Willsemi(603501) 交银国际证券·2025-01-23 01:35Investment Rating - The report maintains a "Buy" rating for the company, with a target price of RMB 133.00, indicating a potential upside of 24.7% from the current price of RMB 106.65 [1][6]. Core Insights - The company is expected to achieve a record high revenue of RMB 256.08 billion in 2024, representing a year-on-year growth of 22%. The net profit is projected to be between RMB 31.55 billion and RMB 33.55 billion, with a median estimate of RMB 32.55 billion, reflecting a significant year-on-year increase of 486% [5]. - The company continues to benefit from the high-end product trend in the CIS (Camera Image Sensor) market, particularly in high-end smartphones and automotive applications, which is expected to drive revenue and margin growth [5]. - The company is actively optimizing its product and supply chain structure, contributing to a gradual recovery in gross margin [5]. Financial Forecast Adjustments - The revenue forecast for 2024 has been adjusted to RMB 256.2 billion from RMB 262.1 billion, and the basic earnings per share (EPS) has been slightly lowered to RMB 2.69 from RMB 2.82 [1][4]. - For 2025, the revenue forecast is adjusted to RMB 300.9 billion, with a maintained gross margin prediction of 32.2% and a slight decrease in EPS to RMB 3.65 from RMB 3.70 [1][4]. - The report outlines a consistent growth trajectory in revenue and net profit over the next few years, with projected revenues of RMB 35.22 billion by 2026 [9][10]. Market Performance - The stock has shown a year-to-date change of 2.15% and has a market capitalization of approximately RMB 127.92 billion [3]. - The stock's 52-week high and low are RMB 117.92 and RMB 79.22, respectively, indicating a significant range of price movement over the past year [3].