集成电路 韦尔股份（603501.SH） 买入-A(维持) 图像传感器新品提升份额，手机汽车业务双轮驱动成长 2024 年 8 月 21 日 公司研究/公司快报 公司近一年市场表现 事件描述 公司公告 2024 年中报，公司实现营业收入 120.91 亿元，同比+36.50%， 归母净利润 13.67 亿元，同比+792.79%。2024 年二季度实现营业收入 64.48 亿元，同比+42.55%，环比+14.24%，归母净利润 8.09 亿元，同比+1869.21%。 事件点评 市场数据：2024 年 8 月 20 日 收盘价（元）： 92.28 年内最高/最低（元）： 115.89/75.94 流通A股/总股本（亿）： 12.14/12.14 流通 A 股市值（亿）： 1,120.67 总市值（亿）： 1,120.67 基础数据：2024 年 6 月 30 日 基本每股收益(元)： 1.14 摊薄每股收益(元)： 1.14 每股净资产(元)： 17.88 净资产收益率(%)： 6.26 资料来源：最闻 高宇洋 执业登记编码：S0760523050002 邮箱：gaoyuyang@sxzq.com 公司 2 ...

韦尔股份（603501.SH）2024 年半年报点评 CIS 业务高速成长，盈利能力显著改善 2024 年 08 月 21 日 ➢ 事件：韦尔股份 8 月 19 日晚发布 2024 年半年报，公司 2024 年上半年实 现收入 120.91 亿元（YoY+36.5%），归母净利润 13.67 亿元（YoY+792.79%）， 扣非归母净利润 13.72 亿元（同比扭亏）。对应 2Q24，公司实现收入 64.48 亿 元（YoY+42.55%，QoQ+14.24%），归母净利润 8.09 亿元（同比扭亏， QoQ+45.08%），扣非归母净利润 8.06 亿元（同比扭亏，QoQ+42.43%）。 ➢ CIS 业务高速成长，盈利能力显著改善。2024 年上半年，公司图像传感器 业务实现收入 93.12 亿元，占主营业务收入 77.15%，同比增长 49.9%，其中来 自智能手机、汽车电子、安防监控、新兴市场/物联网、医疗、笔记本电脑领域的 收入占比分别为 52%、31%、8%、4%、3%、2%，智能手机和汽车电子业务收 入分别同比高增 79%和 53%。受益于产品结构优化和供应链结构优化，公司毛 利率显著改善，2 ...

Financial Performance - In the first half of 2024, the company achieved a main business revenue of 12.07 billion CNY, an increase of 36.64% compared to the same period last year [2] - The net profit attributable to shareholders, excluding non-recurring gains and losses, reached 1.372 billion CNY, showing significant growth [2] - In Q2 2024, the company recorded a single-quarter revenue of 6.448 billion CNY, marking a historical high for a single quarter [2] Business Segments - Semiconductor agency sales generated revenue of 1.633 billion CNY, accounting for 13.53% of main business revenue, a growth of 13.40% year-on-year [2] - Semiconductor design business revenue was 10.418 billion CNY, representing 86.31% of main business revenue, with a year-on-year increase of 41.14% [2] - Image sensor solutions achieved sales revenue of 9.312 billion CNY, contributing significantly to the semiconductor design business [3] Market Insights - Revenue from the smartphone market for image sensors was approximately 4.868 billion CNY, up 78.51% year-on-year [3] - Revenue from the automotive market for image sensors reached about 2.914 billion CNY, an increase of 53.06% year-on-year [3] - Revenue from IoT/emerging markets for image sensors was around 336 million CNY, reflecting a growth of approximately 77.62% [3] R&D and Investment - R&D investment for semiconductor design sales was approximately 1.582 billion CNY, accounting for 15.18% of the sales revenue [3] - The company’s R&D expenses were 1.255 billion CNY, a year-on-year increase of 33.84% [3] - The company has invested over 12.5 billion CNY in R&D for semiconductor design from 2019 to 2023 [5] Cost Management - Sales expenses amounted to 264 million CNY, a growth of 30.21% year-on-year [3] - Financial expenses significantly decreased from 234 million CNY in H1 2023 to 6.14 million CNY, a decline of 97.34% [3] - The net cash flow from operating activities was 1.821 billion CNY, a decrease of 41.31% compared to the previous year [4]

