2024 2024 年度報告 ANNUAL REPORT A n n u al Rep ort 2 024 公司資料 公司名稱 高偉電子控股有限公司 股份上市地點 香港聯合交易所有限公司 股份代號 1415 股份名稱 高偉電子 董事會 執行董事 年度報 告 C M Y CM MY CY CMY K Cowell AR2024 Fullcover_18.5mm OP.pdf 1 16/4/2025 上午9:09 目 錄 公司資料 2 主席報告 4 管理層討論與分析 6 董事及高級管理層 20 董事會報告 23 企業管治報告 47 獨立核數師報告 80 綜合損益表 86 綜合損益及其他全面收入表 87 綜合財務狀況表 88 綜合權益變動表 90 綜合現金流量表 92 綜合財務報表附註 93 五年財務概要 151 釋義 152 孟岩先生 （主席） 吳英政先生 非執行董事 陳漢洋先生 楊立先生 獨立非執行董事 蘇艶雪女士 蔡鎮隆先生 劉霞女士 公司秘書 林詠欣女士 授權代表 陳漢洋先生 林詠欣女士 審核委員會 劉霞女士 （主席） 蘇艶雪女士 蔡鎮隆先生 薪酬委員會 蘇艶雪女士 （主席） 蔡鎮隆先生 劉霞女士 提名委員 ...

智通财经APP获悉，苹果概念股集体高开，截至发稿，高伟电子(01415)涨12.08%，报23.2港元；富智康 集团(02038)涨9.46%，报0.81港元；丘钛科技(01478)涨8.2%，报6.73港元；比亚迪电子(00285)涨 6.53%，报35.1港元；舜宇光学(02382)涨6.18%，报69.6港元；瑞声科技(02018)涨6.17%，报38.7港元。 华泰证券认为，关于中国地区是否处于豁免范围等细节市场仍在讨论，但认为目前果链受影响已较有 限，主因1）即便中国地区不受豁免，较多果链公司在东南亚地区具备产能或销售网络；2）短期看各品 牌已经准备一定库存，该行认为能够支撑一定时间美国地区需求，供应链短期价格压力或有限，相关标 的股价回调幅度已反应大部分潜在负面影响，看好在关税政策影响边际减弱下的估值修复行情以及中国 企业在长期中的竞争力。 消息面上，当地时间4月11日晚，美国海关与边境保护局宣布，联邦政府已同意对智能手机、电脑、芯 片等电子产品免除所谓"对等关税"。海关与边境保护局发布的文件显示，这些产品被排除在政府对贸易 伙伴实施的所谓"对等关税"之外。文件显示，豁免的产品适用于4月5日以后进 ...

智通财经4月14日电，截至发稿，高伟电子(01415.HK)涨12.08%、富智康集团(02038.HK)涨9.46%、丘钛 科技(01478.HK)涨8.20%、舜宇光学科技(02382.HK)涨6.18%、瑞声科技(02018.HK)涨6.17%。消息面 上，上周五晚间，负责征收关税的美国海关和边境保护局传来消息，将一系列产品排除在原先公布 的"对等关税"之外，类别包括了通讯设备（智能手机）、计算机、半导体设备、集成电路器件等。 港股苹果概念股走强 高伟电子涨超12% ...

A股账户直接买港股！T+0交易，当天买卖不怕被套>> 港股苹果概念股走强，高伟电子涨超30%，瑞声科技涨超20%，舜宇光学科技涨15%，比亚迪 （002594）电子涨14%，富智康涨14%，丘钛科技涨超10%。 ...

