Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future investment returns exceeding market benchmarks by over 15% [4]. Core Insights - The company achieved a revenue of $3.5 billion in 2025, representing a significant year-on-year growth of 40.3%, primarily driven by increased orders for rear camera modules from core clients [1]. - The gross margin for 2025 was reported at 10.2%, a decline from 11.7% in 2024, attributed to product mix adjustments and ongoing price competition [1]. - The net profit for 2025 reached $197 million, marking a year-on-year increase of 65.4%, with a net profit margin of 5.6%, up from 4.8% in 2024, showcasing improved profitability alongside revenue growth [1][2]. Summary by Relevant Sections Revenue and Profitability - The company’s revenue for 2025 was $3.5 billion, a 40.3% increase from the previous year [1]. - The net profit for 2025 was $197 million, reflecting a 65.4% growth year-on-year [1][5]. Cost and Expenses - Administrative expenses rose by 18.0% to $12.8 million in 2025, mainly due to an increase in R&D spending of approximately $28.9 million [1]. - The gross margin decreased to 10.2% in 2025 from 11.7% in 2024, influenced by product structure changes and price competition [1]. Future Outlook - The company is expected to benefit from an AI-driven optical innovation cycle in 2026, with anticipated growth in demand for imaging and sensing capabilities in mobile and PC devices [3]. - The company aims to expand its market share in the rear camera module sector and plans to enter the foldable iPhone camera module market in 2026, with further expansion into Apple's wearable devices by 2027 [3]. - The company is actively restructuring its R&D and production systems using AI, aiming for a data-driven and AI-coordinated manufacturing model to ensure high-quality growth [3].

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [1]. Core Insights - The company reported a revenue of $3.5 billion for 2025, representing a year-on-year increase of 40%, and a net profit of $197 million, up 65% year-on-year, exceeding market expectations [1][5]. - The strong growth is attributed to the company's rear camera business entering a sustained growth phase, with significant contributions from ultra-wide and periscope camera segments [5]. - The company is expected to continue expanding its market share in ultra-wide and periscope cameras in 2026, driven by strong sales of the iPhone 17 series and new product introductions [5]. - The company is actively exploring new fields such as MicroLED and robotics, which are anticipated to provide long-term growth opportunities [5]. Financial Performance - For 2025, the company achieved a gross margin of 10.25%, with a net profit margin of 5.6% for the year [5]. - The company forecasts revenues of $4.3 billion, $5.3 billion, and $7.2 billion for 2026, 2027, and 2028, respectively, with net profits projected at $241 million, $300 million, and $403 million for the same years [6][9]. - The company's PE ratios are projected to be 10.7, 8.6, and 6.4 for 2026, 2027, and 2028, indicating it is undervalued compared to peers in the Hong Kong and A-share markets [5][6]. Market Position and Strategy - The company is positioned as a core supplier of optical camera modules for Apple, benefiting from the ongoing optical upgrades in Apple products [5]. - The report highlights the potential for the company to enter the main camera market for smartphones and continue increasing its market share [5]. - The company is expected to leverage its deep involvement in major clients' optical innovations for new products in 2026-2027, enhancing its long-term earnings potential [5].

EF001 | EF001 | | --- | | 發行人所發行上市權證/可轉換債券的相關信息 | | | --- | --- | | 發行人所發行上市權證/可轉換債券 | 不適用 | | 其他信息 | | | 其他信息 | 不適用 | | 發行人董事 | | | 於本公告刊發日期，高偉電子控股有限公司之董事為： | | | 執行董事： | | | 孟岩先生及吳英政先生； | | | 非執行董事： | | | 陳漢洋先生及楊立先生；及 | | | 獨立非執行董事 | | | 蘇艶雪女士、蔡鎮隆先生及劉霞女士組成。 | | 第 2 頁 共 2 頁 v 1.1.1 免責聲明 | 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告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 高偉電子控股有限公司 | | 股份代號 | 01415 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | ...

