Willsemi(SH:603501) Zheng Quan Zhi Xing·2025-06-24 16:50Core Viewpoint - The company, OmniVision Integrated Circuits Group, has undergone a name change and is set to issue convertible bonds totaling RMB 2.44 billion, with a structured interest rate over six years, reflecting a strong financial performance and strategic growth in the semiconductor industry [1][8]. Section 1: Bond Issuance Details - The company has been approved to issue convertible bonds with a total face value of RMB 2.44 billion [1]. - The bonds will have a six-year term with an annual interest rate starting at 0.20% and increasing to 2.00% by the sixth year [1][5]. - The initial conversion price is set at RMB 222.83 per share, subject to adjustments based on corporate actions [1][12]. Section 2: Financial Performance - The company reported a significant increase in revenue, achieving RMB 25.73 billion in 2024, a 22.41% increase from the previous year [9][10]. - Net profit surged to RMB 332.32 million, marking a 498.11% increase year-on-year [10]. - The gross profit margin improved due to product optimization and supply chain efficiency [9]. Section 3: Use of Proceeds - The proceeds from the bond issuance will be allocated to various projects, including the expansion of wafer testing and packaging facilities, with a total investment of RMB 354.33 million [11]. - As of the end of 2024, RMB 204.22 million of the raised funds has been utilized for the intended projects [11]. Section 4: Credit Rating - The company and its bonds have received a credit rating of AA+ from Shanghai New Century Credit Rating Co., indicating a stable outlook [8][10]. Section 5: Market Position - The semiconductor industry is experiencing an upward cycle, with the company capitalizing on growth opportunities in high-end smartphone markets and automotive intelligence [9]. - The company’s semiconductor design business generated RMB 21.64 billion, accounting for 15.34% of total revenue, reflecting a 32.62% increase from the previous year [10].