Core Insights - The company reported a record high revenue of 25.731 billion yuan in 2024, representing a year-on-year growth of 22.41%, and a net profit attributable to shareholders of 3.323 billion yuan, up 498.11% from the previous year [1][2]. Financial Performance - The company's gross margin improved to 29.44%, an increase of 7.68 percentage points year-on-year, while the net profit margin rose to 12.76%, up 10.17 percentage points from the previous year [2]. Market Trends - The global semiconductor industry is experiencing a recovery, driven by AI boosting demand in consumer electronics and accelerating automotive intelligence, leading the industry into an upward cycle [2]. - The company capitalized on opportunities in the high-end smartphone market and the penetration of automotive intelligence, resulting in significant growth in operating performance [2]. Business Segments - In the smartphone sector, the company launched a high-end image sensor, OV50H, which has been widely adopted in mainstream high-end smartphones, contributing approximately 9.802 billion yuan in revenue from this segment, a 26.01% increase year-on-year [3]. - In the automotive sector, the company’s advanced compact automotive CIS solutions have been applied across various automotive applications, generating about 5.905 billion yuan in revenue, a 29.85% increase year-on-year, with a continuous rise in market share [3]. Investment Outlook - The company is expected to achieve earnings per share of 3.70 yuan and 4.79 yuan for 2025 and 2026, respectively, with corresponding price-to-earnings ratios of 34 times and 26 times, maintaining a "buy" rating [3].

证券研究报告：电子 | 公司点评报告 股票投资评级 买入 |维持 个股表现 2024-04 2024-06 2024-09 2024-11 2025-02 2025-04 -12% -4% 4% 12% 20% 28% 36% 44% 52% 60% 68% 韦尔股份 电子 韦尔股份(603501) 汽车 CIS 增长强劲，AR/VR 应用多场景拓展 l 事件 4 月 15 日，公司披露 2024 年年度报告，2024 年公司实现营收 257.31 亿元，同比+22.41%；实现归母净利润 33.23 亿元，同比 +498.11%；实现扣非归母净利润 30.57 亿元，同比+2,114.72%。 l 投资要点 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 124.22 | | --- | --- | | 总股本/流通股本（亿股）12.17 | / 12.17 | | 总市值/流通市值（亿元）1,512 | / 1,512 | | 52 周内最高/最低价 | 157.98 / 82.70 | | 资产负债率(%) | 37.9% | | 市盈率 | 44.84 | | 第一大股东 | ...

半导体行业 买入（维持） 营收创历史新高，手机、车载等多项业务实现突 破 公 司 点 评 韦尔股份（603501）2024 年年报点评 2025 年 4 月 17 日 投资要点： 刘梦麟 SAC 执业证书编号： S0340521070002 电话：0769-22110619 邮箱： liumenglin@dgzq.com.cn 陈伟光 S0340520060001 电话：0769-22119430 邮箱： chenweiguang@dgzq.com.c n | 收盘价（元） | 124.22 | | --- | --- | | 总市值（亿元） | 1,511.69 | | 总股本（亿股） | 12.17 | | 流通股本（亿股） | 12.17 | | ROE(TTM) | 13.73% | | 12 月最高价（元） | 157.98 | | 12 月最低价（元） | 81.41 | 股价走势 资料来源：东莞证券研究所，同花顺 事件：公司披露2024年年报。公司2024年实现营业收入257.31亿元，同比增 长22.41%，实现归母净利润33.23亿元，同比增长498.11%。 点评： 本报告的风险等级为中风 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][5][8] Core Views - The company reported a revenue of RMB 25.731 billion in 2024, representing a year-over-year increase of 22%. The gross margin improved to 29.4%, up by 7.7 percentage points [3][8] - The growth in revenue is primarily driven by the mobile and automotive CIS segments, while the DDIC revenue and gross margin are under short-term pressure. The company is steadily advancing in automotive-grade analog products [3][8] - The company plans to launch the OV50X, a high-end mobile CIS product, in Q3 2025, which is expected to enhance its product line [8] Summary by Sections Financial Performance - The company’s revenue for 2024 is projected at RMB 25.731 billion, with a growth rate of 22.4% for 2024 and expected growth rates of 14.7%, 11.0%, and 9.2% for 2025, 2026, and 2027 respectively [7][11] - The EBITDA for 2024 is estimated at RMB 4.244 billion, with a significant increase in net profit to RMB 3.323 billion, reflecting a growth rate of 498% [7][11] - The latest diluted EPS is projected to be RMB 2.73 for 2024, with further increases to RMB 3.62 and RMB 4.19 in 2025 and 2026 respectively [7][11] Business Segments - The CIS business generated RMB 191.90 billion in revenue for 2024, with a year-over-year growth of 24%. The automotive segment saw a 30% increase in revenue [8] - The DDIC business faced a revenue decline of 18% in 2024, with a gross margin of 8.1%. However, the company is developing new products to address market challenges [8] - The analog business reported a revenue increase of 23% in 2024, with a gross margin of 35.2% [8] Valuation - The company’s market capitalization is approximately RMB 151.2 billion, with corresponding PE ratios of 34.3, 29.7, and 26.6 for 2025, 2026, and 2027 respectively [5][7] - The report indicates a slight downward adjustment in EPS estimates for 2025 and 2026 due to declining margins in DDIC and analog businesses [5][7]

