COWELL (01415) rose nearly 3%, and as of the time of writing, it was up 1.95% to HK$30.28, with a turnover of HK$21.5 million. A research report from J.P. Morgan noted that COWELL's stock underperformed the Hang Seng Index in the fourth quarter of last year, likely due to market concerns that rising memory prices would weaken potential iPhone demand. However, the firm believes the market overreacted, as its research indicates resilient orders for this year, with electronic manufacturing services shipments expected to grow 8% year-on-year in the first half. Furthermore, the report suggests that the adjusted iPhone product lineup in the second half of the year will benefit COWELL, given its high exposure to the Pro and Pro Max models and its ongoing market share expansion.

China Securities (CSC) posits that imaging remains a key avenue for smartphone manufacturers to create differentiated user experiences, with the iPhone's imaging capabilities seeing continuous upgrades. Changes in the supply landscape for Apple's rear cameras present an opportunity for COWELL to expand its market share, with attention focused on the company's progress in supplying the main camera module. Camera module manufacturing processes are primarily divided into Chip-On-Board (COB) and Flip-Chip (FC) technologies. Currently, Apple is the only player in the market that has opted for the FC process supply chain. This technology features high barriers to entry and is more closed; coupled with Apple's stringent requirements for suppliers, the FC process has even higher access thresholds, making production lines scarce. As a result, the number of suppliers for Apple's camera modules is extremely limited.