Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside in the stock price [8][10]. Core Insights - The company is expected to achieve a revenue growth of 22.4% in 2024, reaching RMB 257.3 billion, with a net profit increase of 498.1%, amounting to RMB 33.2 billion [10]. - The growth is driven by increased demand for CIS in mobile phones and automotive sectors, alongside continuous optimization of the product structure [8][10]. - The company’s gross margin is projected to improve by 7.7 percentage points to 29.4% in 2024 [10]. Summary by Sections Company Overview - The company operates in the electronics industry, with a current stock price of RMB 124.22 and a market capitalization of RMB 151.17 billion [2]. Recent Ratings - Recent ratings include "Buy" on multiple occasions, with the latest rating on August 19, 2024, at a closing price of RMB 89.7 [3]. Financial Performance - In 2024, the company is forecasted to generate revenue of RMB 257.3 billion, with a net profit of RMB 33.2 billion, resulting in an EPS of RMB 2.77 [10][12]. - The company’s revenue from image sensor solutions is expected to be RMB 192 billion, with mobile CIS revenue at RMB 98 billion and automotive CIS revenue at RMB 59 billion [10]. Profit Forecast - The net profit projections for 2025, 2026, and 2027 are RMB 43.4 billion, RMB 55.7 billion, and RMB 66.3 billion, respectively, with corresponding EPS of RMB 3.57, RMB 4.59, and RMB 5.46 [10][12]. Valuation Metrics - The company is currently valued at a PE ratio of 23 times for 2027, indicating a favorable valuation compared to its growth prospects [10][12].

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 150.00 CNY per share [1][8]. Core Insights - The company is expected to achieve a revenue growth of 22.4% in 2024, reaching 257.3 billion CNY, and a net profit growth of 498.1%, amounting to 33.2 billion CNY. This indicates a significant improvement in profitability [10]. - The growth is driven by increasing demand for CIS in mobile phones and automotive sectors, alongside ongoing optimization of the product structure [8][10]. - The company is projected to maintain strong earnings growth, with net profits forecasted at 43.4 billion CNY, 55.7 billion CNY, and 66.3 billion CNY for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 31%, 28%, and 19% [10][12]. Summary by Sections Company Overview - The company operates in the electronics industry, with a current A-share price of 124.22 CNY and a market capitalization of 151.17 billion CNY [2]. Recent Ratings - The company has received multiple "Buy" ratings in recent months, indicating a positive outlook from analysts [3]. Financial Performance - In 2024, the company is expected to achieve a comprehensive gross margin of 29.4%, an increase of 7.7 percentage points from the previous year [10]. - Revenue from image sensor solutions is projected to be 192 billion CNY in 2024, with mobile CIS revenue at 98 billion CNY and automotive CIS revenue at 59 billion CNY, reflecting year-on-year growth rates of 26% and 30% respectively [10]. Earnings Forecast - The earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 3.57 CNY, 4.59 CNY, and 5.46 CNY, respectively, with corresponding price-to-earnings (P/E) ratios of 35x, 27x, and 23x [10][12]. Market Position - The company has a significant market presence in the semiconductor design sector, accounting for 86.5% of its product portfolio, while component agency sales make up 13.5% [3].

华夏时报（www.chinatimes.net.cn）记者 赵奕 上海报道 4月15日晚间，国产CIS龙头韦尔股份（603501.SH）发布业绩报告，2024年公司营业收入创历史新高， 达257.31亿元，同比增长22.41%。归属净利润33.23亿元，同比增长498.11%；扣非后归母净利润30.57亿 元，同比增速高达2114.72%。 针对本次业绩大涨的原因及公司的未来规划等问题，《华夏时报》记者致函韦尔股份，但截至发稿并未 收到回复。 近期，美国关税政策频繁加码，全球半导体供应链正面临较大的不确定性，但危机背后机遇并存，业内 普遍认为，半导体行业的国产替代或将加速推进。"美国对于国产半导体行业的封锁和打压，反而激发 了国产替代和产业链独立建设。"半导体产业观察人士屈放向《华夏时报》记者表示，从中长期来看， 更有利于国产半导体的健康发展。未来国产替代将从补短板、提效能、自主创新的角度发展，补足目前 产业链短板和弱项，提升行业整体能力，完善产业创新与设计。 显示方案单价承压 针对业绩增长的原因，韦尔股份在年报中指出，报告期内，全球半导体行业迎来复苏，AI（人工智 能）推动消费电子需求回暖、汽车智能化加速， ...

