【公司研究】韦尔股份-投资价值分析报告：内外兼修君临天下-2020201224（60页）.pdf

1、内外兼修，君临天下 3,964 13,632 20,619 26,014 32,598 64.74% 243.93% 51.26% 26.16% 25.31% 139 466 2,483 3,531 4,443 1.20% 235.46% 433.29% 42.19% 25.82% 0.30 0.54 2.88 4.09 5.14 8.49% 5.87% 23.99% 25.90% 25.07% 746 421 79 56 44 -10% 32% 74% 116% 159% 10- 19 12- 19 02- 20 04- 20 05- 20 07- 20 09- 20 11- 20 韦尔股份

2、沪深300 要点 1 CIS 1.1 77%5%12%TDDI6%E 1.1 1.2 39.81% 1.3 2 CIS 2.1 CIS 2.2 2019160CAGR10% 2.3 2.4 CIS 2.4.1 2.4.2 3 CIS48M64M 3.1 48M 3.1.1 0.8m 3.1.2 Quad Bayer 3.1.3 3.2 64MCIS 3.2.1 202064M 3.2.2 CIS48M64M 4 CISVRAR 4.1 CIS 4.2 CIS 4.3 VRAR CISARCIS 5 TDDI 5.1 5.2 5.3 TDDITDDI 6 7 8 9 9.1 9.2 1RMB .

3、 7 2CISMOSFET . 8 3TDDI . 8 4 . 10 520209 . 11 6 . 11 7 . 11 8 . 12 9 . 12 102019 . 13 11% . 13 12 . 14 13 . 14 14 . 14 15 . 15 16CIS . 15 17CIS2019 . 15 18CIS. 16 19CISPCCIS . 16 20CSP . 17 21COB . 17 22CMOSCCD . 18 23CCD . 18 24 . 18 25CMOS . 19 262019CMOS . 19 272024CMOS . 19 282019CIS . 20 29201

4、9CIS . 20 30CIS . 20 31CIS . 21 32 . 22 33 . 22 34 . 22 35 . 23 36 . 23 37 . 24 38CMOS . 25 39 . 26 40CIS . 26 41CIS . 26 42CIS . 27 43CIS . 27 44CIS . 28 45CIS . 29 464 in 1Quad Bayer . 29 47BinningTetracell . 30 48Remosaic . 30 49Quad Bayer . 30 503HDRHDR . 31 51CIS/ADC . 31 52CISADC . 32 5348M202

5、011. 32 541.5 . 33 55CISCIS . 33 56OPPO Find X22020.3.13Note 82019.8.21 . 35 57Redmi K30S2020.10.2792020.7.27 . 35 5864M202011. 35 59 . 35 60CIS . 36 61Redmi K30SCIS . 37 62OPPO RENO 3CIS . 37 63 . 38 64 . 39 65CIS2017 . 39 66CIS2018 . 39 67 . 41 68 . 41 69 . 41 70CIS . 41 71CIS . 42 72CIS . 42 73VR

6、 . 43 74AR . 43 75VR/AR . 43 76Hololens . 44 77Hololens . 44 78Hololens . 44 79Oculus Rift . 45 80Oculus Rift . 45 81 . 45 82 . 45 83 . 45 84CIS . 46 85CIS . 46 86CIS . 46 87 . 47 88% . 47 89 . 48 90 . 50 91 . 50 92 . 51 93 TDDI 94 TDDI2020 95 96 97-PE 98-PS 99 100 101 102 IMX586