Willsemi(SH:603501) CSC SECURITIES (HK) LTD·2025-04-16 10:23Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 150.00 CNY per share [1][8]. Core Insights - The company is expected to achieve a revenue growth of 22.4% in 2024, reaching 257.3 billion CNY, and a net profit growth of 498.1%, amounting to 33.2 billion CNY. This indicates a significant improvement in profitability [10]. - The growth is driven by increasing demand for CIS in mobile phones and automotive sectors, alongside ongoing optimization of the product structure [8][10]. - The company is projected to maintain strong earnings growth, with net profits forecasted at 43.4 billion CNY, 55.7 billion CNY, and 66.3 billion CNY for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 31%, 28%, and 19% [10][12]. Summary by Sections Company Overview - The company operates in the electronics industry, with a current A-share price of 124.22 CNY and a market capitalization of 151.17 billion CNY [2]. Recent Ratings - The company has received multiple "Buy" ratings in recent months, indicating a positive outlook from analysts [3]. Financial Performance - In 2024, the company is expected to achieve a comprehensive gross margin of 29.4%, an increase of 7.7 percentage points from the previous year [10]. - Revenue from image sensor solutions is projected to be 192 billion CNY in 2024, with mobile CIS revenue at 98 billion CNY and automotive CIS revenue at 59 billion CNY, reflecting year-on-year growth rates of 26% and 30% respectively [10]. Earnings Forecast - The earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 3.57 CNY, 4.59 CNY, and 5.46 CNY, respectively, with corresponding price-to-earnings (P/E) ratios of 35x, 27x, and 23x [10][12]. Market Position - The company has a significant market presence in the semiconductor design sector, accounting for 86.5% of its product portfolio, while component agency sales make up 13.5% [3].