Willsemi(603501) 华金证券·2024-07-07 23:30Investment Rating - The report maintains a "Buy-A" rating for the company, indicating strong confidence in its future performance [3][5] Core Views - The company achieved a record high revenue in Q2 2024, driven by the adoption of high-end smartphone CIS (CMOS Image Sensor) and increased penetration in automotive ADAS (Advanced Driver Assistance Systems) [1] - The company's revenue for H1 2024 is expected to be between 11.904 billion and 12.184 billion yuan, representing a year-on-year growth of 34.38% to 37.54% [1] - Net profit attributable to the parent company for H1 2024 is projected to be between 1.308 billion and 1.408 billion yuan, a significant increase of 754.11% to 819.42% compared to the same period last year [1] - The company's 50MP CIS series is expected to see increased volume due to the release of flagship smartphones in the second half of 2024 [2] - The company's automotive CIS business is anticipated to maintain high growth, supported by the increasing number of CIS per vehicle and the rising penetration of 8M pixel sensors [2] Industry Analysis - The CIS industry has seen a recovery in demand, with traditional markets like security and consumer electronics rebounding, and the automotive market accelerating its intelligent transformation [2] - The supply side of the CIS industry has improved, with some South Korean manufacturers exiting certain market segments, leading to a more optimized supply structure [2] - Prices for most CIS products have started to recover from their lows, and there are reports of shortages in the market, particularly as the industry enters the traditional peak season for consumer electronics [2] Company Performance - In Q2 2024, the company's revenue is expected to range between 6.26 billion and 6.54 billion yuan, a year-on-year increase of 38.40% to 44.59%, and a sequential growth of 10.92% to 15.88% [1] - Net profit attributable to the parent company for Q2 2024 is projected to be between 750 million and 850 million yuan, marking a significant turnaround from the previous year [1] - The company's OLED DDIC (Display Driver IC) business is expected to benefit from the gradual production of domestic OLED production lines, with more opportunities for mass production in customer notebook display projects [3][5] - The company's power management chip product portfolio has expanded, and the acquisition of Xinlita has added a new line of automotive analog IC products, further enhancing the company's system-level solutions [5] Financial Projections - The company's revenue for 2024 is forecasted to be 28.084 billion yuan, with a growth rate of 33.6% [5] - Net profit attributable to the parent company for 2024 is expected to reach 3.308 billion yuan, representing a growth rate of 495.4% [5] - The company's gross margin is projected to recover to 27.2% in 2024, up from 21.8% in 2023 [6] - The company's ROE (Return on Equity) is expected to improve significantly, reaching 13.3% in 2024, compared to 2.5% in 2023 [6] Valuation - The company's P/E ratio for 2024 is estimated at 35.9x, with a P/B ratio of 4.8x [6] - The EV/EBITDA ratio for 2024 is projected to be 23.7x, indicating a relatively attractive valuation compared to historical levels [6]