Willsemi(SH:603501) ZHONGTAI SECURITIES·2025-04-16 13:25Investment Rating - The investment rating for the company is "Buy" (maintained) [2][8] Core Views - The company achieved a record high revenue in 2024, with total revenue reaching 25.731 billion yuan, representing a year-on-year growth of 22.4%. The net profit attributable to the parent company was 3.323 billion yuan, a significant increase of 498.1% year-on-year [4][5] - The company has made breakthroughs in multiple business areas, including mobile phones, automotive, and emerging markets & IoT, with respective revenue growth rates of 26.0%, 30.0%, and 42.4% [5] - The investment recommendation has been adjusted to reflect a forecasted net profit of 4.467 billion yuan for 2025, with corresponding P/E ratios of 34, 26, and 21 for 2025-2027 [5] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 25.731 billion yuan, with a gross margin of 29.4% and a net margin of 12.8% [4] - The fourth quarter of 2024 saw a revenue of 6.82 billion yuan, a year-on-year increase of 14.9% [4] - The company’s earnings per share (EPS) for 2024 is projected at 2.73 yuan, with a forecasted increase to 3.67 yuan in 2025 [6] Business Segments - The mobile phone segment generated 9.8 billion yuan, while the automotive segment reached 5.91 billion yuan, and the emerging markets & IoT segment achieved 760 million yuan in revenue [5] - The company is expanding its product offerings in the automotive sector with advanced pixel specifications and is collaborating with leading AR/VR manufacturers in the emerging markets [5] Valuation Metrics - The company’s P/E ratio is projected to decrease from 45.3 in 2024 to 33.7 in 2025, indicating an improving valuation as earnings grow [2][6] - The projected net profit for 2025 is 4.467 billion yuan, with further increases expected in subsequent years [5]