公募基金方面，本期较上一期持股增加的公募基金共计48个，主要包括易方达中证人工智能主题ETF、 招商中证半导体产业ETF、东吴移动互联混合A、华夏国证消费电子主题ETF、易方达中证芯片产业 ETF等，持股增加占比达0.30%。本期较上一季度持股减少的公募基金共计65个，主要包括国联安半导 体ETF、华夏国证半导体芯片ETF、国泰CES半导体芯片行业ETF、华泰柏瑞沪深300ETF、华夏上证 50ETF等，持股减少占比达1.33%。本期较上一季度新披露的公募基金共计673个，主要包括易方达沪深 300ETF、华夏沪深300ETF、嘉实沪深300ETF、易方达上证50增强A、华安上证180ETF等。本期较上一 季未再披露的公募基金共计32个，主要包括诺安成长混合、中欧创新未来混合(LOF)、诺安创新驱动混 合A、中欧科创主题混合(LOF)A、华泰柏瑞中证科技100ETF等。 2025年4月16日，韦尔股份(603501.SH)发布2024年年度报告。截至2025年4月15日，共有802个机构投资 者披露持有韦尔股份A股股份，合计持股量达4.83亿股，占韦尔股份总股本的39.72%。其中，前十大机 构投资者包括香港 ...

计划通过并购和投资扩大可触达市场 ◎记者 李兴彩 4月15日晚，韦尔股份发布的2024年年报显示，公司2024年业绩同比大增近5倍。公司业绩快速增长的背 后，是持续加大研发投入，推进产品结构优化及供应链结构优化。在经营计划中，韦尔股份表示，公司 将通过并购和投资进一步扩大公司的可触达市场，并重点关注有益于公司产品组合的多样化及有益于扩 大公司对邻近市场覆盖的投资并购标的。 产品结构持续优化 韦尔股份2020年至2024年研发投入情况 郭晨凯 制图 为59.05亿元，同比增长29.85%，市场份额持续提升。 公司在医疗和AR/VR市场也取得快速增长。2024年，公司图像传感器业务来自医疗市场的收入约为6.68 亿元，同比增长59.35%；来自新兴市场/物联网的收入约为7.60亿元，同比增长42.37%。 咨询机构TrendForce数据显示，韦尔股份是2024年全球前十大无晶圆厂半导体公司之一，公司半导体设 计业务主要由图像传感器解决方案、显示解决方案和模拟解决方案三大业务体系构成。公司产品已经广 泛应用于消费电子和工业应用领域，包括智能手机、汽车电子、安全监控设备、平板电脑、笔记本电 脑、医疗成像、AR/VR ...

4月15日晚间，上海韦尔半导体股份有限公司（以下简称"韦尔股份（603501）"）发布2024年年报。报 告期内，公司实现营业收入257.31亿元，同比增长22.41%；归属于上市公司股东的净利润33.23亿元， 同比增长498.11%。公司拟每10股派发现金红利2.2元（含税），预计分配现金红利总额为2.64亿元。 从具体数据来看，报告期内，公司图像传感器业务来源于智能手机市场的收入约98.02亿元，较上年同 期增加26.01%；来源于汽车市场的收入约59.05亿元，较上年同期增加29.85%。 智能手机市场方面，年报显示，公司推进产品结构优化及供应链结构优化，持续强化高端智能手机CIS （CMOS图像传感器）市场竞争力。例如，韦尔股份推出1.2um 5000万像素的高端图像传感器OV50H， 凭借优异的性能，被广泛应用于国内主流高端智能手机后置主摄方案中，伴随着产能顺利爬坡，公司在 高端智能手机领域市场份额持续提升。 汽车电子市场亦展现出强劲的增长动能。年报显示，公司凭借先进紧凑的汽车CIS解决方案已经覆盖了 ADAS（高级驾驶辅助系统）、驾驶室内部监控、电子后视镜、仪表盘摄像头、后视和全景影像等广泛 的 ...

