Investment Rating - The report maintains a "Buy" rating for the company [2]. Core Views - The company is expected to enter the iPhone rear camera market in 2024, with a clearer long-term development logic. The anticipated market share may exceed previous expectations [2]. - The company's 2023 performance was slightly below expectations, primarily due to pressure on the iPad business, with a revenue decline of 17.2% year-on-year [2]. - The company has a stable long-term partnership with a major client in the front camera sector, which is expected to facilitate entry into the rear camera market [2]. - The iPad business is projected to see growth in both volume and price in 2024, driven by the release of new models and ongoing optical upgrades [2]. - The LiDAR market is expanding, with significant growth expected in automotive applications, and the company has a strong order outlook due to its partnership with a leading LiDAR firm [2]. - The company is well-positioned in the MR supply chain, with expectations for growth driven by the upcoming launch of Vision Pro [2]. Summary by Sections Financial Performance - In 2023, the company achieved revenue of $924 million, a year-on-year decrease of 17.2%, with first half and second half revenues of $367 million and $557 million respectively [2]. - Gross profit for 2023 was $128 million, with a gross margin decline of 1.8 percentage points to 13.8% [2]. - The net profit for 2023 was $47 million, a year-on-year decline of 44.7%, with a net profit margin of 5.0% [2]. Future Projections - For 2024, the company is expected to achieve a net profit of $90 million, with a projected growth rate of 91% [3]. - The revenue forecast for 2024 is $1.618 billion, reflecting a growth rate of 75.1% [3]. - The company anticipates a significant increase in the unit value of its rear camera business, estimated to be around seven times that of the front camera [2]. Market Position - The company has a unique position in the MR supply chain, with expectations for growth as the consumer MR market expands [2]. - The global automotive LiDAR market is projected to grow from $330 million in 2022 to $4.65 billion by 2028, with a compound annual growth rate (CAGR) of 55% [2].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2]. Core Views - The company is seen as a rare high-growth opportunity, benefiting from market share gains and optical upgrades from major clients. The net profit forecast for 2024 is set at $93 million, with adjustments made for capital expenditure impacts on depreciation leading to a revised 2025 net profit forecast of $172 million, down from $186 million. A new forecast for 2026 net profit is $232 million, with corresponding year-on-year growth rates of 101.5%, 84.9%, and 34.6% for 2024, 2025, and 2026 respectively. The current stock price corresponds to P/E ratios of 21.0, 11.4, and 8.5 for 2024-2026 [2][3]. Summary by Relevant Sections Financial Performance - In 2023, the company's net profit was $46 million, aligning with expectations, primarily due to bank interest income and better-than-expected gross margins from the lidar business, offset by underperformance in the tablet segment. The revenue for H2 2023 was $560 million, a 22% year-on-year decline, mainly due to inventory adjustments in the tablet business. The gross margin for H2 2023 was stable at 13.8%, slightly above expectations, while bank interest income contributed $11 million, exceeding forecasts [2][3]. Future Outlook - For H1 2024, net profit is expected to stabilize or slightly increase, driven by the conclusion of inventory adjustments in the tablet business and potential market share gains. The introduction of new camera module components for major clients is anticipated to enhance revenue in H2 2024 and beyond. The trend of optical upgrades from overseas major clients is expected to accelerate, contributing to growth [3][4]. Key Financial Metrics - The company's projected financial metrics are as follows: - Revenue (in million USD): 2022A: 1,116, 2023A: 924, 2024E: 1,901, 2025E: 3,320, 2026E: 4,140 - Net Profit (in million USD): 2022A: 84, 2023A: 46, 2024E: 93, 2025E: 172, 2026E: 232 - Gross Margin (%): 2022A: 15.6, 2023A: 13.8, 2024E: 12.3, 2025E: 11.4, 2026E: 11.3 - P/E Ratios: 2022A: 23.3, 2023A: 42.7, 2024E: 21.0, 2025E: 11.4, 2026E: 8.5 [4].

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 ...

