【招银国际】豪威集团（603501）-Expect sequential improvement ahead-250122（4页）.pdf

1、 PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE MORE REPORTS FROM BLOOMBERG:RESP CMBR OR http:/.hk 1 MN 22 Jan 2025 CMB International Global Markets|Equity Research|Company Update Willsemi(603501 CH)Expect sequential improvement ahead Willsemi released FY24 prelim resul

2、ts.Rev.is expected to grow by 20.9%to 22.8%YoY to the range of RMB25.4bn to RMB25.8bn,driven by a higher penetration rate of CIS products in high-end smartphone market(smartphone CIS:52%of CIS revenue in 1H24)and autonomous driving(AD)tech(auto CIS:31%).Mid-point rev.was slightly below BBG consensus

3、/our estimate by 3.2%/2.6%.Net profit is expected to be between RMB3.2bn and RMB3.4bn,up 468%to 504%YoY,which mgmt.attributed to market share expansion(11%of global CIS market in 2023 per Yole)and improved GPM(9M24/FY23:29.6%/21.8%).Looking forward,we expect Willsemi to be a key beneficiary of 1)dom

4、estic consumer subsidy plan and 2)rapid expansion of several key markets,such as EVs(AD),edge AI(e.g.AI glasses,XR headsets),robotics(e.g.humanoid&industrial robots),etc.Maintain BUY,with TP unchanged at RMB130.Sustained sequential growth drives strong 2024 performance.4Q24 mid-point revenue is expe

5、cted to be RMB6.7bn,up 12.8%YoY but down 1.7%QoQ,after a record-high quarterly revenue at RMB6.8bn in 3Q24.Revenue grew sequentially in 2Q/3Q24 by 14.2%/5.7%on the companys 1)continued market share expansion in flagship smartphone models with premium products such as OV50H/OV50K40,2)robust camera sh

6、ipments as smart driving solutions(e.g.,OX08D10)expanded from premium models to mass-market vehicles,and 3)increased integration of AI-driven tech.CIS revenue estimated to grow 26%in 2025,driven by higher number of cameras used in EVs/robotaxis and benefiting from China digital product subsidy plan.