Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% compared to the benchmark index within the next six months [9][14]. Core Views - The company is projected to achieve revenue of 6.383 billion yuan in 2024, representing a year-on-year growth of 35.90%, with a net profit attributable to shareholders of 187 million yuan, up 287.20% year-on-year [3][12]. - The global smartphone market is expected to rebound in 2024, with an estimated shipment of 1.18 billion units, a growth of approximately 6.8% year-on-year, benefiting the company's mobile CIS product segment [3][4]. - The company is enhancing its product structure with a higher proportion of high-pixel CIS products, which is expected to contribute significantly to revenue growth [3][5]. Company Overview - The latest closing price of the company's stock is 15.20 yuan, with a total market capitalization of 39.5 billion yuan [2]. - The company has a total share capital of 2.601 billion shares, with 1.449 billion shares in circulation [2]. - The asset-liability ratio stands at 65.3%, indicating a moderate level of financial leverage [2]. Financial Projections - Revenue projections for the company are as follows: 8.019 billion yuan in 2025, 10.08 billion yuan in 2026, and 13.009 billion yuan in 2027, with respective growth rates of 25.62%, 25.70%, and 29.06% [12][13]. - The net profit attributable to shareholders is expected to reach 303 million yuan in 2025, 703 million yuan in 2026, and 1.303 billion yuan in 2027, with significant growth rates of 62.22%, 132.07%, and 85.30% respectively [12][13]. Business Segments - The company's mobile CIS business is projected to generate revenue of 3.598 billion yuan in 2024, accounting for 56.39% of total revenue, with a year-on-year growth of 60.44% [3][4]. - The non-mobile CIS segment is also expected to grow, with projected revenue of 1.426 billion yuan in 2024, a year-on-year increase of 17.82% [5]. - The display driver chip business is anticipated to achieve revenue of 1.356 billion yuan in 2024, reflecting a growth of 9.47% [8].

根据市场公开信息及4月29日披露的机构调研信息，知名私募迎水投资近期对1家上市公司进行了调研， 相关名单如下： 1）格科微 （上海迎水投资管理有限公司参与公司业绩说明会） 调研纪要：2024年格科微实现营业收入63.83亿元，同比增长35.90%，净利润1.87亿元，同比增长 287.20%。2025年一季度营收15.24亿元，同比增长18.21%，净利润-0.52亿元。高端手机CIS产品进展顺 利，1,300万以上像素图像传感器收入超15亿元，占比提升至50%。非手机CIS领域推广400万、800万像 素产品，应用于智慧城市、智慧家居等，车载前装图像传感器研发完成，预计2025年推广。临港工厂获 多项认证，满产状态，实现800万、1,300万、5,000万像素产品量产，2024年销售收入22.46亿元。单芯 片架构产品快速导入，5,000万像素产品大量出货，预计下半年毛利率上升。贸易战对公司影响不大， 已做好预案，积极寻求非美化解决方案。公司对高像素单芯片技术成主流充满信心，非手机产品线推进 400万像素及以上产品量产，加大I眼镜和车规级领域投入。 机构简介： 上海迎水投资管理有限公司成立于2015年6月， ...

3）格科微 （景林资产管理香港有限公司参与公司业绩说明会） 调研纪要：2024年格科微实现营业收入63.83亿元，同比增长35.90%，净利润1.87亿元，同比增长 287.20%。2025年一季度营收15.24亿元，同比增长18.21%，净利润-0.52亿元。高端手机CIS产品进展顺 利，1,300万以上像素图像传感器收入超15亿元，占比提升至50%。非手机CIS领域推广400万、800万像 素产品，应用于智慧城市、智慧家居等，车载前装图像传感器研发完成，预计2025年推广。临港工厂获 多项认证，满产状态，实现800万、1,300万、5,000万像素产品量产，2024年销售收入22.46亿元。单芯 片架构产品快速导入，5,000万像素产品大量出货，预计下半年毛利率上升。贸易战对公司影响不大， 已做好预案，积极寻求非美化解决方案。公司对高像素单芯片技术成主流充满信心，非手机产品线推进 400万像素及以上产品量产，加大I眼镜和车规级领域投入。 根据市场公开信息及4月29日披露的机构调研信息，知名私募景林资产近期对5家上市公司进行了调研， 相关名单如下： 1）皇马科技 （上海景林资产参与公司特定对象调研） 调研纪 ...