Financial Performance - Revenue for the reporting period was $366.7 million, a decrease of 9.4% compared to $404.6 million in the first half of 2022, primarily due to reduced customer orders[5] - Net profit for the reporting period was $17.5 million, down from $31.2 million in the first half of 2022[5] - Revenue for the six months ended June 30, 2023, was $366.725 million, a decrease from $404.552 million in the same period in 2022[31] - Gross profit for the six months ended June 30, 2023, was $50.853 million, down from $60.084 million in the same period in 2022[31] - Operating profit for the six months ended June 30, 2023, was $22.391 million, compared to $35.993 million in the same period in 2022[31] - Net profit attributable to equity shareholders for the six months ended June 30, 2023, was $18.034 million, down from $31.391 million in the same period in 2022[31] - Basic earnings per share for the six months ended June 30, 2023, were $0.021, compared to $0.038 in the same period in 2022[31] - The company's comprehensive income for the six months ended June 30, 2023, was a loss of $398,000, compared to a gain of $8.833 million in the same period in 2022[32] - The company's exchange differences on translation of financial statements resulted in a loss of $17.887 million for the six months ended June 30, 2023[32] - Total revenue for the 12 months ending June 30, 2023, was $1.078 billion, up from $906.214 million in the same period in 2022[43] - Gross profit for the 12 months ending June 30, 2023, was $165.216 million, compared to $135.302 million in the same period in 2022[43] - Basic earnings per share (EPS) of $0.0214 for the six months ended June 30, 2023, based on a profit attributable to ordinary equity shareholders of $18,034,000 and a weighted average number of ordinary shares of 842,680,000[47] - Diluted EPS of $0.0206 for the six months ended June 30, 2023, based on a profit attributable to ordinary equity shareholders of $18,034,000 and a weighted average number of ordinary shares of 877,205,000[48] Market and Industry Outlook - The company expects the global economy to remain turbulent in 2023, with challenges in the operating environment, but remains optimistic about the growth opportunities in the optical industry, particularly in smart driving, AR, and VR[6] - The LiDAR market is projected to grow from $1.4 billion in 2023 to $3.7 billion in 2028, with a CAGR of 19.4%, and the company plans to continue investing in this area to capture market opportunities[6] - AR/VR device shipments are expected to reach 10.35 million units in 2023, with a year-on-year growth rate of 20.6%, and the company aims to strengthen its position in this segment[7] Assets and Liabilities - Total assets as of June 30, 2023, were $697.9 million, up from $631.2 million at the end of 2022, with net current assets of $219.9 million and total equity of $373.3 million[8] - The company reported $245.9 million in unencumbered cash and cash equivalents as of June 30, 2023, down from $287.0 million a year earlier, but management believes this is sufficient to support operational needs[8] - Total bank financing as of June 30, 2023, was approximately $396.5 million, with $209.3 million utilized, and the company had no other significant outstanding liabilities[9] - The company's debt-to-equity ratio increased to 77.0% as of June 30, 2023, up from 42.0% at the end of 2022[9] - The company had no contingent liabilities as of June 30, 2023, except for the guarantees provided for subsidiary bank financing[12] - Total assets increased to $387,805 thousand as of June 30, 2023, compared to $378,839 thousand at the end of 2022[33] - Cash and cash equivalents surged to $245,886 thousand, up from $44,508 thousand at the end of 2022[33] - Inventory decreased significantly to $52,820 thousand from $138,339 thousand at the end of 2022[33] - Bank deposits increased to $142,545 thousand from $101,944 thousand at the end of 2022[33] - Net current assets stood at $219,892 thousand, slightly down from $228,322 thousand at the end of 2022[33] - Total equity increased to $373,266 thousand as of June 30, 2023, compared to $360,597 thousand at the end of 2022[34] - Retained earnings grew to $314,001 thousand from $298,284 thousand at the start of 2023[36] - Non-controlling interests increased significantly to $4,938 thousand from $608 thousand at the end of 2022[34] - Profit for the period was $18,034 thousand, contributing to the overall equity increase[36] - Other comprehensive income showed a loss of $17,435 thousand, primarily due to exchange rate fluctuations[36] - Trade receivables (net of impairment allowance) decreased to $72,648,000 as of June 30, 2023, from $181,674,000 as of December 31, 2022[53] - Trade payables decreased to $74,036,000 as of June 30, 2023, from $196,146,000 as of December 31, 2022[56] Capital Expenditure and Investments - The company's capital expenditure for the reporting period was $44.0 million, compared to $51.3 million for the six months ended June 30, 2022, primarily for purchasing additional equipment to produce more advanced flip-chip camera modules[10] - Acquisition of property, plant, and