2025, the company achieved a gross margin of 31.0%, an increase of 3.1 percentage points year-over-year, and a net margin of 13.3%, up 3.5 percentage points year-over-year [1]. - The company’s revenue for 2024 is projected to be 25.73 billion yuan, with a year-over-year growth rate of 22.4% [5]. - The net profit for 2025 is forecasted to be 4.38 billion yuan, reflecting a year-over-year growth of 31.7% [3][5]. Product Lines and Market Position - The automotive CIS segment is expected to see significant growth, with a revenue of 5.9 billion yuan in 2024, up 30% year-over-year, while the mobile CIS segment is projected to generate 9.8 billion yuan, up 26% year-over-year [2]. - The IoT CIS segment also showed strong growth, achieving 760 million yuan in revenue in 2024, a 42% increase year-over-year [2]. - The company is enhancing its competitive advantage through the dual product lines of mobile and automotive CIS, with expectations for continued growth in both segments [2].

Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Views - The company achieved a record high revenue of 6.47 billion yuan in Q1 2025, with a year-over-year growth of 14.7% and a quarter-over-quarter decline of 5.1%. The net profit attributable to shareholders was 870 million yuan, reflecting a year-over-year increase of 55.3% [1]. - The growth in revenue is primarily driven by the acceleration of automotive intelligence penetration and the continuous introduction of high-end mobile phone products [1]. - The company is expected to benefit from the rapid growth of automotive CIS and the introduction of new mobile CIS products, with projected revenues of 29.53 billion yuan, 36.67 billion yuan, and 42.29 billion yuan for 2025, 2026, and 2027 respectively [3][5]. Financial Performance - In Q1 2025, the company achieved a gross margin of 31.0%, up 3.1 percentage points year-over-year, and a net margin of 13.3%, up 3.5 percentage points year-over-year [1]. - The company forecasts a net profit of 4.38 billion yuan in 2025, representing a year-over-year growth of 31.7% [3][5]. - The projected P/E ratios for 2025, 2026, and 2027 are 36, 26, and 22 respectively, indicating a strong growth trend [3]. Product Lines and Market Position - The automotive CIS segment is expected to see significant growth, with a revenue of 5.9 billion yuan in 2024, reflecting a year-over-year increase of 30% [2]. - The mobile CIS segment is projected to generate 9.8 billion yuan in revenue in 2024, with a year-over-year growth of 26% [2]. - The IoT CIS segment also showed strong performance with a revenue of 760 million yuan in 2024, growing by 42% year-over-year [2].

Core Insights - Weir Shares (603501) reported a record high revenue of 6.472 billion yuan in Q1 2025, representing a year-on-year increase of 14.68% [1] - The company's net profit attributable to shareholders reached 866 million yuan, up 55.25% year-on-year, with a non-recurring net profit of 848 million yuan, increasing by 49.88% [1] - The comprehensive gross margin improved to 31.03%, reflecting a year-on-year increase of 3.14 percentage points and a quarter-on-quarter increase of 2.05 percentage points [1] Company Performance - The significant growth in revenue and net profit is attributed to the company's strategic positioning in the high-end smartphone market and the accelerated penetration of automotive intelligence [1] - Weir Shares has optimized its product structure and supply chain, leading to continuous improvement in gross margin [1] Product Development - The company recently launched the OV50X CMOS image sensor, a 50-megapixel sensor designed for flagship smartphones, featuring high dynamic range and excellent low-light performance [2] - In the automotive electronics sector, Weir Shares is expanding its product matrix with various automotive-grade products, including LCOS, MCU, SERDES, CAN, and LIN [2] - The TheiaCel™ technology platform allows customers to choose from multiple pixel options, catering to the increasing demand for high-specification products in automotive applications [2] Industry Trends - Starting in 2026, Europe will mandate all new vehicles to be equipped with driver monitoring systems, which will accelerate the adoption of such systems globally [3] - The recent launch of the OX01N1B image sensor by OmniVision, designed for driver monitoring systems, highlights the industry's focus on performance, size, and cost efficiency [3] - Weir Shares' R&D expenses for Q1 2025 were 654 million yuan, reflecting a 5% year-on-year increase, ensuring robust support for product upgrades and new developments [3]

Core Insights - The company reported a significant increase in both revenue and profit for Q1 2025, driven by the high-end smartphone market and the acceleration of automotive intelligence [2][3] - The net profit surged by 55.25%, outpacing revenue growth of 14.68%, indicating strong core business performance rather than one-time investment gains [2][3] Revenue and Profit - Q1 revenue reached 6.472 billion yuan, representing a year-on-year growth of 14.68% [4] - The net profit attributable to shareholders for Q1 was 866 million yuan, marking a substantial increase of 55.25% year-on-year [4] - The non-recurring net profit for Q1 was 848 million yuan, reflecting a year-on-year increase of 49.88% [4] Profitability Metrics - The comprehensive gross margin for the company was 31.03%, which is an increase of 3.14 percentage points year-on-year and 2.05 percentage points quarter-on-quarter [3][4] - Earnings per share for Q1 stood at 0.72 yuan, showing a year-on-year growth of 56.52% [4] Research and Development - The company increased its R&D expenditure to 654 million yuan in Q1, accounting for 10.1% of revenue [3] - The ending balance of development expenditures was 1.163 billion yuan, up 9.33% from the end of the previous year, indicating a commitment to enhancing R&D efforts [3] Cash Flow - The operating cash flow for Q1 was 1.098 billion yuan, which represents a slight decline of 1.12% year-on-year [3]