电子/消费电子 高伟电子（01415.HK） 2025 年利润有望继续释放，XR 及智能制造提振估值 2025 年 03 月 22 日 投资评级：买入（维持） | 日期 | 2025/3/21 | | --- | --- | | 当前股价(港元) | 32.250 | | 一年最高最低(港元) | 33.600/15.400 | | 总市值(亿港元) | 278.15 | | 流通市值(亿港元) | 278.15 | | 总股本(亿股) | 8.62 | | 流通港股(亿股) | 8.62 | | 近 3 个月换手率(%) | 22.64 | 股价走势图 数据来源：聚源 -30% 0% 30% 60% 90% 120% 2024-03 2024-07 2024-11 2025-03 高伟电子 恒生指数 相关研究报告 《短期业绩进程波动，中期受益大客 户产品周期向上—港股公司信息更新 报告》-2024.8.17 《净利润放量趋势有望启动，受益份 额提升及光学升级—港股公司信息更 新报告》-2024.3.22 2024 年公司收入 25 亿美金，同比增长 170%，符合我们预期，分析主要由于公 司在客户后摄料号份 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不就因本公佈全部或任何部分內容所產生或 因依賴該等內容而引致的任何損失承擔任何責任。 高偉電子控股有限公司 Cowell e Holdings Inc. （股份代號：1415） （於開曼群島註冊成立的有限公司） 截至2024年12月31日止年度之年度業績公佈 摘要 我們截至2024年12月31日止年度之收益達約2,494,258,000美元，較截至2023年 12月31日止年度增加約170.0%。 截至2024年12月31日止年度之本公司權益股東應佔純利達約119,055,000美元， 較截至2023年12月31日止年度增加約155.54%。 截至2024年12月31日止財政期間之每股基本盈利為13.9美分，較截至2023年12 月31日止財政年度增加約152.73%。 業績 高偉電子控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然公佈本公 司及其附屬公司（統稱「本集團」）截至2024年12月31日止年度的綜合業績，連同 截至2023年12月31日止年度的比較數字。年度財務 ...

此外，高伟电子拟于3月20日举行董事会会议批准年度业绩。近日有报道称， LG Innotek和三星电机两 大韩国电子零部件制造商的相机模块业务利润率持续下滑。据悉，苹果公司于2023年引入高伟电子，进 一步压低模块采购价，LG Innotek虽仍为最大供应商，但富士康与高伟电子份额逐年上升。 中信证券香港发布研报称，2025年全国手机补贴计划于1月20日启动，但前八周的效果仍有限。据估 计，中国智能手机销售量同比增长约4%，至5080万台。该行认为现有刺激政策可能调整，包括将补贴 范围扩展至价格超过人民币6000元的手机，或将单台补贴上限从人民币500元提高至人民币1000元。苹 果供应链将从加码的手机补贴中获益更多。 港股异动 | 高伟电子(01415)早盘涨超9% 机构称手 机补贴有望加码 公司明日将发布业绩 智通财经APP获悉，高伟电子(01415)早盘涨超9%，截至发稿，8.52%，报31.2港元，成交额1.07亿港 元。 ...

Financial Performance - Revenue for the reporting period was approximately $585.9 million, a 59.8% increase compared to $366.7 million in the first half of 2023[4] - Net profit for the reporting period was approximately $16.6 million, compared to $17.5 million in the first half of 2023[4] - Revenue for the period increased to 585,934 thousand yuan, up from 366,725 thousand yuan in the previous year, representing a significant growth[39] - Gross profit rose to 71,534 thousand yuan compared to 50,853 thousand yuan in the prior year, reflecting improved profitability[39] - Operating profit for the period was 25,476 thousand yuan, slightly higher than the 22,391 thousand yuan recorded in the previous year[39] - Net profit attributable to equity shareholders of the company was 16,039 thousand yuan, down from 18,034 thousand yuan in the previous year[39] - Basic earnings per share decreased to $0.019 from $0.021 in the prior year[39] - Other comprehensive income for the period was a loss of 4,714 thousand yuan, compared to a loss of 17,930 thousand yuan in the previous year[40] - Total comprehensive income for the period was 11,895 thousand yuan, a significant improvement from a loss of 398 thousand yuan in the prior year[40] - Profit for the period was $16.04 million, contributing to total comprehensive income of $11.37 million for the six months ended June 30, 2024[46] - Other comprehensive income for the period was a loss of $4.67 million, primarily due to exchange rate fluctuations[46] - The company's total revenue for the 12 months ending June 30, 2024, was $1,143,055 thousand, compared to $1,078,383 thousand in the same period of 2023[53] - Gross profit for the 12 months ending June 30, 2024, was $148,447 thousand, down from $165,216 thousand in the same period of 2023[53] - The company's basic earnings per share for the six months ended June 30, 2024, were calculated based on a profit attributable to ordinary equity shareholders of $16,039,000 and a weighted average number of ordinary shares of 853,836,000[57] - The diluted earnings per share for the six months ended June 30, 2024, were calculated based on a profit attributable to ordinary equity shareholders of $16,039,000 and a weighted average number of ordinary shares of 881,183,000[58] Assets and Liabilities - Total assets as of June 30, 2024, were approximately $1,013.2 million, up from $943.3 million as of December 31, 2023[8] - Net current assets as of June 30, 2024, were approximately $191.9 