equipment with a cost of $45,804,000 for the six months ended June 30, 2023, compared to $55,088,000 for the same period in 2022[50] - Capital commitments of $17,085,000 as of June 30, 2023, compared to $13,877,000 as of December 31, 2022[58] Shareholder and Equity Information - The company's major shareholder, LiJing Innovation Technology Co., Ltd., holds a 72.25% beneficial interest and 64.89% controlled corporate interest in the company's shares as of June 30, 2023[18] - The company has issued a total of 849,486,800 ordinary shares as of June 30, 2023[19] - 551,229,760 shares, representing approximately 64.89% of the total issued share capital, were pledged as collateral for bank financing[19] - The total number of shares available for issuance under the share option plan is 83,436,880, accounting for 9.82% of the total issued shares[20] - 10,302,000 share options were exercised during the six months ended June 30, 2023, compared to 822,000 in the same period last year[23] - The weighted average closing price of shares before the exercise date for the 10,302,000 share options was HKD 17.7799[23] - The total number of shares available for issuance under the share option plan, after deducting exercised, canceled, and expired options, is 60,628,880, representing approximately 7.14% of the issued share capital[23] - The potential number of shares to be issued under the share option plan divided by the weighted average number of issued shares during the period is 4.76%[23] - The company's directors and CEO hold beneficial interests in the company's shares, with the largest being 0.37% held by the Executive Chairman, Mr. Meng Yan[15] Cash Flow - Operating cash flow increased to $98.523 million in H1 2023, up from $83.795 million in H1 2022[37] - Net cash used in investing activities rose to $86.335 million in H1 2023, compared to $50.052 million in H1 2022[37] - Net cash generated from financing activities surged to $193.106 million in H1 2023, up from $70.424 million in H1 2022[37] Revenue and Market Segments - Revenue from the largest customer accounted for 96.5% of total revenue in H1 2023, down from 99.7% in H1 2022[41] - Revenue from China (including Hong Kong) decreased to $340.222 million in H1 2023, compared to $402.448 million in H1 2022[42] - Revenue from India reached $21.414 million in H1 2023, a new market entry compared to no revenue in H1 2022[42] - Sales of goods to non-controlling interests amounted to $10,962,000 for the six months ended June 30, 2023, compared to $0 for the same period in 2022[60] Research and Development - Research and development costs (excluding depreciation and amortization) increased to $20.323 million in H1 2023, up from $18.726 million in H1 2022[44] Taxation - Income tax expense decreased to $1.673 million in H1 2023, down from $3.109 million in H1 2022[45] - Hong Kong profits tax provision calculated at an estimated annual effective tax rate of 16.5% for the six months ended June 30, 2023, with a subsidiary subject to a two-tiered profits tax rate system (8.25% for the first HK$2 million and 16.5% for the remainder)[46] Employee and Compensation - The company had 2,906 full-time employees as of June 30, 2023, down from 3,405 as of December 31, 2022, with total employee costs (excluding directors' remuneration) of $23.7 million for the reporting period, compared to $26.0 million for the same period in 2022[13] - The company terminated its share option plan adopted on February 4, 2015, and adopted a new share option plan on May 5, 2021, to incentivize employees[13] Corporate Governance and Compliance - The company did not hold any significant investments, make major acquisitions, or sell subsidiaries or associates during the six months ended June 30, 2023[11] - The company did not use any forward foreign exchange contracts or other derivative instruments to hedge currency fluctuations as of June 30, 2023[11] - The company did not recommend any interim dividend for the reporting period, citing the need to retain more cash for future expansion plans[24] - The company did not purchase, sell, or redeem any of its listed securities during the reporting period[24] - The company's audit committee reviewed the unaudited consolidated financial statements and was satisfied that they were prepared in accordance with applicable accounting standards[25]

Financial Performance - For the fiscal year ending December 31, 2022, Cowell Electronics reported a revenue increase to $1,116.2 million, achieving positive growth despite challenging market conditions[10]. - The net profit for 2022 rose by 69.27% to $83.8 million compared to 2021, reflecting strong financial performance[10]. - In the fiscal year 2022, the company's revenue increased from $799.3 million in 2021 to $1,116.2 million, representing a growth of approximately 39.6%[24]. - The net profit attributable to equity shareholders rose from $49.8 million in 2021 to $84.3 million in 2022, marking an increase of about 69.0%[24]. - Gross profit, operating profit, and net profit for 2022 were $174.4 million, $106.0 million, and $83.8 million respectively, representing increases of 44.8%, 80.8%, and 