| 证券代码：603501 | 证券简称：韦尔股份 公告编号：2025-010 | | --- | --- | | 转债代码：113616 | 转债简称：韦尔转债 | 上海韦尔半导体股份有限公司 关于控股股东部分股权解除质押的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 二、控股股东及其一致行动人累计质押股份的情况 重要内容提示： 公司于 2025 年 3 月 11 日接到控股股东虞仁荣先生的通知，虞仁荣先生质押 给云南国际信托有限公司、华能贵诚信托有限公司的部分股权已办理完成了解除 质押手续，具体事项如下： | 股东名称 | 虞仁荣 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 本次解质股份（股） | | | | | 23,530,000 | | | 占其所持股份比例 | | | | | 7.06% | | | 占公司总股本比例 | | | | | 1.93% | | | 解质时间 | 2025 3 月 7 | 年 | 日、2025 | 年 3 月 ...

| 证券代码：603501 | 证券简称：韦尔股份 公告编号：2025-009 | | --- | --- | | 转债代码：113616 | 转债简称：韦尔转债 | 上海韦尔半导体股份有限公司 关于控股股东部分股权质押及解除质押的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 上海韦尔半导体股份有限公司（以下简称"公司"）控股股东虞仁荣先生持 有公司股份 333,472,250 股，占公司目前总股本的 27.42%；本次质押情况变动后， 虞仁荣先生累计质押股份为 198,888,400 股，占其持股比例的 59.64%。 公司控股股东虞仁荣先生及其一致行动人绍兴市韦豪股权投资基金合伙 企业（有限合伙）（以下简称"绍兴韦豪"）、虞小荣先生共计持有公司股份 408,576,912 股，占公司目前总股本的 33.60%；本次质押情况变动后，虞仁荣先 生及其一致行动人累计质押公司股份 257,084,400 股，占其持有公司股份总数的 62.92%，占公司目前总股本的 21.14%。 公司于 2025 年 3 ...

| 证券代码：603501 | 证券简称：韦尔股份 | 公告编号：2025-008 | | --- | --- | --- | | 转债代码：113616 | 转债简称：韦尔转债 | | 上海韦尔半导体股份有限公司 关于控股股东及其一致行动人部分股权质押的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 上海韦尔半导体股份有限公司（以下简称"公司"）控股股东虞仁荣先生 持有公司股份 333,472,250 股，占公司目前总股本的 27.42%；本次质押情况变动 后，虞仁荣先生累计质押股份为 187,738,400 股，占其持股比例的 56.30%。 公司控股股东一致行动人绍兴市韦豪股权投资基金合伙企业（有限合伙） （以下简称"绍兴韦豪"）持有公司股份 74,132,662 股，占公司目前总股本的 6.10%； 本次质押情况变动后，绍兴韦豪累计质押股份为 58,196,000 股，占其持股比例的 78.50%。 公司控股股东虞仁荣先生及其一致行动人绍兴韦豪、虞小荣先生共计持有 公司股份 408,576,912 ...

证券时报网讯，企查查APP显示，近日，思比科集成电路设计（上海）有限公司成立，法定代表人为刘 志碧，注册资本100万元，经营范围包含：集成电路设计。 企查查股权穿透显示，该公司由韦尔股份旗下豪威科技（北京）股份有限公司全资持股。 ...

