小摩发布研报称，去年第四季高伟电子股价跑输恒指，相信是因为市场担心记忆体价格上升导致iPhone 潜在需求转弱。不过，该行认为市场反应过度，其研究显示今年订单具韧性，预计上半年电子制造服务 出货量将按年增长8%。同时，该行认为今年下半年调整后的iPhone产品线将有利于高伟电子，因其对 Pro及Pro Max型号的业务佔比较高，且市场份额持续扩张。 高伟电子(01415)涨近3%，截至发稿，涨1.95%，报30.28港元，成交额2150万港元。 中信建投（601066）认为，影像依旧是手机厂商打造差异化用户体验的重要选择之一，iPhone的影像功 能持续升级。苹果后摄供应格局变化为公司份额扩张带来机遇，关注公司主摄导入进展摄像头模组工艺 主要分为COB工艺和FC工艺，目前市场上仅苹果一家选择了FC工艺供应体系，该工艺技术门槛高且更 为封闭，同时考虑到苹果对供应商严苛要求，FC工艺的准入门槛更高，产线具备稀缺性，因此苹果摄 像头模组供应商十分有限。 ...

小摩发布研报称，去年第四季高伟电子股价跑输恒指，相信是因为市场担心记忆体价格上升导致iPhone 潜在需求转弱。不过，该行认为市场反应过度，其研究显示今年订单具韧性，预计上半年电子制造服务 出货量将按年增长8%。同时，该行认为今年下半年调整后的iPhone产品线将有利于高伟电子，因其对 Pro及Pro Max型号的业务佔比较高，且市场份额持续扩张。 智通财经APP获悉，高伟电子(01415)涨近3%，截至发稿，涨1.95%，报30.28港元，成交额2150万港 元。 中信建投认为，影像依旧是手机厂商打造差异化用户体验的重要选择之一，iPhone的影像功能持续升 级。苹果后摄供应格局变化为公司份额扩张带来机遇，关注公司主摄导入进展摄像头模组工艺主要分为 COB工艺和FC工艺，目前市场上仅苹果一家选择了FC工艺供应体系，该工艺技术门槛高且更为封闭， 同时考虑到苹果对供应商严苛要求，FC工艺的准入门槛更高，产线具备稀缺性，因此苹果摄像头模组 供应商十分有限。 ...

Core Viewpoint - Morgan Stanley's report indicates that Gao Wei Electronics (01415) underperformed the Hang Seng Index in Q4 last year due to market concerns over rising memory prices potentially weakening iPhone demand [1] Group 1: Financial Forecasts - The bank raised its earnings forecasts for 2025 to 2027 by 3% to 9%, expecting earnings growth of 23% and 26% in 2026 and 2027 respectively [1] - The bank believes that the company's valuation should be reassessed and reiterated a "buy" rating with a target price of HKD 44 [1] Group 2: Market Dynamics - The bank argues that the market's reaction has been excessive, as its research shows resilience in this year's orders, with expected year-on-year growth of 8% in electronic manufacturing services shipments in the first half of the year [1] - It is anticipated that the adjusted iPhone product line in the second half of this year will benefit Gao Wei Electronics, particularly due to its higher business share in the Pro and Pro Max models, along with continuous market share expansion [1] - The bank also forecasts that the company will gain additional market share in the main rear camera module sector by 2027 [1]

摩根大通发布研报称，去年第四季高伟电子(01415)股价跑输恒指，相信是因为市场担心内存价格上升 导致iPhone潜在需求转弱。该行将2025至27年盈利预测上调3%至9%，料26及27年盈利将同比增长23% 及26%，并认为公司估值应该获重估，重申"增持"评级，予目标价44港元。 不过，该行认为市场反应过度，其研究显示今年订单具韧性，预计上半年电子制造服务出货量将同比增 长8%。同时，该行认为今年下半年调整后的iPhone产品线将有利于高伟电子，因其对Pro及Pro Max型号 的业务占比较高，且市场份额持续扩张。该行亦料公司2027年将于主后置摄像模组领域获得额外份额。 ...

摩根大通发表研究报告指，去年第四季高伟电子股价跑输恒指，相信是因为市场担心存储器价格上升导 致iPhone潜在需求转弱。不过，该行认为市场反应过度，其研究显示今年订单具韧性，预计上半年电子 制造服务出货量将按年增长8%。同时，该行认为今年下半年调整后的iPhone产品线将有利于高伟电 子，因其对Pro及Pro Max型号的业务占比较高，且市场份额持续扩张，亦预计公司2027年将于主后置摄 像模块领域获得额外份额。该行将2025至27年盈利预测上调3%至9%，预计26及27年盈利将按年增长 23%及26%，并认为公司估值应该获重估，重申"增持"评级，予其目标价44港元。 ...