68.3% compared to 2021[35]. - The net profit margin for the year was 7.5%, compared to 6.2% in 2021[195]. - Operating cash flow generated was $97.1 million, an increase from $64.5 million in 2021[196]. Market Trends - The global camera module market size was approximately $39.7 billion in 2022, projected to reach $64.1 billion by 2028, with a compound annual growth rate (CAGR) of 8%[11]. - The global smartphone sales volume in 2022 decreased by 11.3% year-on-year, dropping from 1.35 billion units in 2021 to 1.21 billion units, marking the lowest level in nearly a decade[19]. - The high-end smartphone market, with prices over $600, saw a 1% increase in global sales in 2022, contributing over 55% to the total smartphone market revenue[19]. - The advanced driver assistance systems (ADAS) market is projected to grow from $30.9 billion in 2022 to $65.1 billion by 2030, with a compound annual growth rate (CAGR) of 9.7%[22]. - The LiDAR market is expected to expand from $1.4 billion in 2023 to $3.7 billion by 2028, with a CAGR of approximately 19.4%[22]. - The AR/VR device shipment is forecasted to reach 10.35 million units in 2023, representing a year-on-year growth rate of 20.6%[20]. Company Strategy - The company is focusing on technological innovation and sustainability, aiming for carbon neutrality and reducing plastic usage in its operations[12]. - Cowell Electronics anticipates that the demand for optical components will increase in new fields such as augmented reality (AR), virtual reality (VR), and smart driving applications[11]. - The company emphasizes the importance of enhancing core competitiveness to provide differentiated services and add value in a challenging economic environment[12]. - The management team is committed to expanding the company's operational scale and diversifying its product offerings[15]. - The company aims to leverage the favorable conditions in the optical industry to drive future business growth and expansion[11]. - The company plans to continue increasing R&D investment and promoting production innovation to enhance customer value and maintain competitive differentiation[28]. Employee and Compensation - As of December 31, 2022, the group employed approximately 3,405 full-time employees, an increase from 2,885 employees as of December 31, 2021[86]. - The total employee cost for the year ended December 31, 2022, was approximately $64.3 million, compared to $51.0 million in 2021, reflecting a year-over-year increase of about 26%[86]. - The company emphasizes employee development and offers competitive compensation and stock option plans[197]. Shareholder Information - The company will not declare dividends for the fiscal year ending December 31, 2022, to manage capital needs for future expansions[24]. - The board does not recommend the payment of a final dividend at the end of the reporting period[106]. - The company reported a reserve available for distribution to shareholders of approximately $66.18 million as of December 31, 2022, compared to $65.18 million in 2021[113]. Corporate Governance - The company has established a corporate governance framework, detailed in the annual report[187]. - The independent non-executive directors have reviewed the ongoing related party transactions and confirmed their compliance with the relevant regulations[173]. - The audit committee has reviewed the accounting standards and policies adopted by the group for the fiscal year ending December 31, 2022[188]. Related Party Transactions - The company did not enter into any significant transactions or arrangements with shareholders that would constitute related party transactions for the year ended December 31, 2022[163]. - The company’s related party transactions are reported in the consolidated financial statements[177]. - The company has complied with the regulatory requirements regarding related party transactions, ensuring fairness and reasonableness[176]. Capital Expenditures and Assets - The total assets of the company increased from $552.1 million in 2021 to $631.2 million in 2022, reflecting a growth of approximately 14.3%[24]. - Capital expenditures for the year ended December 31, 2022, were $92.7 million, significantly higher than $26.3 million in 2021, reflecting investments in additional machinery and equipment[70]. - The total assets increased by 14.3% to $631.1 million in 2022, while total liabilities rose by 11.1% to $270.5 million[35]. Stock Options and Shareholder Rights - The total number of stock options available for issuance under the stock option plan as of December 31, 2022, was 71,740,880 shares, representing approximately 8.55% of the company's issued shares[87]. - The maximum number of shares that can be issued upon the exercise of options under the share option plan is capped at 83,436,880 shares, representing 10% of the issued shares at the time of shareholder approval[122]. - The options granted are personal to the grantee and cannot be transferred or assigned to any third party[132]. - No stock options were granted under the stock option plan for the year ended December 31, 2022, compared to 62,650,000 options granted in 2021[136].

