Willsemi(603501) 华兴证券·2025-04-24 08:36Investment Rating - The report assigns a "Buy" rating to the company with a target price of RMB 146.00, indicating a potential upside of 19% from the current price of RMB 122.75 [1][4][7]. Core Insights - The company reported a revenue growth of 22.4% year-on-year for 2024, reaching RMB 256.7 billion, with Q4 2024 revenue at RMB 68.2 billion, a 13% increase year-on-year [3]. - The CMOS image sensor (CIS) solutions business generated RMB 191.9 billion in revenue for 2024, marking a 23.5% year-on-year growth, driven by high-end smartphone product introductions and automotive CIS business expansion [3][4]. - The smartphone-related CIS revenue reached RMB 98.0 billion in 2024, reflecting a 26.0% year-on-year increase, with plans for new sensor solutions that support high pixel counts and advanced features [3][4]. - The automotive CIS revenue was RMB 59.1 billion in 2024, up 29.9% year-on-year, with expectations for continued growth in 2025-26 due to increased orders from key clients like BYD [4][7]. Financial Summary - The company’s projected financials show a revenue increase from RMB 26.8 billion in 2024 to RMB 32.0 billion in 2025, and further to RMB 37.5 billion in 2026 [6]. - Earnings per share (EPS) are expected to rise from RMB 2.94 in 2024 to RMB 3.84 in 2025, and RMB 4.81 in 2026 [6]. - The price-to-earnings (P/E) ratio is projected to decrease from 33.4 in 2024 to 32.0 in 2025, and further to 25.5 in 2026, indicating improving valuation metrics [6].