韦尔股份：2025 年第二季度前瞻-车载图像传感器业务扩张；智能手机图像传感器业务处淡季；2025 年下半年更强劲；买入-Will Semi (.SS)_ 2Q25 Preview_ Vehicle CIS in expansion; Smartphone CIS in slow season; stronger 2H25E ahead; Buy

Summary of Will Semi (OmniVision) Conference Call Company Overview - Company Name: Will Semi (re-branded to OmniVision) - Stock Code: 603501.SS Key Industry Insights - Industry Focus: Camera Integrated Circuits (CIS) for smartphones and automotive applications - Market Trends: Increasing adoption of cameras in vehicles and flagship smartphone launches in the second half of the year Core Financial Projections - 2Q25 Revenue Growth: Expected to grow by +18% YoY to Rmb7.7 billion, continuing the growth trend from 1Q (+15% YoY) [1][3] - Net Income Growth: Projected net income growth of +33% YoY to Rmb1.1 billion in 2Q25 [1][3] - Gross Margin: Anticipated to be 30.6% in 2Q25, slightly down from 31.0% in 1Q25 due to lower contributions from smartphone CIS during slow seasons [3] Product Developments - Smartphone CIS: - New product OV50X with 50MPx sensor to start mass production in 3Q25, targeting flagship Android models [2] - Smartphone CIS expected to contribute 38% of revenues in 2024 [2] - Automotive CIS: - Expected to grow due to increased camera adoption in vehicles (from 3-4 cameras to 7-10 cameras per vehicle) [2] - Projected vehicle camera shipments in China to reach 126 million in 2025, growing at a +22% CAGR to 343 million by 2030 [2] Earnings Revisions - 2025-2027 Estimates: Full-year estimates for revenue and net income remain unchanged, with adjustments made for quarterly seasonality [8] Valuation and Price Target - 12-Month Price Target: Rmb175.3, based on a 31x 2026E P/E, which is within the company's historical trading range [13][15] - Current Price: Rmb125.71, indicating a potential upside of 39.4% [15] Risks to Consider - Product Expansion: Risks include slower new product expansion and product mix improvement in smartphone CIS [14] - Market Demand: Weaker-than-expected demand in the China smartphone market could impact growth [14] - Trade Tensions: Potential impacts from ongoing trade tensions may pose risks to operations [14] Conclusion - Investment Recommendation: Maintain Buy rating based on strong growth prospects in both smartphone and automotive CIS segments, supported by new product launches and market trends [1][2][15]