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2022年12月31日止年度之年度業績公佈 摘要 我們截至2022年12月31日止年度之收益達約1,116,210,000美元，較截至2021年 12月31日止年度增加約39.65%。 截至2022年12月31日止年度之本公司擁有人應佔純利達約84,305,000美元，較 截至2021年12月31日止年度增加約69.27%。 截至2022年12月31日止財政期間之每股基本盈利為10.1美分，較截至2021年12 月31日止財政年度增加約68.3%。 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2022年12月31日止年度的綜合業績，連同 ...

Financial Performance - For the six months ended June 30, 2022, the company's revenue was $404.6 million, a 35.9% increase from $297.6 million in the same period of 2021[6]. - The net profit for the reporting period was $31.2 million, compared to $22.5 million in the first half of 2021[7]. - Revenue for the six months ended June 30, 2022, was $404,552 thousand, representing a 36% increase from $297,629 thousand in the same period of 2021[45]. - Gross profit for the same period was $60,084 thousand, up 33% from $45,280 thousand year-over-year[45]. - Operating profit increased to $35,993 thousand, a 42% rise compared to $25,369 thousand in the previous year[45]. - Net profit for the period was $31,155 thousand, reflecting a 38% increase from $22,502 thousand in 2021[45]. - The company reported a total comprehensive income of $8,833 thousand for the period, down from $25,377 thousand in the previous year[46]. - The company reported a net profit of $31,391,000 for the six months ended June 30, 2022, compared to a profit of $22,502,000 for the same period in 2021, representing an increase of approximately 39.5%[54]. - Total comprehensive income for the six months ended June 30, 2022, was $9,069,000, down from $25,377,000 in the previous year, indicating a decrease of about 64.3%[54]. Assets and Liabilities - Total assets as of June 30, 2022, were $608.2 million, up from $552.1 million on December 31, 2021[10]. - The asset-liability ratio as of June 30, 2022, was -65.3%, compared to -53.9% on December 31, 2021, indicating a strong equity position[11]. - The company's net assets amounted to $319,971 thousand, an increase from $308,669 thousand at the end of 2021[50]. - Total liabilities increased to $288,236 thousand, compared to $226,950 thousand at the end of 2021[49]. - Trade receivables (net of loss provisions) decreased to $79,441,000 as of June 30, 2022, from $108,532,000 as of December 31, 2021, representing a decline of approximately 26.8%[78]. - Trade payables decreased to $99,157,000 as of June 30, 2022, from $129,158,000 as of December 31, 2021, indicating a reduction of approximately 23.3%[80]. Cash Flow and Investments - The company reported $287.0 million in cash and cash equivalents as of June 30, 2022, indicating a strong financial position[10]. - Cash generated from operating activities was $90,746,000 for the six months ended June 30, 2022, compared to cash used of $(12,506,000) in the same period of 2021, showing a significant turnaround[57]. - The company invested $51,309,000 in property, plant, and equipment during the six months ended June 30, 2022, compared to $6,061,000 in the prior year, reflecting a substantial increase in capital expenditure[57]. - The company secured new bank loans amounting to $91,973,000 during the reporting period, contributing to a net cash inflow from financing activities of $69,327,000[57]. - Cash and cash equivalents increased to $287,007,000 as of June 30, 2022, compared to $188,243,000 as of December 31, 2021, reflecting a growth of about 52.5%[79]. Shareholder Information - Major shareholders hold 617,048,760 shares, representing approximately 73.88% of the total equity[22]. - As of June 30, 2022, the total number of issued ordinary shares was 835,190,800 shares[25]. - A total of 551,229,760 shares, representing approximately 66.00% of the issued share capital, were pledged to a licensed bank as collateral for bank financing[25]. - The board of directors decided not to declare an interim dividend for the reporting period, considering the uncertain economic