公司研究 预告 24 年净利润大幅增长，光学规格升级有望驱动 25 年盈利超预期 ——丘钛科技（1478.HK）2024 年盈利预告点评 要点 事件：公司发布 24 年盈利预告，预计 24 年净利润较 23 年 8353.1 万元同比 上升 200%-280%至 2.51-3.17 亿元人民币，由于：1）安卓手机需求复苏， 公司市占率上升带动手机摄像模组、指纹识别模组出货量提升；2）光学规格 升级驱动手机摄像模组产品结构优化，ASP 及产能稼动率提升；3）指纹识别 模组盈利能力改善；4）联营公司新钜科技亏损减少。 手机摄像模组、指纹识别模组盈利能力持续改善；车载、IoT 模组出货量 延续高速增长：手机摄像模组方面，24 年出货量同比上升 15.4%，其中 32MP 及以上手机摄像头模组出货量占比同比上升 9.7pct 至 50.1%，产品结构持续 优化。受益于手机光学延续规格升级趋势：1）潜望式模组下沉至中高端机型； 2）OIS 高端防抖模组渗透率提升，公司高端产品出货量占比有望进一步提升， 有望驱动盈利能力持续改善。指纹识别模组方面，24 年出货量同比上升 29%， 受益于行业供需格局改善、叠加产品结构优化 ...

| --- | --- | --- | --- | --- | |-------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------|-------| | | | | | | | | | | | | | | | 丘鈦科技(集團)有限公司 Q Technology (Group) Company Limited (Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立的有限公司) Stock Code 股份代號 : 1478 | | | | 日本 | 曲 8 | | us | | | | 20 | INTERIM REPORT 中期報告 | | | Contents 目錄 Contents 目錄 ...

证券研究报告 | 半年报点评 gszqdatemark 2024 08 20 年 月 日 丘钛科技（01478.HK） 持续推进高端化，非手机高成长 上半年量价齐升，业绩亮眼。24H1 公司收入 76.75 亿人民币，同比增长 40%，主要是由于 1）摄像头模组出货量同比增长 30%至 2.2 亿件，2） 高端化战略下 CCM 产品的 ASP 有所提升。公司上半年毛利率同比/环比提 升 1.8pct/0.7pct 至 5.2%，主要是受益于 1）销量改善情况下，产能稼动 率明显提升；2）公司持续推进高端化，产品附加值整体提高。因此，公司 归母净利润率亦明显提升，同比/环比分别提升 1.1pct/0.6pct 至 1.5%。 上半年归母净利润录得 1.15 亿，同比大幅增长 454%。 持续推进高端化战略，望受益于行业重回升规升配。1）出货量方面，公 司年初指引 2024 年手机 CCM 全年出货量同比增长不低于 5%，上半年同 比增速高达 29.6%，远超指引。展望下半年，我们认为公司手机 CCM 出 货仍有望实现与上半年相近的出货规模，保持同比增长。2）产品结构方 面，公司年初指引 2024 年 32M 以 ...

Q 科技集团 | 1478. HK | --- | --- | --- | --- | --- | |-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Q Tech Group | 1478.HK China Puti 1H24 in-line with profit alert, thanks to GM improvement and stable OPEX ratio QT's 1H24 net profit arrived at near the mid-point of the profit alert (issued in mid-Jul), revenue and net profit each soared 40.1%/453.9% Yoy to RMB7,675mn/RMB115mn, and reached 51%/38% of market FY24E consensus. The robust 1H24 result was attributed to i) improved smartphone demand led to CCM shipment volume and QT's market share increase in global smartphone OEMs; ii) Though GM a slight miss ...

