| 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].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1][8]. Core Insights - The company has shown steady growth across its main business segments, with a significant increase in revenue and profit margins in the first three quarters of 2024. Revenue reached 18.908 billion yuan, up 25.38% year-on-year, while net profit attributable to shareholders surged by 544.74% to 2.375 billion yuan [3][4]. - The demand in the smartphone and smart driving markets is recovering, leading to improved profitability. The company has optimized its product and supply chain structures, resulting in a gross margin of 29.61%, an increase of 8.33 percentage points year-on-year [4][5]. - The introduction of high-end camera products is progressing well, with the company being a leading player in the CIS market. The high-end image sensor OV50H has been widely adopted in mainstream high-end smartphones, enhancing the company's market share and profitability [5][6]. Summary by Sections Financial Performance - In Q3 2024, the company achieved a revenue of 6.817 billion yuan, a year-on-year increase of 9.55%, and a net profit of 1.008 billion yuan, up 368.33% year-on-year [3][4]. - The company forecasts revenues of 26.546 billion yuan, 31.291 billion yuan, and 36.967 billion yuan for 2024, 2025, and 2026 respectively, with net profits projected at 2.982 billion yuan, 4.319 billion yuan, and 5.510 billion yuan [6][9]. Market Position - The company is positioned as a leading semiconductor design firm globally, with a strong focus on high-end smartphone markets and the automotive sector's autonomous driving applications [6][9]. - The automotive market is experiencing growth, with global car sales reaching 51.14 million units in the first seven months of 2024, of which 8.86 million were new energy vehicles, representing a market share of 17.3% [5][6].

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index within the next six months [17]. Core Insights - The company has achieved significant breakthroughs in high-end smartphone CIS and is continuously increasing its market share in the automotive CIS sector. The revenue for the first three quarters of 2024 reached 18.908 billion yuan, a year-on-year increase of 25.38%, with a net profit of 2.375 billion yuan, reflecting a substantial year-on-year growth of 544.74% [2][7]. - The global CIS market is projected to grow from 18.1 billion USD in 2022 to 25.2 billion USD by 2027, with a compound annual growth rate (CAGR) of 6.8%. The automotive CIS market is expected to grow at a much faster rate of 20.6% CAGR during the same period [4]. Summary by Sections Financial Performance - For Q3 2024, the company reported a revenue of 6.817 billion yuan, a year-on-year increase of 9.55% and a quarter-on-quarter increase of 5.73%. The net profit for the same quarter was 1.008 billion yuan, showing a year-on-year increase of 368.33% and a quarter-on-quarter increase of 24.60% [2][3]. - The gross margin for the first three quarters of 2024 was 29.61%, an increase of 8.33% year-on-year, while the net margin was 12.51%, up 10.12% year-on-year [3]. Market Position and Product Development - The company has enhanced its product matrix in the high-end smartphone CIS market, achieving significant market share improvements with products like the 50 million pixel OV50H sensor. In the automotive sector, the company is expanding its offerings in advanced driver-assistance systems (ADAS) and other applications [4][5]. - The company is also advancing its analog products and display solutions for the automotive market, which are expected to drive future revenue growth [6]. Revenue and Profit Forecast - The projected revenues for 2024, 2025, and 2026 are 26.225 billion yuan, 32.062 billion yuan, and 37.027 billion yuan, respectively. The expected net profits for the same years are 3.272 billion yuan, 4.349 billion yuan, and 5.256 billion yuan, with corresponding earnings per share (EPS) of 2.69 yuan, 3.58 yuan, and 4.33 yuan [7][8].

Investment Rating - The report maintains an "Accumulate" rating for the company [5][3]. Core Views - The company has achieved record high revenue in Q3 2024, driven by a successful high-end product strategy and a recovery in the consumer market. For the first three quarters of 2024, the company reported revenue of 18.908 billion yuan, a year-on-year increase of 25.38%, and a net profit attributable to shareholders of 2.375 billion yuan, a year-on-year increase of 544.74% [1][5]. - The smartphone market is showing signs of recovery, with the introduction of high-end products. In Q3 2024, the company launched a new 50MP image sensor, which is expected to be mass-produced in Q4 2024, enhancing its presence in flagship smartphones [1][5]. - The automotive market is also a focus for growth, with projections indicating that the number of cameras in domestic passenger vehicles will exceed 100 million by 2025, representing a compound annual growth rate of 17% [2][5]. Summary by Sections Financial Performance - In Q3 2024, the company achieved total revenue of 6.817 billion yuan, marking a historical high for a single quarter, with a year-on-year growth of 9.55% and a quarter-on-quarter growth of 5.73%. The net profit for the same period was 1.008 billion yuan, reflecting a year-on-year increase of 368.33% and a quarter-on-quarter increase of 24.60% [1][5]. - The overall gross margin for the first three quarters of 2024 was 29.61%, an increase of 8.33 percentage points year-on-year, with Q3 gross margin at 30.44%, up 8.66 percentage points year-on-year [1][5]. Market Outlook - The global smartphone shipment volume reached 316.1 million units in Q3 2024, a year-on-year increase of 4.0%, marking five consecutive quarters of growth. The company anticipates that flagship models will upgrade their imaging capabilities with the new 50MP sensor [1][5]. - The company is innovating in the automotive CIS sector, collaborating with Philips to develop in-car driver health monitoring solutions and launching a new automotive vision image sensor, which is expected to enter mass production in the first half of 2025 [2][5]. Earnings Forecast - The company has adjusted its earnings forecast for 2024-2026, expecting revenues of 25.897 billion yuan, 31.112 billion yuan, and 36.859 billion yuan, respectively. The net profit attributable to shareholders is projected to be 3.347 billion yuan, 4.712 billion yuan, and 6.450 billion yuan for the same periods [5][6].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a record high revenue in Q3 2024, with total revenue reaching 18.91 billion yuan, a year-on-year increase of 25%. The net profit attributable to shareholders was 2.38 billion yuan, up 545% year-on-year, and the non-recurring net profit was 2.29 billion yuan, a significant increase of 1666% [2] - The company's gross margin improved to 30.44% in Q3 2024, reflecting a 0.2 percentage point increase quarter-on-quarter and an 8.66 percentage point increase year-on-year. The net profit margin also rose to 14.75%, up 2.24 percentage points quarter-on-quarter and 11.34 percentage points year-on-year [2] - The high-end mobile CIS products are driving significant revenue growth, with the company increasing its market share in the high-end smartphone sector, particularly with its 50 million pixel series products [3] - The company is expanding its automotive CIS layout, which is expected to be a fast-growing segment in the CIS industry, with a projected CAGR of 8.8% from 2022 to 2028 [3] - The company is expected to continue achieving high growth in net profit, with forecasts of 3.37 billion yuan, 5.05 billion yuan, and 6.45 billion yuan for 2024, 2025, and 2026 respectively, corresponding to P/E ratios of 40, 26, and 21 times [4]