Willsemi(603501) 长城证券·2025-04-22 10:48Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of 5% to 15% relative to the industry index over the next six months [22]. Core Views - The company is expected to achieve a revenue of 25.73 billion yuan in 2024, representing a year-on-year growth of 22.4%. The net profit attributable to shareholders is projected to be 3.32 billion yuan, reflecting a significant increase of 498.1% year-on-year [2][11]. - The company is a leading player in the image sensor market, with strong performance in high-end mobile phones and automotive sectors, particularly in the CIS (Camera Image Sensor) segment [4][5]. Financial Summary - Revenue and Profitability: - 2024 revenue is forecasted at 25.73 billion yuan, with a year-on-year growth rate of 22.4%. The net profit attributable to shareholders is expected to be 3.32 billion yuan, with a remarkable year-on-year growth of 498.1% [2][11]. - The company's gross margin for 2024 is projected to be 29.44%, an increase of 7.68 percentage points year-on-year, while the net profit margin is expected to reach 12.76%, up by 10.18 percentage points [11]. - Segment Performance: - The semiconductor design segment is anticipated to generate revenue of 21.64 billion yuan in 2024, growing by 20.6% year-on-year, accounting for 84.3% of total revenue. The automotive CIS revenue is expected to grow by 29.9% to 5.91 billion yuan [3][4]. - The semiconductor distribution segment is projected to achieve revenue of 3.94 billion yuan, reflecting a year-on-year growth of 32.6% [3]. - Future Projections: - The company forecasts net profits of 4.44 billion yuan, 5.64 billion yuan, and 6.80 billion yuan for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 34, 27, and 22 [5][15]. - Cash Flow and Inventory: - As of the end of 2024, the company's inventory is reported at 6.96 billion yuan, a 10% increase year-on-year. The inventory turnover days decreased by 1 day compared to the previous quarter [5][9]. - Market Position: - The company is positioned as a top player in the image sensor market, actively expanding into automotive, medical, and AR/VR applications, indicating significant growth potential [5][4].