Willsemi(603501) 海通证券·2024-11-11 00:40Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2]. Core Views - The company achieved a record high revenue of 18.908 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 25.38%. The net profit attributable to shareholders reached 2.375 billion yuan, up 544.74% year-on-year [6]. - The company is experiencing growth due to a recovery in consumer demand and the introduction of products in the high-end smartphone market, as well as the ongoing penetration of autonomous driving applications in the automotive market [6][8]. - The gross profit margin has gradually recovered, with a comprehensive gross margin of 29.61% in Q3 2024, an increase of 8.33 percentage points year-on-year [6]. Summary by Sections Market Performance - The company's stock has shown a decline of 28.62% from November 2023 to August 2024, compared to the Haidong Composite Index [3]. Financial Performance - The company reported a revenue of 21.021 billion yuan in 2023, with projections of 26.577 billion yuan in 2024, reflecting a year-on-year growth of 26.4% [9]. - The net profit for 2023 was 556 million yuan, with an expected surge to 3.126 billion yuan in 2024, indicating a growth rate of 462.7% [9]. - The earnings per share (EPS) are projected to be 2.57 yuan in 2024, increasing to 4.22 yuan by 2026 [11]. Product Development - The company has made significant inroads in the high-end smartphone market with its 50 million pixel series products, which are now widely used in domestic high-end smartphones [7]. - In the automotive sector, the company has introduced advanced automotive CIS solutions covering various applications, including ADAS and in-car monitoring systems [7][8]. Future Outlook - The company is expected to continue its growth trajectory with high-end image sensors and automotive CIS products contributing to new growth points [8]. - The projected PE valuation for 2024 is between 45-50x, corresponding to a reasonable value range of 115.65-128.50 yuan per share [8].