资料来源：聚源，中邮证券研究所 公司基本情况 证券研究报告：电子 | 公司点评报告 股票投资评级 买入 |维持 个股表现 2024-04 2024-06 2024-09 2024-11 2025-02 2025-04 -12% -4% 4% 12% 20% 28% 36% 44% 52% 60% 68% 韦尔股份 电子 | 最新收盘价（元） | 124.22 | | --- | --- | | 总股本/流通股本（亿股）12.17 | / 12.17 | | 总市值/流通市值（亿元）1,512 | / 1,512 | | 52 周内最高/最低价 | 157.98 / 82.70 | | 资产负债率(%) | 37.9% | | 市盈率 | 44.84 | | 第一大股东 | 虞仁荣 | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 韦尔股份(603501) 汽车 CIS 增长强劲，AR/VR 应用多场景拓展 l 事件 4 月 15 日，公司披露 2024 年年度报告，2024 年公司实现营收 257.31 亿元，同比+22.41%；实现 ...

证券研究报告 | 年报点评报告 gszqdatemark 2025 04 17 年 月 日 韦尔股份（603501.SH） 24 全年业绩接近预告上限，单季度营收再创历史新高 24 全年业绩接近预告上限，单季度营收再创历史新高。韦尔股份正式发 布 2024 全年业绩：实现营收 257.3 亿元（此前预告为 254.1-258.1 亿元）， yoy+22.4%，创下历史新高（前高为 2021 年 241 亿元），我们认为主要 得益于手机和汽车 CIS 更加丰富的产品组合在客户端持续放量；归母净利 33.2 亿元（此前预告为 31.6-33.6 亿元），接近预告上限，yoy+498%；扣 非归母净利 30.6 亿元，yoy+2115%。 单季度来看，24Q4 实现营收 68.2 亿元，yoy+14.9%，qoq+0.1%，单季 度营收再创历史新高；归母净利 9.5 亿元，yoy+406%，qoq-6%；扣非归 母净利 7.6 亿元，yoy+9266%，qoq-17%。 利润率方面，2024 全年实现毛利率 29.4%，yoy+7.7pcts，净利率 12.8%， yoy+10.2pcts；24Q4 毛利率 29. ...

证券研究报告 | 年报点评报告 gszqdatemark 2025 04 17 年 月 日 韦尔股份（603501.SH） 24 全年业绩接近预告上限，单季度营收再创历史新高 24 全年业绩接近预告上限，单季度营收再创历史新高。韦尔股份正式发 布 2024 全年业绩：实现营收 257.3 亿元（此前预告为 254.1-258.1 亿元）， yoy+22.4%，创下历史新高（前高为 2021 年 241 亿元），我们认为主要 得益于手机和汽车 CIS 更加丰富的产品组合在客户端持续放量；归母净利 33.2 亿元（此前预告为 31.6-33.6 亿元），接近预告上限，yoy+498%；扣 非归母净利 30.6 亿元，yoy+2115%。 单季度来看，24Q4 实现营收 68.2 亿元，yoy+14.9%，qoq+0.1%，单季 度营收再创历史新高；归母净利 9.5 亿元，yoy+406%，qoq-6%；扣非归 母净利 7.6 亿元，yoy+9266%，qoq-17%。 利润率方面，2024 全年实现毛利率 29.4%，yoy+7.7pcts，净利率 12.8%， yoy+10.2pcts；24Q4 毛利率 29. ...

