Willsemi(603501) 新浪财经·2025-04-17 10:33Core Insights - The company reported a revenue of 25.731 billion yuan for the fiscal year 2024, representing a year-on-year growth of 22.41%, with a net profit attributable to shareholders of 3.323 billion yuan, up 498% year-on-year, and a net profit excluding non-recurring items of 3.057 billion yuan, which is a staggering increase of 2114% [1] Group 1: Revenue Breakdown - The IC design business generated revenue of 21.640 billion yuan, accounting for 84.30% of total revenue, with a year-on-year increase of 20.62% [1] - The agency sales business achieved revenue of 3.939 billion yuan, making up 15.34% of total revenue, with a year-on-year growth of 32.62% [1] Group 2: Business Segment Performance - The image sensor business reported revenue of 19.19 billion yuan, representing 74.76% of total revenue, with a year-on-year growth of 23.52%, driven by smartphone upgrades, increased automotive sales, and a recovery in the security and medical markets [2] - The display solutions business generated revenue of 1.028 billion yuan, down 17.77% year-on-year, despite a sales volume increase of 16.84%, due to pricing pressure from supply-demand imbalances [2] - The analog solutions business achieved revenue of 1.422 billion yuan, up 23.18% year-on-year, benefiting from increased demand for smart terminal devices [2] Group 3: Technological Advancements - The company is enhancing its product offerings in the smartphone sector with advanced image sensors that improve resolution, noise reduction, and dynamic range [3] - In the automotive ADAS sector, the company utilizes TheiaCel technology to provide high dynamic range images and offers various pixel options [3] - The company is actively developing products for machine vision and AI terminals, focusing on low power consumption and small size requirements [3] - The analog solutions segment is accelerating the development of various ICs, with a 37.03% year-on-year increase in automotive analog ICs [3] Group 4: Investment Outlook - The company is positioned as a leader in the CIS market, expected to benefit from trends in smartphones, automotive ADAS, and machine vision, with anticipated revenue growth to 30.877 billion yuan, 37.052 billion yuan, and 46.315 billion yuan from 2025 to 2027 [4] - Projected net profits for the same period are 4.419 billion yuan, 5.596 billion yuan, and 6.175 billion yuan, with a target price of 156.1 based on a 43x PE ratio for 2025 [4]