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研報掘金 | 國信證券:韋爾股份汽車、無人機等新興業務未來可期 維持“買入”評級
格隆匯4月18日丨國信證券發研報指,韋爾股份(603501.SH)2022年半導體需求下滑,公司業績承壓,營收、淨利均出現一定程度的下降。在消費電子行業高存貨和價格競爭致業績承壓下,汽車及新興市場需求旺盛,其中汽車CIS(36.3 億元,同比增56.6%)、醫療(7.77億元,同比增99%)、ARVR、無人機等新興市場(8.2億元,同比增45.8%)成為CIS業務增長最快領域。該行指,公司以CIS、顯示觸控和模擬解決方案三大業務為基礎,根據自有IP積累、客户需求、供應鏈協同,孵化MCU、LCOS、SerDes等新業務,“3+N”佈局深化有望奠定長期持續發展的基礎。國信證券表示,韋爾股份是產品升級疊加多元化的芯片設計公司,維持 “買入”評級。預計公司23-25年營收至224.1、279.9、349.2億元,歸母淨利潤20.5、35.7、48.9億元),EPS為1.73、3.02、4.12元,當前股價對應 2023-2025年62.2、35.6、26.1倍PE,維持“買入”評級。
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