FY21 core net profit grew 2% yoy and was 28% higher than our forecast due to strong flip-chip (FC) camera module shipment and relative stable GPM. Cowell’s FC shipments are likely to grow 7% yoy in FY22F, while ASPs grow 6% yoy, due to market share win and iP14’s front-facing camera upgrades. Reiterate Add. TP lowered to HK$12.12 on c.11%/6% EPS cuts for FY22F/FY23F, due to lower GPM assumptions.