[Table_Main] 公司研究|信息技术|半导体与半导体生产设备 证券研究报告 韦尔股份(603501)公司点评报告 2024 年 07 月 08 日 [Table_Title] 手机汽车双线带动,24Q2 业绩保持高增态势 ——公司 2024 年中期业绩预告点评 报告要点 [Table_Summary] 7 月 5 日,公司发布2024年中期业绩预告,预计24H1 营收实现 119.04- 121.84 亿元(按中值计算 YoY+35.97%),预计归母净利达到 13.08-14.08 亿元(中值 YoY+787.58%)。从二季度来看,公司预计营收实现 62.60-65.40 亿元(中值 YoY+41.50%),预计公司归母净利实现 7.5-8.5 亿元(中值 YoY+1739.13%)。 公司推出的 OV50H 和 OV50K40 等高规格料号在高端智能手机市场产 品导入顺利,目前 OV50H 已上量小米 14Pro 等机型,OV50K40 在荣耀 Magic 6 至臻版首发,有望上量小米、华为等新机型。 汽车自动驾驶渗透率提升带动 CIS 需求,L2 向 L3 过度将带动单车摄 像头数量增加,叠加 ...

证券研究报告 韦尔股份 (603501 CH) 2Q24 预告:产品与供应链结构优化 投资评级(维持): 买入 目标价(人民币): 127.00 华泰研究 公告点评 2024 年 7 月 08 日│中国内地 半导体 2Q24 归母净利润预计 7.5-8.5 亿,产品与供应链结构优化带动毛利率恢复 韦尔公布中报预告,对应 2Q24 营收 62.6-65.4 亿元,同比 38-45%,归母 净利润 7.5-8.5 亿,同比增长 1740-1958%,扣非归母净利润 7.52-8.52 亿 元,同比增长 845-944%。我们认为 1)2024 年上半年,市场需求持续复苏, 下游需求有所修复,且公司在高端手机产品及汽车产品持续渗透,带来营业 收入的增长,2)公司高毛利率产品占比提升以及供应链结构改善带来毛利 率修复。我们预计公司 2024/25/26 年归母净利润 29.9/34.2/39.8 亿元(前 值:25.1/32.2/38.7 亿元)以反映毛利率修复。考虑到公司在 CIS 行业龙头 地位,给予 2024 年 51.7 倍 PE(行业平均数 2024 年 50.45 倍),对应目标 价 127 元,买入。 ...

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2][5] Core Views - The company is expected to see a significant increase in revenue and net profit in the first half of 2024, with revenue projected to grow by 34.38% to 37.54% year-on-year, and net profit expected to increase by 754.11% to 819.42% [3][5] - The anticipated growth is driven by a recovery in market demand, increased customer needs, and successful product introductions in the high-end smartphone market and automotive applications [3][5] - The company has optimized its product and supply chain structure, leading to a gradual recovery in gross profit margins and overall performance improvement [3][5] Financial Forecasts and Key Metrics - Revenue projections for 2024-2026 are as follows: 2024E at 276.06 billion yuan, 2025E at 326.12 billion yuan, and 2026E at 383.72 billion yuan, with corresponding net profits of 34.05 billion yuan, 48.02 billion yuan, and 61.37 billion yuan [3][10] - The company’s earnings per share (EPS) are expected to rise significantly from 0.46 yuan in 2023 to 2.80 yuan in 2024, reaching 5.05 yuan by 2026 [3][10] - The price-to-earnings (P/E) ratio is projected to decrease from 213.7 in 2023 to 34.9 in 2024, and further to 19.4 in 2026, indicating improved valuation [3][10] Market Trends - The company has successfully launched new high-resolution image sensors, contributing to over 60% of its revenue in the smartphone market [3][5] - The introduction of the OV50K40 image sensor, which utilizes advanced technology for enhanced dynamic range, sets a new performance benchmark in the industry [3][5]

