韦尔股份：卡位高端安卓手机，行业景气回升将显露业绩弹性

Investment Rating - The report assigns a "BUY" rating for the company, with a target price of 125.00 CNY [2][5]. Core Insights - The company has successfully positioned itself in the high-end Android smartphone market with its OV50 series products, particularly the V50H, which has gained market share among major domestic brands like Xiaomi, Huawei, Vivo, and Honor [6]. - The company currently holds approximately 10% of the smartphone CIS market, with expectations for continued market share growth due to the acceleration of domestic replacements and increasing demand in the automotive and PC sectors [6]. - The company's revenue and profit have shown significant improvement, with Q1 2024 revenue reaching 5.6 billion CNY, a year-on-year increase of 30.2%, and net profit soaring by 181% year-on-year [6][8]. Financial Summary - The company is projected to achieve net profits of 2.5 billion CNY, 4.3 billion CNY, and 5.2 billion CNY for the years 2024, 2025, and 2026, respectively, reflecting year-on-year growth rates of 356%, 69%, and 21% [6][8]. - The earnings per share (EPS) for the same years are forecasted to be 2.09 CNY, 3.53 CNY, and 4.27 CNY, with corresponding price-to-earnings (P/E) ratios of 48x, 28x, and 23x [8]. - The company's gross margin for Q1 2024 was reported at 27.9%, an increase of 3.2 percentage points year-on-year [6].