Investment Rating - The investment rating for the company is "Outperform the Market" [2][13]. Core Views - The company reported a significant increase in net profit by 545% year-on-year for the first three quarters, driven by growth in high-end smartphones and the automotive market [1]. - Revenue for the first three quarters reached 18.908 billion yuan, representing a year-on-year growth of 25.38% [1]. - The third quarter saw record-high revenue of 6.817 billion yuan, with a year-on-year increase of 9.55% and a quarter-on-quarter increase of 5.73% [1]. - The gross margin for the first three quarters was 29.61%, an increase of 8.33 percentage points year-on-year, indicating a recovery in profitability due to product structure optimization and cost control [1]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a net profit of 2.375 billion yuan, up 544.74% year-on-year, and a non-recurring net profit of 2.293 billion yuan, up 1665.81% [1]. - The company expects revenue to grow to 27.145 billion yuan in 2024, 32.224 billion yuan in 2025, and 37.353 billion yuan in 2026, with adjusted net profit forecasts of 3.367 billion yuan, 4.541 billion yuan, and 5.730 billion yuan respectively [1][3]. Market Position - The company is making strides in the high-end smartphone market with its 1.2um 50 million pixel image sensor OV50H, which is increasingly replacing foreign competitors [1]. - In the automotive electronics sector, the demand for in-car CIS (Camera Image Sensor) is growing, with the company expanding its market share through advanced solutions for various automotive applications [1]. Future Outlook - The report maintains an "Outperform the Market" rating, highlighting confidence in the company's ongoing product upgrades and diversification efforts, particularly in high-end smartphones and automotive applications [1].

Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Views - The company reported a significant improvement in profitability for the third quarter, with total revenue reaching 18.908 billion yuan, a year-on-year increase of 25.38%. The net profit attributable to shareholders was 2.375 billion yuan, reflecting a remarkable year-on-year growth of 544.74% [4][5]. - The company's third-quarter revenue reached a historical high of 6.817 billion yuan, with a year-on-year growth of 9.55% and a quarter-on-quarter increase of 5.73%. The net profit attributable to shareholders for the third quarter was 1.008 billion yuan, showing substantial improvement [4][5]. - The increase in profitability is attributed to the recovery in industry demand and the company's expanding product lineup in the high-end smartphone market, as well as its competitive advantages in the automotive CIS market [5][6]. Summary by Sections Financial Performance - For the third quarter, the company achieved total revenue of 68.17 billion yuan, a year-on-year increase of 9.55% and a quarter-on-quarter increase of 5.73%. The net profit attributable to shareholders was 10.08 billion yuan, with a significant year-on-year improvement [4][5]. - The gross margin for the third quarter was 30.44%, indicating a stable upward trend [5]. Market Position and Growth Potential - The company is a major player in the global high-end flagship smartphone CIS market, with its 50M pixel series products gradually being adopted by domestic Android manufacturers, leading to a significant market share increase [5][6]. - In the automotive CIS market, the demand is expected to grow rapidly as high-end smart driving camera configurations penetrate mid-to-low-priced models. The company is well-positioned to benefit from the wave of automotive intelligence [5][6]. Future Outlook - The company is developing a comprehensive semiconductor blueprint that includes CIS, TDDI, discrete devices, power management ICs, and LCOS. It is expected to benefit from industry expansion and its competitive advantages [6]. - The projected EPS for the company for 2024, 2025, and 2026 is 2.84 yuan, 3.72 yuan, and 4.66 yuan, respectively, maintaining a "Buy" rating [6].

