JP Morgan: First Coverage of COWELL (01415) with "Overweight" Rating, Target Price of 44 Hong Kong Dollars.

04/08/2025

Citi expects that the mixed growth rate of Goertek's iPhone camera modules will increase from 14% in 2024 to 25% in 2027, thereby driving the compound annual growth rate of revenue/earnings per share for 2024-2027 to reach 25%/32%.

JPMorgan Chase's research report stated that over 90% of COWELL's (01415) income comes from its partnership with Apple. JP Morgan predicts that even with the slowdown in global iPhone sales growth, COWELL will still benefit from market expansion brought about by the upgrade in camera module specifications. Due to the significant growth in iPhone rear camera module (CCM) market share, the group is given a "buy" rating and a target price of HK$44. The report indicates that the market size of camera modules is expanding, with JP Morgan projecting that the global market size for iPhone RGB camera modules will increase from $15.3 billion in 2024 to $17.6 billion in 2027. At the same time, the substantial growth in market share of iPhone camera modules will drive a new growth cycle. JP Morgan predicts that COWELL's iPhone camera module compound annual growth rate will increase from 14% in 2024 to 25% in 2027, leading to a compound annual growth rate of 25%/32% in revenue/earnings per share from 2024 to 2027.

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