高伟电子：深度报告：绑定龙头，拥抱光学创新

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its long-term growth potential [1][2]. Core Insights - The company has established a leading position in the optical module market, with a focus on expanding into new sectors such as automotive lidar and mixed reality (MR) [1][5]. - In 2022, the company achieved revenue of $1.116 billion, a year-on-year increase of 39.7$84 million, up 69.27% year-on-year. However, in 2023, revenue decreased to $924 million, a decline of 17.2$47 million, down 44.74% year-on-year, primarily due to a downturn in global economic conditions and reduced customer orders [1][12]. - The company is deeply integrated with major clients, particularly in the smartphone sector, and is expected to benefit from the ongoing innovation in optical technologies [1][6]. Summary by Sections Business Overview - The company has been focused on camera modules for 20 years, expanding its business into AR/VR and lidar sectors to create long-term growth opportunities [5][6]. - The company has a stable client base, with over 90% of its revenue coming from major clients, particularly Apple [7][12]. Financial Performance - The company forecasts revenues of $1.709 billion,$2.820 billion, and $3.807 billion for 2024, 2025, and 2026, respectively, with corresponding net profits of$87 million, $151 million, and$206 million [1][2]. - The projected growth rates for revenue are 85%, 65%, and 35% for the years 2024 to 2026 [1][2]. Market Trends - The global smartphone camera module market is expected to grow steadily, with a projected market size of $39.82 billion by 2024 and$49.24 billion by 2029, reflecting a CAGR of 4.34% [1][25]. - The company is also entering the automotive lidar market, which is projected to grow at a CAGR of 103.2% from 2022 to 2030, reaching a market size of approximately $10 billion [1][40]. Investment Recommendations - The report suggests that the company is well-positioned for long-term growth due to its strong ties with major clients and its expansion into new markets [1][56]. - The company is expected to maintain a competitive edge through its technological capabilities and partnerships, particularly with Apple and other leading firms in the industry [1][27].