Willsemi(603501) 华安证券·2025-04-27 04:25Investment 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 shareholders was 3.32 billion yuan, up 498.1% year-on-year, and the net profit excluding non-recurring items 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% and a gross margin of 34.5%, up 10.5 percentage points [10] Financial Performance Summary - For 2024, the company achieved: - Operating revenue: 25.73 billion yuan - Year-on-year revenue growth: 22.4% - Net profit attributable to shareholders: 3.32 billion yuan - Year-on-year net profit growth: 498.1% - Gross margin: 29.4%, an increase of 7.7 percentage points [6][11] - Forecasted financials for 2025-2027: - Net profit attributable to shareholders: 4.69 billion yuan in 2025, 6.13 billion yuan in 2026, and 8.42 billion yuan in 2027 - Corresponding EPS: 3.86 yuan in 2025, 5.04 yuan in 2026, and 6.92 yuan in 2027 [7][11]