Financial Performance - The revenue for Cowell e Holdings Inc. for the year ended December 31, 2025, reached approximately $3,500,054,000, an increase of about 40.3% compared to the previous year[2] - The net profit attributable to equity shareholders for the year ended December 31, 2025, was approximately $196,904,000, reflecting a growth of approximately 65.4% from the prior year[2] - Basic earnings per share for the year ended December 31, 2025, were $0.229, an increase of approximately 64.7% compared to $0.139 for the year ended December 31, 2024[5] - The total comprehensive income for the year ended December 31, 2025, amounted to $212,660,000, compared to $107,950,000 for the previous year[6] - The company reported a gross profit of $358,728,000 for the year ended December 31, 2025, compared to $290,907,000 in the previous year, marking a significant improvement[5] - The group's revenue increased from approximately $2,494.3 million in 2024 to $3,500.1 million in 2025, representing a growth of about 40.4%[29] - The net profit attributable to equity shareholders rose from approximately $119.1 million in 2024 to $196.9 million in 2025, an increase of about 65.3%[29] - For the fiscal year ending December 31, 2025, the group recorded gross profit, operating profit, and net profit of approximately $358.7 million, $239.9 million, and $194.9 million, respectively, compared to approximately $290.9 million, $156.4 million, and $120.4 million in 2024[36] Dividends - The company proposed a final dividend of HKD 0.35 per share for the year ended December 31, 2025[3] - Proposed final dividend per ordinary share for 2025 is HKD 0.35, compared to zero in 2024, indicating a return to dividend payments[26] - The board proposed a final dividend of HK$0.35 per share for the year ending December 31, 2025, compared to no dividend in 2024[30] - The board recommends a final dividend of HK$0.35 per ordinary share for the year ending December 31, 2025, compared to zero in 2024, pending shareholder approval[46] - The record date for the proposed final dividend is set for June 12, 2026, with the dividend expected to be paid around July 3, 2026[49] Assets and Liabilities - Non-current assets as of December 31, 2025, totaled $404,419,000, slightly down from $407,473,000 in 2024[7] - Total liabilities decreased from $764,777,000 in 2024 to $675,432,000 in 2025, indicating improved financial stability[8] - The company's equity attributable to equity shareholders increased to $726,128,000 in 2025 from $516,533,000 in 2024[8] - Total assets as of December 31, 2025, were $1,543.7 million, up from $1,442.6 million as of December 31, 2024, indicating a growth of approximately 7%[29] - The group's total assets as of December 31, 2025, are approximately $1,543.7 million, up from $1,442.6 million as of December 31, 2024[38] - The group has cash and cash equivalents of approximately $149.4 million as of December 31, 2025, compared to $113.3 million as of December 31, 2024[38] Operational Metrics - The largest customer accounted for 99% of total revenue in 2025, with sales to this customer amounting to $3,454,694,000, up from $2,418,117,000 in 2024[12] - Trade receivables at the end of 2025 amounted to HKD 578,195,000, compared to HKD 405,251,000 in 2024, an increase of 42.7%[23] - Trade payables at the end of 2025 were HKD 591,905,000, up from HKD 477,056,000 in 2024, reflecting a growth of 24.0%[24] Research and Development - Research and development costs, excluding depreciation and amortization, increased to HKD 96,430,000 in 2025 from HKD 70,150,000 in 2024, a rise of 37.5%[15][16] - The company plans to continue investing in R&D and optimizing its organizational structure to better respond to evolving customer technology needs[35] - The company is focusing on the development of MicroLED and related miniaturized optical technologies to ensure a leading position in high-performance displays[34] Market Outlook - The global economy is projected to grow by approximately 3.3% in 2026, supported by technological investments and policy support, which may benefit the company's growth[31] - The demand for optical technology and precision manufacturing capabilities is expected to rise due to the expansion of applications in smart terminals and machine vision[31] Corporate Governance - The board has reviewed the corporate governance practices and confirmed compliance with the corporate governance code during the fiscal year ending December 31, 2025[51] - The audit committee has reviewed the accounting principles and policies adopted by the group and believes that the financial statements fairly present the group's financial position and performance for the period[52] - The company has adopted the standard code for securities transactions by directors and confirmed compliance throughout the period[53] - No significant events affecting the company or its subsidiaries occurred after the reporting period that require disclosure[54] Employee Metrics - The group employed approximately 6,854 full-time employees as of December 31, 2025, an increase from 6,035 employees as of December 31, 2024[43] Other Financial Metrics - Employee costs rose to HKD 131,789,000 in 2025, up from HKD 125,079,000 in 2024, reflecting a growth of 5.4%[15] - Other income increased by 154.3% from a loss of approximately $23.0 million in 2024 to approximately $12.5 million in 2025, mainly due to a reduction in impairment losses on property, plant, and equipment[37] - Administrative expenses increased by approximately 18.0% to about $127.6 million in 2025, primarily due to an increase in R&D expenses of approximately $28.9 million[37] - Capital expenditures for the year ending December 31, 2025, are approximately $74.1 million, significantly lower than $248.0 million in 2024, reflecting purchases of additional machinery and equipment[41]

