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研報掘金丨華興證券:維持韋爾股份 “買入”評級,目標價146元
格隆匯 03-14 14:38

華興證券研報指出,根據半導體產業縱橫2025年2月21日的報道,隨着比亞迪推出“天神之眼”智能駕駛系統,原本已供應緊張的800萬像素(8M)車用CMOS圖像傳感器(CIS)迅速陷入短缺。認爲下遊客戶將智能駕駛攝像頭向中低端車型滲透有望拉昇韋爾股份(603501.SH)2025-26年汽車CIS收入。根據韋爾股份2024年12月27日的公告,公司計劃推出多款手機CIS產品,包括更高像素、帶LOFIC規格以及具備HDR和低功耗性能的產品。伴隨2026年的發佈上市,對公司擴大安卓手機CIS市場份額抱有信心。看好韋爾股份汽車CIS以及手機CIS業務對2026年的潛在收入貢獻,並維持38倍2025年P/E的目標估值倍數,與可比公司均值保持一致。維持 “買入”評級以及目標價146元。

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