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 153.13 CNY [2][4]. Core Views - The company has achieved record high revenue and profit in Q3, with a steady recovery in the consumer market and an increasing market share in high-end CIS solutions [2][4]. - The company is a leader in the domestic image sensor market, with an upward revision of EPS for 2024-2026 to 2.63, 3.58, and 4.55 CNY respectively [4]. Financial Performance - For the first three quarters of 2024, the company reported revenue of 18.908 billion CNY, a year-on-year increase of 25.38%, and a net profit attributable to shareholders of 2.375 billion CNY, up 544.74% year-on-year [4]. - In Q3 2024 alone, the company achieved revenue of 6.817 billion CNY, representing a year-on-year growth of 9.55% and a quarter-on-quarter increase of 5.73% [4]. - The gross margin for the first three quarters of 2024 was 29.61%, an increase of 8.33 percentage points compared to the same period in 2023 [4]. Market Position and Strategy - The company is deepening its focus on CIS solutions, with significant advancements in various sectors: - In smartphones, the introduction of a 1.2um 50MP high-end image sensor has led to a substantial market share increase [4]. - In automotive electronics, the company’s CIS solutions cover multiple applications, contributing to a growing market presence [4]. - In security, the company is enhancing its high-end product offerings using Nyxel® near-infrared technology [4]. - In AR/VR, the company’s global exposure technology is leading in features like eye tracking and simultaneous localization and mapping (SLAM) [4]. Financial Forecast - The company’s revenue is projected to reach 26.98 billion CNY in 2024, with a year-on-year growth of 28.3% [8]. - The net profit attributable to shareholders is expected to be 3.188 billion CNY in 2024, reflecting a significant recovery from previous years [8].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1][8]. Core Insights - The company has shown steady growth across its main business segments, with a significant increase in revenue and profit margins in the first three quarters of 2024. Revenue reached 18.908 billion yuan, up 25.38% year-on-year, while net profit attributable to shareholders surged by 544.74% to 2.375 billion yuan [3][4]. - The demand in the smartphone and smart driving markets is recovering, leading to improved profitability. The company has optimized its product and supply chain structures, resulting in a gross margin of 29.61%, an increase of 8.33 percentage points year-on-year [4][5]. - The introduction of high-end camera products is progressing well, with the company being a leading player in the CIS market. The high-end image sensor OV50H has been widely adopted in mainstream high-end smartphones, enhancing the company's market share and profitability [5][6]. Summary by Sections Financial Performance - In Q3 2024, the company achieved a revenue of 6.817 billion yuan, a year-on-year increase of 9.55%, and a net profit of 1.008 billion yuan, up 368.33% year-on-year [3][4]. - The company forecasts revenues of 26.546 billion yuan, 31.291 billion yuan, and 36.967 billion yuan for 2024, 2025, and 2026 respectively, with net profits projected at 2.982 billion yuan, 4.319 billion yuan, and 5.510 billion yuan [6][9]. Market Position - The company is positioned as a leading semiconductor design firm globally, with a strong focus on high-end smartphone markets and the automotive sector's autonomous driving applications [6][9]. - The automotive market is experiencing growth, with global car sales reaching 51.14 million units in the first seven months of 2024, of which 8.86 million were new energy vehicles, representing a market share of 17.3% [5][6].

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index within the next six months [17]. Core Insights - The company has achieved significant breakthroughs in high-end smartphone CIS and is continuously increasing its market share in the automotive CIS sector. The revenue for the first three quarters of 2024 reached 18.908 billion yuan, a year-on-year increase of 25.38%, with a net profit of 2.375 billion yuan, reflecting a substantial year-on-year growth of 544.74% [2][7]. - The global CIS market is projected to grow from 18.1 billion USD in 2022 to 25.2 billion USD by 2027, with a compound annual growth rate (CAGR) of 6.8%. The automotive CIS market is expected to grow at a much faster rate of 20.6% CAGR during the same period [4]. Summary by Sections Financial Performance - For Q3 2024, the company reported a revenue of 6.817 billion yuan, a year-on-year increase of 9.55% and a quarter-on-quarter increase of 5.73%. The net profit for the same quarter was 1.008 billion yuan, showing a year-on-year increase of 368.33% and a quarter-on-quarter increase of 24.60% [2][3]. - The gross margin for the first three quarters of 2024 was 29.61%, an increase of 8.33% year-on-year, while the net margin was 12.51%, up 10.12% year-on-year [3]. Market Position and Product Development - The company has enhanced its product matrix in the high-end smartphone CIS market, achieving significant market share improvements with products like the 50 million pixel OV50H sensor. In the automotive sector, the company is expanding its offerings in advanced driver-assistance systems (ADAS) and other applications [4][5]. - The company is also advancing its analog products and display solutions for the automotive market, which are expected to drive future revenue growth [6]. Revenue and Profit Forecast - The projected revenues for 2024, 2025, and 2026 are 26.225 billion yuan, 32.062 billion yuan, and 37.027 billion yuan, respectively. The expected net profits for the same years are 3.272 billion yuan, 4.349 billion yuan, and 5.256 billion yuan, with corresponding earnings per share (EPS) of 2.69 yuan, 3.58 yuan, and 4.33 yuan [7][8].

韦尔股份（603501）2024年三季报点评 24Q3季度收入创新高,高端战略引领重 返成长轨道 2024 年 10 月 30 日 【投资要点】 消费市场进一步回暖,高端产品战略起效。2024年10月26日,韦尔 股份公告 2024年三季报,2024年前三季度公司实现营业收入 189.08 亿元,同比增长 25.38%;实现归母净利润 23.75 亿元,同比增长 544. 74%。就 2024年第三季度来看,公司实现营业总收入 68. 17 亿元, 创单季收入历史新高,同比增长 9.55%,环比增长 5.73%;实现归母 净利润 10.08 亿元，同比增长 368.33%，环比增长 24.60%。受到产品 结构优化以及成本控制等因素影响,公司产品毛利率逐步恢复,盈利 能力改善,2024 前三季度公司综合毛利率为 29.61%,同比提升 8.33pcts,其中 2024Q3 毛利率为 30.44%,同比提升 8.66pcts, 环比 提升 0. 20pct。 智能手机市场持续回暖,高端产品导入。根据 IDC 国际数据公司, 2024 � 年第三季度,全球智能手出货量达到 3.161 亿部,同比增长 4.0%,已 ...

