韦尔股份：中报预告大幅增长，龙头强α能力体现

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is expected to achieve significant growth in its mid-year report, with projected revenue of 11.9 to 12.18 billion yuan, representing a year-on-year increase of 34.4% to 37.5% [6] - The net profit attributable to the parent company is forecasted to be between 1.31 to 1.41 billion yuan, reflecting a substantial year-on-year increase of 754.1% to 819.4% [6] - The company is experiencing a strong recovery in profitability, driven by increased shipments of high-end mobile camera modules and the penetration of automotive smart technology [6][7] - The company has established a leading position in high-end products, with its mobile camera modules entering a new growth phase [6] Financial Summary - Total shares outstanding: 1,216 million [3] - Market price: 97.68 yuan [3] - Market capitalization: 118.757 billion yuan [3] - Projected revenue for 2024: 27.689 billion yuan, with a year-on-year growth rate of 32% [5] - Projected net profit for 2024: 3.502 billion yuan, with a year-on-year growth rate of 530% [5] - Projected earnings per share for 2024: 2.88 yuan [5] - Projected P/E ratio for 2024: 33.9 [5] Business Expansion - The company has expanded its analog business into the automotive sector, with a 13.4% year-on-year increase in revenue from this segment [7] - The acquisition of a chip company has strengthened its automotive chip development team [7] - The company is expected to see faster growth in its analog business due to the introduction of multiple products in the automotive market [7] Investment Recommendations - The company is projected to achieve net profits of 3.5 billion, 4.8 billion, and 6 billion yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 34, 25, and 20 [7]