Will Semiconductor (603501) H2 2024 earnings summary

Executive summary

• Achieved record revenue of RMB 25.73 billion in 2024, up 22.41% year-over-year, driven by strong growth in image sensor and automotive markets.

• Net profit attributable to shareholders surged 498.11% to RMB 3.32 billion, with significant improvement in gross margin and profitability.

• Image sensor solutions contributed 74.76% of main revenue, with smartphone and automotive segments up 26% and 30% respectively.

• R&D investment reached RMB 3.25 billion, accounting for 15% of semiconductor design and sales revenue.

Financial highlights

• Revenue: RMB 25.73 billion, up 22.41% year-over-year.

• Net profit attributable to shareholders: RMB 3.32 billion, up 498.11% year-over-year.

• Net profit after deducting non-recurring items: RMB 3.06 billion, up 2,114.72% year-over-year.

• Gross margin improved due to product structure optimization and cost control.

• Basic and diluted EPS: RMB 2.77, up 489.36% year-over-year.

• Net cash flow from operating activities: RMB 4.77 billion.

Outlook and guidance

• Global semiconductor market expected to grow 11.2% in 2025, with strong demand in memory and logic segments.

• Company to continue increasing R&D investment, expand product lines, and pursue synergistic development across business segments.

• Focus on AI-driven applications, automotive intelligence, and emerging markets such as AR/VR.