Investment Rating - The report assigns a "Buy" rating to Q Technology (1478 HK) with a target price of HKD 5 10, implying a 25 9% upside potential from the latest closing price [2][3] Core Views - Q Technology's revenue grew 40 1% YoY in 1H2024, driven by a 30 8% increase in camera module sales volume and improved ASP due to higher specifications [1] - Gross margin improved by 1 8 percentage points to 5 2% in 1H2024, though still below the historical 10% level, due to increased share with smartphone customers and higher proportion of premium products [1] - Net profit surged 431 2% YoY to RMB 115 million in 1H2024, within the previously guided range of 400%-500% growth [1] - The company exceeded its 2024 guidance with 32M+ CCM sales reaching 49 2% of total, non-smartphone CCM sales growing 100 4% YoY, and smartphone CCM sales increasing 29 6% YoY [2] Business Performance - Smartphone camera module shipments grew 30 8% YoY in 1H2024, with 32M+ CCM shipments up 72 1% and automotive/other CCM shipments surging 100 4% [1] - The proportion of 32M+ high-spec camera modules reached 49 2%, driving ASP improvement [1] - Automotive business made significant progress, benefiting from rapid development of smart driving systems that require 8-10 camera modules per vehicle [2] Financial Projections - Revenue is forecast to grow 13 7% in 2024 and 11 3% in 2025, reaching RMB 17 37 billion by 2026 [6] - Gross margin is expected to improve to 5 3% in 2024 and 6 5% by 2026 [6] - Net profit is projected to increase 212 9% in 2024 and 47 5% in 2026, with ROE improving from 1 7% in 2023 to 10 1% in 2026 [6] Valuation - The stock is valued at 20x 2024 and 14x 2025 estimated P/E [2] - The target price of HKD 5 10 represents a 25 9% upside from the current price of HKD 4 05 [3]

| --- | --- | |---------------------|----------------------------------------------------------------| | 即时点评 | 坚定执行中高端策略，盈利能力有望持续提升 | | 丘钛科技（1478.HK） | 2024-08-13 星期二 | | | 事件： | | | 公司 2024 年中期业绩： 2024 上半年未经审核收入约为人民币 76.75 | | | 亿元，同比增长约 40.1%；溢利约为 1.15 亿元，同比增加约 431.2% | | | 点评观点： | 手机摄像头模组产品结构持续升级，收入和利润增速快于出货量 | --- | |------------------------------------------------------------------| | 2024 年 H1，公司摄像头模块销售数量同比增长约 30.8%。期内，公司继 | | 续坚持以中高端手机摄像头模块为主并加快发展其他领域摄像头模组业 | | 务的经营策略，32M 像素及以上摄像头模块的合计销售数量占比达到约 | | ...

Investment Rating - The report maintains a "Buy" rating for the company, citing potential for sustained profitability improvement driven by growth in camera module volumes and pricing, as well as long-term growth opportunities in automotive and IoT sectors [2][3] Core Views - The company's 24H1 revenue reached RMB 7.68 billion, up 40.1% YoY, with gross margin improving by 1.8 percentage points to 5.2% [2] - Net profit attributable to shareholders surged 431.2% YoY to RMB 115 million, exceeding Bloomberg consensus estimates by 1.8% [2] - Smartphone demand recovery, product premiumization, and significant progress in automotive and IoT camera module businesses drove revenue and margin growth [2] Business Performance Smartphone Camera Modules - Smartphone camera module shipments increased 29.6% YoY in 24H1, surpassing the guidance of at least 5% growth [2] - High-end camera modules (32MP and above) accounted for 49.2% of shipments, up 12.1 percentage points YoY and exceeding the 45% guidance [2] - OIS module shipments reached 27 million units, with periscope camera module shipments doubling YoY [2] Automotive and IoT Camera Modules - Automotive and IoT camera module shipments grew 100.4% YoY, significantly exceeding the 50% growth guidance [2] - Automotive module shipments increased over 15 times YoY, driven by rapid penetration of new energy vehicles and smart driving systems [2] - The company became the primary CCM supplier for customer H and is progressing COB product development with two major customers expected to enter mass production in 25Q1 [2] Financial Projections - 24/25 net profit forecasts were revised down by 29%/31% to RMB 235 million and RMB 327 million respectively, with a new 26E net profit forecast of RMB 453 million [2] - Revenue is projected to grow 26.2% in 2024E, 12.5% in 2025E, and 10.7% in 2026E [3] - EPS is expected to increase from RMB 0.20 in 2024E to RMB 0.38 in 2026E, with P/E ratios declining from 19x to 10x over the same period [3] Market Position and Strategy - The company has established a four-line product strategy in IoT: drone/handheld products, XR optical products, integrated vision modules, and robotics [2] - In the drone sector, it serves as a benchmark supplier for the world's largest drone brand, providing main camera modules and LiDAR [2] - For XR products, it currently supplies Chinese VR brands like PICO and HTC, with plans to secure a US customer M within the year [2] Industry Trends - Global smartphone shipments have shown four consecutive quarters of recovery, with 24Q2 shipments up 6.5% YoY, driving the company's shipment growth [2] - The increasing demand for mobile photography is driving higher penetration of advanced camera technologies like OIS and large-format ultra-thin high-pixel modules [2]

