Glonghui, Oct. 19 | Tianfeng Securities Research Report stated that it is expected that Gaowei Electronics (1415.HK) is expected to introduce the iPhone rear camera module business and benefit from the subsequent growth of Apple's VisionPro. Furthermore, it is expected that lidar products will increase in volume, or open up the company's second growth curve. In 2023, in anticipation of a slow stabilization of the global economy, mobile phone camera module shipments will increase by 3.6% per year to 4.62 billion units. The size of the camera module market is expected to grow from 49.46 billion US dollars in 2023 to 76.10 billion US dollars in 2028, with a compound annual growth rate of 9%. The global camera module market CR5 is 59%, and Gaowei's share is only 2% (20 years). Apple FC camera packaging technology has high entry barriers, and Gaowei's technological advantages build a moat. The bank's estimate gave the PE valuation 20 times in 24 years, corresponding to a target price of HK$29.81.