董事會會議召開日期 高偉電子控股有限公司（「本公司」）董事會（「董事會」）謹此宣佈，本公司將於 2026年3月30日（星期一）舉行董事會會議，藉以（其中包括）批准本公司及其附 屬公司截至2025年12月31日止年度的年度業績，以及考慮派發末期股息 （如有）。 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） 主席 孟岩 香港，2026年3月18日 於本公佈日期，董事會由執行董事孟岩先生及吳英政先生；非執行董事陳漢洋先生及楊立先 生；及獨立非執行董事蘇艶雪女士、蔡鎮隆先生及劉霞女士組成。 承董事會命 高偉電子控股有限公司 ...

Group 1 - The Hong Kong mobile industry chain concept is under pressure as of March 13 [1] - BYD Electronics (00285.HK) has seen a decline of 4.97%, trading at 30.18 HKD [1] - FIH Mobile (02038.HK) has dropped by 3.15%, with a current price of 20.9 HKD [1] - Lens Technology (06613.HK) has decreased by 2.85%, now priced at 22.5 HKD [1] - GoerTek (01415.HK) has fallen by 2.19%, trading at 25.02 HKD [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年2月28日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 高偉電子控股有限公司 呈交日期: 2026年3月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01415 | 說明 | 高偉電子 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | USD | | 0.004 | USD | | 40,000,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 10,000,000,000 | USD | | 0.004 | USD | | 40,000,000 | 本 ...

Core Viewpoint - The mobile industry chain experienced a significant increase in stock prices during early trading, indicating positive market sentiment towards the sector [1][2]. Company Performance - Q Technology (01478) saw a rise of 6.73%, reaching HKD 9.20 [1][2]. - AAC Technologies (02018) increased by 5.20%, with shares priced at HKD 38.82 [1][2]. - Sunny Optical Technology (02382) rose by 3.95%, trading at HKD 59.20 [1][2]. - GoerTek (01415) experienced a 2.11% increase, with shares at HKD 29.16 [1][2].

Group 1 - The Hong Kong stock market for the mobile industry chain has seen a significant increase, with all listed companies in the sector rising [1] - Q Technology (01478.HK) experienced a rise of 7.89%, reaching HKD 9.3 [1] - AAC Technologies (02018.HK) increased by 4.77%, trading at HKD 38.66 [1] - Sunny Optical (02382.HK) rose by 4.3%, with a price of HKD 59.4 [1] - GoerTek (01415.HK) saw an increase of 2.88%, priced at HKD 29.28 [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 高偉電子控股有限公司 呈交日期: 2026年2月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01415 | 說明 | 高偉電子 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | USD | | 0.004 | USD | | 40,000,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 10,000,000,000 | USD | | 0.004 | USD | | 40,000,000 | 本 ...