On October 11th, Guolianhui reported that Huatai Securities' research report pointed out that Will Semiconductor (603501.SH) is expected to achieve a net income attributable to the parent of 0.9-1.1 billion in 3Q24, with revenue reaching a new quarterly high. The profitability has significantly improved, mainly due to the improvement in the company's product portfolio structure, with the proportion of high-end, high gross margin large bottom smartphones CIS products and auto CIS products in revenue increasing. The company expects the coverage of Android brands for its large bottom CIS smartphones to continue to increase over the next two years, boosting profits from the smartphone segment. Additionally, following the expansion of the company's foundry, the CIS part numbers used in other cameras and periscopic cameras in the company in 2025, such as OV50D/OV50M, are expected to continue to ramp up, increasing revenue. Furthermore, in 2025/2026, with the increasing volume of Meta's consumer-grade AR products, the company as a core supplier of camera CIS may also benefit from the gradual increase in new product launches. Considering the company's comprehensive layout, the future profit growth rate may gradually slow down, giving a 46.43x PE for 2024 (industry average 61.26x for 2024), with a target price of 127 yuan and a "buy" rating.