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 | --- | --- | --- | --- | --- | --- | ...

证券代码：603501 证券简称：韦尔股份 上海韦尔半导体股份有限公司 投资者交流活动记录表 | --- | --- | |---------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Summary of the Conference Call Company Overview - The conference call is regarding Weir Co., Ltd. (维尔股份), focusing on their Q3 2024 earnings report and future outlook. Key Financial Highlights - For the first three quarters of 2024, Weir Co. achieved a revenue of **18.908 billion** (同比增长 25.38%) and a net profit of **2.375 billion** (同比增长 544.74%) [1][2]. - The net profit excluding non-recurring items reached **2.293 billion**, marking a nearly **17-fold** increase year-over-year [2]. - In Q3 alone, the revenue was **6.817 billion**, up **9.55%** year-over-year and **5.73%** quarter-over-quarter, setting a new record for Q3 revenue [2]. - The gross margin for the first three quarters was **29.61%**, an increase of **8.33 percentage points** year-over-year, with Q3 gross margin at **30.44%** [2][3]. Business Segments and Growth Drivers - The company is seeing significant growth in the smartphone and automotive sectors, with a focus on high-end products and advanced technology [1][3]. - The smartphone market share has improved significantly, driven by product diversification and high-end product offerings [2][3]. - In the automotive sector, the penetration of advanced driver-assistance systems (ADAS) is increasing, with more vehicles now equipped with multiple cameras, expanding the market potential [5][6]. R&D and Innovation - R&D investment for the first three quarters was **1.927 billion**, up **23.38%** year-over-year, reflecting the company's commitment to innovation [3]. - The company is focusing on machine vision applications and optimizing its product structure to enhance profitability [3][4]. Market Competition and Strategy - The management discussed competition from major players like Samsung and Sony, emphasizing the need for continuous innovation and product launches to maintain market share [4][5]. - The company plans to launch several high-end products in the coming year, including advanced camera systems for smartphones [4][5]. - The automotive market is expected to see a significant increase in demand for camera systems, with projections indicating that vehicles priced around **100,000** to **150,000** will increasingly adopt advanced camera technologies [5][6]. Financial Management - The company has effectively managed its financial expenses, with a notable decrease in financial costs by **3.49 billion** year-over-year [3]. - Cash flow from operating activities was **3.245 billion**, although this was a **40%** decrease from the previous year due to normalization of inventory levels [3]. Future Outlook - The management expressed confidence in achieving sustained growth, particularly in the automotive sector, where they anticipate a significant increase in camera system adoption [6][11]. - The company is preparing for a potential surge in demand in 2025 and 2026, with expectations of improved profitability from new product lines [14][19]. Additional Insights - The management highlighted the importance of proprietary technology and IP development as key competitive advantages in the market [19]. - There is a focus on maintaining a healthy balance sheet and optimizing production costs to enhance gross margins [3][19]. This summary encapsulates the key points discussed during the conference call, providing insights into Weir Co.'s financial performance, market strategies, and future growth prospects.

603501.SH 买入 原评级：买入 市场价格:人民币 111.78 板块评级:强于大市 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 8.5 28.6 8.5 9.4 (23%) (15%) (7%) 0% 8% 16% Oct-23Nov-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24Sep-24Oct-24 韦尔股份 上证综指 相对上证综指 (2.9) 14.6 (5.8) (1.5) | --- | --- | |-------------------------------|------------| | | | | 发行股数 ( 百万 ) | | | 流通股 ( 百万 ) | | | 总市值 ( 人民币 百万 ) | | | 3 个月日均交易额 ( 人民币 | 百万 ) | | 主要股东 | | | 虞仁荣 | | | 资料来源：公司公告， Wind | ，中银证券 | 以 2024 年 10 月 25 日收市价为标准 中银国际证券股份有限公司 具备证券投资咨询业务资格 电子：半导体 证券分析师：苏凌瑶 lingyao. ...

