韦尔股份（603501）：手机高端化+汽车驱动增长，车规级模拟稳步推进

Investment Rating - The report maintains a "Buy" rating for the company [2][5][8] Core Views - The company reported a revenue of RMB 25.731 billion in 2024, representing a year-over-year increase of 22%. The gross margin improved to 29.4%, up by 7.7 percentage points [3][8] - The growth in revenue is primarily driven by the mobile and automotive CIS segments, while the DDIC revenue and gross margin are under short-term pressure. The company is steadily advancing in automotive-grade analog products [3][8] - The company plans to launch the OV50X, a high-end mobile CIS product, in Q3 2025, which is expected to enhance its product line [8] Summary by Sections Financial Performance - The company’s revenue for 2024 is projected at RMB 25.731 billion, with a growth rate of 22.4% for 2024 and expected growth rates of 14.7%, 11.0%, and 9.2% for 2025, 2026, and 2027 respectively [7][11] - The EBITDA for 2024 is estimated at RMB 4.244 billion, with a significant increase in net profit to RMB 3.323 billion, reflecting a growth rate of 498% [7][11] - The latest diluted EPS is projected to be RMB 2.73 for 2024, with further increases to RMB 3.62 and RMB 4.19 in 2025 and 2026 respectively [7][11] Business Segments - The CIS business generated RMB 191.90 billion in revenue for 2024, with a year-over-year growth of 24%. The automotive segment saw a 30% increase in revenue [8] - The DDIC business faced a revenue decline of 18% in 2024, with a gross margin of 8.1%. However, the company is developing new products to address market challenges [8] - The analog business reported a revenue increase of 23% in 2024, with a gross margin of 35.2% [8] Valuation - The company’s market capitalization is approximately RMB 151.2 billion, with corresponding PE ratios of 34.3, 29.7, and 26.6 for 2025, 2026, and 2027 respectively [5][7] - The report indicates a slight downward adjustment in EPS estimates for 2025 and 2026 due to declining margins in DDIC and analog businesses [5][7]