Financial Performance - The company's revenue for the fiscal year ending December 31, 2024, reached $2,494.3 million, with a net profit increase of 159.5% to $120.4 million compared to 2023[10]. - The company's revenue increased from approximately $923.8 million in 2023 to $2,494.3 million in 2024, representing a significant growth[22]. - The net profit attributable to equity shareholders rose from approximately $46.6 million in 2023 to $119.1 million in 2024[22]. - Gross profit for 2024 was $290.9 million, up from $127.8 million in 2023, with a gross margin of 11.7% compared to 13.8% in the previous year[31]. - Net profit for 2024 was $120.4 million, a 159.5% increase from $46.4 million in 2023, resulting in a net profit margin of 4.8%[29]. - The total revenue for the year ended December 31, 2024, increased by approximately 170.0% to $2,494.3 million, compared to $923.8 million in 2023[191]. - The profit for the year rose by about 159.5% to approximately $120.4 million, up from $46.4 million in 2023[191]. - The net profit margin for the year ended December 31, 2024, was 4.8%, slightly down from 5.0% in 2023[191]. - Earnings per share increased to $0.14 for the year ended December 31, 2024, compared to $0.06 in 2023[191]. Research and Development - Research and development expenses as a percentage of revenue decreased from 5.9% in 2023 to 3.1% in 2024, while the absolute amount invested in R&D increased by 41.2%[10]. - The company plans to continue investing in R&D to enhance product quality and market responsiveness, focusing on high-growth areas such as smartphones, multimedia tablets, and smart driving[23]. - The R&D budget has been increased by I%, focusing on advancements in semiconductor technology and camera module development[86]. - The company is focusing on the development of MicroLED technology, which is expected to become a key innovation in the display sector[26]. Market Outlook - The company anticipates continued growth in the global precision optics industry, with new applications in robotics, augmented reality (AR), virtual reality (VR), mixed reality (MR), micro-displays, and medical fields[11]. - The global smartphone shipment is projected to reach 1.24 billion units in 2024, a year-on-year growth of 6.4%[16]. - The global LiDAR market size is expected to reach $1.472 billion in 2024, with a projected CAGR of 14.7% from 2025 to 2031[18]. - The global robotics market is anticipated to exceed $73 billion by 2029, driven by increasing demand for automation solutions[17]. - The AR/VR market is set to experience rapid growth in 2024, fueled by advancements in technology and increased applications in various sectors[19]. Strategic Initiatives - The company is focusing on technological innovation and automation to enhance its core competitiveness and market recognition[10]. - The company aims to enhance its resilience against uncertainties by diversifying its product applications and strengthening its core competitiveness[11]. - The company plans to strengthen its long-term development strategy by incorporating carbon reduction goals and implementing comprehensive carbon reduction measures[12]. - The company will continue to invest in high-end talent and automation technologies to reinforce its market position[10]. - The company recognizes the challenges posed by global political and economic uncertainties but remains determined to pursue growth and innovation[9]. Shareholder and Corporate Governance - The company is committed to maximizing shareholder value while actively contributing to national and social development[12]. - The company will not declare dividends for the fiscal year ending December 31, 2024, to ensure continued leadership in the optical field[22]. - The company reported a reserve available for distribution to shareholders of approximately $71.9 million as of December 31, 2024, compared to $72.8 million in 2023[98]. - The company is committed to maintaining high standards of corporate governance and transparency, with independent directors overseeing key committees[89]. Financial Position and Ratios - Total assets increased from $943.3 million as of December 31, 2023, to $1,442.6 million as of December 31, 2024[22]. - Total equity grew from $415.2 million in 2023 to $523.7 million in 2024[22]. - The total assets increased by 52.9% to $1,442.6 million in 2024, while total liabilities rose by 74.0% to $918.9 million[29]. - The return on equity increased significantly from 11.2% in 2023 to 23.0% in 2024, primarily due to the increase in net profit[33]. - Current ratio decreased from 1.45 in 2023 to 1.35 in 2024 due to a reduction in short-term bank loans, partially offset by a decrease in cash[34]. - Quick ratio fell from 1.19 in 2023 to 0.94 in 2024, primarily due to a decrease in short-term bank loans, offset by a corresponding decrease in cash[35]. - Debt-to-equity ratio increased from -35.5% in 2023 to 14.6% in 2024, mainly due to an increase in liabilities[39]. Operational Efficiency - The average inventory turnover days decreased to 37.2 days in 2024 from 62.4 days in 2023[192]. - The average trade receivables turnover days reduced to 40.8 days in 2024, compared to 66.1 days in 2023[192]. - The average trade payables turnover days improved to 56.8 days in 2024 from 92.9 days in 2023[192]. - The company has established long-term relationships with multiple suppliers, ensuring compliance with quality and ethical commitments[195]. Environmental and Social Responsibility - The company is committed to promoting environmental sustainability through energy conservation and encouraging the reuse of office supplies[188]. - Charitable donations made by the group reached $8.4 million for the year ending December 31, 2024, compared to none in 2023[99]. Related Party Transactions - The company has complied with the disclosure requirements under the listing rules regarding related party transactions[155]. - Independent non-executive directors confirmed that the ongoing related party transactions were conducted in the ordinary course of business and on normal commercial terms[173].

