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 145 million and 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].
高伟电子：港股公司信息更新报告：短期业绩进程波动，中期受益大客户产品周期向上