韦尔股份：24全年业绩接近预告上限，单季度营收再创历史新高-20250417

Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company achieved a record high revenue of 25.73 billion yuan for the year 2024, with a year-on-year growth of 22.4%, driven by a rich product mix in mobile and automotive CIS [1][2] - The net profit attributable to the parent company reached 3.32 billion yuan, marking a significant year-on-year increase of 498% [1] - The company is expected to continue its growth trajectory with projected revenues of 29.53 billion yuan and 36.67 billion yuan for 2025 and 2026, respectively, reflecting year-on-year growth rates of 14.8% and 24.2% [9] Revenue Breakdown - The revenue from image sensor solutions in 2024 was 19.2 billion yuan, accounting for 75% of total revenue, with mobile CIS contributing 9.8 billion yuan (51% of total revenue) and automotive CIS contributing 5.9 billion yuan (31% of total revenue) [2][3] - Emerging markets and IoT CIS generated 760 million yuan, showing a year-on-year growth of 42% [3] - The analog solutions segment reported revenue of 1.42 billion yuan, with a year-on-year increase of 23% [4] Profitability Metrics - The company achieved a gross margin of 29.4% for 2024, an increase of 7.7 percentage points year-on-year, and a net margin of 12.8%, up by 10.2 percentage points [2] - In Q4 2024, the gross margin was 29.0%, with a year-on-year increase of 6.0 percentage points [2] Future Projections - The company is expected to maintain a strong growth trend, with net profit projections of 4.38 billion yuan and 5.97 billion yuan for 2025 and 2026, respectively, indicating year-on-year growth rates of 31.7% and 36.3% [9] - The projected P/E ratios for 2025, 2026, and 2027 are 35, 25, and 21 times, respectively, suggesting a favorable valuation outlook [9]