Willsemi(603501) 华金证券·2025-01-22 11:17Investment Rating - The investment rating for the company is maintained as "Buy" [5][10] Core Views - The company is expected to achieve significant revenue growth in 2024, with projected revenue between 25.408 billion to 25.808 billion yuan, representing a year-on-year increase of 20.87% to 22.78%. The net profit attributable to shareholders is expected to be between 3.155 billion to 3.355 billion yuan, showing a remarkable growth of 467.88% to 503.88% [1][10] - The growth in performance is primarily driven by the continuous penetration of the company's CIS products in the high-end smartphone market and the automotive autonomous driving application market, leading to a steady increase in market share and significant improvements in revenue and gross margin [1][10] Summary by Sections Financial Performance - For Q4 2024, the company anticipates revenue of 6.5 billion to 6.9 billion yuan, a year-on-year growth of 9.44% to 16.18%. The net profit attributable to shareholders is expected to be between 780 million to 980 million yuan, reflecting a year-on-year increase of 316.64% to 423.47% [2] - The company forecasts a gross margin recovery due to proactive product and supply chain optimization [1] Automotive Sector - The demand for automotive CIS is expected to grow steadily with the acceleration of smart driving technology, leading to an increase in the number of CIS per vehicle. The company has introduced advanced automotive CIS solutions, including the first 12MP sensor for high-end applications, which is expected to enter mass production in Q3 2025 [3] - The company is also collaborating with Philips to develop a driver health monitoring solution for in-car applications [3] Smartphone Sector - The company has completed its product lineup for high-end smartphone rear cameras, with its OV50H sensor gaining traction in the domestic market. The global first smartphone CIS using TheiaCel™ technology is expected to enhance its market position [4] - The company is actively expanding into the telephoto and secondary camera markets, with a new 50MP sensor set to launch in August 2024 [4] Emerging Markets - The company is well-positioned to capitalize on the growing demand for CIS in emerging markets such as smart glasses and AR/VR devices, leveraging its technological advantages in low power consumption and compact design [8] Financial Projections - The company projects revenues of 25.5 billion, 30.6 billion, and 35.497 billion yuan for 2024, 2025, and 2026 respectively, with corresponding growth rates of 21.3%, 20.0%, and 16.0%. The net profit attributable to shareholders is expected to reach 3.27 billion, 4.505 billion, and 5.661 billion yuan for the same years, with growth rates of 488.5%, 37.8%, and 25.7% respectively [9][10]