outlook due to the COVID-19 pandemic[28]. Employee Information - The total number of full-time employees increased to 3,505 as of June 30, 2022, compared to 2,885 as of December 31, 2021, with total employee costs approximately $26.0 million for the reporting period[17]. - The total employee costs for the six months ended June 30, 2021, were $22.0 million, indicating an increase of approximately 18.2% year-over-year[17]. - Key management personnel compensation increased to $353,000 during the six months ended June 30, 2022, compared to $295,000 for the same period in 2021, marking an increase of about 19.7%[84]. Research and Development - The company plans to increase R&D investment and accelerate automation to enhance customer value and maintain stable partnerships[9]. - The company is focusing on new technologies and applications in the optical industry, particularly in smart driving and AR/VR sectors[8]. Market Opportunities - The company aims to leverage opportunities in the growing LiDAR market, projected to expand from $2.1 billion in 2021 to $3.4 billion by 2026, with a CAGR of approximately 22%[8]. Share Option Scheme - The company has adopted a new share option scheme on May 5, 2021, but did not grant any options under this scheme during the reporting period[24]. - The new share option plan aims to provide greater flexibility in granting options and incentivizing contributions to the group[24]. - The total number of shares available for issuance under the share option scheme as of June 30, 2022, was 75,209,880 shares, equivalent to about 9.00% of the issued shares[27]. - The company issued 822,000 share options during the six months ended June 30, 2022, compared to 150,000 share options in the same period of 2021[81]. - The company has no share options granted during the six months ended June 30, 2022, compared to 45,450,000 options granted in the same period of 2021[81].

Financial Performance - The company's revenue increased to $799.3 million for the fiscal year ending December 31, 2021, reflecting positive growth despite challenging market conditions[12]. - Net profit for 2021 rose by 17.4% to $49.8 million compared to 2020, demonstrating strong performance amid economic uncertainties[12]. - The company's revenue increased from $750.2 million in 2020 to $799.3 million in 2021, representing a growth of approximately 6.5%[29]. - Net profit rose from $42.4 million in 2020 to $49.8 million in 2021, marking an increase of about 17.5%[29]. - Gross profit, operating profit, and net profit for the year ended December 31, 2021, were $120.5 million, $58.6 million, and $49.8 million, respectively, representing increases of 1.7%, 9.8%, and 17.4% compared to 2020[40]. - The net profit margin for the fiscal year was 6.2%, an increase from 5.7% in 2020[193]. Market Trends - The camera module market size was approximately $36.6 billion in 2021, projected to reach $63.1 billion by 2027, with a compound annual growth rate (CAGR) of 9.5%[13]. - The global advanced driver assistance systems (ADAS) market is projected to grow from $27.2 billion in 2021 to $74.9 billion by 2030, with a compound annual growth rate (CAGR) of 12%[33]. - The LiDAR market is expected to expand from $2.1 billion in 2021 to $3.4 billion by 2026, with a CAGR of around 22%[33]. - The smartphone market saw a sales increase from 1.28 billion units in 2020 to 1.35 billion units in 2021, a year-on-year growth of 5.5%[22]. - The global virtual reality content market was valued at $2.16 billion in 2021 and is expected to reach $8.31 billion by 2025, with a CAGR exceeding 40%[23]. Strategic Initiatives - The company plans to enhance core competitiveness in 2022 by deepening customer collaboration, expanding customer base, and enriching product offerings[14]. - Increased investment in research and development resources is planned to support long-term product and business planning[14]. - The company plans