中国北京建国门外大街 1 号国贸写字楼 2 座 12-15 层 100004 12-14th Floor, China World Office 2, No. 1 Jianguomenwai Avenue, Beijing 100004, China 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 北京市通商律师事务所关于上海韦尔半导体股份有限公司 2022 年股票期权激励计划调整股票期权行权价格相关事宜的法律意见书 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 2022 年股票期权激 励计划（以下简称"《2022 年激励计划》"）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 ...

关于宁波市虞仁荣教育基金会 无偿捐赠部分公司股份计划的公告 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。 | 证券代码：603501 | 证券简称：韦尔股份 | 公告编号：2024-094 | | --- | --- | --- | | 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 重要内容提示： 本次捐赠计划的主要内容：宁波市虞仁荣教育基金会（以下简称"虞仁 荣教育基金会"）向宁波东方理工大学教育基金会（以下简称"东方理工基金会"） 无偿捐赠其持有公司 60 万股无限售条件流通股，约占公司目前总股本的 0.05%。 虞仁荣教育基金会作为非公募基金会，为满足《基金会管理条例》（以 下简称"《管理条例》"）的相关规定，需进行本次捐赠。 5、业务范围：（一）资助宁波东方理工大学教育事业发展；（二）资助培 养优秀人才，资助教育科研活动；（三）资助符合本基金会宗旨的其他教育研究 事业。 1、宁波东方理工大学教育基金会 2、统一社会信用代码：53330200MJ89419204 3、性质：慈善组织 ...

Company Overview - Latest closing price: 97.20 CNY [3] - Total shares outstanding / Float shares: 1.214 billion / 1.214 billion [4] - Total market cap / Float market cap: 118 billion CNY / 118 billion CNY [5] - 52-week high/low: 117.92 CNY / 79.22 CNY [6] - Debt-to-asset ratio: 43.1% [7] - P/E ratio: 206.81 [8] - Largest shareholder: Yu Renrong [9] Investment Rating - Stock rating: Buy | Maintain [11] Core Investment Thesis - The company is actively expanding its automotive CIS (CMOS Image Sensor) business, covering applications such as ADAS, in-cabin monitoring, electronic mirrors, dashboard cameras, and surround-view systems [14] - The company has introduced new automotive image sensor products using TheiaCel™ technology and high-performance front-facing machine vision cameras for ADAS and autonomous driving [14] - With nearly 20 years of experience in the automotive industry and a robust automotive-grade verification system, the company is well-positioned to expand its product portfolio and capture market share [14] - The company is leveraging its leadership in global shutter technology to enable eye-tracking and SLAM (Simultaneous Localization and Mapping) functionalities, making its image sensors highly suitable for AR/VR glasses and other emerging markets [14] - The company's LCOS (Liquid Crystal on Silicon) products, known for high resolution, compact size, low power consumption, and cost-effectiveness, are expected to drive growth in AR/VR markets [14] Financial Forecasts - Revenue forecast for 2024-2026: 260 billion CNY / 310 billion CNY / 370 billion CNY [15] - Net profit attributable to shareholders forecast for 2024-2026: 3.1 billion CNY / 4.3 billion CNY / 5.2 billion CNY [15] - EPS forecast for 2024-2026: 2.56 CNY / 3.54 CNY / 4.28 CNY [18] - P/E ratio forecast for 2024-2026: 38x / 27x / 23x [15] - Revenue growth rate forecast for 2024-2026: 23.82% / 19.22% / 19.39% [18] - Net profit growth rate forecast for 2024-2026: 458.48% / 38.57% / 20.99% [18] Financial Ratios - Gross margin forecast for 2024-2026: 29.8% / 30.3% / 30.2% [20] - Net margin forecast for 2024-2026: 11.9% / 13.9% / 14.0% [20] - ROE forecast for 2024-2026: 12.9% / 15.2% / 15.5% [20] - ROIC forecast for 2024-2026: 9.2% / 11.3% / 12.2% [20] - Asset-liability ratio forecast for 2024-2026: 39.1% / 35.7% / 32.1% [20]

| 证券代码：603501 | 证券简称：韦尔股份 | 公告编号：2024-093 | | --- | --- | --- | | 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 333,472,250 股，占公司目前总股本的 27.42%；本次质押情况变动 后，虞仁荣先生累计质押股份为 188,193,400 股，占其持股比例的 56.43%。 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 408,576,912 股，占公司目前总股本的 33.60%；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 244,649,400 股，占其持有公司股份总数的 59.88%，占公司目前总股本的 20.12%。 一、本次股份质押 ...