证券时报网讯，2月19日获融资净买超亿元的共有35只股。 韦尔股份融资净买入额居首，当日净买入5.24亿元，其次是东华软件、浙文互联，融资净买入金额分别 为4.22亿元、3.11亿元，融资净买入金额居前的还有三花智控、数据港、君正集团等。 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [7][115]. Core Insights - The company is expected to achieve record-high revenue in 2024, with a forecasted revenue range of 254.1 to 258.1 billion yuan, representing a year-on-year growth of 20.9% to 22.8% [1][15]. - The net profit attributable to shareholders is projected to be between 31.6 and 33.6 billion yuan, indicating a significant year-on-year increase of 468% to 504% [1][15]. - The company is benefiting from increased market share in high-end mobile and automotive CIS markets, with a strong focus on product innovation and strategic positioning [2][3][4]. Summary by Sections 1. Annual Revenue and Profitability - The company reported a record-high revenue for 2024, with a significant improvement in profit margins [15][16]. - The inventory levels have normalized, allowing for a more efficient operational strategy [25][26]. 2. Mobile Sector - The high-end mobile market is seeing continued growth, with competitors like Sony reducing capital expenditures and Samsung focusing on small pixel markets [28][34]. - The company has successfully launched new products to capture market share from competitors, achieving a mobile CIS revenue of 48.7 billion yuan in the first half of 2024, a 79% increase year-on-year [39][40]. 3. Automotive Sector - The automotive sector is experiencing rapid growth, with the company benefiting from the increasing adoption of advanced driver-assistance systems (ADAS) [54][58]. - The automotive CIS revenue reached 29.1 billion yuan in the first half of 2024, reflecting a 53% year-on-year growth [69][70]. 4. AI/AR Glasses - The global market for AI smart glasses is projected to grow significantly, with the company positioned to benefit from this trend through its innovative product offerings [4][78]. - The company has made strategic advancements in developing components for AR glasses, anticipating increased demand as the market matures [100][101]. 5. Profit Forecast and Investment Recommendations - The company is expected to achieve revenues of 256.1 billion yuan in 2024, with continued growth projected for the following years [114][115]. - The investment recommendation is supported by a comparative analysis showing the company's valuation is lower than its peers, indicating potential for price appreciation [115][116].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of RMB 133.00, indicating a potential upside of 24.7% from the current price of RMB 106.65 [1][6]. Core Insights - The company is expected to achieve a record high revenue of RMB 256.08 billion in 2024, representing a year-on-year growth of 22%. The net profit is projected to be between RMB 31.55 billion and RMB 33.55 billion, with a median estimate of RMB 32.55 billion, reflecting a significant year-on-year increase of 486% [5]. - The company continues to benefit from the high-end product trend in the CIS (Camera Image Sensor) market, particularly in high-end smartphones and automotive applications, which is expected to drive revenue and margin growth [5]. - The company is actively optimizing its product and supply chain structure, contributing to a gradual recovery in gross margin [5]. Financial Forecast Adjustments - The revenue forecast for 2024 has been adjusted to RMB 256.2 billion from RMB 262.1 billion, and the basic earnings per share (EPS) has been slightly lowered to RMB 2.69 from RMB 2.82 [1][4]. - For 2025, the revenue forecast is adjusted to RMB 300.9 billion, with a maintained gross margin prediction of 32.2% and a slight decrease in EPS to RMB 3.65 from RMB 3.70 [1][4]. - The report outlines a consistent growth trajectory in revenue and net profit over the next few years, with projected revenues of RMB 35.22 billion by 2026 [9][10]. Market Performance - The stock has shown a year-to-date change of 2.15% and has a market capitalization of approximately RMB 127.92 billion [3]. - The stock's 52-week high and low are RMB 117.92 and RMB 79.22, respectively, indicating a significant range of price movement over the past year [3].

Investment Rating - The investment rating for the company is maintained as "Buy" [5][10] Core Views - The company is expected to achieve significant revenue growth in 2024, with projected revenue between 25.408 billion to 25.808 billion yuan, representing a year-on-year increase of 20.87% to 22.78%. The net profit attributable to shareholders is expected to be between 3.155 billion to 3.355 billion yuan, showing a remarkable growth of 467.88% to 503.88% [1][10] - The growth in performance is primarily driven by the continuous penetration of the company's CIS products in the high-end smartphone market and the automotive autonomous driving application market, leading to a steady increase in market share and significant improvements in revenue and gross margin [1][10] Summary by Sections Financial Performance - For Q4 2024, the company anticipates revenue of 6.5 billion to 6.9 billion yuan, a year-on-year growth of 9.44% to 16.18%. The net profit attributable to shareholders is expected to be between 780 million to 980 million yuan, reflecting a year-on-year increase of 316.64% to 423.47% [2] - The company forecasts a gross margin recovery due to proactive product and supply chain optimization [1] Automotive Sector - The demand for automotive CIS is expected to grow steadily with the acceleration of smart driving technology, leading to an increase in the number of CIS per vehicle. The company has introduced advanced automotive CIS solutions, including the first 12MP sensor for high-end applications, which is expected to enter mass production in Q3 2025 [3] - The company is also collaborating with Philips to develop a driver health monitoring solution for in-car applications [3] Smartphone Sector - The company has completed its product lineup for high-end smartphone rear cameras, with its OV50H sensor gaining traction in the domestic market. The global first smartphone CIS using TheiaCel™ technology is expected to enhance its market position [4] - The company is actively expanding into the telephoto and secondary camera markets, with a new 50MP sensor set to launch in August 2024 [4] Emerging Markets - The company is well-positioned to capitalize on the growing demand for CIS in emerging markets such as smart glasses and AR/VR devices, leveraging its technological advantages in low power consumption and compact design [8] Financial Projections - The company projects revenues of 25.5 billion, 30.6 billion, and 35.497 billion yuan for 2024, 2025, and 2026 respectively, with corresponding growth rates of 21.3%, 20.0%, and 16.0%. The net profit attributable to shareholders is expected to reach 3.27 billion, 4.505 billion, and 5.661 billion yuan for the same years, with growth rates of 488.5%, 37.8%, and 25.7% respectively [9][10]

