摩根大通：威尔半导体 - 2024 年第三季度初步业绩显示利润率快速回升；保持 OW

Investment Rating - The report maintains an "Overweight" (buy) rating for Will Semiconductor [1][5][11]. Core Insights - Will Semiconductor is expected to experience a rapid margin recovery, with preliminary results indicating a significant increase in sales and net profit for 3Q24, driven by strong design wins and market share gains in the high-end smartphone segment [1][2]. - The company is projected to achieve a sales and earnings compound annual growth rate (CAGR) of 24% and 128% respectively from 2024 to 2026, supported by a robust product pipeline and an optimized cost structure [2][5]. - The stock is currently trading at a trough valuation of 28x forward PE, which is considered attractive given the faster-than-expected recovery in profitability [2][5]. Summary by Sections Financial Performance - Will Semiconductor reported preliminary 9M24 results with sales growth of 24-26% and net profit growth of 515-567% year-over-year [1]. - For 3Q24, the company likely achieved sales of Rmb6.8 billion, reflecting a 5% quarter-over-quarter and 9% year-over-year increase, and a net profit of Rmb1.0 billion, representing a 24% quarter-over-quarter and 364% year-over-year increase [1][2]. Market Position and Strategy - As the third-largest CMOS Image Sensor (CIS) supplier globally, Will Semiconductor is positioned to reaccelerate its growth due to solid market share gains and a diversified product offering [5]. - The company is expected to continue gaining market share in higher-end smartphone models, despite limited seasonal volume growth in the broader Android smartphone market [2][5]. Valuation and Price Target - The price target for Will Semiconductor is set at Rmb162.00, based on a 30x one-year forward PE, which aligns with the average for A-share peers [5][2].