Investment Rating - The report maintains a "Buy-A" rating for the company, indicating strong confidence in its future performance [3][5] Core Views - The company achieved a record high revenue in Q2 2024, driven by the adoption of high-end smartphone CIS (CMOS Image Sensor) and increased penetration in automotive ADAS (Advanced Driver Assistance Systems) [1] - The company's revenue for H1 2024 is expected to be between 11.904 billion and 12.184 billion yuan, representing a year-on-year growth of 34.38% to 37.54% [1] - Net profit attributable to the parent company for H1 2024 is projected to be between 1.308 billion and 1.408 billion yuan, a significant increase of 754.11% to 819.42% compared to the same period last year [1] - The company's 50MP CIS series is expected to see increased volume due to the release of flagship smartphones in the second half of 2024 [2] - The company's automotive CIS business is anticipated to maintain high growth, supported by the increasing number of CIS per vehicle and the rising penetration of 8M pixel sensors [2] Industry Analysis - The CIS industry has seen a recovery in demand, with traditional markets like security and consumer electronics rebounding, and the automotive market accelerating its intelligent transformation [2] - The supply side of the CIS industry has improved, with some South Korean manufacturers exiting certain market segments, leading to a more optimized supply structure [2] - Prices for most CIS products have started to recover from their lows, and there are reports of shortages in the market, particularly as the industry enters the traditional peak season for consumer electronics [2] Company Performance - In Q2 2024, the company's revenue is expected to range between 6.26 billion and 6.54 billion yuan, a year-on-year increase of 38.40% to 44.59%, and a sequential growth of 10.92% to 15.88% [1] - Net profit attributable to the parent company for Q2 2024 is projected to be between 750 million and 850 million yuan, marking a significant turnaround from the previous year [1] - The company's OLED DDIC (Display Driver IC) business is expected to benefit from the gradual production of domestic OLED production lines, with more opportunities for mass production in customer notebook display projects [3][5] - The company's power management chip product portfolio has expanded, and the acquisition of Xinlita has added a new line of automotive analog IC products, further enhancing the company's system-level solutions [5] Financial Projections - The company's revenue for 2024 is forecasted to be 28.084 billion yuan, with a growth rate of 33.6% [5] - Net profit attributable to the parent company for 2024 is expected to reach 3.308 billion yuan, representing a growth rate of 495.4% [5] - The company's gross margin is projected to recover to 27.2% in 2024, up from 21.8% in 2023 [6] - The company's ROE (Return on Equity) is expected to improve significantly, reaching 13.3% in 2024, compared to 2.5% in 2023 [6] Valuation - The company's P/E ratio for 2024 is estimated at 35.9x, with a P/B ratio of 4.8x [6] - The EV/EBITDA ratio for 2024 is projected to be 23.7x, indicating a relatively attractive valuation compared to historical levels [6]

业绩高增引瞩目,高端手机和汽车市场进 展良好 核心观点 ⚫ 公司发布 24 年半年度业绩预告。24H1,公司预计实现营收 119-122 亿元,同比增 长约 34%-38%;预计实现归母净利润 13.1-14.1 亿元,同比增长约 8 倍;预计实现 扣非归母净利润 13.2-14.2 亿元,同比增长约 18-19 倍。 公司积极推进产品结构优化 及供应链结构优化,公司的产品毛利率逐步恢复,整体业绩显著提升。 ⚫ 手机市场需求持续复苏,公司持续突破高端主摄。据 IDC 此前报告, 2024 年第一 季度全球智能手机出货量同比增长 8% 至 约 2.89 亿部,连续三个季度增长;根据中 国信通院,2024 年 5 月,国内手机出货量达到 3033 万部,同比增长约 17%,实现 连续 3 个月环比增长。公司高端手机 CIS 产品持续导入,在大量高端机型主摄上取 得份额,在低功耗、DCG 等技术上的表现走在了行业领先位置。 ⚫ 汽车产品进展良好。伴随着自动驾驶的快速渗透,公司汽车 CIS 的出货量也相应得 到较大提升。公司的 2.1 微米 OX08D10 图像传感器是首款采用 TheiaCel™技术的 800 万像 ...

