Willsemi(603501) 中邮证券·2024-11-29 03:08Company Overview - Latest closing price: 97.20 CNY [3] - Total shares outstanding / Float shares: 1.214 billion / 1.214 billion [4] - Total market cap / Float market cap: 118 billion CNY / 118 billion CNY [5] - 52-week high/low: 117.92 CNY / 79.22 CNY [6] - Debt-to-asset ratio: 43.1% [7] - P/E ratio: 206.81 [8] - Largest shareholder: Yu Renrong [9] Investment Rating - Stock rating: Buy | Maintain [11] Core Investment Thesis - The company is actively expanding its automotive CIS (CMOS Image Sensor) business, covering applications such as ADAS, in-cabin monitoring, electronic mirrors, dashboard cameras, and surround-view systems [14] - The company has introduced new automotive image sensor products using TheiaCel™ technology and high-performance front-facing machine vision cameras for ADAS and autonomous driving [14] - With nearly 20 years of experience in the automotive industry and a robust automotive-grade verification system, the company is well-positioned to expand its product portfolio and capture market share [14] - The company is leveraging its leadership in global shutter technology to enable eye-tracking and SLAM (Simultaneous Localization and Mapping) functionalities, making its image sensors highly suitable for AR/VR glasses and other emerging markets [14] - The company's LCOS (Liquid Crystal on Silicon) products, known for high resolution, compact size, low power consumption, and cost-effectiveness, are expected to drive growth in AR/VR markets [14] Financial Forecasts - Revenue forecast for 2024-2026: 260 billion CNY / 310 billion CNY / 370 billion CNY [15] - Net profit attributable to shareholders forecast for 2024-2026: 3.1 billion CNY / 4.3 billion CNY / 5.2 billion CNY [15] - EPS forecast for 2024-2026: 2.56 CNY / 3.54 CNY / 4.28 CNY [18] - P/E ratio forecast for 2024-2026: 38x / 27x / 23x [15] - Revenue growth rate forecast for 2024-2026: 23.82% / 19.22% / 19.39% [18] - Net profit growth rate forecast for 2024-2026: 458.48% / 38.57% / 20.99% [18] Financial Ratios - Gross margin forecast for 2024-2026: 29.8% / 30.3% / 30.2% [20] - Net margin forecast for 2024-2026: 11.9% / 13.9% / 14.0% [20] - ROE forecast for 2024-2026: 12.9% / 15.2% / 15.5% [20] - ROIC forecast for 2024-2026: 9.2% / 11.3% / 12.2% [20] - Asset-liability ratio forecast for 2024-2026: 39.1% / 35.7% / 32.1% [20]