Willsemi(SH:603501) CSC SECURITIES (HK) LTD·2025-04-16 11:14Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside in the stock price [8][10]. Core Insights - The company is expected to achieve a revenue growth of 22.4% in 2024, reaching RMB 257.3 billion, with a net profit increase of 498.1%, amounting to RMB 33.2 billion [10]. - The growth is driven by increased demand for CIS in mobile phones and automotive sectors, alongside continuous optimization of the product structure [8][10]. - The company’s gross margin is projected to improve by 7.7 percentage points to 29.4% in 2024 [10]. Summary by Sections Company Overview - The company operates in the electronics industry, with a current stock price of RMB 124.22 and a market capitalization of RMB 151.17 billion [2]. Recent Ratings - Recent ratings include "Buy" on multiple occasions, with the latest rating on August 19, 2024, at a closing price of RMB 89.7 [3]. Financial Performance - In 2024, the company is forecasted to generate revenue of RMB 257.3 billion, with a net profit of RMB 33.2 billion, resulting in an EPS of RMB 2.77 [10][12]. - The company’s revenue from image sensor solutions is expected to be RMB 192 billion, with mobile CIS revenue at RMB 98 billion and automotive CIS revenue at RMB 59 billion [10]. Profit Forecast - The net profit projections for 2025, 2026, and 2027 are RMB 43.4 billion, RMB 55.7 billion, and RMB 66.3 billion, respectively, with corresponding EPS of RMB 3.57, RMB 4.59, and RMB 5.46 [10][12]. Valuation Metrics - The company is currently valued at a PE ratio of 23 times for 2027, indicating a favorable valuation compared to its growth prospects [10][12].