Investment Rating - Buy rating maintained for the company [2] Core Views - The company achieved record-high revenue in Q3 2024, driven by strong performance in the mobile CIS (CMOS Image Sensor) business [2] - Revenue for Q1-Q3 2024 reached 18.908 billion yuan (YoY +25.38%), with net profit attributable to the parent company at 2.375 billion yuan (YoY +544.74%) [2] - Q3 revenue was 6.817 billion yuan (YoY +9.55%, QoQ +5.73%), and net profit attributable to the parent company was 1.008 billion yuan (YoY +368.33%, QoQ +24.60%) [2] - The company is expected to launch new high-end products in 2025, including 200MP and 50MP CIS, further enhancing its product portfolio [2] Mobile CIS Business - The company has successfully entered the high-end mobile CIS market with products like OV50H and OV50K40, which are now integrated into flagship models from Xiaomi and Huawei [2] - A new small-pixel product, OV50M40, is expected to be launched next year, targeting the telephoto lens market and expanding coverage across various camera modules [2] - The company's technological advantages are expected to help it capture a larger market share in the mobile CIS segment [2] Automotive CIS Business - The company has a strong foothold in the automotive CIS market, with over a decade of experience and technological expertise [2] - The launch of OX02D10, a 2MP product with low power consumption and high performance, is suitable for ADAS, DVR, and in-cabin applications [2] - The company is well-positioned to benefit from the increasing adoption of autonomous driving technologies, which will drive demand for higher-resolution CIS in vehicles [2] Financial Projections - Revenue for 2024 and 2025 is projected to be 26.110 billion yuan and 31.940 billion yuan, respectively [2] - Net profit attributable to the parent company is expected to reach 3.235 billion yuan in 2024 and 4.378 billion yuan in 2025 [2] - EPS is forecasted to be 2.66 yuan/share in 2024 and 3.60 yuan/share in 2025, with corresponding P/E ratios of 42x and 31x [2] Market Position and Valuation - The company's current stock price is 111.78 yuan, with a 6-month target price of 111.78 yuan [4] - The company's market capitalization is 135.749 billion yuan, with a total of 1.214 billion shares outstanding [4] Historical Performance - The company's stock price has shown significant volatility over the past year, with a 22% decline at its lowest point and a 21% increase at its peak [5] - The company's revenue and net profit have shown strong growth, with Q3 2024 revenue reaching 6.817 billion yuan, a 9.55% YoY increase [2] Industry Trends - The semiconductor and semiconductor production equipment industry is experiencing growth, driven by advancements in mobile and automotive CIS technologies [2] - The increasing adoption of autonomous driving technologies is expected to further boost demand for high-resolution CIS in the automotive sector [2]

446 | --- | --- | --- | --- | --- | |--------------------------------------------------------------------------------------------|----------------|-----------------------------------------|----------------------------------|----------------| | 2024 年 10 月 27 日 \n韦尔股份（ 603501.SH ） | | | 公司研究●证券研究报告 | 公司快报 | | | | | 电子 \| | 集成电路Ⅲ | | 24Q3 营收续创新高，多领域发力拓宽增长空间 | 投资评级 | | 买入 | -A(维持) | | 投资要点 | 股价 | (2024-10-25) | | 111.78 元 | | 2024 年 10 月 25 日，韦尔股份发布 2024 年第三季度报告。 | 交易数据 | | | | | 手机 & 汽车领域齐发力，助力业绩显著增长 | | 总市值（ ...

| 证券代码：603501 | 证券简称：韦尔股份 | 公告编号：2024-090 | | --- | --- | --- | | 转债代码：113616 | 转债简称：韦尔转债 | | 关于 2024 年前三季度计提资产减值准备的公告 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。 为更加真实、准确地反映上海韦尔半导体股份有限公司（以下简称"公司"） 截至 2024 年 9 月 30 日的资产状况和 2024 年前三季度的经营成果，根据《企业 会计准则》和公司会计政策相关规定，基于谨慎性原则，公司对截至 2024 年 9 月 30 日合并报表范围内可能存在减值迹象的相关资产计提了相应的减值准备。 现将相关情况公告如下： 一、资产减值准备的计提概况 根据《企业会计准则》和公司相关会计政策，公司对截至 2024 年 9 月 30 日 的各项资产进行了减值迹象的识别和测试，并根据识别和测试的结果，计提了相 关资产的减值准备。公司2024年1-9月对各项资产计提减值准备合计为24,147.20 万元，具体情况如下表。 单位：万元 | ...

二、董事会会议审议情况 | 证券代码：603501 | 证券简称：韦尔股份 公告编号：2024-088 | | --- | --- | | 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 （一）审议通过《2024 年第三季度报告》 第六届董事会第三十八次会议决议公告 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"）第六届董事会第三十八次 会议于 2024 年 10 月 25 日以现场结合通讯方式召开，会议于 2024 年 10 月 18 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。 动的，公司拟维持每股分配金额不变，相应调整分配总额。 本议案已经公司董事会审计和关联交易控制委员会审议通 ...

| 证券代码：603501 | 证券简称：韦尔股份 | 公告编号：2024-087 | | --- | --- | --- | | 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 2024 年中期利润分配方案公告 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"）2024 年度中期利润分 配方案：每 10 股派发现金红利 2.00 元（含税）。 本次利润分配以实施权益分派股权登记日的总股本扣除回购专户上已回 购股份后的总股数为基数，具体日期将在权益分派实施公告中明确。在实施权益 分派的股权登记日前公司总股本发生变动的，维持每股分配金额不变，相应调整 分配总额。 一、利润分配方案内容 根据公司 2024 年第三季度报告，公司 2024 年前三季度合并报表归属于上市 公司股东的净利润为人民币 2,375,297,360.17 元。根据公司第六届董事会第三十 八次会议决议，公司 2024 年度中期利润分配方案如下： 公司以实施权益分派股权 ...