Guotai Junan Securities: Initiates "Buy" rating on COWELL with a target price of HKD 48.38

Guojin Securities initiates coverage on COWELL with a "Buy" rating and a target price of HKD 48.38. It is expected that the net profit attributable to the parent company for 2025-2027 will be USD 191 million, USD 225 million, and USD 336 million, with P/E ratios of 19 times, 17 times, and 11 times, respectively. The company is deeply tied to Apple, with revenue from Apple accounting for 98.1% in H1 2025. Strong demand for iPhones is expected to provide a solid demand foundation for the company. With the exit of major competitor Sharp, the supply chain landscape for rear camera modules is being reshaped, and the company is expected to gain more market share