million, down from $232.1 million as of December 31, 2023[8] - Total equity as of June 30, 2024, was approximately $429.9 million, up from $415.2 million as of December 31, 2023[8] - Unencumbered cash and cash equivalents as of June 30, 2024, were approximately $182.1 million[8] - Non-current assets increased to $290.38 million as of June 30, 2024, up from $195.41 million as of December 31, 2023, driven by growth in property, plant, and equipment[42] - Current assets decreased to $722.84 million as of June 30, 2024, from $747.89 million as of December 31, 2023, primarily due to a reduction in bank deposits with maturities over 3 months[42] - Net current assets stood at $191.93 million as of June 30, 2024, down from $232.07 million as of December 31, 2023[42] - Total assets minus current liabilities increased to $482.31 million as of June 30, 2024, compared to $427.48 million as of December 31, 2023[42] - Net asset value rose to $429.90 million as of June 30, 2024, up from $415.17 million as of December 31, 2023[43] - Non-current liabilities increased to $52.42 million as of June 30, 2024, from $12.31 million as of December 31, 2023, mainly due to new bank loans[43] - Equity attributable to the company's shareholders grew to $423.46 million as of June 30, 2024, from $409.66 million as of December 31, 2023[44] - Total equity increased to $429.90 million as of June 30, 2024, compared to $415.17 million as of December 31, 2023[44] - Trade receivables (net of impairment) as of June 30, 2024, amounted to $172,117,000, an increase from $152,813,000 as of December 31, 2023[63] - Cash and cash equivalents as of June 30, 2024, totaled $182,057,000, compared to $96,726,000 as of December 31, 2023[64] - Trade payables as of June 30, 2024, amounted to $212,598,000, slightly up from $209,195,000 as of December 31, 2023[66] Capital and Financing - Total bank financing as of June 30, 2024, was approximately $836.1 million, with $306.4 million utilized[9] - Capital expenditures during the reporting period were $105.3 million, up from $44.0 million in the same period in 2023[10] - Contracted but not provided capital commitments as of June 30, 2024, were approximately $119.7 million, up from $26.1 million as of December 31, 2023[10] - The company's cash and cash equivalents increased by $86,832 thousand in the first half of 2024, reaching $182,057 thousand as of June 30, 2024[47] - New bank loans obtained in the first half of 2024 amounted to $671,533 thousand, significantly higher than the $209,271 thousand in the same period of 2023[47] - The company had outstanding capital commitments of $119,673,000 as of June 30, 2024, compared to $26,081,000 as of December 31, 2023[68] - The company acquired property, plant, and equipment with a cost of $112,090,000 during the six months ended June 30, 2024, compared to $45,804,000 in the same period in 2023[60] Employee and Shareholder Information - Total employee count as of June 30, 2024, was 6,869, up from 5,764 as of December 31, 2023[15] - Total employee costs (excluding directors' remuneration) during the reporting period were approximately $52.0 million, up from $23.7 million in the same period in 2023[15] - 5,059,000 share options were exercised during the reporting period, with 149,000 canceled and 150,000 expired[15] - The company adopted a Share Award Plan on March 21, 2024, allowing the trustee to purchase existing ordinary shares from the secondary market for selected employees, with no new shares issued under this plan[16] - As of June 30, 2024, the company's directors and CEO held beneficial interests in the company's shares, with specific holdings: Meng Yan (2,197,000 shares, 0.26%), Wu Yingzheng (1,980,000 shares, 0.23%), and Chen Hanyang (1,480,000 shares, 0.17%)[18] - The company's major shareholder, Li Jing Innovation Technology Co., Ltd., held 607,455,760 shares, representing 70.79% of the total issued shares, with 551,229,760 shares (64.24%) pledged as collateral