（原标题：美国宣布征半导体关税，韦尔股份净利增五倍） 对于营收业绩的增长，韦尔股份解释称主要由于全球半导体行业迎来复苏，AI推动消费电子需求回暖、汽车智能化加速，行业整体进入上行周 期。公司抓住市场机遇，在高端智能手机市场的产品持续导入、汽车智能化渗透加速等因素的驱动下，公司的经营业绩实现明显增长，营业收入 规模创历史新高。 其中，图像传感器解决方案业务实现营业收入191.90亿元，占主营业务收入的比例为74.76%，较上年增加23.52%；主要由于公司应用于自智能手 机及汽车市场的图像传感器营业收入规模实现了较大幅度增长。 来源：公司2024年年度报告 不久前，美国对华额外加征关税税率从最开始的34%已翻倍至125%，叠加此前已生效关税后，中国输美商品的关税税率已高达145%。此外，美国 还宣布将设立"半导体关税"。美国商务部长卢特尼克13日称，美国预计将在"一两个月内"出台专项"半导体关税"。 在美国对华半导体产业制裁不断加码的压力下，中国半导体巨头韦尔股份（603501）于15日公布了2024年全年业绩报告，2024年韦尔股份净利润 增幅近500%。 营收利润双增受益于市场需求旺盛 根据咨询机构Tren ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][8] Core Views - The company achieved a record high revenue in 2024, with total revenue reaching 25.731 billion yuan, representing a year-on-year growth of 22.4%. The net profit attributable to the parent company was 3.323 billion yuan, a significant increase of 498.1% year-on-year [4][5] - The company has made breakthroughs in multiple business areas, including mobile phones, automotive, and emerging markets & IoT, with respective revenue growth rates of 26.0%, 30.0%, and 42.4% [5] - The investment recommendation has been adjusted to reflect a forecasted net profit of 4.467 billion yuan for 2025, with corresponding P/E ratios of 34, 26, and 21 for 2025-2027 [5] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 25.731 billion yuan, with a gross margin of 29.4% and a net margin of 12.8% [4] - The fourth quarter of 2024 saw a revenue of 6.82 billion yuan, a year-on-year increase of 14.9% [4] - The company’s earnings per share (EPS) for 2024 is projected at 2.73 yuan, with a forecasted increase to 3.67 yuan in 2025 [6] Business Segments - The mobile phone segment generated 9.8 billion yuan, while the automotive segment reached 5.91 billion yuan, and the emerging markets & IoT segment achieved 760 million yuan in revenue [5] - The company is expanding its product offerings in the automotive sector with advanced pixel specifications and is collaborating with leading AR/VR manufacturers in the emerging markets [5] Valuation Metrics - The company’s P/E ratio is projected to decrease from 45.3 in 2024 to 33.7 in 2025, indicating an improving valuation as earnings grow [2][6] - The projected net profit for 2025 is 4.467 billion yuan, with further increases expected in subsequent years [5]

AI智能手机释放进展以及智能驾驶渗透率提升或是韦尔股份业绩成长的关键 下游需求复苏之际，半导体企业业绩率先修复。半导体设计龙头韦尔股份（603501.SH），去年的营业 收入就创下了历史新高，净利润则同比增长近五倍。 韦尔股份4月15日披露了2024年年报，全年实现营业收入257亿元，同比增长22.41%净利润33.2亿元，同 比增长498%。该公司称，去年业绩增长的主因，是智能手机、汽车市场需求复苏，并有效管理成本支 出共同驱动。 业绩快速恢复，成长后劲更受关注。韦尔股份的净利润高点，出现在2021年，金额达到44.76亿元。相 比之下，去年的净利润距高点仍有差距。业内认为，进入2025年，AI智能手机市场释放、智能驾驶渗 透率提升，可能将成为韦尔股份业绩新的增长点。 手机、汽车需求推动收入创新高 年报数据显示，2024年，韦尔股份的营业收入达到257.31亿元，同比增长22.41%，不仅收入规模创下历 史新高，增速也达到2021年以来最快。早前的2022年、2023年，由于行业景气度下行，该公司营收增速 分别为-16.7%、4.69%。 韦尔股份的主营业务是半导体设计，主要包括图像传感器解决方案、显示解决 ...