证券时报e公司讯，企查查APP显示，近日，韦尔股份发生工商变更，注册资本由约11.82亿元增至约 12.14亿元。 企查查信息显示，该公司成立于2007年，法定代表人为王崧，经营范围为集成电路、计算机软硬件的设 计、开发、销售，商务信息咨询等。 ...

| | | 上海韦尔半导体股份有限公司 关于 2023 年第一期股票期权激励计划第一个行权期 第一次行权结果暨股份过户登记公告 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： 根据上海韦尔半导体股份有限公司（以下简称"公司"）2023 年第三次临时 股东大会的授权，公司于 2024 年 9 月 2 日召开第六届董事会第三十六次会议、 第六届监事会第二十六次会议审议通过了《关于公司 2023 年第一期股票期权激 励计划第一个行权期符合行权条件的议案》等议案，上述议案已经公司董事会薪 酬与考核委员会审议通过，公司关联董事均回避表决，北京市天元律师事务所出 具了相关法律意见书。具体内容详见公司于 2024 年 9 月 3 日在上海证券交易所 网站（http：//www.sse.com.cn）披露的《关于公司 2023 年第一期股票期权激励 计划第一个行权期符合行权条件的公告》（公告编号：2024-069）。 二、本次股权激励计划行权的基本情况 （一）激励对象行权的股份数量 本次行权股票数量：1,089,625 股 本 ...

Investment Rating - The investment rating for Will Semiconductor Co Ltd is Overweight (OW) [4][3]. Core Viewpoints - Will Semiconductor reported solid earnings growth for 3Q24, with a preliminary net income range of Rmb0.9-1.1 billion, indicating a 24% quarter-over-quarter increase at the mid-point [2]. - The revenue for 3Q24 is estimated to be between Rmb6.65-6.9 billion, reflecting a 5% quarter-over-quarter growth, attributed to the rising adoption of high-end smartphone camera image sensors (CIS) and increased penetration in automotive CIS [2][3]. - The company is expected to further expand its market share in the smartphone and automotive CIS sectors, with anticipated improvements in margins and earnings due to a better product mix [3]. Financial Metrics Summary - Price Target: Rmb120.00 [4] - Current Share Price (as of October 9, 2024): Rmb115.48 [4] - Market Capitalization: Rmb140.32 billion [4] - Revenue Forecasts: - FY 2023: Rmb21.021 billion - FY 2024e: Rmb26.184 billion - FY 2025e: Rmb31.800 billion - FY 2026e: Rmb35.385 billion [4] - EPS Forecasts: - FY 2023: Rmb0.47 - FY 2024e: Rmb2.65 - FY 2025e: Rmb3.93 - FY 2026e: Rmb4.50 [4] - EBITDA Forecasts: - FY 2023: Rmb2.281 billion - FY 2024e: Rmb4.389 billion - FY 2025e: Rmb6.401 billion - FY 2026e: Rmb7.293 billion [4] - P/E Ratio: - FY 2023: 228.5 - FY 2024e: 43.6 - FY 2025e: 29.4 - FY 2026e: 25.7 [4] - ROE: - FY 2023: 3.1% - FY 2024e: 15.0% - FY 2025e: 19.4% - FY 2026e: 19.0% [4]

| 证券代码：603501 | 证券简称：韦尔股份 公告编号：2024-081 | | --- | --- | | 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。 重要内容提示： 控股股东的基本情况：截至本公告披露日，上海韦尔半导体股份有限公 司（以下简称"公司"）控股股东虞仁荣持有公司股份 358,472,250 股，占公司目 前总股本的 29.52%。 本次捐赠计划的主要内容：控股股东虞仁荣向宁波东方理工大学教育基 金会无偿捐赠其持有公司的 25,000,000 股无限售条件流通股，占公司目前总股本 的 2.06%。 二、受赠方基本情况 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 4、成立时间：2023 年 6 月 26 日 宁波东方理工大学教育基金会承诺：本基金会获赠的韦尔股份的股票将 与韦尔股份控股股东合并计算减持额度，并于减持前 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company is expected to achieve a revenue of approximately 18.74 billion to 18.99 billion CNY for the first three quarters of 2024, representing a year-on-year increase of 24.27% to 25.93% [1] - The net profit attributable to the parent company is projected to be between 2.27 billion to 2.47 billion CNY, showing a significant year-on-year increase of 515.35% to 569.64% [1] - The company is experiencing a recovery in profitability driven by market demand and high-end product introductions, particularly in the smartphone and automotive sectors [1] - The company has launched several high-end image sensors, enhancing its competitive product mix, which is expected to benefit from flagship smartphone releases from major manufacturers [1] Financial Performance Summary - For 2023, the company reported a revenue of 21.02 billion CNY, with a projected increase to 26.14 billion CNY in 2024, reflecting a year-on-year growth of 24.3% [2][4] - The net profit attributable to the parent company is expected to rise from 556 million CNY in 2023 to 3.13 billion CNY in 2024, indicating a substantial year-on-year growth of 463.2% [2][4] - The gross margin is forecasted to improve from 21.8% in 2023 to 29.1% in 2024, with a continued upward trend expected in subsequent years [2][4] - The company's return on equity (ROE) is anticipated to increase from 2.6% in 2023 to 12.7% in 2024 [2][4] Product Development and Market Position - The company has made significant advancements in high-end mobile camera technology, launching products like the OV50H and OV50K40, which set new performance benchmarks [1] - The automotive image sensor product line is being expanded, with new products designed for applications in autonomous driving and advanced driver-assistance systems (ADAS) [1] - The company is actively optimizing its product and supply chain structures to mitigate industry fluctuations, leading to improved gross margins and overall performance [1]

