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研報掘金丨海通證券:維持韋爾股份“優於大市”評級,汽車CIS、安防業務有望構成第二增長曲線

海通證券日前研報指出,韋爾股份(603501.SH)23年半導體設計產品銷售業務的營收規模同比有所回升,尤其是下半年兩個季度,營收規模已接近季度歷史高位,毛利率同比有所下降,主要是由於庫存去化過程中部分產品價格承壓,毛利率受到較大幅度的影響。公司作為全球領先的CIS芯片龍頭,在手機CIS市場佔有一定的市場份額,汽車CIS、安防業務持續高增長,未來有望構成第二增長曲線,同時平台化佈局構造第三曲線,天花板有望打開。預計韋爾股份2024年-2026年EPS分別為2.09、2.84、4.01元。考慮到可比公司估值水平,公司所在區域市場的增長,給予24年PE估值區間50-55x,對應合理價值區間104.5-114.95元,維持“優於大市”評級。

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