Investment Rating - The investment rating for the company is "Accumulate" (首次覆盖) [3] Core Views - The company's revenue for 2024 reached 25.731 billion yuan, a year-on-year increase of 22.41%, while the net profit attributable to shareholders was 3.323 billion yuan, reflecting a significant year-on-year growth of 498.11% [3][5] - The growth in demand for smartphones and automobiles has driven high growth in the company's CIS (CMOS Image Sensor) business, with smartphone CIS revenue increasing by 26.01% to 9.802 billion yuan and automotive CIS revenue reaching 5.905 billion yuan [5] - The company maintains a high level of R&D investment, which accounted for 15% of semiconductor design sales revenue, ensuring product upgrades and enhancing competitiveness [5] Financial Performance Summary - In 2024, the company's CIS business generated 19.190 billion yuan in revenue, accounting for 74.76% of its main business income, an increase of 23.52% from the previous year [5] - The company is projected to achieve net profits of 4.406 billion yuan, 5.301 billion yuan, and 6.000 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 34.3, 28.5, and 25.2 [5][7] - The company's R&D expenses have consistently increased, with a 10.89% year-on-year growth in 2024, indicating a strong commitment to innovation and product development [5] Market Data - As of April 16, 2025, the company's stock price is 124.22 yuan, with a market capitalization of approximately 150.61 billion yuan [3][5] - The company has a 52-week price range of 81.41 to 161.96 yuan, indicating volatility in its stock performance [3]

Investment Rating - The investment rating for the company is "Buy" with an expectation of a relative increase of over 15% compared to the CSI 300 index in the next six months [20]. Core Views - The company achieved a record revenue of 25.73 billion yuan in 2024, representing a year-on-year growth of 22.41%. The net profit attributable to shareholders reached 3.32 billion yuan, a significant increase of 498.11% year-on-year [5][11]. - The company is continuously enhancing its product matrix in the CIS (CMOS Image Sensor) sector, particularly in high-end smartphones and automotive applications, which is expected to drive market share growth [8][9]. - The company is actively pursuing the domestic substitution of analog chips, with a focus on automotive analog chip products, which are anticipated to contribute to future growth [7][9]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 25.73 billion yuan, a year-on-year increase of 22.41%. The net profit attributable to shareholders was 3.32 billion yuan, up 498.11% year-on-year. The fourth quarter of 2024 saw a revenue of 6.82 billion yuan, a year-on-year increase of 14.87% [5][11]. - The gross margin for 2024 was 29.44%, an increase of 7.68% year-on-year, while the net margin was 12.76%, up 10.17% year-on-year [8]. Product Development - The company has launched several advanced CIS products, including the OV50K40 sensor, which sets a new performance benchmark for flagship smartphone cameras. The automotive CIS product line has also been expanded with new high-performance sensors [8][9]. - The company is focusing on enhancing its competitive edge in the high-end smartphone CIS market and expanding its automotive CIS product offerings, which are expected to improve product value and profitability [8][9]. Market Outlook - The global analog IC market is projected to grow from 79.4 billion USD in 2024 to 103.8 billion USD by 2029, with a compound annual growth rate of 5.5%. The domestic market's self-sufficiency rate for analog chips is currently around 15%, indicating significant potential for domestic substitution [9]. - The company is expected to maintain its growth trajectory, with projected revenues of 30.16 billion yuan in 2025, 35.21 billion yuan in 2026, and 40.36 billion yuan in 2027, alongside corresponding net profits of 4.34 billion yuan, 5.40 billion yuan, and 6.62 billion yuan respectively [11].