中报预告大幅增长,龙头强α能力体现 韦尔股份(603501.SH)/电子 证券研究报告/公司点评 2024 年 7 月 5 日 | 评级:买入(维持) | [Table_Finance 公司盈利预测及估值 | | | | | | |---------------------------------|-------------------------------------|---------------------------|-------------------------|---------------------------------------|---------------|---------------------------------| | 市场价格: 97.68 元 | 指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 分析师:王芳 | 营业收入(百万元) | 20,078 | 21,021 | 27,689 | 32,541 | 38,391 | | 执业证书编号: S0740521120002 | 增长率 yoy% | -17% | 5% ...

转债代码:113616 转债简称:韦尔转债 证券代码:603501 证券简称:韦尔股份 公告编号:2024-052 上海韦尔半导体股份有限公司 2024 年半年度业绩预告 1 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: 业绩预告的具体适用情形:实现盈利,且净利润与上年同期相比上升 50% 以上。 公司预计 2024 年半年度实现归属于母公司所有者的净利润为 130,779.21 万元到 140,779.21 万元,同比增加 754.11%到 819.42%;公司预计 2024 年半年 度实现归属于母公司所有者的扣除非经常性损益的净利润为 131,798.22 万元到 141,798.22 万元,同比增加 1,769.15%到 1,895.79%。 一、本期业绩预告情况 (一)业绩预告期间 2024 年 1 月 1 日至 2024 年 6 月 30 日。 (二)业绩预告情况 1、经财务部门初步测算,预计 2024 年半年度实现归属于母公司所有者的净 利润为 130,779.21 万元到 140,779. ...

2024 年 07 月 02 日 公司研究●证券研究报告 旗舰新机发布在即,50MP 系列芯片有望持续放 投资要点 潮电智库 7 月 1 日消息,华为 Mate 70 预计将搭载豪威 OV50 系列传感器。我们认为, 下半年为各大手机厂商发布旗舰机型的密集期,公司 50MP 系列芯片有望持续放量。 CIS 技术全球领先,穿越周期重回增长赛道 智能手机:继公司 2019 年发布 48M 拳头产品、20H1 再发布 64M 重磅级产品突 破中低端手机后置主摄,23Q3 公司 50MP 系列新品实现量产交付,再突破 4000 元以上机型后置主摄,至此公司完成了全系列机型后置主摄产品布局。2023 年公 司 CIS 业务来自智能手机市场的收入同比增长 44.13%达到 77.79 亿元,其中 50MP 及以上产品营收贡献占比超 60%。在 50MP 手机 CIS 领域,公司布局了 OV50 A/D/E/H/K40 共五款产品。OV50H/K40 主打旗舰机主摄市场。OV50H 已用于国内 多家头部手机品牌的高端旗舰智能手机的宽幅和超宽幅后置摄像头。OV50K40 是 全球首款采用 TheiaCel™技术的智能手机 C ...

| 证券代码：603501 | 证券简称：韦尔股份 | 公告编号：2024-051 | | --- | --- | --- | | 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 6 月 30 日，累计共有 7,075,000 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 31,830 股，占"韦尔转债"转股前公司已发行股份总 额的 0.0037%。其中，2024 年第二季度未发生可转换公司债券转股。截至 2024 年 6 月 30 日，尚未转股的"韦尔转债"金额为 2,432,921,000 元，占可转债发行 总额的 99.71%。 期权自主行权情况：2024 年第二季度，公司股票期权激励计划通过自主 行权方式在中国证券登记结算有限责任公司上海分公司登记的数量为 0 股。 ...

阿 | | | | | |-------------------------|------------|--------------|----------| | 2024 年 6 月 27 | | | | | 朱吉翔 | | | | | C0044@capitalcom.tw | | | | | 目标价(元 ) | | | 125.00 | | 公司基本资讯 | | | | | 产业别 | | | 电子 | | A 股价(2024/6/26) | | | 100.15 | | 上证指数 (2024/6/26) | | | 2972.53 | | 股价 12 个月高 /低 | | 115.89/75.94 | | | 总发行股数(百万 | | | 1215.78 | | A 股数(百万 ) | | | 1214.43 | | A 市值(亿元) | | | 1216.25 | | 主要股东 | | 虞仁荣 | (29.49%) | | 每股净值(元 ) | | | 17.12 | | 股价/账面净值 | | | 5.85 | | | 一个月 | 三个月 | 一年 | | 股价涨跌 (%) | | | | | 近期 ...