Revenue and Sales Performance - Revenue for the six months ended June 30, 2024, was approximately RMB 7,675,142,000, a 40.1% increase compared to the same period in 2023, driven by a 30.8% year-on-year growth in camera module sales[2] - Revenue from camera modules increased to RMB 7,214,806 thousand in the first half of 2024, up from RMB 4,992,280 thousand in the same period of 2023, representing a significant growth[14] - Total revenue from customer contracts reached RMB 7,675,142 thousand in the first half of 2024, up from RMB 5,476,543 thousand in the same period of 2023[14] - Revenue from Customer A increased to RMB 2,213,145 thousand in the first half of 2024, compared to RMB 1,517,569 thousand in the same period of 2023[16] - Revenue from Customer B decreased slightly to RMB 1,854,663 thousand in the first half of 2024, down from RMB 1,987,608 thousand in the same period of 2023[16] - Revenue from Customer C was RMB 1,012,022 thousand in the first half of 2024, contributing less than 10% of the company's total revenue[16] - Revenue from external customers for the camera module segment increased to RMB 7,214,806 thousand in the first half of 2024, up from RMB 4,992,280 thousand in the same period of 2023, representing a growth of approximately 44.5%[19] - The fingerprint recognition module segment reported a slight increase in revenue from external customers, reaching RMB 394,671 thousand in the first half of 2024 compared to RMB 394,653 thousand in 2023[19] - Total revenue from external customers across all segments rose to RMB 7,675,142 thousand in the first half of 2024, a 40.1% increase from RMB 5,476,543 thousand in the same period of 2023[20] - Revenue from mainland China accounted for RMB 6,315,540 thousand in the first half of 2024, up 46.6% from RMB 4,307,348 thousand in 2023, highlighting strong growth in the domestic market[21] - The company's revenue reached RMB 7,675,142,000, a 40.1% YoY increase[54] - The company's revenue for the period was approximately RMB 7,675,142,000, a year-on-year increase of 40.1%, driven by a 30.8% growth in camera module sales[61] Profitability and Financial Performance - Gross profit for the period was RMB 400,099,000, with a gross margin of 5.2%, up 1.8 percentage points from 3.4% in the same period last year, primarily due to improved capacity utilization and a higher proportion of high-end products[2] - Net profit for the period was RMB 115,232,000, a significant increase of 431.2% compared to the same period in 2023, driven by higher revenue and improved gross margin[2] - Basic and diluted earnings per share were both RMB 0.097, compared to RMB 0.018 in the same period last year[2] - Operating profit for the period was RMB 220,693,000, compared to RMB 102,754,000 in the same period last year[4] - The company's profit before tax surged to RMB 125,684 thousand in the first half of 2024, a significant increase from RMB 8,215 thousand in the same period of 2023[20] - The company's profit surged by 431.2% YoY to RMB 115,232,000[55] - Gross profit surged by 112.5% to approximately RMB 400,099,000, with gross margin improving to 5.2% from 3.4% due to increased sales of high-end camera modules and improved capacity utilization[63] - Net profit soared by 431.2% to approximately RMB 115,232,000, driven by a 40.1% increase in revenue and a 1.8 percentage point improvement in gross margin[71] Product and Market Performance - Sales of camera modules with 32 megapixels and above, as well as those for non-smartphone applications, accounted for 49.2% of total camera module sales, contributing to improved product value and gross margin[2] - Revenue from fingerprint recognition modules remained stable at RMB 394,671 thousand in the first half of 2024, compared to RMB 394,653 thousand in the same period of 2023[14] - The company's primary business includes the production and sale of camera modules and fingerprint recognition modules for mobile phones, automotive, IoT, and other smart mobile devices[13] - The company operates in two reportable segments: Camera Modules and Fingerprint Recognition Modules, managed based on business lines[17] - High-end camera modules (32MP and above) accounted for 49.2% of total camera module sales[55] - The sales volume of camera modules with 32 million pixels and above for smartphones and other fields accounted for 49.2% of total camera module sales, exceeding the target of 45%[56] - Sales of camera modules for automotive and IoT fields increased by 100.4% year-on-year, surpassing the target of at least 50%[56] - Sales of camera modules for smartphones