Investment Rating - The report maintains a "Buy" rating for the company, Weir Shares (603501.CH), with a target price adjusted to RMB 108.4, indicating a potential upside of 21% from the current price of RMB 89.7 [2][3]. Core Insights - The semiconductor cycle shows strong upward momentum, with the company's revenue growth and gross margin improving sequentially in Q2. The gross margin is expected to continue improving in the second half of the year. The company is experiencing growth across its business segments, including mobile, automotive, and display driver sectors [2][3]. - The Q2 performance aligns with the company's earnings forecast, showing a 14% sequential revenue growth and a 43% year-over-year increase. The gross margin reached 30.2%, marking a 2.4 percentage point increase from the previous quarter and a 12.9 percentage point increase year-over-year [2][6]. - The company is focusing on high-end projects in mobile CIS, which are expected to drive growth in the second half of the year. The automotive CIS segment is also maintaining high growth through product iteration, while the display driver business is set for significant growth next year [2][3]. Financial Performance and Forecast - The company’s revenue for 2024 is projected to be RMB 26,579 million, with a year-over-year growth rate of 26%. The gross margin is expected to be 30.7% in 2024, improving to 33.6% by 2026 [3][7]. - Net profit is forecasted to reach RMB 3,204 million in 2024, with a significant increase of 477% compared to the previous year. The basic earnings per share are expected to be RMB 2.64 in 2024, rising to RMB 4.25 by 2026 [3][7]. - The report utilizes a DCF valuation method, assuming a WACC of 9.5% and a perpetual growth rate of 3%, leading to a target price of RMB 108.4 [2][8][10]. Business Segment Analysis - In the mobile CIS segment, the company is increasing its market share in high-end camera modules, with gross margins expected to exceed 30%. The automotive CIS segment is also projected to grow significantly due to product upgrades and expansion into non-CIS products [2][3]. - The display driver business is expected to maintain its leading position in the market, with an increase in product models and advantages in the supply chain [2][3]. - Continuous investment in R&D is aimed at enhancing product performance and process technology, ensuring competitive advantages and expanding market opportunities [2][3].

中报业绩位于预告中值偏上，手机&汽车驱动高增 韦尔股份 (603501. SH) /电子 证券研究报告/公司点评 2024 年 8 月 19 日 评级： 买入（维持）公司盈利预测及估值 | --- | --- | --- | --- | --- | |-------------------------------------------------------------|-------|----------------------------------------|-------------|-----------| | 市场价格： 89. 7 无 | 指标 | | 2022A | 2023A | | 分析师：王芳 | | 苍业状入（百万元） | 20,078 | 21,021 | | 执业证书编号：S0740521120002Email: wangfang02@zts.com.cn | | 增长丰 yoy%净利润（百万元）增长牛 yoy% | -17%990-78% | 5%556-44% | | 分析师：杨旭 | | 年殷牧蟲（无） | 0.82 | 0.46 | 每股现全流企-1.646.21-2. ...

韦尔股份20240820_导读 2024年08月20日 22:49 关键词 韦尔股份 投资者 会议 声明 授权人 媒体转发 法律责任 主持人 方正电子 郑德江 51股份 威亚股份 营收 研 发投入 新产品 CIS 协同发展 核心管理团队 董事长 总经理 全文摘要 本次会议集中讨论了韦尔股份2024年上半年的业绩表现、技术创新与市场拓展情况。公司通过加大技术 投入，在图像传感器和自动驾驶解决方案等领域获得显著进展，推动了营业收入和毛利率的双增。同 时，公司注重产品结构调整和供应链优化，积极响应市场需求变化，积极布局新兴市场如互联网金融 和AR应用，以及在机器视觉和模拟解决方案等方面进行战略布局，以增强核心竞争力和促进未来业绩 增长。尽管面临市场竞争加剧和供应链挑战，公司展现出强大的适应和调整能力。销售和研发开支的增 加反映了公司在创新上的承诺，而财务状况的改善则展示了成本控制和效率提升的效果。展望未来，公 司对智能手机市场持乐观态度，并着重于新产品的开发，如AR眼镜，预期这些技术将为公司带来新的 增长动力。此外，公司还着眼于降低对特定半导体元件的依赖，以减轻潜在的风险。会议还探讨了显示 驱动业务面临的挑战，强调 ...