Group 1 - Apple-related stocks collectively opened higher, with notable increases: High伟电子 up 12.08% to HKD 23.2, 富智康集团 up 9.46% to HKD 0.81, 丘钛科技 up 8.2% to HKD 6.73, 比亚迪电子 up 6.53% to HKD 35.1, 舜宇光学 up 6.18% to HKD 69.6, and 瑞声科技 up 6.17% to HKD 38.7 [1] - The U.S. Customs and Border Protection announced that the federal government has agreed to exempt electronic products such as smartphones, computers, and chips from the so-called "reciprocal tariffs" [1] - The exemption applies to electronic products entering the U.S. after April 5, and companies can seek refunds for tariffs already paid [1] Group 2 - 华泰证券 believes that the impact on the Apple supply chain in China is limited, primarily because many supply chain companies have production capacity or sales networks in Southeast Asia [2] - Brands have prepared sufficient inventory to support U.S. demand in the short term, which may limit supply chain price pressures [2] - The stock price corrections have already reflected most potential negative impacts, and there is optimism for valuation recovery as tariff policy effects diminish and the long-term competitiveness of Chinese companies is recognized [2]

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%。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's profit is expected to continue to release in 2025, driven by XR and smart manufacturing, which will enhance its valuation [4] - The forecast for the company's net profit for 2025-2026 has been raised from USD 1.45/1.81 billion to USD 1.75/2.09 billion, with a new forecast for 2027 at USD 2.64 billion, corresponding to year-on-year growth rates of 47%/20%/26% [4][5] - The current stock price corresponds to a PE ratio of 20.9/17.5/13.9 for 2025-2026 [4] Financial Summary and Valuation Metrics - Revenue for 2024 is projected at USD 2.5 billion, a year-on-year increase of 170%, in line with expectations [5] - The gross profit margin for 2024 is 11.7%, down 2.1 percentage points year-on-year, with a projected gross margin of 11.5% for the second half of 2024 [5] - The net profit for 2024 is expected to be USD 1.2 billion, a year-on-year increase of 156%, with a net profit margin of 4.8% [5] - For 2025, revenue is expected to reach USD 3.4 billion, a 37% year-on-year increase, with net profit projected at USD 1.75 billion, a 47% increase [5][8] - The company maintains a focus on the optical module sector and is expanding into XR and smart manufacturing to drive growth beyond 2027 [6][8]

Financial Performance - The company's revenue for the year ended December 31, 2024, reached approximately $2,494,258,000, an increase of about 170.0% compared to the previous year[2] - The net profit attributable to equity shareholders for the year ended December 31, 2024, was approximately $119,055,000, reflecting an increase of approximately 155.54% from the previous year[2] - Basic earnings per share for the year ended December 31, 2024, were $0.139, up approximately 152.73% from $0.055 in the previous year[2] - The gross profit for the year ended December 31, 2024, was $290,907,000, compared to $127,766,000 in the previous year, indicating significant growth[5] - Total comprehensive income for the year ended December 31, 2024, was $107,950,000, compared to $39,269,000 in the previous year[7] - The total revenue for 2024 was 2,494,258 thousand HKD, compared to 923,846 thousand HKD in 2023, indicating a growth of 170.5%[19] - The group's revenue increased from approximately $923.8 million in 2023 to $2,494.3 million in 2024, representing a growth of 170%[37] - The net profit attributable to equity shareholders rose from approximately $46.6 million in 2023 to $119.1 million in 2024, marking an increase of 155%[37] - Gross profit, operating profit, and net profit for the year ending December 31, 2024, were approximately $290.9 million, $156.4 million, and $120.4 million, respectively, compared to approximately $127.8 million, $59.7 million, and $46.4 million in 2023[46] Assets and Liabilities - Non-current assets increased to $407,473,000 as of December 31, 2024, from $195,411,000 in the previous year[9] - Current assets totaled $1,035,081,000 as of December 31, 2024, compared to $747,885,000 in the previous year[9] - The company's total equity attributable to equity shareholders increased to $516,533,000 as of December 31, 2024, from $409,655,000 in the previous year[10] - Total assets as of December 31, 2024, were $1,442.6 million, up from $943.3 million in 2023, indicating a growth of 53%[37] - Trade receivables increased significantly to 405,251 thousand HKD in 2024 from 152,813 thousand HKD in 2023, a growth of 165.5%[30] - Trade payables also rose to 477,056 thousand HKD in 2024, compared to 209,195 thousand HKD in 2023, indicating an increase of 128.3%[32] Customer Concentration - The largest customer accounted for 97% of total revenue in 2024, with sales to this customer amounting to $2,418,117,000, up from 93% in 2023[16] Expenses - The financing costs increased to 18,706 thousand HKD in 2024 from 9,567 thousand HKD in 2023, reflecting a rise of 95.5%[21] - Employee costs rose to 125,079 thousand HKD in 2024, up from 66,751 thousand HKD in 2023, marking an increase of 87.5%[21] - Sales and distribution expenses increased by approximately 61.9% to about $3.4 million in 2024, primarily due to increased transportation and labor costs[47] - Administrative expenses rose by approximately 37.2% to about $108.1 million in 2024, mainly due to an increase in R&D expenses and other administrative costs[49] - Financing costs increased by approximately 94.8% to about $18.7 million in 2024, attributed to higher bank loan interest expenses[49] Market and Technology - The global LiDAR market is projected to expand at a CAGR of 14.7%, reaching $3.795 billion by 2031, highlighting significant growth opportunities in high-precision sensing technology[42] - The integration of AI technology is expected to drive significant demand for high-precision optical components, particularly in smart devices and autonomous driving applications[40] - The company plans to actively develop MicroLED technology to meet the growing market demand for efficient and energy-saving display solutions[43] Strategic Focus - The company aims to enhance its product quality and market responsiveness through increased R&D investment and collaboration with domestic and international partners[39] - The company is focused on expanding its market presence and enhancing internal efficiencies to create maximum value for shareholders[45] - The board has recommended not to declare dividends for the fiscal year ending December 31, 2024, to ensure continued investment in optical business development[37] - The group did not declare any dividends for the year, consistent with 2023[58] Other Information - The company reported a net foreign exchange gain of 10,966 thousand HKD in 2024, compared to a gain of 1,049 thousand HKD in 2023, reflecting a substantial increase[19] - The deferred tax expense for 2024 was 17,323 thousand HKD, up from 3,720 thousand HKD in 2023, indicating a rise of 365.5%[23] - The company recorded an impairment loss related to property, plant, and equipment of $49.4 million in 2024, significantly up from $1.2 million in 2023[37] - The group employed approximately 6,035 full-time employees as of December 31, 2024, compared to 5,764 employees in 2023, with total employee costs reaching approximately $124.2 million[55] - The company has adopted the standard code of conduct for securities trading by directors as per the listing rules appendix C3[65] - No significant events have occurred after the reporting period that would require disclosure[66] - The annual performance announcement and annual report for 2024 will be published on the company's website and the Hong Kong Stock Exchange website[67]

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].