Investment Rating - The report maintains a "BUY" rating for Willsemi, with a target price (TP) of RMB130, indicating a potential upside of 21.9% from the current price of RMB106.65 [1][3]. Core Insights - Willsemi is expected to experience significant revenue growth of 20.9% to 22.8% year-over-year (YoY) for FY24, driven by increased penetration of CIS products in high-end smartphones and autonomous driving technologies [1]. - The net profit for FY24 is projected to be between RMB3.2 billion and RMB3.4 billion, representing a remarkable YoY increase of 468% to 504% [1]. - The company is anticipated to benefit from domestic consumer subsidy plans and the rapid expansion of key markets such as electric vehicles (EVs), edge AI, and robotics [1]. Financial Performance Summary - Revenue is expected to grow from RMB21.021 billion in FY23 to RMB26.295 billion in FY24, reflecting a YoY growth of 25.1% [2]. - The gross margin is projected to improve from 21.8% in FY23 to 29.8% in FY24 [2]. - Net profit is forecasted to increase significantly from RMB556 million in FY23 to RMB3.368 billion in FY24, marking a growth of 506.2% [2]. - Earnings per share (EPS) is expected to rise from RMB0.47 in FY23 to RMB2.83 in FY24, indicating a growth of 502.2% [2]. Market Dynamics - The report highlights that Willsemi's market share in the global CIS market reached 11% in 2023, with expectations for continued expansion [1]. - The company is positioned to benefit from the increasing number of cameras used in vehicles for safety, with projections indicating that vehicles may commonly utilize 10 or more cameras [1]. - The smartphone CIS segment is expected to grow significantly due to China's new consumer subsidy plan, which offers incentives for purchasing smartphones priced below RMB6,000 [1]. Valuation Metrics - The stock is currently trading at an estimated P/E ratio of 38x for FY24 and 26x for FY25, with a forecasted EPS growth exceeding 40% for 2025 [1][7]. - The target price of RMB130 corresponds to a P/E of 31.7x for FY25 [1].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside in the stock price [7][10]. Core Insights - The company is expected to achieve record-high revenue in 2024, with a projected growth of over 20%, driven by its success in the high-end smartphone market and the automotive autonomous driving sector. Net profit is anticipated to increase nearly fivefold [7][10]. - The demand for AIOT products, including smart glasses, is expected to boost the company's growth potential in the image sensor market. The company is well-positioned to benefit from this trend due to its technological expertise [10]. - The projected net profits for 2024-2026 are RMB 32.4 billion, RMB 43.1 billion, and RMB 52.1 billion, respectively, with significant year-over-year growth rates [10][12]. Company Overview - The company operates in the electronics industry, specifically focusing on semiconductor design (86.5% of product mix) and component agency sales (13.5%) [3]. - As of January 21, 2025, the company's stock price was RMB 106.65, with a market capitalization of RMB 129.7 billion [2]. - Major shareholders include Yu Renrong, holding 27.44% of the shares [2]. Financial Performance - The company forecasts 2024 revenue between RMB 254 billion and RMB 258 billion, representing a year-on-year increase of 20.9% to 22.8%. Net profit is expected to be between RMB 31.6 billion and RMB 33.6 billion, reflecting a growth of 4.7 to 5 times compared to the previous year [10]. - The earnings per share (EPS) for 2024 is projected at RMB 2.66, with a corresponding price-to-earnings (P/E) ratio of 40.08 [12]. Market Position - The company has a significant presence in the semiconductor design sector, which is expected to expand further with the increasing demand for image sensors in various applications, including AI glasses [10]. - Institutional investors hold 13.1% of the circulating A-shares, indicating a level of confidence in the company's prospects [4].