Profit Distribution - The proposed profit distribution plan for 2024 includes a cash dividend of 2.20 CNY per 10 shares, totaling approximately 263.99 million CNY (including tax), which represents 15.16% of the net profit attributable to shareholders for the year[7]. - The mid-year profit distribution for 2024 was completed, with a cash dividend of 2.00 CNY per 10 shares, amounting to approximately 239.98 million CNY (including tax)[7]. - The company has completed the mid-year profit distribution plan on December 18, 2024[7]. - The total cash dividend for 2024 is subject to approval by the shareholders' meeting[7]. - The company distributed cash dividends totaling RMB 407.58 million during the reporting period, with RMB 167.60 million distributed for the 2023 annual profit and RMB 239.98 million for the 2024 interim profit[81]. Financial Performance - The company's operating revenue for 2024 reached ¥25.73 billion, a 22.41% increase from ¥21.02 billion in 2023[25]. - Net profit attributable to shareholders surged to ¥3.32 billion in 2024, marking a 498.11% increase compared to ¥555.62 million in 2023[25]. - The basic earnings per share for 2024 was ¥2.77, up 489.36% from ¥0.47 in 2023[26]. - The weighted average return on equity increased to 14.83% in 2024, an increase of 11.85 percentage points from 2.98% in 2023[26]. - The net cash flow from operating activities for 2024 was ¥4.77 billion, a decrease of 36.68% from ¥7.54 billion in 2023[25]. - The total assets of the company at the end of 2024 were ¥38.96 billion, reflecting a 3.24% increase from ¥37.74 billion at the end of 2023[25]. - The company reported a net profit of ¥1.01 billion in Q3 2024, showing strong quarterly performance[29]. - The net profit attributable to shareholders for Q4 2024 was ¥947.95 million, indicating consistent profitability[29]. - The company’s net assets attributable to shareholders increased to ¥24.20 billion by the end of 2024, a 12.82% rise from ¥21.45 billion in 2023[25]. Market and Business Growth - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[19]. - In 2024, the company's main business revenue reached 25.67 billion RMB, an increase of 22.43% compared to 2023[37]. - Semiconductor design business sales revenue was 21.64 billion RMB, accounting for 84.30% of main business revenue, up 20.62% year-on-year[37]. - Image sensor solutions generated 19.19 billion RMB in revenue, representing 74.76% of main business revenue, a 23.52% increase from the previous year[41]. - The automotive intelligent driving market saw a global vehicle sales increase of 1.8% in 2024, reaching 90.6 million units[42]. - The company’s automotive CIS products have expanded into various applications, including ADAS and driver monitoring systems, enhancing market share[43]. - The company’s gross profit margin improved due to product structure optimization and supply chain efficiency[35]. - The company plans to continue expanding its product offerings in the automotive sector, leveraging nearly 20 years of industry experience[43]. Research and Development - R&D investment for the semiconductor design sales business was approximately 3.245 billion yuan, accounting for 15.00% of the revenue, with a year-over-year increase of 10.89%[52]. - The company launched the OV50K40 image sensor, the world's first smartphone image sensor using TheiaCel™ technology, setting a new performance benchmark for flagship rear cameras[54]. - The company introduced the OX08D10 8-megapixel CMOS image sensor, integrated with Qualcomm's Snapdragon Ride™ platform, for next-generation advanced driver-assistance systems (ADAS)[59]. - The company launched the OX12A10 12MP image sensor, the highest resolution in the 2.1µm TheiaCel™ product line, designed for next-generation ADAS and AD machine vision needs[60]. - The company established a new machine vision department to focus on innovative solutions for industrial automation, robotics, and intelligent transportation systems (ITS) due to the significant demand for 3D cameras and CMOS image sensors[61]. - The company released the OV01D1R smart CMOS image sensor, the first in the industry to achieve human presence detection and infrared facial recognition with low power consumption[67]. - The company invested CNY 3.245 billion in R&D, representing 15% of its semiconductor design sales revenue, ensuring robust product upgrades and new product development[108]. Risk Management - The company has detailed potential risks in the report, advising investors to be cautious[11]. - The report includes a forward-looking statement risk declaration, indicating that future plans do not constitute a substantive commitment to investors[8]. - The company faces risks from market fluctuations, particularly in the semiconductor industry, which is sensitive to macroeconomic changes[187]. - The company has implemented a reasonable inventory impairment policy and will closely monitor downstream changes to mitigate inventory risks[193]. - The company faces foreign exchange risk primarily from financial assets and liabilities denominated in USD and HKD, with significant subsidiaries located in the US and Singapore[194]. Corporate Governance and Compliance - The company has received a standard unqualified audit report from Lixin Certified Public Accountants[6]. - There are no non-operating fund occupations by controlling shareholders or related parties reported[9]. - The company has not violated decision-making procedures for external guarantees[10]. - The board of directors and supervisory board members have confirmed the authenticity, accuracy, and completeness of the annual report[4]. - The company emphasizes investor relations management and adheres to legal regulations to protect shareholder interests and ensure effective governance[200]. Supply Chain and Production - The company has optimized its supply chain management by collaborating closely with wafer foundries and packaging/testing manufacturers, ensuring product quality and stable supply[74]. - The company collaborates with leading wafer foundries for mask design and wafer processing, ensuring stable product supply[88]. - The company maintains stable inventory levels, with total inventory decreasing by 7.36% to 369,377.94 million units[126]. - The company’s semiconductor design business costs show that wafer costs account for approximately 71.93%, packaging and testing costs account for about 15.61%, and other costs make up around 12.46%[130]. Strategic Investments - The company completed its convertible bond fundraising projects, including the "CMOS Image Sensor R&D Upgrade" project, which reached operational status by March 2024, and the "Wafer Color Filter and Microlens Packaging Project," expected to be completed by December 2024[75]. - The company participated in a private equity investment fund with a total fundraising scale of RMB 3.5 billion, investing RMB 693 million[146]. - The company aims to enhance its competitive edge through mergers and acquisitions, expanding its market presence in various sectors including automotive, medical, and AR/VR[177]. - The company intends to pursue mergers and acquisitions to diversify its product portfolio and expand market coverage, focusing on strategic partnerships[186].

