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]

24H1 营收超预期，绑定大客户光学创新 2024 年 08 月 18 日 ➢ 事件：8 月 15 日，高伟电子发布 2024 年半年报，2024H1 公司实现营收 5.85 亿美元，同比增长 59.8%；实现净利润 0.16 亿美元，同比下滑 11.1%。 ➢ 24H1 营收超预期，利润短期承压。公司 24H1 实现营收 5.85 亿美元，相 较于 23H1 的 3.6 亿美元，同比增长 59.8%，主要系下游客户订单增加所致；实 现净利润为 0.16 亿美元，相较于 23H1 的 0.18 亿美元，同比有所下滑。 ➢ 公司 24H1 毛利率为 12.1%，23H1 毛利率为 13.9%，同比-1.8pcts，且净 利润有所承压，我们认为主要系上半年配合大客户终端降价促销，产品有所降价 让利；此外，24H1 员工费用达 0.52 亿美元（24H1 公司共有 6869 名全职员工， 同比增加 19%），相较于 23H1 的 0.24 亿美元，同比大幅增长，我们认为主要 为后续产品生产做好前期准备，费用有所前置。 ➢ 深度绑定大客户，迎接其光学创新。苹果 FC 摄像头封装技术壁垒较高，公 司具备技术优势。公司 ...

电子/消费电子 公 司 研 究 高伟电子（01415.HK） 2024 年 08 月 17 日 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 投资评级：买入（维持） 吴柳燕（分析师） wuliuyan@kysec.cn 证书编号：S0790521110001 | --- | --- | |--------------------|---------------| | 日期 | 2024/8/16 | | 当前股价(港元) | 23.450 | | 一年最高最低(港元) | 25.700/13.460 | | 总市值(亿港元) | 201.32 | | 流通市值(亿港元) | 201.32 | | 总股本(亿股) | 8.59 | | 流通港股(亿股) | 8.59 | | 近 3 个月换手率(%) | 29.89 | 短期业绩兑现进程波动，中期受益大客户产品周期向上 考虑到公司的经营季节性，2024H2 收入与净利润有望实现环比增长，维持 2024 年归母净利润 0.93 亿美金预测，考虑到主摄进展仍需跟踪，我们将 2025-2026 年归母净利润预测由 1.72/2.32 亿美金下 ...

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。 Cowell e Holdings Inc. 高偉電子控股有限公司 （股份代號：1415） （於開曼群島註冊成立的有限公司） 截至2024年6月30日止六個月之中期業績公佈 摘要 截至2024年6月30日止六個月之收益約達585,934,000美元，較截至2023年6月30 日止同期增加約59.8%。 截 至2024年6月30日止六個月之本公司權益股東應佔淨利潤約為16,039,000 美元，而截至2023年6月30日止六個月之本公司權益股東應佔淨利潤約為 18,034,000美元。 截至2024年6月30日止六個月之每股基本盈利為1.9美分，而截至2023年6月30 日止六個月之每股基本盈利為2.1美分。 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6月30日止六個月（「報告期間」）的 未經審核綜合中期業績，連同截 ...

高伟电子(1415.HK)深度报告 绑定龙头,拥抱光学创新 2024 年 07 月 19 日 ➢ 光学模组龙头地位稳定,多元布局新赛道。公司二十年深耕相机模组,基于 智能机、PC 等 3C 产品的技术优势,双向拓宽业务领域,一方面积极拓展大客户 产品种类、攫取更多市场份额,另一方面开拓车载激光雷达、MR 等新赛道,扩 张自身能力边界。22 年公司实现营收 11.16 亿美元,yoy+39.7%,归母净利润 0.84 亿美元,yoy+69.27%;主要前期欧菲光退出果链,公司在大客户端份额提 升,23 年公司实现营收 9.24 亿美元,yoy-17.2%,归母净利润 0.47 亿美元, yoy-44.74%,主要系全球经济形势低迷,客户订单减少。 ➢ 深度绑定大客户,迎接其光学创新。根据 Trendforce 数据,2023 年全球手 机模组出货量为 40.7 亿颗,2024 年达 41.7 亿颗,同比+3%,总体平稳。但全 球智能手机的多摄渗透率逐年提升;此外 "广角"、"长焦"、"微距"等升规仍在 持续,根据 Mordor Intelligence 数据, 预计 24 年相机模组市场规模为 398.2 亿美 ...

ai171288645434_Cowell AR2023 Cover V01_21mm OP.pdf 1 12/4/2024 上午9:47 ...

2024年3月23日 公司研究 2024 年有望切入 iPhone 后摄，中长期发展逻辑清晰 —— 高伟电子（1415.HK）2023 年度业绩点评 要点 买入（维持） 事件：2023 年业绩略不及预期，主要系 iPad 业务承压。公司发布 2023 年 当 前价：18.48港元 业绩，1) 收入: 公司全年实现营收 9.24 亿美元，yoy-17.2%，其中 1H23/ 2H23 营收分别 3.67/5.57 亿美元，对应同比-9.4% /-21.7%，我们认为营收 作者 下滑主要受到iPad业务拖累影响。2) 毛利润: 23全年实现毛利润1.28亿美 分析师：付天姿 元，对应毛利率同比下滑 1.8pcts 至 13.8%，我们认为主要系 iPad 业务出 执业证书编号：S0930517040002 货承压导致 A 客户压价。3) 净利润: 23 年归母净利润 0.47 亿美元、同比下 021-52523692 futz@ebscn.com 滑 44.7%，对应归母净利率 5.0%、同比下滑 2.6pcts，主要由于毛利润下 滑、研发及行政开支增加以及融资成本提升。其中，2H23 归母净利率环比 联系人：黄 ...

电子/消费电子 公 司 研 高伟电子（01415.HK） 净利润放量趋势有望启动，受益份额提升及光学升级 究 2024年03月22日 ——港股公司信息更新报告 投资评级：买入（维持） 吴柳燕（分析师） wuliuyan@kysec.cn 证 书编号：S0790521110001 日期 2024/3/21 港 当前股价(港元) 17.580  少有的高成长机会，受益自身份额提升、以及大客户光学升级趋势 股 一年最高最低(港元) 23.700/12.240 考虑到公司在大客户的项目进展顺利，我们维持2024年净利润预测0.93亿美金； 公 考虑到公司capex投入新增折旧影响，我们将2025年归母净利润预测由1.86亿 司 总市值(亿港元) 149.98 信 流通市值(亿港元) 149.98 美金下调至1.72亿美金，新增2026年归母净利润预测2.32亿美金，对应同比增 息 总股本(亿股) 8.53 速分别为101.5%/84.9%/34.6%。当前股价对应2024-2026年21.0/11.4/8.5倍PE。 更 新 流通港股(亿股) 8.53 公司为少有的高成长性机会具备一定稀缺性，2024H2 及往后净 ...

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。 Cowell e Holdings Inc. 高偉電子控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1415） 截至2023年12月31日止年度之年度業績公佈 摘要 我們截至2023年12月31日止年度之收益達約923,846,000美元，較截至2022年12 月31日止年度減少約17.23%。 截至2023年12月31日止年度之本公司權益股東應佔純利達約46,589,000美元， 較截至2022年12月31日止年度減少約44.74%。 截至2023年12月31日止財政期間之每股基本盈利為5.5美分，較截至2022年12 月31日止財政年度減少約45.54%。 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2023年12月31日止年度的綜合業績，連同 ...

ai169345385517_Cowell IR2023 Cover_OP.pdf 1 31/8/2023 上午11:50 ...