证券研究报告·公司点评报告·半导体 韦尔股份（603501） 2024 年中报业绩点评：单季营收创新高，手 机+汽车驱动业绩持续高增 2024 年 08 月 23 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 | 3,371.46 | 5,049.89 | 6,446.45 | | 同比（ % ） | (77.88) | (43.89) | 506.79 | 49.7 ...

2024 年 8 月 23 日 招银国际环球市场 | 睿智投资 | 公司更新 韦尔股份 (603501 CH) 1H24 业绩稳健，CIS 业务持续复苏 韦尔股份公布了 2024 年上半年业绩。上半年收入同比增长 36.5%至 120 亿元人 民币，净利润较去年同期的低基数（1.53 亿元人民币）同比增长 790%至 13.7 亿元人民币。按季度来看，公司二季度收入为 64 亿元人民币（同比增长 42.5%，环比增长 14.2%，符合彭博一致预期），创历史新高。二季度净利润为 8.09 亿元人民币，环比增长 45.1%（2023 年二季度为净亏损）。公司二季度毛 利率提升至 30.2%（上季度和去年同期分别为 27.9%、17.3%）。毛利率的改善 表明公司业务正在稳步恢复。同时，得益于成本结构的持续优化，二季度净利润 率上升至 12.6%（上季度和去年同期分别为 9.9%、-1%）。管理层认为，公司 的强劲业绩主要得益于：1）2024 年上半年消费市场的逐步复苏；2）公司产品 在高端智能手机市场（尤其是国内安卓机型）上的份额提升、以及汽车 CIS 销 售的持续增长；3）产品组合优化推动毛利率改善。维持 "买 ...

Investment Rating - The report maintains a "Buy" rating for Willsemi, with a target price adjusted to RMB 115.39, based on a 2024E price-to-earnings ratio of 40.7 times [1][2]. Core Insights - Willsemi reported a robust performance in 1H24, with revenue increasing by 36.5% year-on-year to RMB 12 billion and net profit soaring by 790% to RMB 13.7 billion, attributed to improved consumer sentiment and growth in high-end smartphone and automotive CIS markets [1][2]. - The company's CIS sales in mobile, automotive, IoT, and medical sectors showed strong growth, with year-on-year increases of 78.5%, 53.0%, 77.8%, and 41.6% respectively, despite a decline in security and notebook sectors [1][2]. - The report anticipates a 15% growth in CIS sales for the second half of 2024, projecting an annual growth rate of 29% for the year [1]. Financial Summary - Revenue is projected to reach RMB 26.1 billion in FY24, with a year-on-year growth rate of 24.3%. The gross profit margin is expected to be 29.7% [3][9]. - Net profit for FY24 is estimated at RMB 3.37 billion, reflecting a significant year-on-year increase of 507.2% [3][9]. - The report indicates a gradual recovery in the touch/display business, with a forecasted return to growth starting in 2025 due to the introduction of low-power and automotive-grade products [2][3]. Market Performance - Willsemi's sales in the CIS segment for the first half of 2024 continued to show strong momentum, with a 49.8% year-on-year increase in sales to the CIS market [1][2]. - The report highlights the company's leading position in the market and ongoing market share growth, despite a challenging overall market environment [2][3].

22 Aug 2024 CMB International Global Markets | Equity Research | Company Update Willsemi (603501 CH) Solid 1H24 results with continued recovery in CIS business Willsemi released 1H24 results. Revenue increased by 36.5% YoY to RMB12bn, while net profit grew 790% YoY from a low base in 1H23 (RMB153mn) to RMB1.37bn in 1H24. On a quarterly basis, the company achieved a record revenue at RMB6.4bn in 2Q24 (42.5% YoY/14.2% QoQ, in line with consensus estimate). Q2 net profit was RMB809mn, up 45.1% QoQ (2Q23 was in ...

%% %% 丨证券研究报告丨 公司研究丨点评报告丨韦尔股份（603501.SH） [Table_Title] 需求回暖叠加高端放量，盈利能力大幅改善 报告要点 [Table_Summary] 2024 年 8 月 19 日，公司发布 2024 年半年度报告。报告期内公司实现营收 120.91 亿元，同比 增长 36.50%。实现归母净利润 13.67 亿元，同比增长 792.79%，扣非后归母净利润为 13.72 亿元，同比大幅增长。公司单二季度实现营业总收入 64.48 亿元，同比增长 42.55%，环比增 长 14.24%，创下历史新高，公司单二季度实现归母净利润 8.09 亿元，同比大幅改善。 分析师及联系人 [Table_Author] 杨洋 蔡少东 SAC：S0490517070012 SAC：S0490522090001 SFC：BUW100 请阅读最后评级说明和重要声明 韦尔股份（603501.SH） cjzqdt11111 2024-08-22 资料来源：Wind 相关研究 [Table_Title2] 需求回暖叠加高端放量，盈利能力大幅改善公司研究丨点评报告 [Table_Rank]投资评级 ...

证 券 2024 年 08 月 22 日 研 究 报 告 公 司 研 究 手机&汽车双轮驱动，盈利能力显著提升 —韦尔股份（603501.SH）公司事件点评报告 买入(维持) 事件 分析师：毛正 S1050521120001 maozheng@cfsc.com.cn 联系人：张璐 S1050123120019 zhanglu2@cfsc.com.cn | --- | --- | |----------------------|--------------| | 基本数据 | 2024-08-21 | | 当前股价（元） | 92.96 | | 总市值（亿元） | 1129 | | 总股本（百万股） | 1214 | | 流通股本（百万股） | 1214 | | 52 周价格范围（元） | 79.22-112.76 | | 日均成交额（百万元） | 930.42 | 市场表现 -20 -10 0 10 20 30 (%) 韦尔股份 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《韦尔股份（603501）：CIS "手机+车载"双驱动,24Q1 营收利 润大幅增长》2024-05-06 2、《韦尔股 ...