目前所有参会者均处于静音状态下面开始播报声明本次会议服务于要请参会的广大投资者会因评论及文字记录的内容仅供参会者内部使用不得公开发布维尔股份为授权人和媒体转发本次会议相关内容未经允许和授权的转载转发均属侵权维尔股份将保留追究其法律责任的权利维尔股份不承担因转载转发而产生的任何损失和责任 最近的各位投资者大家好我是欢策电子会议室的经纪客户的同事跟内星人一起五二股份的这样会议五二股份一直是我们的核心重点和特级公司 没看到就是昨天晚上VL的话也是发布了半个情报很清晰的是我们看到了那个我们BIOS和QRVL部分营收创意势增高这个也是我们那个VL过去几年一直持续高强度研发投入 带来的新产品开疆措土的一个结果我们看到利润的话也是在继续保持高增的状态所以我们的三大业务包括CIS显示性的方案进攻性的方案的话都在保持一个协同发展的一个新的成长周期所以今天的话我们也是非常荣幸威尔的核心团队包括我们的余董事长 王总经理还有吴总 贾总 任总 徐总一起来跟大家进行关于八点报的节目以及未来的业务发展情况下面欢迎我们围绕的核心管理团队谢谢尊敬的各位投资人大家早上好 感谢各位在早上帮我们参加维尔骨顿2024年半年度的业绩交流会我是公司的总策 ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company's H1 2024 performance is impressive, with revenue reaching 12.09 billion yuan, a year-on-year increase of 36.50%, and net profit attributable to shareholders reaching 1.367 billion yuan, a year-on-year increase of 792.79% [3][7] - The company is actively expanding into high-end smartphone and automotive electronics markets, with significant growth in its image sensor business [8][9] Summary by Relevant Sections Financial Performance - In H1 2024, the company achieved revenue of 12.09 billion yuan, up 36.50% year-on-year, and net profit of 1.367 billion yuan, up 792.79% year-on-year. The gross margin and net margin were 29.14% and 11.26%, respectively [3][7] - For Q2 2024, revenue was 6.448 billion yuan, a year-on-year increase of 42.55%, and net profit was 808 million yuan, a year-on-year increase of 1869.21% [7] Product Segments - The image sensor business is the core segment, with H1 2024 revenue of 9.312 billion yuan, a year-on-year increase of approximately 49.90%, accounting for about 77.15% of total revenue. The smartphone CIS segment generated 4.868 billion yuan, up 78.51% year-on-year [8] - In the automotive electronics sector, H1 2024 revenue from automotive CIS reached 2.914 billion yuan, a year-on-year increase of approximately 53.06%, accounting for about 31% of CIS revenue [9] Market Outlook - The company is well-positioned to capture market share in high-end smartphone brands and automotive electronics, driven by the increasing demand for advanced image sensors and the growth of autonomous driving applications [8][9] - The company forecasts net profits of 3.326 billion yuan and 4.506 billion yuan for 2024 and 2025, respectively, with a target price of 126 yuan per share based on a 34x valuation [3][8]

本报告仅供 Choice 东方财富 使用，请勿传阅。 2024 年 08 月 20 日 韦尔股份(603501.SH) 中报业绩增长突出，高端产品带动盈利 能力提升 事件： 公司发布 2024 年半年度报告，24H1 实现营收 120.91 亿元，同比增 长 36.50%；实现归母净利润 13.67 亿元，同比增长 792.79%；实现扣 非归母净利润 13.72 亿元，同比增长 1837.73%。 二季度业绩持续提升，盈利能力改善明显： 公司单二季度营收 64.48 亿元，同比增长 42.55%，环比增长 14.24%， 创单季度营收历史新高。24H1 公司图像传感器解决方案业务收入为 93.12 亿元，占主营业务比例为 77.15%，同比增长 49.90%。报告期 内营收增长主要由于下游客户的需求端增长，以及公司产品在高端智 能手机市场和汽车自动驾驶市场的渗透率持续提升。利润端单二季度 归母净利润 8.09 亿元，同比扭亏，环比增长 45.08%，单二季度毛利 率 30.24%，环比增长 2.35pcts,单季度毛利率连续四个季度环比提 升，产品结构优化及成本控制有所成效。费用端控制良好，报告期内 销售费 ...

毛利率显著改善，50MP 系列替代同类竞品助力 高端份额提升 投资要点 2024 年 8 月 19 日，韦尔股份发布 2024 年半年度报告。 毛利率显著改善，24Q2 营收创历史新高 24H1 随着消费市场进一步回暖，下游客户需求有所增长，加之公司在高端智能手 机市场的产品导入及汽车市场自动驾驶应用的持续渗透，公司营收显著增长。此外， 受到产品结构优化以及成本控制等因素影响，公司产品毛利率逐步恢复。 24H1 公司实现营收 120.91 亿元，同比增长 36.50%；归母净利润 13.67 亿元，同 比增长 792.79%；扣非归母净利润 13.72 亿元，同比大幅增长；毛利率 29.14%， 同比提升 8.21 个百分点；期末库存 67.58 亿元，环比基本持平。 单季度看，24Q2 公司实现营收 64.48 亿元，同比增长 42.55%，环比增长 14.24%， 单季营收超过此前历史峰值 21Q2 的 62.36 亿元，创历史新高；归母净利润 8.09 亿元，同比扭亏为盈，环比增长 45.08%；扣非归母净利润 8.06 亿元，同比扭亏为 盈，环比增长 42.43%；毛利率 30.24%，同比提升 12 ...