证券研究报告 格科微 (688728 CH) 2024 年：手机驱动收入增长，市场竞争激烈利润率下滑 2024 年分产品看，公司手机 CIS 产品收入 36 亿（yoy +60%，占比 56%）， 毛利率 21%（yoy-10.40pct，主要系 2/5/8M 低像素手机 CIS 市场竞争激烈）； 非手机 CIS 产品收入 14 亿元（yoy +18%，占比 22%）,毛利率 35.6%（yoy +0.32pct），显示驱动芯片收入 13.6 亿元（yoy+9.5%，占比 21%），毛利率 14%（yoy-6.4pct）。公司 24 年末存货达到 59.6 亿元，1Q25 达到 62.2 亿 元，主因手机 CIS 产品自有晶圆厂的生产备货。 25 年：预计 50M 高像素产品将逐渐在自有晶圆工厂量产 1Q25 公司实现营收 15.2 亿（yoy+18%，qoq-17%），归母净亏损 5,173 万， 毛利率 20.9%（yoy-4.4pct，qoq-0.6pct），我们预计 50M 产品实现约 1 亿 元收入，25 年全年 0.8um/0.7um/0.61um/1.0um 产品逐渐进入量产，或实 现超过 10 ...

证券研究报告 格科微 (688728 CH) 50M 产品将逐渐在自有晶圆厂量产 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 29 日│中国内地 | 半导体 | 公司公布 2024 年以及 1Q25 业绩。24 年营收 63.8 亿元(yoy+36%），毛利 率 22.8%（yoy-6.7pct），归母净利润 1.9 亿（yoy+287%），低于 Wind 一致 预期 2.2 亿，我们认为主因 2/5/8M 低像素手机 CIS 市场竞争激烈，拖累公 司毛利率下滑。4Q24 营收 18.3 亿（yoy+26%，qoq+4%），归母净利 1.8 亿，扭亏为盈，毛利率 20.9%（yoy-4.4pct，qoq-0.6pct）。公司 1Q25 营收 15.2 亿（yoy+18%，qoq-17%），归母净亏损 5,173 万，毛利率 20.9% （yoy-4.4pct，qoq-0.6pct）。我们预计进入 25 年下半年，公司 50M 高像素 产品将逐渐在自有晶圆工厂量产。维持"买入"。 2024 年：手机驱动收入增长，市场竞争激烈利润率 ...

Core Viewpoint - Weir Shares (韦尔股份) has experienced significant growth in its financial performance, driven by the recovery in consumer electronics demand and strategic investments in research and development [1][2]. Financial Performance - In 2024, Weir Shares reported a revenue of 25.731 billion yuan, representing a year-on-year increase of 22.41% [2]. - The net profit attributable to shareholders reached 3.323 billion yuan, marking a substantial growth of 498.11% [2]. - The net profit excluding non-recurring items was 3.057 billion yuan, showing an impressive increase of 2114.72% [2]. Business Segments - The main business revenue for Weir Shares in 2024 was 25.670 billion yuan, up 22.43% from 2023 [2]. - Semiconductor design business sales amounted to 21.64 billion yuan, accounting for 84.30% of the main business revenue, with a growth of 20.62% [2]. - Semiconductor agency sales generated 3.939 billion yuan, representing 15.34% of the main business revenue, with an increase of 32.62% [2]. Research and Development - Weir Shares has consistently increased its R&D investment, with total R&D expenses from 2020 to 2024 amounting to 11.189 billion yuan [4]. - The R&D expenses for the years were 1.727 billion yuan (2020), 2.110 billion yuan (2021), 2.496 billion yuan (2022), 2.234 billion yuan (2023), and 2.622 billion yuan (2024) [4]. - The company holds 4,865 authorized patents, including 4,659 invention patents, indicating a strong focus on innovation [4]. Shareholder Returns - In 2024, Weir Shares initiated a share buyback of 1 billion yuan and proposed a cash dividend of 264 million yuan, totaling a return of 1.504 billion yuan to shareholders, which is 45.25% of the net profit attributable to shareholders [3]. Strategic Initiatives - The company aims to leverage mergers and acquisitions to expand its market reach and diversify its product portfolio [5].