证券研究报告·公司点评报告·半导体 韦尔股份（603501） 2024 年前三季度业绩点评：单季营收再创新 高，盈利能力持续提升 2024 年 10 月 29 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|---------|---------|----------|----------|----------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 20078 | 21021 | 27064 | 33803 | 38769 | | 同比（ % ） | (16.70) | 4.69 | 28.75 | 24.90 | 14.69 | | 归母净利润（百万元） | 990.31 | 555.62 | 3,371.31 | 5,048.77 | 6,445.32 | | 同比（ % ） | (77.88) | (43.89) | 506.76 | 49.76 | 27.66 | | EP ...

浦银国际研究 浦银国际 公司研究 CNY 107.0 CNY 162.0 CNY 111.8 CNY 130.8 韦尔股份 （603501.CH） 公司研究 | 半导体行业 韦尔股份（603501.CH）：三季度业绩 符合盈利预告，手机业务和汽车业 务均维持增长动能 我们略微调整韦尔股份 2024 年、2025 年盈利预测，并调整目标价至 人民币 130.8 元，潜在升幅 17%，维持"买入"评级。 • 重申韦尔股份的"买入"评级：韦尔股份三季度业绩符合我们此前对 于公司处于半导体周期上行的判断，也符合公司此前的业绩预告。公 司三季度收入增速、毛利率、净利润增速均取得同比增长，并且利润 增速显著高于收入增速，基本面周期持续上行。从业务板块来看，韦 尔的手机 CIS 份额持续提升，我们预计明年该业务在产能扩张支持下 仍有确定性较高的增长空间，并且手机 CIS 毛利率有望维持在 30%以 上。公司的汽车 CIS 业务受益于新能源车及智驾渗透率快速提升，收 入增速确定性较高，毛利率稳定在 40%以上，有望在 2025 年维持该势 头表现。从未来 2-3 年的时间维度看，显示驱动业务和车规类模拟等 新产品业务都有望看 ...

交银国际研究 公司更新 收盘价 目标价 潜在涨幅 人民币 111.78 人民币 133.00 +19.0% 科技 2024 年 10 月 28 日 韦尔股份 (603501 CH) 3Q24 业绩高增长，多领域发力打开长期增长空间 3Q24 营收继续创历史新高，盈利能力持续改善。3Q24 营收为 68.2 亿元 （人民币，下同），再创历史新高，同比增长 10%，环比增长 6%，主要 来自下游需求回暖。伴随公司在高端智能手机市场的产品导入和在汽车自 动驾驶领域的持续渗透，3Q24 毛利率达 30.4%，同比增长 8.7 个百分点， 环比增长 0.2 个百分点，毛利率已连续五个季度环比增长，主要得益于产 品结构优化以及对供应链成本的良好控制能力。 智能手机 CIS 高端化进展显著，积极布局副摄，有望进一步提升份额。公 司 OV50H 已进入华为、小米等国内主流品牌旗舰机型主摄供应商名单。 公司 OV50K 作为全球首款采用 TheiaCel™技术的智能手机 CIS，首发搭载于 荣耀 Magic 6 至臻版/RSR 保时捷版的主摄。管理层在业绩会表示，明年会 密集推出200MP、50MP等高端产品，有望进一步提升其 ...

报告摘要 事件：公司发布 2024 年三季报： 1）前三季度：收入 189.1 亿元，同比+25.4%；归母净利润 23.8 亿元，同比+544.7%； 扣非归母净利润 22.9 亿元，同比+1665.8%。毛利率 29.6%，同比+8.3pct；净利率 12.5%，同比+10.1pct。 2）24Q3：收入 68.2 亿元，同比+9.6%，环比+5.7%；归母净利润 10.1 亿元，同比 +368.3%，环比+24.6%；扣非归母净利润 9.2 亿元，同比+341.0%，环比+14.3%。 毛利率 30.4%，同比+8.7pct，环比+0.2pct；净利率 14.8%，同比+11.3pct，环比+2.2pct。 基本状况 总股本(百万股) 1,214.43 流通股本(百万股) 1,214.43 市价(元) 111.78 市值(百万元) 135,748.65 流通市值(百万元) 135,748.65 韦尔股份（603501.SH） 半导体 证券研究报告/公司点评报告 2024 年 10 月 26 日 Q3 业绩继续高增，α增长持续兑现 | --- | --- | --- | --- | --- | --- | ...