韦尔股份表示，公司不断投入车载显示驱动产品的研发以推出满足市场主流需求规格的车载TDDI产 品。公司不断丰富的产品品类及应用市场将为显示解决方案的成长提供更多机遇。 4月15日晚间，韦尔股份（603501）（603501.SH，股价123.76元，市值1506.1亿元）披露2024年年报， 该年度营业收入为257.31亿元，同比增长22.41%；归母净利润33.23亿元，同比增长498.11%。 韦尔股份半导体设计业务主要由图像传感器解决方案、显示解决方案和模拟解决方案三大业务体系构 成。 韦尔股份第二大业务为显示解决方案。2024年，受到行业供需关系不平衡的影响，公司LCD-TDDI （LCD触控和显示驱动集成芯片）产品平均单价持续承压，公司显示解决方案业务实现营业收入10.28 亿元，较上年同期减少17.77%。 2024年，上市公司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%。其中，主要是公司应用于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。 2024年，上市公司图像传感器业务来源于智能手机市场的收入约98.02亿元 ...

Core Insights - Weir Shares (韦尔股份) reported a significant increase in revenue and net profit for the fiscal year 2024, with revenue reaching 25.731 billion yuan, a year-on-year growth of 22.41%, and net profit attributable to shareholders at 3.323 billion yuan, a remarkable increase of 498.11% [1] Group 1: Company Performance - The company operates primarily in the chip design sector, focusing on image sensor solutions, display solutions, and analog solutions [1] - The image sensor solutions segment generated 19.19 billion yuan in revenue, accounting for 74.76% of total revenue, with a year-on-year increase of 23.52% [1] - The display solutions segment faced challenges, with revenue declining to 1.028 billion yuan, a decrease of 17.77% due to ongoing pressure on average selling prices [2] - The analog solutions segment saw revenue rise to 1.422 billion yuan, an increase of 23.18%, driven by recovering demand in consumer electronics [2] Group 2: Market Trends - The global CIS market is projected to grow from 17.9 billion USD in 2020 to 19.5 billion USD in 2024, with a compound annual growth rate (CAGR) of 2.1%, and expected to reach 29.2 billion USD by 2029 at a CAGR of 8.4% [3] - The global TDDI market is anticipated to grow from 2.085 billion USD in 2020 to 2.596 billion USD in 2024, with a CAGR of 5.6%, and further expand to 3.844 billion USD by 2029 at a CAGR of 8.2% [3] - The global analog IC market is expected to increase from 55.7 billion USD in 2020 to 79.4 billion USD in 2024, with a CAGR of 9.3%, and reach 103.8 billion USD by 2029 at a CAGR of 5.5% [3] Group 3: Future Plans - The company plans to enhance its product development and diversify its semiconductor design offerings, aiming to expand application ranges [3] - There will be a focus on strengthening product quality management and R&D processes to meet the demands of top-tier international clients [3] - The company intends to pursue mergers and acquisitions to broaden its market reach and diversify its product portfolio [4]

| 证券代码：603501 | 证券简称：韦尔股份 | 公告编号：2025-033 | | --- | --- | --- | | 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 第六届监事会第三十二次会议决议公告 本公司监事会及全体监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。 一、 监事会会议召开情况 上海韦尔半导体股份有限公司（以下简称"公司"）第六届监事会第三十二次 会议于 2025 年 4 月 15 日以现场结合通讯方式召开，会议通知已于 2025 年 4 月 5 日通过通讯方式送达各位监事。本次会议由监事会主席韩杰先生主持，会议应 到监事 3 人，实到监事 3 人。本次会议的召集和召开符合《公司法》等有关法律、 行政法规、部门规章、规范性文件和《公司章程》的有关规定，会议形成的决议 合法、有效。 二、监事会会议审议情况 （一）审议通过《2024 年度监事会工作报告》 公司全体监事总结了 2024 年度监事会的工作情况，并编写了《2024 年度监 事会工作报告》。 1 本议案需提交公司股东大会审议表 ...