for bank financing[21][22] - The company's total issued shares as of June 30, 2024, were 858,104,800 ordinary shares[22] - The company terminated its old Share Option Plan in 2021 and adopted a new plan, with no options granted during the reporting period and a total of 83,436,880 shares (9.72% of issued shares) available for issuance under the new plan[23] - The total number of stock options granted under the stock option plan as of June 30, 2024, is 30,876,000, with 5,059,000 options exercised during the reporting period[24] - The weighted average closing price of shares before the exercise date for the 5,059,000 options exercised was HKD 21.7426[26] - The total number of shares that may be issued under the stock option plan is 51,662,880, representing approximately 6.02% of the company's issued share capital as of the report date[26] - The company adopted a Share Award Plan on March 21, 2024, to incentivize employees and improve performance, but no options were granted under this plan during the reporting period[27] - Total remuneration for key management personnel for the six months ended June 30, 2024, was $346,000, up from $334,000 in the same period in 2023[70] Market and Industry Trends - The company focuses on product enhancement and technological innovation to meet changing market demands, particularly in smart driving, AR, VR, MR, and micro-display fields[4] - Global headset device shipments are expected to grow by 7.5% in 2024, with a five-year CAGR of 43.9% from 2024 to 2028[6] - LiDAR applications are rapidly expanding, particularly in automotive, robotics, and smart city sectors, with automotive being the largest market[6] - The company anticipates growth opportunities in AI-driven AR and VR technologies, which are expected to enhance user experience and reduce content production costs[5] - The global economy is projected to grow by 2.7% in 2024, with challenges from high interest rates, geopolitical conflicts, and climate risks[5] - The company is exploring new applications in autonomous driving, biotech, and smart cities, driving demand for high-precision optical sensors[5] Corporate Governance and Compliance - The company did not recommend any interim dividend for the reporting period to ensure continued leadership in the optical field business[28] - The company did not purchase, sell, or redeem any of its listed securities during the reporting period[29] - The company fully complied with the Corporate Governance Code during the reporting period[30] - The company's financial statements were prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting" and were reviewed by the audit committee without any disagreements[31][36] Revenue and Sales Breakdown - The company's largest customer accounted for 93.5% of total revenue in 2024, down from 96.5% in 2023, with sales to this customer reaching $547,773 thousand[51] - Revenue from China (including Hong Kong) increased to $502,951 thousand in 2024, up from $340,222 thousand in 2023[52] - Revenue from India saw significant growth, reaching $56,205 thousand in 2024 compared to $21,414 thousand in 2023[52] - Sales of goods to non-controlling interests amounted to $35,394,000 for the six months ended June 30, 2024, compared to $10,962,000 in the same period in 2023[71] Research and Development - Research and development costs (excluding depreciation and amortization) increased to $36,361 thousand in 2024, up from $20,323 thousand in 2023[54] Cash Flow and Taxation - Operating cash flow for the first half of 2024 was negative at $(44,599) thousand, compared to a positive $98,523 thousand in the same period of 2023[47] - The company's income tax expense for the first half of 2024 was $698 thousand, down from $1,673 thousand in the same period of 2023[55]