to focus on new technologies and applications in the optical industry, including smart driving and augmented reality, to capture market opportunities[33]. - The group plans to continue increasing R&D investment and accelerating automation to enhance customer value and maintain stable partnerships[34]. - The group aims to leverage strategic alliances with leading manufacturers in the AR/VR optical components industry to gain a competitive advantage in the emerging metaverse market[34]. Environmental and Social Responsibility - The company aims to achieve carbon neutrality through measures such as reduction and offsetting, while also pursuing a "reduce plastic" goal[15]. - The company emphasizes the importance of talent as its most valuable asset, fostering a diverse and inclusive corporate culture[18]. - The company is committed to addressing global environmental and sustainability issues, including the introduction of green energy initiatives[14]. Financial Position and Ratios - Total assets grew from $381.6 million in 2020 to $552.1 million in 2021, reflecting a significant increase of approximately 44.7%[29]. - Total assets as of December 31, 2021, were approximately $552.1 million, up from $381.6 million on December 31, 2020[75]. - Total liabilities rose by 85.1% to $243.4 million as of December 31, 2021[36]. - The current ratio decreased from 2.37 in 2020 to 2.01 in 2021, primarily due to increases in cash and inventory offset by short-term loans and trade payables[43]. - The quick ratio also declined from 1.65 in 2020 to 1.40 in 2021, reflecting similar trends in cash and short-term liabilities[46]. - The effective tax rate decreased from approximately 19.5% in 2020 to about 13.7% in 2021, primarily due to a one-time impact from deferred tax items[57]. Employee and Management Information - The total employee cost for the year ended December 31, 2021, was approximately $51.0 million, an increase from $44.6 million in 2020[95]. - The company employed approximately 2,885 full-time employees as of December 31, 2021, up from 2,735 employees in 2020[95]. - The total number of senior management members earning between HKD 1,000,001 (USD 129,001) and HKD 1,500,000 (USD 193,000) increased to 2 in 2021 from none in 2020[163]. - The company’s directors and senior management held a total of 5,000,000 shares, representing approximately 0.60% of the equity[176]. Share Options and Dividends - The board has decided not to declare dividends for the fiscal year ending December 31, 2021, to manage capital needs effectively[32]. - No special or final dividends were recommended by the board for the reporting period, with a special dividend of 0.932060 HKD per share paid in 2020[113]. - The total number of stock options granted under the stock option plan is capped at 83,436,880 shares, representing 10% of the company's issued shares at the time of shareholder approval[133]. - A total of 62,650,000 share options were granted to eligible participants during the year ended December 31, 2021[146]. Customer and Supplier Concentration - The largest customer accounted for approximately 99.3% of the group's revenue, while the top five customers together represented about 99.9% for the fiscal year ending December 31, 2021[158]. - The largest supplier contributed approximately 56.3% to the group's procurement, with the top five suppliers accounting for about 78.8% for the same period[158].

2021 中期報告 目 錄 | 公司資料 | 2 | | --- | --- | | 管理層討論與分析 | 4 | | 補充資料 | 7 | | 致高偉電子控股有限公司董事會的審閱報告 | 14 | | 綜合損益表 | 15 | | 綜合損益及其他全面收入表 | 16 | | 綜合財務狀況表 | 17 | | 綜合權益變動表 | 18 | | 簡明綜合現金流量表 | 19 | | 未經審核中期財務報告附註 | 20 | 2021中期報告 2 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 孟岩先生 （主席）（於2021年1月15日獲委任） 吳英政先生 （於2021年1月15日獲委任） 郭重瑛先生 （主席）（於2021年2月5日辭任） Cho Young Hoon先生 （於2021年2月5日辭任） 非執行董事 獨立非執行董事 蘇艶雪女士 （於2021年1月15日獲委任） 蔡鎮隆先生 （於2021年1月15日獲委任） 劉霞女士 （於2021年7月26日獲委任） 羅振邦先生 （於2021年1月15日獲委任及 於2021年7月2 ...

