Willsemi(603501) 华安证券·2025-04-27 03:41Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a significant increase in performance for 2024, with operating revenue reaching 25.73 billion yuan, a year-on-year growth of 22.4%. The net profit attributable to the parent company was 3.32 billion yuan, up 498.1% year-on-year, and the net profit after deducting non-recurring gains and losses was 3.06 billion yuan, a staggering increase of 2114.7% [6][7] - The growth in revenue and profit is primarily attributed to the recovery in demand from the high-end smartphone and automotive markets, along with an increase in market share [7] - The company’s image sensor (CIS) business achieved operating revenue of 19.19 billion yuan, accounting for approximately 74.8% of total revenue, with a year-on-year growth of 23.5% [10] Financial Performance Summary - For 2024, the company achieved a gross profit margin of 29.4%, an increase of 7.7 percentage points year-on-year [6] - The quarterly performance for Q4 2024 showed revenue of 6.82 billion yuan, a year-on-year increase of 14.9%, and a net profit attributable to the parent company of 0.95 billion yuan, up 406.4% year-on-year [6] - The company expects net profits for 2025-2027 to be 4.69 billion, 6.13 billion, and 8.42 billion yuan respectively, with corresponding EPS of 3.86, 5.04, and 6.92 yuan per share [7][11] Revenue Breakdown - The smartphone CIS product revenue was approximately 9.80 billion yuan, growing by 26.0% year-on-year, while automotive CIS product revenue reached about 5.91 billion yuan, increasing by approximately 30.0% [10] - Emerging markets and IoT products generated revenue of about 760 million yuan, reflecting a year-on-year growth of 42.4% [10] Valuation Metrics - The price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected to be 31.60, 24.19, and 17.62 respectively [7][11] - The company’s return on equity (ROE) is expected to improve from 13.7% in 2024 to 19.3% by 2027 [11]