Will Semiconductor (603501) Q3 2024 earnings summary

Executive summary

• Revenue for the nine months ended September 30, 2024, reached RMB 18.91 billion, up 25.38% year-over-year, driven by recovering market demand and product expansion in high-end mobile and automotive sectors.

• Net profit attributable to shareholders for the same period was RMB 2.38 billion, a 544.74% increase year-over-year, mainly due to higher sales and improved gross margin.

• Gross profit margin improved to 29.61%, up 8.33 percentage points year-over-year, reflecting product mix optimization and cost reductions.

Financial highlights

• Q3 revenue: RMB 6.82 billion; net profit attributable to shareholders: RMB 1.01 billion, up 368.33% compared to Q3 2023.

• Basic EPS for Q3: RMB 0.84, up 366.67% year-over-year; diluted EPS: RMB 0.77, up 327.78%.

• Total assets as of September 30, 2024: RMB 38.39 billion, up 1.72% from year-end 2023.

• Owner's equity attributable to shareholders: RMB 22.65 billion, up 5.61% from year-end 2023.

• Net cash flow from operating activities for the nine months: RMB 3.25 billion, down 40.50% year-over-year due to normalized inventory levels.

Outlook and guidance

• Management expects continued growth as market demand recovers and product penetration in high-end mobile and automotive markets increases.