Willsemi(603501) 长江证券·2025-04-18 02:43Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company reported a total revenue of 25.731 billion yuan for 2024, representing a year-on-year growth of 22.41%. The net profit attributable to shareholders was 3.323 billion yuan, showing a significant increase of 498.11% year-on-year [2][6] - The company has outlined a substantial semiconductor blueprint, benefiting from industry expansion and its competitive advantages. The automotive CIS segment is expected to continue contributing to growth due to its high ASP and rapid growth in the market [12] Financial Performance Summary - In 2024, the company achieved a main business revenue of 25.670 billion yuan, a year-on-year increase of 22.43%. The semiconductor design revenue was 21.640 billion yuan, accounting for 84.30% of total revenue, with a growth of 20.62% [12] - The CIS business generated 19.190 billion yuan, representing 74.76% of the semiconductor design revenue, with a year-on-year growth of 23.52% and a gross margin of 34.52% [12] - The company’s R&D investment for semiconductor design was 3.245 billion yuan, accounting for 15% of design revenue, reflecting a year-on-year increase of 10.89% [12] Future Earnings Projections - The projected EPS for the company for 2025, 2026, and 2027 are 3.70 yuan, 4.67 yuan, and 5.75 yuan respectively, indicating a positive growth outlook [12]