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].

Financial Projections - The company expects a net profit attributable to shareholders for 2024 to be between 315,529.74 million and 335,529.74 million yuan, representing an increase of 467.88% to 503.88% year-on-year [4]. - The projected net profit attributable to shareholders after deducting non-recurring gains and losses is estimated to be between 297,304.61 million and 317,304.61 million yuan, reflecting a year-on-year increase of 2,054.23% to 2,199.15% [6]. - The anticipated operating revenue for 2024 is expected to be between 2,540,838.38 million and 2,580,838.38 million yuan, which is an increase of 20.87% to 22.78% compared to the previous year [8]. - The net profit for the same period last year was 55,562.39 million yuan, and the operating revenue was 2,102,064.16 million yuan [10]. Business Performance Factors - The significant growth in revenue and gross margin is attributed to the company's image sensor products penetrating the high-end smartphone and automotive autonomous driving markets [12]. - The company has implemented product structure optimization and supply chain optimization to better cope with industry fluctuations, leading to a gradual recovery in product gross margin [12]. Cautionary Notes - The forecast data is preliminary and has not been audited by an accounting firm, and investors are advised to be cautious of investment risks [13][14].

Group 1 - The core point of the article is that Weier Co., Ltd. (603501) expects a significant increase in net profit for 2024, projecting a range of 3.155 billion to 3.355 billion yuan, which represents a year-on-year increase of 467.88% to 503.88% [1] - The company's image sensor products are gaining market share in the high-end smartphone and automotive autonomous driving sectors, contributing to substantial revenue growth and a record high in operating income [1] - The company is actively optimizing its product and supply chain structures to better respond to industry fluctuations, leading to a gradual recovery in product gross margins and a notable overall performance improvement [1]

| 证券代码：603501 | 证券简称：韦尔股份 | 公告编号：2025-004 | | --- | --- | --- | | 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 关于可转债转股及股权激励计划自主行权结果 暨股份变动公告 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： 可转债转股情况：上海韦尔半导体股份有限公司（以下简称"公司"）截 至 2024 年 12 月 31 日，累计共有 7,175,000 元"韦尔转债"转换为公司股票，累 计因转股形成的股份数量为 32,438 股，占"韦尔转债"转股前公司已发行股份总 额的 0.0037%。其中，2024 年第四季度，转股金额为 95,000 元，因转股形成的 股份数量为 578 股。截至 2024 年 12 月 31 日，尚未转股的"韦尔转债"金额为 2,432,821,000 元，占可转债发行总额的 99.71%。 期权自主行权情况：2024 年第四季度，公司股票期权激励计划通过自主 行权方式已在中国证券登记结 ...

关于公开发行可转换公司债券募投项目结项并将节余募集 资金永久补充流动资金的公告 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： 鉴于上海韦尔半导体股份有限公司（以下简称"公司"）公开发行可转换 公司债券（以下简称"可转债"）"晶圆彩色滤光片和微镜头封装项目"已实施完 成并达到预计可使用状态，"晶圆彩色滤光片和微镜头封装项目"结项后，公司可 转债募投项目全部实施完毕并结项。 截至 2024 年 12 月 30 日，公司可转债募投项目节余募集资金合计 38,036.44 万元（含利息收入，实际金额以资金转出当日专户余额为准），占本次 募集资金净额的 15.93%，公司拟将上述节余募集资金永久补充流动资金。 本事项已经公司第六届董事会第四十次会议、第六届监事会第二十九次 会议审议通过，根据《上海证券交易所上市公司自律监管指引第 1 号——规范运 作》的相关规定，本事项尚需提交至公司股东大会审议。 | 证券代码：603501 | 证券简称：韦尔股份 | 公告编号：2025-001 | | --- | --- | --- ...

| 证券代码：603501 | 证券简称：韦尔股份 | 公告编号：2025-002 | | --- | --- | --- | | 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 第六届董事会第四十次会议决议公告 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。 一、董事会会议召开情况 上海韦尔半导体股份有限公司（以下简称"公司"）第六届董事会第四十次会 议于 2024 年 12 月 31 日以现场结合通讯方式召开，会议于 2024 年 12 月 26 日 以通讯方式向全体董事进行了通知。会议应出席董事 9 名，实际出席董事 9 名。 本次会议由公司董事长虞仁荣先生主持，公司监事和高级管理人员列席了本次会 议。本次会议的召集和召开符合《公司法》等有关法律、行政法规、部门规章、 规范性文件和《公司章程》的相关规定，会议形成的决议合法、有效。 二、董事会会议审议情况 表决结果：9 票同意，0 票反对，0 票弃权。 具体内容详见公司同日在上海证券交易所网站（http://www.sse.com.cn ...