Financial Performance - For the fiscal year ending December 31, 2020, Cowell e Holdings Inc. reported revenue of $750.2 million, reflecting positive growth despite challenging market conditions [25]. - The net profit for 2020 increased by 44.7% year-over-year to $42.4 million, showcasing strong financial performance [25]. - The company's revenue increased from $542.6 million in 2019 to $750.2 million in 2020, marking a growth of approximately 38.3% [32]. - Net profit rose from $29.3 million in 2019 to $42.4 million in 2020, representing a growth of about 44.5% [32]. - Total revenue for 2020 was approximately $750.2 million, an increase of 38.3% compared to $542.6 million in 2019 [36]. - Camera module revenue for 2020 was approximately $749.9 million, up 38.4% from $541.8 million in 2019, driven by increased customer orders [36]. - Gross profit for 2020 was $118.5 million, a 53.7% increase from $77.1 million in 2019, with a gross margin of 15.8% compared to 14.2% in 2019 [38]. - Operating profit for 2020 was $53.4 million, up 70.1% from $31.4 million in 2019, with an operating margin of 7.1% compared to 5.8% in 2019 [38]. - Net profit for 2020 was $42.4 million, a 44.7% increase from $29.3 million in 2019, with a net profit margin of 5.7% compared to 5.4% in 2019 [38]. - Operating cash flow generated was $107.2 million, significantly higher than $54.2 million in 2019 [126]. Market Trends and Opportunities - The global camera module market was valued at approximately $34.81 billion in 2020 and is projected to reach $59.68 billion by 2026, with a compound annual growth rate (CAGR) of 9.56% [25]. - The demand for high-resolution imaging and advanced optical technology is expected to grow due to the increasing penetration of advanced driver-assistance systems (ADAS) and the maturity of 5G technology [25]. - The application fields for camera modules are expanding beyond consumer electronics to include augmented reality (AR), virtual reality (VR), automotive, and medical sectors [25]. - The company aims to enhance its market position in camera modules while expanding into optical-related new product areas [33]. Strategic Initiatives - The company aims to enhance core competitiveness and expand its customer base while increasing product variety and automating processes in 2021 [25]. - Cowell e Holdings Inc. plans to invest more in research and development to foster market cultivation and development, aiming to create maximum value for shareholders [25]. - The company plans to explore new products, markets, and customers, requiring significant capital investment for future growth [32]. - The company is focusing on deep collaboration with clients and optimizing internal efficiency to improve service and added value [25]. - The company will continue to invest in R&D and innovate manufacturing processes to improve operational efficiency [33]. Risks and Challenges - The company recognizes the ongoing uncertainties in global economic growth due to international trade disputes and the COVID-19 pandemic [25]. - The smartphone market, particularly in China, is saturated, impacting the company's sales and order volumes from major US clients [181]. - The company faces significant risks due to reliance on a limited number of customers for the majority of its camera modules and optical components, which may lead to substantial revenue fluctuations [178]. Corporate Governance - The board consists of five directors, including two executive directors and three independent non-executive directors [75]. - The company has adopted the corporate governance code as the basis for its governance practices since its listing date [134]. - The board is responsible for overall strategic leadership and planning, including monitoring financial performance and internal controls [136]. - The company has established a shareholder communication policy to ensure effective dialogue with shareholders, enhancing transparency and feedback mechanisms [175]. - The company has maintained compliance with Hong Kong listing rules and local regulations in operating regions, with no significant violations reported in 2020 [176]. Employee and Talent Management - The company had cash and cash equivalents of $84.6 million as of December 31, 2020, sufficient to meet current operational needs [62]. - The group employed approximately 2,735 full-time employees as of December 31, 2020, compared to 2,696 employees as of December 31, 2019 [72]. - The company is enhancing its talent retention strategy by offering attractive compensation and non-monetary incentives to skilled engineers [184]. - The company aims to maintain a high retention rate of its talent pool from 2020 and is committed to recruiting more local skilled engineers [184]. Risk Management - The company has implemented a comprehensive risk management system, integrating risk management into daily operations to minimize potential financial losses and protect brand reputation [191]. - The company categorizes risks into strategic, operational, financial, and compliance/regulatory risks, ensuring a structured approach to risk management [193]. - The risk management process includes identification, mitigation, accountability, and reporting of risks to the group risk management committee [194][196]. - The company has focused on enhancing internal audit processes and training employees on handling insider information to mitigate operational risks [176].