Investment Rating - The investment rating for the company is "Buy" with an expectation of a relative increase of over 15% compared to the CSI 300 index in the next six months [20]. Core Views - The company achieved a record revenue of 25.73 billion yuan in 2024, representing a year-on-year growth of 22.41%. The net profit attributable to shareholders reached 3.32 billion yuan, a significant increase of 498.11% year-on-year [5][11]. - The company is continuously enhancing its product matrix in the CIS (CMOS Image Sensor) sector, particularly in high-end smartphones and automotive applications, which is expected to drive market share growth [8][9]. - The company is actively pursuing the domestic substitution of analog chips, with a focus on automotive analog chip products, which are anticipated to contribute to future growth [7][9]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 25.73 billion yuan, up 22.41% year-on-year, and a net profit of 3.32 billion yuan, up 498.11% year-on-year. The fourth quarter of 2024 saw a revenue of 6.82 billion yuan, a year-on-year increase of 14.87% [5][11]. - The gross margin for 2024 was 29.44%, an increase of 7.68% year-on-year, while the net margin was 12.76%, up 10.17% year-on-year [8]. Product Development - The company has launched several advanced CIS products, including the OV50K40 sensor, which sets a new performance benchmark for flagship smartphone cameras. The company is also expanding its automotive CIS product offerings, which are expected to enhance its competitive position in the market [8][9]. - The company is focusing on optimizing its product structure and supply chain, which has led to improved profitability and market competitiveness [8]. Market Outlook - The global analog IC market is projected to grow from 79.4 billion USD in 2024 to 103.8 billion USD by 2029, with a compound annual growth rate (CAGR) of 5.5%. The domestic market's self-sufficiency rate for analog chips is currently around 15%, indicating significant potential for domestic substitution [9]. - The company is expected to maintain its growth trajectory, with projected revenues of 30.16 billion yuan in 2025, 35.21 billion yuan in 2026, and 40.36 billion yuan in 2027 [11].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company reported a total revenue of 25.731 billion yuan for 2024, representing a year-on-year growth of 22.41%. The net profit attributable to shareholders was 3.323 billion yuan, showing a significant increase of 498.11% year-on-year [2][6] - The company has outlined a substantial semiconductor blueprint, benefiting from industry expansion and its competitive advantages. The automotive CIS segment is expected to continue contributing to growth due to its high ASP and rapid growth in the market [12] Financial Performance Summary - In 2024, the company achieved a main business revenue of 25.670 billion yuan, a year-on-year increase of 22.43%. The semiconductor design revenue was 21.640 billion yuan, accounting for 84.30% of total revenue, with a growth of 20.62% [12] - The CIS business generated 19.190 billion yuan, representing 74.76% of the semiconductor design revenue, with a year-on-year growth of 23.52% and a gross margin of 34.52% [12] - The company’s R&D investment for semiconductor design was 3.245 billion yuan, accounting for 15% of design revenue, reflecting a year-on-year increase of 10.89% [12] Future Earnings Projections - The projected EPS for the company for 2025, 2026, and 2027 are 3.70 yuan, 4.67 yuan, and 5.75 yuan respectively, indicating a positive growth outlook [12]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a revenue of 25.731 billion yuan in 2024, representing a year-on-year increase of 22.41%, and a net profit attributable to shareholders of 3.323 billion yuan, up 498.11% year-on-year [4][10] - The semiconductor design business is entering a high-growth cycle, driven by AI and the acceleration of automotive intelligence, leading to significant revenue growth [5] - The company has optimized its product structure and supply chain, resulting in improved gross margins and net profits [5] Company Overview - Latest closing price: 124.22 yuan - Total shares: 1.217 billion; Total market capitalization: 151.2 billion yuan - 52-week high/low: 157.98/82.70 yuan - Debt-to-asset ratio: 37.9%; Price-to-earnings ratio: 44.84 [3] Financial Performance - In 2024, the company's main business revenue was 25.670 billion yuan, with semiconductor