increased by 29.6% year-on-year, exceeding the target of at least 5%[56] - The proportion of optical under-display fingerprint recognition modules in total fingerprint recognition module sales increased from 58.5% to 71.6%[56] - The company's camera module sales increased by 30.8% YoY, with sales for smart cars and IoT devices growing by 100.4% YoY[54] Financial Position and Assets - Total assets as of June 30, 2024, were RMB 11,106,689,000, an increase from RMB 9,961,083,000 as of December 31, 2023[7] - Total equity attributable to the company's shareholders was RMB 4,936,683,000 as of June 30, 2024, up from RMB 4,831,751,000 as of December 31, 2023[9] - The company's inventory as of June 30, 2024, was RMB 1,777,515,000, compared to RMB 1,408,332,000 as of December 31, 2023[7] - Cash and cash equivalents as of June 30, 2024, were RMB 2,893,084,000, up from RMB 1,710,030,000 as of December 31, 2023[7] - Trade receivables and bills receivable as of June 30, 2024, amounted to RMB 3.420 billion, a decrease from RMB 3.916 billion as of December 31, 2023[35] - The aging analysis of trade receivables and bills receivable shows that 71.8% (RMB 2.454 billion) were within 1 month, 27.9% (RMB 954.753 million) were between 1 to 3 months, and 0.3% (RMB 9.273 million) were between 3 to 6 months as of June 30, 2024[36] - The company's foreign currency derivative liabilities decreased to RMB 44.096 million as of June 30, 2024, from RMB 52.300 million as of December 31, 2023[37][38] - Total bank borrowings as of June 30, 2024, were RMB 4.139 billion, a decrease from RMB 4.371 billion as of December 31, 2023[40] - The company's secured bank loans decreased to RMB 408.395 million as of June 30, 2024, from RMB 977.19 million as of December 31, 2023, with assets including shares of an associate company and bank deposits used as collateral[41][42] - The company's total bank loans due within one year or on demand amounted to RMB 4.018 billion as of June 30, 2024, compared to RMB 4.151 billion as of December 31, 2023[43] - Trade payables and notes payable decreased to RMB 4.179 billion as of June 30, 2024, from RMB 5.227 billion as of December 31, 2023[44] - The aging analysis of trade payables and notes payable showed that RMB 3.469 billion was due within 3 months as of June 30, 2024, compared to RMB 4.032 billion as of December 31, 2023[45] - Bank loans decreased by 9.1% to approximately RMB 4,139,304,000 as of June 30, 2024, compared to the same period last year[72] - Cash and cash equivalents decreased by RMB 906,231,000 to approximately RMB 1,710,030,000 as of June 30, 2024, due to increased long-term bank deposits and repayment of loans[72] - Operating cash flow turned positive to approximately RMB 691,268,000, compared to a net outflow of RMB 89,714,000 in the same period last year[73] - Capital gearing ratio decreased by 6.7 percentage points to 84.1% as of June 30, 2024, due to a reduction in bank loans[76] - Adjusted net gearing ratio decreased to 19.5% as of June 30, 2024, down by 5.3 percentage points from 24.8% at the end of 2023, primarily due to reduced short-term and long-term bank borrowings and increased equity[77] - Total pledged assets decreased to RMB 1,073,223,000 as of June 30, 2024, down by RMB 340,213,000 from RMB 1,413,436,000 at the end of 2023, used as collateral for bank loans and guarantees[83] Costs and Expenses - Inventory costs rose to RMB 7,409,240 thousand in the first half of 2024, a 38.2% increase from RMB 5,361,874 thousand in 2023, driven by higher employee costs and depreciation expenses[26] - Employee costs, including salaries and benefits, increased to RMB 508,881 thousand in the first half of 2024, up 37.4% from RMB 370,497 thousand in 2023[28] - Depreciation expenses rose to RMB 233,583 thousand in the first half of 2024, a 16.3% increase from RMB 200,828 thousand in 2023[25] - Sales cost increased by 37.6% to approximately RMB 7,275,043,000 compared to the same period last year, driven by a 40.1% increase in revenue[62] - R&D expenses increased by 47.6% to approximately RMB 286,142,000, reflecting higher investment in advanced camera modules and optical products for mobile, IoT, and automotive applications[67] - Employee count increased to 9,396 as of June 30, 2024, up from 7,212 in the same period last year, driven by higher demand for camera modules and fingerprint recognition modules[84] - Employee compensation expenses rose to RMB 508,881,000 for the period, up from RMB 370,497,000 in the same period last year, including performance bonuses, medical insurance, and other benefits[84] Taxation and Government Subsidies - The company benefited from government subsidies totaling RMB 37,692 thousand in the first half of 2024, compared to none in the same period of 2023[22] - Total tax expenses for the six months ended June 30, 2024, were