Willsemi(603501) 国信证券·2024-11-04 14:17Investment Rating - The investment rating for the company is "Outperform the Market" [2][13]. Core Views - The company reported a significant increase in net profit by 545% year-on-year for the first three quarters, driven by growth in high-end smartphones and the automotive market [1]. - Revenue for the first three quarters reached 18.908 billion yuan, representing a year-on-year growth of 25.38% [1]. - The third quarter saw record-high revenue of 6.817 billion yuan, with a year-on-year increase of 9.55% and a quarter-on-quarter increase of 5.73% [1]. - The gross margin for the first three quarters was 29.61%, an increase of 8.33 percentage points year-on-year, indicating a recovery in profitability due to product structure optimization and cost control [1]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a net profit of 2.375 billion yuan, up 544.74% year-on-year, and a non-recurring net profit of 2.293 billion yuan, up 1665.81% [1]. - The company expects revenue to grow to 27.145 billion yuan in 2024, 32.224 billion yuan in 2025, and 37.353 billion yuan in 2026, with adjusted net profit forecasts of 3.367 billion yuan, 4.541 billion yuan, and 5.730 billion yuan respectively [1][3]. Market Position - The company is making strides in the high-end smartphone market with its 1.2um 50 million pixel image sensor OV50H, which is increasingly replacing foreign competitors [1]. - In the automotive electronics sector, the demand for in-car CIS (Camera Image Sensor) is growing, with the company expanding its market share through advanced solutions for various automotive applications [1]. Future Outlook - The report maintains an "Outperform the Market" rating, highlighting confidence in the company's ongoing product upgrades and diversification efforts, particularly in high-end smartphones and automotive applications [1].