On May 30th, Gelunhui reported that Haitong Securities pointed out in a research report that Will Semiconductor (603501.SH) has seen a year-on-year rebound in revenue from its 2023 semiconductor design product sales business. In particular, in the last two quarters of the year, revenue has approached historical highs, while gross margin has declined year-on-year mainly due to price pressure on some products during inventory turnover. As a global leader in CIS chipsets, the company has a certain market share in the mobile CIS market and continuous high growth in auto CIS and security businesses, which is expected to become the second growth curve. At the same time, platform layout will construct the third curve, and there is room for growth. It is expected that Will Semiconductor's EPS for 2024-2026 will be 2.09, 2.84, and 4.01 yuan respectively. Considering the comparable company's valuation level and the growth of the company's regional market, a 24-year PE valuation range of 50-55x is given, corresponding to a reasonable value range of 104.5-114.95 yuan, maintaining an "outperform" rating.
研报掘金丨海通证券：维持韦尔股份“优于大市”评级，汽车CIS、安防业务有望构成第二增长曲线
Research Nuggets丨Haitong Securities: Maintaining the “superior to the market” rating of Vail shares, the automotive CIS and security business is expected to form the second growth curve
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