Investment Rating - The investment rating for the company is "Buy - A" [1][2] Core Views - The company has significantly improved its performance, driven by the introduction of high-end mobile products and the continuous penetration of automotive ADAS applications, leading to substantial growth in overall performance [1] - The company is expected to achieve revenue of approximately 18.74 to 18.99 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 24.27% to 25.93% [1] - The net profit attributable to shareholders is projected to be between 2.267 to 2.467 billion yuan, with a year-on-year increase of 515.35% to 569.64% [1] Summary by Sections Performance Overview - The company anticipates a revenue of 6.65 to 6.90 billion yuan for Q3 2024, reflecting a year-on-year growth of 6.86% to 10.88% and a historical high [1] - The net profit for Q3 2024 is expected to be between 900 million to 1.1 billion yuan, with a year-on-year increase of 318.03% to 410.93% [1] Market Position and Product Development - The company has completed the layout of rear main camera products for all series of smartphone models and is actively optimizing product structure and supply chain, enhancing product competitiveness [1] - The OV50H product has been widely adopted in mainstream high-end smartphone rear camera sensor solutions, significantly increasing the company's market share in the high-end smartphone sector [1] Financial Forecast - Revenue forecasts for 2024 to 2026 are adjusted to 26.486 billion, 31.836 billion, and 37.567 billion yuan, with growth rates of 26.0%, 20.2%, and 18.0% respectively [2] - The net profit attributable to shareholders is expected to be 3.477 billion, 4.702 billion, and 6.025 billion yuan for the same period, with growth rates of 525.9%, 35.2%, and 28.1% respectively [2] Product Innovations - The company has launched the OV50M40, a 50MP product designed to meet the demand for small-sized CIS in various applications, expected to achieve mass production in Q4 2024 [1] - The automotive CIS product matrix is continuously improving, with the introduction of the OX02D10, which is suitable for multiple automotive applications [2]

Investment Rating - The report assigns a "BUY" rating for the company, with a target price of 140.00 CNY per share [1]. Core Insights - The company is experiencing rapid growth in Q3 2024, with significant increases in both revenue and net profit, driven by improved market share in the smartphone and automotive sectors [5]. - The introduction of the OV50 series products has enhanced the company's competitive edge, securing shares in flagship models from major brands like Xiaomi, Huawei, Vivo, and Honor [5]. - The company's earnings forecast for 2024-2026 shows substantial growth, with net profits expected to reach 33.9 billion CNY in 2024, 45 billion CNY in 2025, and 56.2 billion CNY in 2026, reflecting year-on-year growth rates of 510%, 33%, and 25% respectively [5][15]. Summary by Sections Company Overview - The company operates in the electronics industry, specifically in semiconductor design and component agency sales [2]. - As of October 9, 2024, the company's A-share price was 89.7 CNY, with a market capitalization of 140.24 billion CNY [1]. Financial Performance - For the first three quarters of 2024, the company expects revenue between 18.7 billion CNY and 19 billion CNY, representing a year-on-year growth of 24%-26% [5]. - The net profit for the same period is projected to be between 2.27 billion CNY and 2.47 billion CNY, showing a year-on-year increase of 515%-570% [5]. - The company achieved a historical high in quarterly revenue, with Q3 2024 revenue estimated at 6.7 billion CNY to 6.9 billion CNY, marking a year-on-year growth of 7%-11% [5]. Earnings Forecast - The earnings per share (EPS) for 2024 is projected at 2.79 CNY, with corresponding price-to-earnings (P/E) ratios of 32, 24, and 19 for 2024, 2025, and 2026 respectively [15][16]. - The company anticipates a significant recovery in the CIS market demand, contributing to the growth in revenue and gross margin [5]. Shareholder Information - The major shareholder is identified as Yu Renrong, holding 29.52% of the shares [1]. - Institutional investors account for 13.1% of the circulating shares, while general corporations hold 23.4% [3].