design and sales contributing 21.640 billion yuan and 3.939 billion yuan, respectively [5] - The image sensor solutions business generated 19.190 billion yuan, showing a year-on-year increase of 23.52% [6] - The automotive market's contribution to revenue was significant, with a 30% increase in revenue from automotive applications [6] Future Projections - The company is expected to achieve revenues of 30.7 billion yuan, 35.9 billion yuan, and 41.8 billion yuan in 2025, 2026, and 2027, respectively, with net profits projected at 4.4 billion yuan, 5.7 billion yuan, and 7.2 billion yuan [10][12] - The current stock price corresponds to a price-to-earnings ratio of 34, 27, and 21 for the years 2025 to 2027 [10]

资料来源：聚源，中邮证券研究所 公司基本情况 证券研究报告：电子 | 公司点评报告 股票投资评级 买入 |维持 个股表现 2024-04 2024-06 2024-09 2024-11 2025-02 2025-04 -12% -4% 4% 12% 20% 28% 36% 44% 52% 60% 68% 韦尔股份 电子 | 最新收盘价（元） | 124.22 | | --- | --- | | 总股本/流通股本（亿股）12.17 | / 12.17 | | 总市值/流通市值（亿元）1,512 | / 1,512 | | 52 周内最高/最低价 | 157.98 / 82.70 | | 资产负债率(%) | 37.9% | | 市盈率 | 44.84 | | 第一大股东 | 虞仁荣 | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 韦尔股份(603501) 汽车 CIS 增长强劲，AR/VR 应用多场景拓展 l 事件 4 月 15 日，公司披露 2024 年年度报告，2024 年公司实现营收 257.31 亿元，同比+22.41%；实现 ...

Core Viewpoint - The performance growth of Weir Shares is driven by the recovery in demand for AI smartphones and the increasing penetration of smart driving technology [1][5]. Group 1: Financial Performance - In 2024, Weir Shares achieved a record revenue of 25.731 billion yuan, a year-on-year increase of 22.41%, marking the fastest growth rate since 2021 [2]. - The net profit for the company reached 3.32 billion yuan, with a staggering year-on-year growth of 498% [1][3]. - The company's semiconductor design sales gross margin improved to 33.31%, an increase of 9.44 percentage points year-on-year [3]. Group 2: Business Segments - The main business segments of Weir Shares include image sensor solutions, display solutions, and analog solutions, with image sensors accounting for 74.76% of revenue [2]. - Revenue from image sensor business reached 19.19 billion yuan, a year-on-year increase of 23.52%, driven by the growth in demand from smartphones and automotive sectors [2][3]. - The analog solutions business also saw a recovery, with revenue of 1.422 billion yuan, up 23.18% year-on-year [3]. Group 3: Market Trends and Future Outlook - The global smartphone market is expected to recover significantly, with a projected shipment of 1.22 billion units in 2024, a year-on-year increase of 7% [2]. - The semiconductor industry is entering an upward cycle, with WSTS predicting an 11.2% growth in global semiconductor revenue in 2025, reaching 697 billion dollars [4]. - Analysts expect that the demand for AI smartphones and smart driving technology will be the main growth drivers for Weir Shares in the coming years [5][6].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside in the stock price [8][10]. Core Insights - The company is expected to achieve a revenue growth of 22.4% in 2024, reaching RMB 257.3 billion, with a net profit increase of 498.1%, amounting to RMB 33.2 billion [10]. - The growth is driven by increased demand for CIS in mobile phones and automotive sectors, alongside continuous optimization of the product structure [8][10]. - The company’s gross margin is projected to improve by 7.7 percentage points to 29.4% in 2024 [10]. Summary by Sections Company Overview - The company operates in the electronics industry, with a current stock price of RMB 124.22 and a market capitalization of RMB 151.17 billion [2]. Recent Ratings - Recent ratings include "Buy" on multiple occasions, with the latest rating on August 19, 2024, at a closing price of RMB 89.7 [3]. Financial Performance - In 2024, the company is forecasted to generate revenue of RMB 257.3 billion, with a net profit of RMB 33.2 billion, resulting in an EPS of RMB 2.77 [10][12]. - The company’s revenue from image sensor solutions is expected to be RMB 192 billion, with mobile CIS revenue at RMB 98 billion and automotive CIS revenue at RMB 59 billion [10]. Profit Forecast - The net profit projections for 2025, 2026, and 2027 are RMB 43.4 billion, RMB 55.7 billion, and RMB 66.3 billion, respectively, with corresponding EPS of RMB 3.57, RMB 4.59, and RMB 5.46 [10][12]. Valuation Metrics - The company is currently valued at a PE ratio of 23 times for 2027, indicating a favorable valuation compared to its growth prospects [10][12].

