Gelonghui, December 26 | Everbright Securities released a research report stating that the first “buy” rating for Gaowei Electronics is estimated to be US$10.4/16.0/US$2.82 billion, respectively, or -6.9%/+54.4%/+75.8%; net profit to mother was US$0.53/0.97/197 million, respectively, or -37.4%/83.7%/103% YoY. Compared to the Android version, the company is deeply tied to major customers with high-end Apple cards and relatively stable business, which has certain advantages. Looking forward to the future, the bank believes that the company can continue to gain a share of major customer products through the scarcity of FC packaging production lines, continuous capital investment to upgrade supporting equipment, and lean manufacturing capabilities. According to the research report, the company expanded horizontally into the lidar market and worked with Sagitar to determine orders. The company and industry leader Suteng Juchuang set up a joint venture, Liteng Innovation (the company holds 51% of the shares). In 2022, lidar modules and samples were produced, and a horizontal breakthrough was achieved in the product category. In the future, the company is expected to use the advantages of intelligent automation and lean manufacturing to expand the lidar product category and enter the OEM business. Vertical expansion is optimistic about the potential of AR/VR card slots, and MR volume is expected to drive performance growth. As the main supplier of Apple camera modules, the company is expected to make full use of its advantages in optical device precision packaging technology accumulated over many years, expand the camera module business into Apple MR products, and vertically deepen partnerships with major customers.