通 商 津 所 事務 所 COMMERCE & FINANCE LAW OFFICE 中国北京建国门外大街 1 岛国留学学 2 座 12-14 层 10000 12-14th Floor, China World Office 2, No. 1 Iianguomenwai Avenue, Beijing 100004 电话 Tel: +86 10 6563 7181 传真 Fax: +86 10 6569 3838 电邮 Email: beijing@tongshang.com 网址 Web: www.tongshang.com 关于上海韦尔半导体股份有限公司 2021 年股票期权与限制性股票激励计划回购注销已授予限制性股票事项的法律意见书 致:上海韦尔半导体股份有限公司 北京市通商律师事务所(以下简称"通商"或"本所")接受上海韦尔半导体股份 有限公司（以下简称"公司"或"韦尔股份"）的委托,担任公司的专项法律顾问。本 所律师根据《中华人民共和国公司法》(以下简称"《公司法》")、《中华人民共和 国证券法》(以下简称"《证券法》")及中国证券监督管理委员会(以下简称"中国 证监会")发布的《上市公司股权激励 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [3]. Core Views - The company is expected to achieve record revenue in Q2 2024, driven by strong performance in high-end mobile and automotive markets, with a forecasted revenue of 6.26 to 6.54 billion yuan, representing a year-on-year increase of 41.5% [2][6]. - The company is positioned as a leading image sensor manufacturer, actively expanding into automotive, medical, and AR/VR applications, indicating significant growth potential [2][8]. Financial Summary - **Revenue Growth**: The company reported a revenue of 20,078 million yuan in 2022, with a projected increase to 26,936 million yuan in 2024, reflecting a year-on-year growth rate of 28.1% [2][12]. - **Net Profit**: The net profit attributable to shareholders is expected to rise from 990 million yuan in 2022 to 2,991 million yuan in 2024, showing a substantial growth rate of 438.4% [2][12]. - **Earnings Per Share (EPS)**: EPS is projected to increase from 0.81 yuan in 2022 to 2.46 yuan in 2024 [2][12]. - **Price-to-Earnings (P/E) Ratio**: The P/E ratio is expected to decrease from 127.2 in 2022 to 42.1 in 2024, indicating improved valuation metrics as earnings grow [2][12]. Market Performance - The company is benefiting from strong demand for new CIS products in both the smartphone and automotive sectors, with smartphone revenue contributing 50% and automotive revenue contributing 30% to total revenue in 2023 [2][8]. - The introduction of high-specification CIS products like OV50H and OV50K40 is expected to enhance the company's market position in high-end smartphones [2][8]. Strategic Developments - The company has formed strategic collaborations to enhance its automotive platform, integrating storage, analog, and sensor technologies [2][8]. - The company is actively adjusting its business layout through acquisitions and divestitures to capture growth opportunities in emerging sectors [2][8].

| 证券代码：603501 | 证券简称：韦尔股份 | 公告编号：2024-053 | | --- | --- | --- | | 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。 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"）控股股东虞仁荣先生持 有公司股份 358,472,250 股，占公司目前总股本的 29.49%；本次质押情况变动后， 虞仁荣先生累计质押股份为 193,921,200 股，占其持股比例的 54.10%。 公司控股股东虞仁荣先生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 433,576,912 股，占公司目前总股本的 35.66%；本次质押情况变动后，虞仁荣先 生及其一致行动人累计质押公司股份 250,377,200 股，占其持有公司股份总数的 57.75%，占公司目前总股本的 20.59%。 一、本次股份质押 ...

[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 ...

[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 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is expected to achieve significant growth in its mid-year report, with projected revenue of 11.9 to 12.18 billion yuan, representing a year-on-year increase of 34.4% to 37.5% [6] - The net profit attributable to the parent company is forecasted to be between 1.31 to 1.41 billion yuan, reflecting a substantial year-on-year increase of 754.1% to 819.4% [6] - The company is experiencing a strong recovery in profitability, driven by increased shipments of high-end mobile camera modules and the penetration of automotive smart technology [6][7] - The company has established a leading position in high-end products, with its mobile camera modules entering a new growth phase [6] Financial Summary - Total shares outstanding: 1,216 million [3] - Market price: 97.68 yuan [3] - Market capitalization: 118.757 billion yuan [3] - Projected revenue for 2024: 27.689 billion yuan, with a year-on-year growth rate of 32% [5] - Projected net profit for 2024: 3.502 billion yuan, with a year-on-year growth rate of 530% [5] - Projected earnings per share for 2024: 2.88 yuan [5] - Projected P/E ratio for 2024: 33.9 [5] Business Expansion - The company has expanded its analog business into the automotive sector, with a 13.4% year-on-year increase in revenue from this segment [7] - The acquisition of a chip company has strengthened its automotive chip development team [7] - The company is expected to see faster growth in its analog business due to the introduction of multiple products in the automotive market [7] Investment Recommendations - The company is projected to achieve net profits of 3.5 billion, 4.8 billion, and 6 billion yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 34, 25, and 20 [7]