Will Semiconductor Co.Ltd.Shanghai(603501) ( Will Semiconductor Co.Ltd.Shanghai(603501) )
Willsemi announced Primary Results. Fy21 Revenue grew 21% yoy to rmb24. 0bn, en línea con nuestro inventario de rmb24. 47bn. Fy21 net profit was rmb4468mn – rmb4868mn (65 – 80% yoy). No – móvil CIS entregado crecimiento significativo (Auto: 85% yoy y Seguridad: 70% yoy), que confirma nuestro caso previo que no – móvil CIS underpins crecimiento futuro. Reiterate Buy with tprevised to rmb333. 0 to reflect Continuous Impact from global semi shortage.
El ingreso fy21 estaba en línea con nuestro inventario. Fy21 Revenue grew 21% yoyto rmb24. 0bn (in line with our estimate of rmb24.47bn), of which semibusiness was rmb20. 5bn (85,4% del total de ingresos fy21 vs. 87,1% para fy20).
El crecimiento del signo en auto / security CIS (85% / 70% yoy) confirma nuestra vista que no – móvil CIS será el conductor del crecimiento futuro. Although Mobile CIS was negatively affected by weak Android smartphone sales, We believe that High – end Mobile CIS will continue to Growing other categories in fy22. Fornon Mobile CIS segment, the Revenue Growth was signified. Auto CIS grew85% yoy a rmb2. 3bn and Security CIS grew 70% yoy. En addition, willsemantinues Gaining Market share in Computer, ar / VR and Medical Devices. Webleave willsemi will maintain its strong momentum in non – Mobile CIS in fy22.
Breakthrough in touch and display Business under Tight Global Supply. Los ingresos de Touch and display Business fueron rmb1. 8bn, Growing at 160% yoydue to global semi shortage. Willsemi ha iniciado la producción masiva de tddiproductos para teléfonos inteligentes clave oems en fy21. Esperamos que el suministro de la noche no sea suficiente para este año. In 2022, we expect the company will mass – produced OLED ddic, which could contribute additional income.
Reiterate Buy with new TP at rmb333. 0 basado en 50x fy22e P / E. Wet our Forecast as the semi shortage is like to stay Long than next expected this year. New TP is based on same 50x fy22 P / E. Currently, willsemi is Trading at 33.8x fy22 P / E, and We believe that the stock is Attractive. Incluye: 1) Word – than – expected Global Economy that Tours Consumer spending (i.e. continued outside Weaker Android smartphone sales) and 2) unfilled Demand caused by semi shortage
