Willsemi(603501) 群益证券·2024-12-23 07:11Company Overview - The company operates in the electronics industry with a current stock price of 104.01 as of December 20, 2024 [1] - The company's market capitalization is 126.483 billion yuan with a total of 1.21607 billion shares issued [1] - The major shareholder is Yu Renrong, holding 27.44% of the shares [1] - The company's price-to-book ratio is 5.64 with a net asset value per share of 18.44 yuan [1] - The stock price has shown a 4.7% increase over the past month and a 19.9% increase over the past three months, but a 3.6% decrease over the past year [1] Institutional Ownership - Institutional investors hold 13.1% of the company's A-shares through funds, while general corporate entities hold 23.4% [2] Investment Rating and Target Price - The company has a "Buy" rating with a target price of 140.00 yuan [17] - The rating is based on the company's potential to benefit from the emerging AI glasses market and its leadership in image sensors [3][9] Financial Performance - The company achieved record-high revenue of 18.91 billion yuan in the first three quarters of 2024, a 25.4% year-over-year (YOY) increase [4] - Net profit for the same period was 2.38 billion yuan, a 544.7% YOY increase, with an EPS of 1.98 yuan [4] - In Q3 2024, the company's revenue reached 6.82 billion yuan, a 9.5% YOY increase, with a net profit of 1.01 billion yuan, a 368.3% YOY increase [4] - The company's gross margin improved by 8.3 percentage points to 29.6% due to product and supply chain optimization [4] Product Portfolio - The company's product mix consists of 86.5% semiconductor design and 13.5% component distribution [6] AI Glasses Market Opportunity - The company is well-positioned to benefit from the AI glasses market, which is expected to see significant growth in 2024 [9] - Major tech companies such as Rokid, Snap, Meta, and Huawei are actively developing AI glasses, with image recognition being a key feature [9] - The company's expertise in low-power, small-size, and high-resolution image sensors gives it a competitive edge in this emerging market [3][9] Financial Projections - The company's net profit is projected to be 3.39 billion yuan in 2024, 4.5 billion yuan in 2025, and 5.62 billion yuan in 2026, representing YOY growth rates of 510%, 33%, and 25% respectively [18] - EPS is expected to be 2.79 yuan in 2024, 3.70 yuan in 2025, and 4.63 yuan in 2026 [18] - The company's PE ratio is projected to be 37x in 2024, 28x in 2025, and 22x in 2026 [18] Historical Financials - The company's revenue is projected to grow from 20.078 billion yuan in 2024 to 43.563 billion yuan in 2026 [23] - Net profit is expected to increase from 990 million yuan in 2022 to 5.622 billion yuan in 2026 [21] - The company's cash flow from operating activities is projected to improve significantly, from -1.993 billion yuan in 2022 to 3.027 billion yuan in 2026 [24]