22 Aug 2024 CMB International Global Markets | Equity Research | Company Update Willsemi (603501 CH) Solid 1H24 results with continued recovery in CIS business Willsemi released 1H24 results. Revenue increased by 36.5% YoY to RMB12bn, while net profit grew 790% YoY from a low base in 1H23 (RMB153mn) to RMB1.37bn in 1H24. On a quarterly basis, the company achieved a record revenue at RMB6.4bn in 2Q24 (42.5% YoY/14.2% QoQ, in line with consensus estimate). Q2 net profit was RMB809mn, up 45.1% QoQ (2Q23 was in ...