Willsemi(603501) 国元证券·2024-08-21 00:30Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company's H1 2024 performance is impressive, with revenue reaching 12.09 billion yuan, a year-on-year increase of 36.50%, and net profit attributable to shareholders reaching 1.367 billion yuan, a year-on-year increase of 792.79% [3][7] - The company is actively expanding into high-end smartphone and automotive electronics markets, with significant growth in its image sensor business [8][9] Summary by Relevant Sections Financial Performance - In H1 2024, the company achieved revenue of 12.09 billion yuan, up 36.50% year-on-year, and net profit of 1.367 billion yuan, up 792.79% year-on-year. The gross margin and net margin were 29.14% and 11.26%, respectively [3][7] - For Q2 2024, revenue was 6.448 billion yuan, a year-on-year increase of 42.55%, and net profit was 808 million yuan, a year-on-year increase of 1869.21% [7] Product Segments - The image sensor business is the core segment, with H1 2024 revenue of 9.312 billion yuan, a year-on-year increase of approximately 49.90%, accounting for about 77.15% of total revenue. The smartphone CIS segment generated 4.868 billion yuan, up 78.51% year-on-year [8] - In the automotive electronics sector, H1 2024 revenue from automotive CIS reached 2.914 billion yuan, a year-on-year increase of approximately 53.06%, accounting for about 31% of CIS revenue [9] Market Outlook - The company is well-positioned to capture market share in high-end smartphone brands and automotive electronics, driven by the increasing demand for advanced image sensors and the growth of autonomous driving applications [8][9] - The company forecasts net profits of 3.326 billion yuan and 4.506 billion yuan for 2024 and 2025, respectively, with a target price of 126 yuan per share based on a 34x valuation [3][8]