RMB 10.452 million, compared to a tax benefit of RMB 13.477 million for the same period in 2023[29] - The company's subsidiaries in China enjoy a preferential corporate income tax rate of 15% due to their high-tech enterprise status, which has been renewed multiple times, with the latest renewal application submitted in July 2024[30] - The company's subsidiary in Hong Kong is subject to a profits tax rate of 16.5%, with a two-tiered tax system introduced in 2018/2019, where the first HKD 2 million of assessable profits is taxed at 8.25%[31] - The company's subsidiary in Korea is subject to a new Pillar Two global minimum tax, effective from January 1, 2024, but this has not had a significant impact on the consolidated financial statements for the six months ended June 30, 2024[32] Corporate Governance and Compliance - The company did not recommend or pay any interim dividends for the six months ended June 30, 2024, and June 30, 2023[46] - The company granted options to 506 eligible participants to subscribe for a total of 10.28 million ordinary shares on June 5, 2024, with an exercise price of HKD 3.518 per share[48] - The company did not purchase, sell, or redeem any of its listed securities during the period, except as disclosed in the "Major Acquisitions and Disposals" section[86] - All directors confirmed compliance with the Model Code for Securities Transactions during the period[87] - The company adhered to the applicable code provisions of the Corporate Governance Code during the period[88] - The Audit Committee, consisting of three independent non-executive directors, reviewed the unaudited interim results and interim report for the period[89] - The unaudited interim financial report was reviewed by KPMG in accordance with the Hong Kong Standard on Review Engagements 2410[89] - No significant events affecting the group occurred between June 30, 2024, and the date of the announcement[90] - The 2024 interim report will be distributed to shareholders and published on the company's website at an appropriate time[90] - The company expressed gratitude to shareholders, directors, and employees for their continued support and efforts[91] Market and Industry Trends - Global economic growth is expected to stabilize at 2.6% in 2024, with China's growth rate projected at 4.8%, up from the initial forecast of 4.7%[52] - Global smartphone shipments increased by 6.5% YoY in Q2 2024, with China's market growing by 8.9% YoY[53] - China's smartphone market saw a 13.2% YoY increase in shipments in H1 2024, reaching 147 million units[53] - New energy vehicle (NEV) retail sales in China grew by 33.1% YoY in H1 2024, reaching 4.111 million units[54] - The global smartphone market is expected to grow in 2024, with AI-enabled smartphones projected to account for 16% of global shipments, rising to 54% by 2028[58] - The penetration rate of new energy vehicles in China is expected to reach 40% in 2024, with smart driving and autonomous driving entering a rapid development phase[59] - The company's COB (Chip on Board) technology is globally leading, positioning it well for growth in the automotive camera module market[59] Strategic Initiatives and Future Outlook - The company aims to continue advancing large-scale intelligent manufacturing, new technology R&D, and vertical integration to maintain long-term competitiveness[60] - The company is confident in achieving its five-year strategic plan and creating better value for shareholders despite complex macroeconomic conditions[60] - The company continues to monitor liquidity and debt levels to ensure sufficient working capital and maintain a reasonable debt-to-asset ratio[78] - The company did not make any significant investments or acquisitions during the six months ended June 30, 2024, and has no approved plans for major investments or capital asset purchases[80] - The company's subsidiary in India is under investigation by local tax authorities, but no provisions have been made as management believes there are valid grounds to contest the claims[81][82] - Foreign exchange net gains amounted to RMB 39,405,000 for the period, slightly lower than RMB 41,940,000 in the same period last year, with continued use of hedging instruments to manage currency risks[85] - No interim dividend declared for the period (同期：無)[86]

2024 年 7 月 12 日 CMB 国际全球市场 | 股票研究 | 公司更新 Q - Tech ( 1478 香港 ) 盈利复苏刚刚开始 ; 将 TP 提高至 6.47 港元 Q - tech ( 7 月 11 日 ) 宣布了积极的 1H24 利润预警,称净利润同比增长 400 - 500% ( 至 1.09 - 1.3 亿元人民币 ),与我们和普遍的 FY24E 估计的 29 - 34% 和 40 - 47% 持平。乐观 的结果主要是由 1 ) 高端 CCM 份额上升,2 ) 汽车 / 物联网 CCM 增长,3 ) UTR 上升, 以及 4 ) 联营公司 ( Newmax ) 更好的盈利能力。对于 2H24E,我们对 Adroid 旗舰机型 的发布,高端规格升级,汽车 / 物联网 CCM 和 FPM 恢复保持乐观,以提高盈利能力。我们 将 FY25 - 26E 每股收益提高 2 - 12%,以计入 1H24 收益、更强的 GPM 和 Newmax 更好的 盈利能力。FY24 / 25E 市盈率为 14.3 倍 / 10.3 倍,我们认为该股具有吸引力。维持买入,新 的 TP 为 6.47 港元,基于 2 ...