| 证券代码：603501 | 证券简称：韦尔股份 | 公告编号：2024-092 | | --- | --- | --- | | 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 根据有关规定及《上海韦尔半导体股份有限公司公开发行可转换公司债券募 集说明书》（以下简称"《募集说明书》"）的约定，"韦尔转债"存续时间为 2020 年 12 月 28 日至 2026 年 12 月 27 日，转股期限为 2021 年 7 月 5 日至 2026 年 12 月 27 日，初始转股价格为 222.83 元/股。 （二）转股价格调整情况 1、鉴于公司已完成 2020 年年度权益分派，每 10 股派发现金红利 3.15 元 （含税），根据《募集说明书》的相关规定，"韦尔转债"的转股价格将由 222.83 元/股调整为 222.52 元/股，调整后的转股价格自 2021 年 6 月 30 日（除权除息 日）起生效。 2、鉴于公司已完成 2021 年年度权益分派，每股派发现金红利 0.52 元（含 税），以资本公积金向全体股东每股转增 0.35 股，根据《募集说明书》的相关规 1 关于"韦尔 ...

| 证券代码：603501 | 证券简称：韦尔股份 公告编号：2024-091 | | --- | --- | | 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 关于召开 2024 年第三季度业绩说明会的公告 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： 会议召开时间：2024 年 11 月 26 日（星期二）下午 15:00-16:00 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 11 月 19 日（星期二）至 2024 年 11 月 25 日（星期 一）16：00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮 箱 will_stock@corp.ovt.com 进行提问。公司将在说明会上对投资者普遍关注的问 题进行回答。 上海韦尔半导体股份有限公司（以下简称"公司"）已于 2024 年 10 月 26 日发布公司 2024 年第三季度报告，为便于广大投资者更全面深入地了解公司 2024 年前三季度经营成果、财务状况，公司计划于 2024 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2]. Core Views - The company achieved a record high revenue of 18.908 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 25.38%. The net profit attributable to shareholders reached 2.375 billion yuan, up 544.74% year-on-year [6]. - The company is experiencing growth due to a recovery in consumer demand and the introduction of products in the high-end smartphone market, as well as the ongoing penetration of autonomous driving applications in the automotive market [6][8]. - The gross profit margin has gradually recovered, with a comprehensive gross margin of 29.61% in Q3 2024, an increase of 8.33 percentage points year-on-year [6]. Summary by Sections Market Performance - The company's stock has shown a decline of 28.62% from November 2023 to August 2024, compared to the Haidong Composite Index [3]. Financial Performance - The company reported a revenue of 21.021 billion yuan in 2023, with projections of 26.577 billion yuan in 2024, reflecting a year-on-year growth of 26.4% [9]. - The net profit for 2023 was 556 million yuan, with an expected surge to 3.126 billion yuan in 2024, indicating a growth rate of 462.7% [9]. - The earnings per share (EPS) are projected to be 2.57 yuan in 2024, increasing to 4.22 yuan by 2026 [11]. Product Development - The company has made significant inroads in the high-end smartphone market with its 50 million pixel series products, which are now widely used in domestic high-end smartphones [7]. - In the automotive sector, the company has introduced advanced automotive CIS solutions covering various applications, including ADAS and in-car monitoring systems [7][8]. Future Outlook - The company is expected to continue its growth trajectory with high-end image sensors and automotive CIS products contributing to new growth points [8]. - The projected PE valuation for 2024 is between 45-50x, corresponding to a reasonable value range of 115.65-128.50 yuan per share [8].

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].