Will Semiconductor Co.Ltd.Shanghai(603501) ( Will Semiconductor Co.Ltd.Shanghai(603501) )
Willsemi announced Preliminary Results. Fy21 revenue grew 21% YOY tormb24. 0bn, en ligne avec notre estimation de rmb24. 47bn. Fy21 net Profile wasrmb4468mn – rmb4868mn (65 – 80% YOY). Non mobile CIS delivered signalgrowth (auto: 85% YOY and Security: 70% YOY), which confirmed our previousforecast that non mobile CIS will underpin future Growth. Réajuster le buy avec tprevied à rmb333. 0 to reflect Continuous Impact from Global semi short.
Fy21 réapparaît en ligne avec notre estimation. Fy21 revenue grew 21% yoyto rmb24. 0bn (in line with our Estimation of rmb24.47bn), of which semibusiness was rmb20. 5bn (85,4% du total fy21 revenue vs. 87,1% pour fy20). 4q21 revenue declined 3% / 3% YOY / qoq due to seasonality and weakersmartphone Sales of Android oems.
Croissance du signal dans le CIS automatique / de sécurité (85% / 70% YOY) Confirmer la source que le CIS non mobile sera le futur conducteur de croissance. Although mobile CIS was negatively Affected by Weak Android smartphone sales, We believe High – end mobile CIS will continue Outgrowing Other categories in fy22. Fornon mobile CIS segment, the Revenue Growth was signed. Auto cis grew85% YOY to rmb2. 3bn and Security CIS grew 70% YOY. In addition, willsemicontinues Gaining Market share in Computer, AR / VR and medical devices. Webelieve willsemi restera dans son fort mouvement en CIS non mobile en fy22.
Breakthrough in touch and Display Business under tight Global Supply. Touch and Display business’s revenue was rmb1. 8bn, Growing at 160% yoydue to Global semi short. Willsemi a commencé à produire des produits tddi pour les OEM de téléphones intelligents clés en fy21. Nous attendons que la tige ne soit pas complètement prête pour cette année. In 2022, we expect the company will mass – produceoled ddic, which could contribute additional revenue.
Reiterate buy with New TP at rmb333. 0 – Based on 50x fy22e P / E. wetrimmed our Forecasts as the semishort is likely to stay longer than 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 the stock is attractive. Risques potentiels de descente inclus: 1) mot par économie mondiale attendue par la propagation des consommateurs (i.e. continue weaker Android smartphone sales) et 2) demande non remplie utilisée par semi Shortage
