Futuri released a research report stating that it reaffirms COWELL (01415) with a "Buy" rating, raising the Target Price from HK$31 to HK$35. The average PE of the company's peers is 21 times, and the growth rate is 0.8 times.
The bank expects COWELL to further expand its market share in iPhone non-main camera lenses and penetrate into main camera lenses between 2026 and 2027, gradually reaching a total share of 30 to 35% in rear camera lenses between 2028 and 2030. Apple may launch more innovative IoT products with AI capabilities, potentially increasing the demand for camera lenses.