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 127.00 [3][6]. Core Views - The company is expected to report a net profit attributable to shareholders of RMB 9-11 billion for Q3 2024, reflecting a year-on-year growth of 318-411% [3]. - Revenue for Q3 2024 is projected to be between RMB 66.5-69.0 billion, representing a year-on-year increase of 7-11% [3]. - The improvement in profitability is attributed to the recovery of gross margins driven by product and supply chain optimization [3][4]. - The company is expected to see a gradual slowdown in profit growth in the future as its market positioning becomes more established [6]. Summary by Sections Financial Performance - Q3 2024 revenue is expected to reach RMB 66.5-69.0 billion, surpassing the previous record of RMB 64.5 billion in Q2 2024 [4]. - The net profit margin for Q3 2024 is projected to be between 12.3-15.2%, an improvement from 12-13% in Q2 2024 [4]. - The company anticipates net profits of RMB 32.4 billion, RMB 42.1 billion, and RMB 51.9 billion for the years 2024, 2025, and 2026 respectively [6]. Product and Market Outlook - The automotive CIS product line is expected to grow significantly, with revenue projected to be 2.65 times that of 2021 [5]. - High-margin products, particularly in mobile and automotive sectors, are expected to contribute to revenue growth [4][5]. - The company is also expected to benefit from the increasing penetration of its mobile CIS products in the Android market over the next two years [5]. Valuation Metrics - The company is assigned a PE ratio of 46.43 for 2024, compared to the industry average of 61.26 [6]. - The projected earnings per share (EPS) for 2024 is RMB 2.67, with a significant increase in net profit expected [7][13]. - The company's market capitalization is approximately RMB 140.24 billion [2].

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Insights - The company is expected to achieve revenue of 187.41-189.91 billion yuan for Q1-Q3 2024, representing a year-over-year increase of 25.1%. The net profit attributable to the parent company is projected to be between 22.67-24.67 billion yuan, reflecting a significant year-over-year increase of 542.5% [2]. - The introduction of the OV50H large-bottom CIS has been successful, with applications in high-end models such as Xiaomi 14 and Huawei Nova 12. The company is also set to launch more small-pixel products for long-focus applications, enhancing its product coverage in mobile cameras [2][3]. - The demand for automotive CIS is expected to rise due to advancements in autonomous driving, particularly with Tesla's Robotaxi and the commercial rollout of L4 applications. The company anticipates a significant increase in automotive CIS usage as L3 models become more prevalent in China [3]. Summary by Sections Financial Performance - The company forecasts a total revenue of 261.46 billion yuan for the year, with a net profit of 31.91 billion yuan and an average gross margin of 29.6%. The report provides a target price of 138-163 yuan based on a valuation of 38x-45x [3][4]. - For Q3 2024, the expected revenue is between 66.50-69.00 billion yuan, with a year-over-year growth of 8.87% and a quarter-over-quarter growth of 5.08%. The net profit for this quarter is projected to be between 9.0-11.0 billion yuan, indicating a year-over-year increase of 364.49% [2]. Market Position and Product Development - The company is strategically positioned to capture more high-end smartphone models due to the tight supply of high-end CIS and the strong willingness of domestic manufacturers to replace imported products. This is expected to provide significant earnings elasticity [2][3]. - The automotive sector is also a focus, with the company planning to enter the ADAS market as new front-view solutions are introduced by competitors [3]. Valuation and Market Expectations - The report outlines a comparison of the company's financial metrics with market expectations, indicating a strong growth trajectory in both revenue and net profit over the next few years [4][15]. - The projected earnings per share (EPS) for 2024 is 2.62 yuan, with a price-to-earnings (P/E) ratio of 44, suggesting a favorable valuation compared to market peers [4][15].

Financial Performance - Net profit attributable to parent company owners is expected to be between 2,267.01 million yuan and 2,467.01 million yuan, a year-on-year increase of 515.35% to 569.64%[3][4] - Non-GAAP net profit attributable to parent company owners is expected to be between 2,202.13 million yuan and 2,402.13 million yuan, a year-on-year increase of 1,595.80% to 1,749.81%[3][4] - Revenue is expected to be between 18,741.41 million yuan and 18,991.41 million yuan, a year-on-year increase of 24.27% to 25.93%[5] Market and Demand Drivers - The significant growth in revenue and gross margin is driven by increased demand in the high-end smartphone market and the penetration of autonomous driving applications in the automotive market[7] Operational Improvements - The company has optimized its product and supply chain structure to better cope with industry fluctuations, leading to a gradual recovery in product gross margin[7]