| 证券代码：603501 | 证券简称：韦尔股份 | 公告编号：2025-003 | | --- | --- | --- | | 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（以下简称"公司"）第六届监事会第二十九次 会议于 2024 年 12 月 31 日以现场结合通讯方式召开，会议通知已于 2024 年 12 月 26 日通过通讯方式送达各位监事。本次会议由监事会主席韩杰先生主持，会 议应到监事 3 人，实到监事 3 人。本次会议的召集和召开符合《公司法》等有关 法律、行政法规、部门规章、规范性文件和《公司章程》的有关规定，会议形成 的决议合法、有效。 二、监事会会议审议情况 （一）审议通过《关于公开发行可转换公司债券募投项目结项并将节余募集 资金永久补充流动资金的议案》 公司募投项目已实施完成并达到预定可使用状态，本次募投项目结项并将节 余募集资金永久补充流动资金，有利于提高募集资金的使用效率，降低财务成本， 符合公司实际经营情况，符合中国证券监督管理委员会、上海证券交易所关于上 市公司募集资金使用的有关规定，决策程序合法、合规，不存在损害公司及全体 股东，特别是 ...

Group 1: Market Position and Growth - The company is one of the top three global suppliers of CMOS image sensors, maintaining long-term stable partnerships with downstream clients, leading to a significant market share in various niche applications [6]. - The automotive electronics sector is one of the fastest-growing markets for the company, driven by increasing demand for high-end image sensors in smart driving cameras [3]. - The company has achieved a notable breakthrough in the high-end smartphone market, with its 50 million pixel series products widely adopted in mainstream high-end smartphones in China [10]. Group 2: Product Development and Innovation - The company has over 4,800 global patents, establishing a strong intellectual property protection barrier for its product lines [6]. - Continuous investment in R&D is prioritized to enhance product upgrades and the development of new products, ensuring the company remains competitive in the semiconductor industry [7]. - The company plans to launch several high-end products, including higher pixel and low-power long-focus products, to enrich its product line and improve profitability [10]. Group 3: Financial Performance and Strategy - The company has seen a significant improvement in revenue from the smartphone market due to successful inventory destocking and proactive product structure adjustments [10]. - The average gross margin has shown a noticeable improvement, attributed to successful inventory management and ongoing optimization of product and supply chain structures [6]. - The company aims to maintain a relatively stable gross margin while enhancing overall profitability through cost reduction and efficiency improvements [6].

重要内容提示： | 证券代码：603501 | 证券简称：韦尔股份 | 公告编号：2024-107 | | --- | --- | --- | | 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。 | 剩余被质押股份数量（股） | 180,848,400 | | --- | --- | | 剩余被质押股份数量占其所持股份比例 | 54.23% | | 剩余被质押股份数量占公司总股本比例 | 14.87% | 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%；本次解除质押情况变 动后，虞仁荣先生剩余累计质押股份为 180,848,400 股，占其持股比例的 54.23%。 公司控股股东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， ...

上海韦尔半导体股份有限公司 | 证券代码：603501 | 证券简称：韦尔股份 | 公告编号：2024-106 | | --- | --- | --- | | 转债代码：113616 | 转债简称：韦尔转债 | | 关于参与投资私募股权投资基金的公告 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个别及连带责任。 重要内容提示： 投资标的名称：宁波甬欣韦豪四期半导体产业投资合伙企业（有限合伙） （以下简称"基金"或"合伙企业"） 投资金额：上海韦尔半导体股份有限公司（以下简称"公司"）全资企 业绍兴韦豪企业管理咨询合伙企业（有限合伙）（以下简称"绍兴韦豪"）作为 有限合伙人以现金方式出资人民币 69,300 万元认购该基金的基金份额。 本次交易不构成关联交易，不构成重大资产重组。 特别风险提示： （一）由于基金具有投资周期长、流动性较低等特点，在投资过程中将受 宏观经济、行业周期、投资标的公司经营管理等多种因素影响，可能存在因决 策或行业环境发生重大变化，导致投资项目不能实现预期收益的风险。 （二）绍兴韦豪对该基金的认缴出资总额占比为 ...