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研報掘金丨華泰證券:韋爾股份盈利能力繼續改善,予“買入”評級及目標價127元

華泰證券研報指出,韋爾股份(603501.SH)3Q24歸母淨利潤預計9-11億,收入再創單季度最高水平。盈利能力顯著改善,主因公司產品組合結構改善,高端、高毛利率的大底手機CIS 產品和汽車CIS 產品在收入中佔比提升。期待公司手機大底CIS在未來兩年安卓品牌覆蓋率持續提升,增厚手機部分利潤,且公司在代工廠擴產後,25年公司其他副攝、潛望式攝像頭中使用的CIS料號如OV50D/OV50M等有望繼續放量,增厚收入。此外,也期待25/26年隨着Meta消費級AR產品的放量,公司作為攝像頭CIS的核心供應商,也或將受益於新品的逐漸放量。考慮到公司佈局已趨完整,後續利潤增速或逐漸放緩,給予2024年46.43倍PE(行業平均數2024年61.26倍),對應目標價127元及“買入”評級。

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