Investment Rating - The report maintains a "Recommend" rating for Cowell E Holdings Inc (1415 HK) [1][2] Core Views - Cowell E Holdings Inc achieved H1 2024 revenue of $585 million, a 59 8% YoY increase, exceeding expectations [1] - Net profit for H1 2024 was $16 million, down 11 1% YoY due to price reductions for major clients and increased employee expenses [1] - The company is deeply integrated with major North American clients and is well-positioned to benefit from optical innovations [1] - Future growth opportunities lie in laser radar and AR VR sectors, with potential contributions from Apple's Vision Pro and iPhone series [1] Financial Performance Revenue and Profit - H1 2024 revenue reached $585 million, up from $360 million in H1 2023 [1] - Net profit margin declined to 5 04% in 2023, expected to improve to 5 41% by 2026 [8] - EPS is projected to grow from $0 05 in 2023 to $0 24 in 2026 [8] Profitability Ratios - ROE is forecasted to increase from 11 37% in 2023 to 24 13% in 2026 [8] - ROIC expected to rise from 6 50% in 2023 to 17 84% in 2026 [8] - Gross margin stood at 12 1% in H1 2024, down from 13 9% in H1 2023 [1] Balance Sheet - Total assets projected to grow from $943 million in 2023 to $1,466 million in 2024 [5] - Current liabilities expected to increase from $516 million in 2023 to $952 million in 2024 [5] - Shareholders' equity forecasted to rise from $415 million in 2023 to $502 million in 2024 [5] Growth Opportunities Optical Innovations - The company has technical advantages in Apple's FC camera packaging technology [1] - Potential growth from iPhone 16 series' periscope lens technology [1] - Expected ASP increase due to precision requirements in new optical modules [1] Emerging Technologies - Established Liteng Innovation for laser radar business, with RoboSense acquiring 49% stake [1] - Formed Liwei Optics joint venture for AR VR components development [1] - IDC forecasts 43 9% CAGR for headset device shipments from 2024 to 2028 [1] Valuation Metrics - Current P E ratio at 32x for 2024, expected to decrease to 14x by 2026 [2][8] - P B ratio projected to decline from 5 6x in 2024 to 3 3x in 2026 [8] - EV EBITDA ratio forecasted to decrease from 23 95x in 2024 to 11 85x in 2026 [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][10]. Core Views - The company is expected to benefit from the upward product cycle of major clients in the medium term, despite short-term fluctuations in performance. Revenue and net profit are anticipated to grow quarter-on-quarter in the second half of 2024, with a forecasted net profit of $93 million for 2024 [2][3]. - The company has adjusted its net profit forecasts for 2025 and 2026 downwards to $145 million and $181 million, respectively, reflecting a year-on-year growth rate of 98.8%, 56.7%, and 24.4% [2][3]. - The current stock price of HKD 23.45 corresponds to price-to-earnings ratios of 28.3, 18.1, and 14.6 for 2024-2026 [2]. Financial Performance - In the first half of 2024, the company reported revenue of $586 million, a year-on-year increase of 60%, exceeding expectations due to higher-than-expected market share in front and rear camera modules for smartphones and iPads [3]. - The gross margin for the first half of 2024 was 12.2%, down 1.7 percentage points year-on-year, while the net profit margin was 2.7%, down 2.2 percentage points year-on-year, resulting in a net profit of $16 million, an 11% decline year-on-year [3]. - The company is focusing on expanding its optical module capabilities and exploring new growth opportunities beyond smartphones and tablets, including precision optics in emerging fields such as smart driving, AR, VR, MR, and micro-displays [4]. Market Outlook - The company is positioned as a core supplier of optical components for major overseas clients, likely benefiting from the accelerated upgrade of mobile phone optics and the expansion of the AIoT ecosystem, which includes headphones, smartwatches, service robots, and AR glasses [2][4]. - The global shipment of head-mounted display devices is expected to grow at a CAGR of 43.9% from 2024 to 2028, indicating significant market potential for the company [4].