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 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 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 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 1,466 million in 2024 [5] - Current liabilities expected to increase from 952 million in 2024 [5] - Shareholders' equity forecasted to rise from 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]
高伟电子：2024年半年报点评：24H1营收超预期，绑定大客户光学创新