Willsemi(603501) 国元证券·2024-10-28 03:30Investment Rating - Buy rating maintained for the company [2] Core Views - The company achieved record-high revenue in Q3 2024, driven by strong performance in the mobile CIS (CMOS Image Sensor) business [2] - Revenue for Q1-Q3 2024 reached 18.908 billion yuan (YoY +25.38%), with net profit attributable to the parent company at 2.375 billion yuan (YoY +544.74%) [2] - Q3 revenue was 6.817 billion yuan (YoY +9.55%, QoQ +5.73%), and net profit attributable to the parent company was 1.008 billion yuan (YoY +368.33%, QoQ +24.60%) [2] - The company is expected to launch new high-end products in 2025, including 200MP and 50MP CIS, further enhancing its product portfolio [2] Mobile CIS Business - The company has successfully entered the high-end mobile CIS market with products like OV50H and OV50K40, which are now integrated into flagship models from Xiaomi and Huawei [2] - A new small-pixel product, OV50M40, is expected to be launched next year, targeting the telephoto lens market and expanding coverage across various camera modules [2] - The company's technological advantages are expected to help it capture a larger market share in the mobile CIS segment [2] Automotive CIS Business - The company has a strong foothold in the automotive CIS market, with over a decade of experience and technological expertise [2] - The launch of OX02D10, a 2MP product with low power consumption and high performance, is suitable for ADAS, DVR, and in-cabin applications [2] - The company is well-positioned to benefit from the increasing adoption of autonomous driving technologies, which will drive demand for higher-resolution CIS in vehicles [2] Financial Projections - Revenue for 2024 and 2025 is projected to be 26.110 billion yuan and 31.940 billion yuan, respectively [2] - Net profit attributable to the parent company is expected to reach 3.235 billion yuan in 2024 and 4.378 billion yuan in 2025 [2] - EPS is forecasted to be 2.66 yuan/share in 2024 and 3.60 yuan/share in 2025, with corresponding P/E ratios of 42x and 31x [2] Market Position and Valuation - The company's current stock price is 111.78 yuan, with a 6-month target price of 111.78 yuan [4] - The company's market capitalization is 135.749 billion yuan, with a total of 1.214 billion shares outstanding [4] Historical Performance - The company's stock price has shown significant volatility over the past year, with a 22% decline at its lowest point and a 21% increase at its peak [5] - The company's revenue and net profit have shown strong growth, with Q3 2024 revenue reaching 6.817 billion yuan, a 9.55% YoY increase [2] Industry Trends - The semiconductor and semiconductor production equipment industry is experiencing growth, driven by advancements in mobile and automotive CIS technologies [2] - The increasing adoption of autonomous driving technologies is expected to further boost demand for high-resolution CIS in the automotive sector [2]