Financial Performance - The company's revenue for Q1 2025 reached approximately CNY 6.47 billion, representing a year-on-year increase of 14.68% compared to CNY 5.64 billion in the same period last year[5]. - Net profit attributable to shareholders for Q1 2025 was approximately CNY 865.97 million, a significant increase of 55.25% from CNY 557.79 million in the previous year[6]. - Basic and diluted earnings per share for Q1 2025 were both CNY 0.72, reflecting a growth of 56.52% compared to CNY 0.46 in the same period last year[5]. - The total comprehensive income attributable to the parent company owners for the first quarter of 2025 was approximately ¥919.17 million, up from ¥526.42 million in the first quarter of 2024, reflecting a growth of 74.5%[22]. - The company reported an operating profit of ¥991,047,189.39 for Q1 2025, up from ¥575,668,464.03 in Q1 2024, representing a 72.2% increase[21]. Profitability Metrics - The gross profit margin improved to 31.03%, an increase of 3.14 percentage points year-on-year, driven by product structural optimization and supply chain efficiency[6]. - The weighted average return on equity increased to 3.50%, up by 0.87 percentage points from 2.63% in the previous year[5]. - The company has implemented measures to optimize product structure and streamline the supply chain, contributing to improved profitability[6]. Asset and Equity Position - The total assets at the end of Q1 2025 were approximately CNY 40.39 billion, a 3.65% increase from CNY 38.96 billion at the end of the previous year[5]. - The total equity attributable to shareholders increased to approximately CNY 25.23 billion, up by 4.24% from CNY 24.20 billion at the end of the previous year[6]. - The company's total assets reached ¥40,386,840,234.89 as of March 31, 2025, up from ¥38,964,573,303.84 at the end of 2024, reflecting a 3.6% increase[18]. - The total equity attributable to shareholders increased to ¥25,227,242,517.34 as of March 31, 2025, compared to ¥24,201,185,547.76 at the end of 2024, indicating a growth of 4.2%[18]. Cash Flow Analysis - The company reported a net cash flow from operating activities of approximately CNY 1.10 billion, a slight decrease of 1.12% from CNY 1.11 billion in the same period last year[5]. - Operating cash inflow for the first quarter of 2025 was approximately ¥6.92 billion, compared to ¥5.87 billion in the first quarter of 2024, indicating an increase of 18%[23]. - The net cash flow from operating activities for the first quarter of 2025 was approximately ¥1.10 billion, slightly down from ¥1.11 billion in the same period of 2024, showing a decrease of 0.4%[23]. - The net cash flow from investing activities for the first quarter of 2025 was approximately -¥699.50 million, compared to -¥165.59 million in the first quarter of 2024, indicating a significant increase in cash outflow[24]. - The net cash flow from financing activities for the first quarter of 2025 was approximately ¥241.79 million, a recovery from a negative cash flow of -¥2.21 billion in the same period of 2024[24]. Market Focus and Strategy - The company is focusing on the high-end smartphone market and accelerating penetration in automotive intelligence, which are key drivers for revenue growth[6].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a significant increase in performance for 2024, with operating revenue reaching 25.73 billion yuan, a year-on-year growth of 22.4%. The net profit attributable to shareholders was 3.32 billion yuan, up 498.1% year-on-year, and the net profit excluding non-recurring items was 3.06 billion yuan, a staggering increase of 2114.7% [6][7] - The growth in revenue and profit is primarily attributed to the recovery in demand from the high-end smartphone and automotive markets, along with an increase in market share [7] - The company’s image sensor (CIS) business achieved operating revenue of 19.19 billion yuan, accounting for approximately 74.8% of total revenue, with a year-on-year growth of 23.5% and a gross margin of 34.5%, up 10.5 percentage points [10] Financial Performance Summary - For 2024, the company achieved: - Operating revenue: 25.73 billion yuan - Year-on-year revenue growth: 22.4% - Net profit attributable to shareholders: 3.32 billion yuan - Year-on-year net profit growth: 498.1% - Gross margin: 29.4%, an increase of 7.7 percentage points [6][11] - Forecasted financials for 2025-2027: - Net profit attributable to shareholders: 4.69 billion yuan in 2025, 6.13 billion yuan in 2026, and 8.42 billion yuan in 2027 - Corresponding EPS: 3.86 yuan in 2025, 5.04 yuan in 2026, and 6.92 yuan in 2027 [7][11]