Willsemi(603501) 国信证券·2024-07-08 00:30Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2][5] Core Views - The company is expected to see a significant increase in revenue and net profit in the first half of 2024, with revenue projected to grow by 34.38% to 37.54% year-on-year, and net profit expected to increase by 754.11% to 819.42% [3][5] - The anticipated growth is driven by a recovery in market demand, increased customer needs, and successful product introductions in the high-end smartphone market and automotive applications [3][5] - The company has optimized its product and supply chain structure, leading to a gradual recovery in gross profit margins and overall performance improvement [3][5] Financial Forecasts and Key Metrics - Revenue projections for 2024-2026 are as follows: 2024E at 276.06 billion yuan, 2025E at 326.12 billion yuan, and 2026E at 383.72 billion yuan, with corresponding net profits of 34.05 billion yuan, 48.02 billion yuan, and 61.37 billion yuan [3][10] - The company’s earnings per share (EPS) are expected to rise significantly from 0.46 yuan in 2023 to 2.80 yuan in 2024, reaching 5.05 yuan by 2026 [3][10] - The price-to-earnings (P/E) ratio is projected to decrease from 213.7 in 2023 to 34.9 in 2024, and further to 19.4 in 2026, indicating improved valuation [3][10] Market Trends - The company has successfully launched new high-resolution image sensors, contributing to over 60% of its revenue in the smartphone market [3][5] - The introduction of the OV50K40 image sensor, which utilizes advanced technology for enhanced dynamic range, sets a new performance benchmark in the industry [3][5]