C o m p a n y U p d a t e 阿 2024 年 8 月 20 日 朱吉翔 C0044@capitalcom.tw 目标价(元) 110.00 公司基本资讯 | --- | --- | --- | |---------------------|--------|--------------| | 产业别 | | 电子 | | A 股价(2024/8/19) | | 89.70 | | 上证指数(2024/8/19) | | 2893.67 | | 股价 12 个月高/低 | | 115.71/75.82 | | 总发行股数(百万) | | 1214.43 | | A 股数(百万) | | 1214.43 | | A 市值(亿元) | | 1089.34 | | 主要股东 | | 虞仁荣(29.5 | | | | 2%) | | 每股净值(元) | | 17.68 | | 股价/账面净值 | | 5.07 | | | 一个月 | 一年 | | 股价涨跌(%) | | | 近期评等 | --- | --- | --- | |-----------|----------|-------| | 出 ...

集成电路 韦尔股份（603501.SH） 买入-A(维持) 图像传感器新品提升份额，手机汽车业务双轮驱动成长 2024 年 8 月 21 日 公司研究/公司快报 公司近一年市场表现 事件描述 公司公告 2024 年中报，公司实现营业收入 120.91 亿元，同比+36.50%， 归母净利润 13.67 亿元，同比+792.79%。2024 年二季度实现营业收入 64.48 亿元，同比+42.55%，环比+14.24%，归母净利润 8.09 亿元，同比+1869.21%。 事件点评 市场数据：2024 年 8 月 20 日 收盘价（元）： 92.28 年内最高/最低（元）： 115.89/75.94 流通A股/总股本（亿）： 12.14/12.14 流通 A 股市值（亿）： 1,120.67 总市值（亿）： 1,120.67 基础数据：2024 年 6 月 30 日 基本每股收益(元)： 1.14 摊薄每股收益(元)： 1.14 每股净资产(元)： 17.88 净资产收益率(%)： 6.26 资料来源：最闻 高宇洋 执业登记编码：S0760523050002 邮箱：gaoyuyang@sxzq.com 公司 2 ...

韦尔股份（603501.SH）2024 年半年报点评 CIS 业务高速成长，盈利能力显著改善 2024 年 08 月 21 日 ➢ 事件：韦尔股份 8 月 19 日晚发布 2024 年半年报，公司 2024 年上半年实 现收入 120.91 亿元（YoY+36.5%），归母净利润 13.67 亿元（YoY+792.79%）， 扣非归母净利润 13.72 亿元（同比扭亏）。对应 2Q24，公司实现收入 64.48 亿 元（YoY+42.55%，QoQ+14.24%），归母净利润 8.09 亿元（同比扭亏， QoQ+45.08%），扣非归母净利润 8.06 亿元（同比扭亏，QoQ+42.43%）。 ➢ CIS 业务高速成长，盈利能力显著改善。2024 年上半年，公司图像传感器 业务实现收入 93.12 亿元，占主营业务收入 77.15%，同比增长 49.9%，其中来 自智能手机、汽车电子、安防监控、新兴市场/物联网、医疗、笔记本电脑领域的 收入占比分别为 52%、31%、8%、4%、3%、2%，智能手机和汽车电子业务收 入分别同比高增 79%和 53%。受益于产品结构优化和供应链结构优化，公司毛 利率显著改善，2 ...

Financial Performance - In the first half of 2024, the company achieved a main business revenue of 12.07 billion CNY, an increase of 36.64% compared to the same period last year [2] - The net profit attributable to shareholders, excluding non-recurring gains and losses, reached 1.372 billion CNY, showing significant growth [2] - In Q2 2024, the company recorded a single-quarter revenue of 6.448 billion CNY, marking a historical high for a single quarter [2] Business Segments - Semiconductor agency sales generated revenue of 1.633 billion CNY, accounting for 13.53% of main business revenue, a growth of 13.40% year-on-year [2] - Semiconductor design business revenue was 10.418 billion CNY, representing 86.31% of main business revenue, with a year-on-year increase of 41.14% [2] - Image sensor solutions achieved sales revenue of 9.312 billion CNY, contributing significantly to the semiconductor design business [3] Market Insights - Revenue from the smartphone market for image sensors was approximately 4.868 billion CNY, up 78.51% year-on-year [3] - Revenue from the automotive market for image sensors reached about 2.914 billion CNY, an increase of 53.06% year-on-year [3] - Revenue from IoT/emerging markets for image sensors was around 336 million CNY, reflecting a growth of approximately 77.62% [3] R&D and Investment - R&D investment for semiconductor design sales was approximately 1.582 billion CNY, accounting for 15.18% of the sales revenue [3] - The company’s R&D expenses were 1.255 billion CNY, a year-on-year increase of 33.84% [3] - The company has invested over 12.5 billion CNY in R&D for semiconductor design from 2019 to 2023 [5] Cost Management - Sales expenses amounted to 264 million CNY, a growth of 30.21% year-on-year [3] - Financial expenses significantly decreased from 234 million CNY in H1 2023 to 6.14 million CNY, a decline of 97.34% [3] - The net cash flow from operating activities was 1.821 billion CNY, a decrease of 41.31% compared to the previous year [4]