同时，该行认为今年下半年调整后的iPhone产品线将有利于高伟电子，因其对Pro及Pro Max型号的业务 占比较高，且市场份额持续扩张。该行亦料公司2027年将于主后置摄像模组领域获得额外份额。该行将 2025至27年盈利预测上调3%至9%，料26及27年盈利将同比增长23%及26%，并认为公司估值应该获重 估，重申"增持"评级，予目标价44港元。 消息面上，摩根大通发布研报称，去年第四季高伟电子股价跑输恒指，相信是因为市场担心记忆体价格 上升导致iPhone潜在需求转弱。不过，该行认为市场反应过度，其研究显示今年订单具韧性，预计上半 年电子制造服务出货量将同比增长8%。 高伟电子(01415)涨超7%，截至发稿，涨7.28%，报29.76港元，成交额2.47亿港元。 ...

同时，该行认为今年下半年调整后的iPhone产品线将有利于高伟电子，因其对Pro及Pro Max型号的业务 占比较高，且市场份额持续扩张。该行亦料公司2027年将于主后置摄像模组领域获得额外份额。该行将 2025至27年盈利预测上调3%至9%，料26及27年盈利将同比增长23%及26%，并认为公司估值应该获重 估，重申"增持"评级，予目标价44港元。 智通财经APP获悉，高伟电子(01415)涨超7%，截至发稿，涨7.28%，报29.76港元，成交额2.47亿港元。 消息面上，摩根大通发布研报称，去年第四季高伟电子股价跑输恒指，相信是因为市场担心记忆体价格 上升导致iPhone潜在需求转弱。不过，该行认为市场反应过度，其研究显示今年订单具韧性，预计上半 年电子制造服务出货量将同比增长8%。 ...

Group 1 - The mobile industry chain is experiencing a significant decline, with major companies like Highgreat Electronics, BYD Electronics, Lens Technology, and Q Tech all reporting stock price drops ranging from 1.95% to 3.8% [1] - The global DRAM market is undergoing a substantial price increase, described as the "strongest" in history, with prices rising rapidly since July 2025, and most categories seeing increases of over 100% [1] - DDR4 and DDR5 memory prices have surged by 2-3 times within the year, and the price increase trend is expected to accelerate into 2026 [1] Group 2 - Citic Securities indicates that manufacturers are raising prices or reducing product configurations, reflecting the significant cost pressure from rising memory prices being passed on to end consumers, which may lead to a temporary decline in consumer electronics sales [2] - Despite the impact of rising storage prices on the consumer electronics sector, there is an expectation of low fundamental performance in 2026, but the acceleration of AI innovation trends in 2026-2027 is anticipated, with major companies like Apple, Google, and OAI focusing on AI terminal entry to create a closed loop of computing power, terminals, and applications [2]

Group 1 - The mobile industry chain is experiencing a decline, with notable drops in stock prices for companies such as Highgreat Electronics (-3.8%), BYD Electronics (-3%), Lens Technology (-2.66%), and Q Tech (-1.95%) [1] - The global DRAM market is undergoing a significant price increase, described as the "strongest" price surge in history, with prices rising over 100% for most categories since July 2025 [1] - DDR4 and DDR5 memory prices have increased by 2-3 times within the year, and the price escalation is expected to accelerate into 2026 [1] Group 2 - Major manufacturers are raising prices or reducing product configurations, indicating that the cost pressure from rising memory prices is being transmitted to end consumers, leading to a temporary decline in consumer electronics sales [2] - The industry is likely to see a concentration of resources and pricing power among leading brands with scale and supply chain advantages [2] - Despite the low expectations for the consumer electronics sector due to memory price increases, there is a clear trend of accelerated innovation in AI from major companies like Apple, Google, and OAI, aiming to create a closed loop of computing power, terminals, and applications in 2026-2027 [2]

港股苹果概念股震荡走低，高伟电子(01415.HK)跌超3%，舜宇光学科技(02382.HK)、瑞声科技 (02018.HK)跌超2%，丘钛科技(01478.HK)、比亚迪电子(00285.HK)跌超1%。 本文源自：金融界AI电报 ...