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 150.00 CNY per share [1][8]. Core Insights - The company is expected to achieve a revenue growth of 22.4% in 2024, reaching 257.3 billion CNY, and a net profit growth of 498.1%, amounting to 33.2 billion CNY. This indicates a significant improvement in profitability [10]. - The growth is driven by increasing demand for CIS in mobile phones and automotive sectors, alongside ongoing optimization of the product structure [8][10]. - The company is projected to maintain strong earnings growth, with net profits forecasted at 43.4 billion CNY, 55.7 billion CNY, and 66.3 billion CNY for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 31%, 28%, and 19% [10][12]. Summary by Sections Company Overview - The company operates in the electronics industry, with a current A-share price of 124.22 CNY and a market capitalization of 151.17 billion CNY [2]. Recent Ratings - The company has received multiple "Buy" ratings in recent months, indicating a positive outlook from analysts [3]. Financial Performance - In 2024, the company is expected to achieve a comprehensive gross margin of 29.4%, an increase of 7.7 percentage points from the previous year [10]. - Revenue from image sensor solutions is projected to be 192 billion CNY in 2024, with mobile CIS revenue at 98 billion CNY and automotive CIS revenue at 59 billion CNY, reflecting year-on-year growth rates of 26% and 30% respectively [10]. Earnings Forecast - The earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 3.57 CNY, 4.59 CNY, and 5.46 CNY, respectively, with corresponding price-to-earnings (P/E) ratios of 35x, 27x, and 23x [10][12]. Market Position - The company has a significant market presence in the semiconductor design sector, accounting for 86.5% of its product portfolio, while component agency sales make up 13.5% [3].

Core Insights - Weir Shares (603501.SH) reported a significant increase in revenue and net profit for the year 2024, with total revenue reaching 25.731 billion yuan, a year-on-year growth of 22.41%, and net profit attributable to shareholders at 3.323 billion yuan, a remarkable increase of 498.11% [1] Group 1: Semiconductor Design Business - The semiconductor design business of Weir Shares is primarily composed of three main segments: image sensor solutions, display solutions, and analog solutions [1] - The image sensor solutions segment generated revenue of 19.190 billion yuan in 2024, accounting for 74.76% of the main business revenue, reflecting a year-on-year increase of 23.52% [1] - Revenue from the smartphone market for image sensors was approximately 9.802 billion yuan, marking a 26.01% increase compared to the previous year [1] - The company has enhanced its competitiveness in the high-end smartphone CMOS image sensor market through product structure optimization and supply chain improvements [1] Group 2: Automotive CIS Solutions - Revenue from the automotive market for image sensors was around 5.905 billion yuan, showing a year-on-year increase of 29.85%, with a continuous rise in market share [2] - The demand for in-vehicle cameras has significantly increased due to the rapid penetration of autonomous driving systems and driver monitoring systems [2] - The automotive camera market is evolving towards higher resolution, multifunctionality, intelligence, and integration to meet consumer demands for improved driving experience and safety [2] Group 3: Display Solutions - The display solutions segment, primarily focused on LCD-TDDI products, faced challenges due to an imbalance in industry supply and demand, resulting in a revenue of 1.028 billion yuan, a decrease of 17.77% year-on-year [2] - The company is investing in the development of automotive display driver products to meet mainstream market specifications [2] - The diversification of product categories and application markets is expected to provide more growth opportunities for the display solutions segment [2]