机构：中邮证券 研究员：吴文吉/翟一梦 事件 公司发布2025 年半年度报告：2025H1 实现营收人民币88.32 亿元，同比+15.07%；归母净利润人民币 3.08 亿元，同比+167.59%；扣非归母净利润人民币2.59 亿元，同比+512.40%。 投资要点 摄像头模组业务：手机领域高端化，车载、IoT 等领域高速增长。 非手机领域摄像头模组：车载、IoT 等非手机领域的摄像头模组业务成为新的增长动力。2025H1 公司 应用于车载和IoT 等非手机领域的摄像头模组出货808.4 万颗，同比+47.9%，环比增长21.3%。在车载领 域，随着智能驾驶技术的快速发展，汽车对摄像头的需求在数量与质量上都大幅提升。丘钛科技凭借前 期在技术研发与客户拓展方面的深厚积累，已与7 家全球领先的汽车Tier1 厂商建立合作关系，取得34 家一线汽车品牌的供应商资格认证并逐步开展业务合作，多个定点项目陆续落地，为出货量增长提供坚 实支撑。在IoT 领域，公司作为全球头部消费级无人机及运动相机品牌公司摄像头模组的核心供应商， 充分受益于行业的快速发展，出货量持续攀升。公司将2025年车载、IoT 等非手机摄像头模组销 ...

证券研究报告：电子 | 公司点评报告 l 事件 公司发布 2025 年半年度报告：2025H1 实现营收人民币 88.32 亿 元，同比+15.07%；归母净利润人民币 3.08 亿元，同比+167.59%；扣 非归母净利润人民币 2.59 亿元，同比+512.40%。 l 投资要点 买入 |首次覆盖 公司基本情况 车载、IoT 高速成长 | 最新收盘价（港币） 14.16 | | | --- | --- | | 总股本/流通股本（亿股）11.90 | / 11.90 | | 总市值/流通市值（亿港 168.44 | / 168.44 | | 币） | | | 52 周内最高/最低价 16.49 | / 4.15 | | 资产负债率(%) 65.06% | | | 市盈率 32.96 | | | 第一大股东 | 丘钛科技投资有限公司 | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 分析师:翟一梦 SAC 登记编号:S1340525040003 Email:zhaiyimeng@cnpsec.com 丘钛科技(1478.HK) 股票投 ...

Contents 目錄 | Corporate Information | 2 | | --- | --- | | 公司資料 | | | Corporate Profile | 5 | | 公司介紹 | | | Management Discussion and Analysis | 6 | | 管理層討論與分析 | | | Other Information | 32 | | 其他信息 | | | Report on Review of Condensed Consolidated Financial Statements | 59 | | 簡明合併財務報表審閱報告 | | | Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income | 62 | | 簡明合併損益及其他全面收益表 | | | Condensed Consolidated Statement of Financial Position | 65 | | 簡明合併財務狀況表 | | | Condensed Consolidated Sta ...

在折叠iPhone方面，郭明錤称苹果近期已上修折叠屏iPhone出货量，2026与2027年分别提升至800-1000 万，以及2000-2500万。此前预估分别为600-800万以及1000-1500万。在折叠iPad方面，郭明錤认为定价 策略更为高端，在展开状态下将提供18至20英寸的显示面积，苹果目前预估首年的出货量为50-100万 台。(格隆汇) | 代码 | 名称 | 最新价 | 涨跌幅 √ | | --- | --- | --- | --- | | 01415 | 高伟电子 | 34.180 | 6.02% | | 06613 | 蓝思科技 | 27.560 | 4.55% | | 00285 | 比亚迪电子 | 43.040 | 4.72% | | 02018 | 瑞声科技 | 43.640 | 3.95% | | 02382 | 舜宇光学科技 | 80.400 | 2.03% | | 01478 | 丘钛科技 | 14.540 | 2.61% | | 02038 | 富智康集团 | 15.500 | 0.19% | 港股苹果概念股多数走强，其中，高伟电子涨6%，蓝思科技、比亚迪电子涨近5%，瑞 ...

Group 1 - Apple concept stocks have seen significant declines, with Hong Teng Precision down 9.77% to HKD 4.25, Qiu Tai Technology down 7.17% to HKD 13.99, and Gao Wei Electronics down 4.42% to HKD 32.44 [1] - IDC's recent report indicates that global smartphone shipments are expected to grow by 1.0% year-on-year in 2025, reaching 1.24 billion units, an increase from the previous forecast of 0.6%, primarily driven by a 3.9% growth in iOS device shipments this year [1] - Omdia reported that global smartphone shipments are projected to decline to 28.87 million units in Q2 2025, a quarter-on-quarter decrease of over 800,000 units, representing a 2.8% drop, with only a slight year-on-year decrease of 20,000 units, less than 0.1% [1] Group 2 - According to招商证券, global smartphone shipments increased by 1% year-on-year in Q2, while shipments in China decreased by 4%, attributed to tariff fluctuations and macroeconomic uncertainties affecting demand, particularly in the low-end market [2] - Recent adjustments by third-party institutions have lowered the 2025 global smartphone shipment growth forecast from 2-4% to 0-1% due to uncertainties in global demand [2] - The iPhone 17 is set to begin mass production in Q3, with over 90 million units of materials already prepared, and the new model is expected to boost sales with enhanced AI features, while the Android market is focusing on brand dynamics and innovations in subsidies, AI, and optics [2]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 丘鈦科技（集團）有限公司 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01478 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 50,000,000,000 | HKD | | 0.01 | HKD | | 500,000,000 | | 增加 / 減少 (-) | | | 0 | | | | HKD | | 0 | | 本月底結存 | | | 50,000,000,000 | HKD | | 0.01 | HKD | | 500,000,000 | ...

智通财经APP获悉，丘钛科技(01478)午后涨超4%，截至发稿，涨2.93%，报15.44港元，成交额6206.9万 港元。 星展发布研报称，丘钛中期财报强化该行对其产品组合升级及集中开发非手机镜头模组策略的信心。预 计公司下半年财报较上半年改善，受惠于更丰富智能手机组合、持续的指纹识别模组产能利用率复苏， 以及非手机镜头模组持续扩产，基于更多汽车及物联网项目进入生产阶段。中金表示，由于非手机收入 增速超预期，且中长期成长业务布局全面，上调目标价67%至14.97港元。中银国际将丘钛科技目标价 由11.6港元上调至16.4港元。 消息面上，丘钛科技近日公布业绩，上半年收益88.32亿元，同比增长15.1%；纯利3.08亿元，同比增长 167.6%；每股盈利26分。派中期息15港仙，为集团上市以来首度派中期息。公司表示，溢利增加主要 是由于营业收入较同期稳健增长、毛利率按年提升，以及联营公司新巨科技的经营业绩由亏转盈。 ...

丘钛科技(01478)午后涨超4%，截至发稿，涨2.93%，报15.44港元，成交额6206.9万港元。 星展发布研报称，丘钛中期财报强化该行对其产品组合升级及集中开发非手机镜头模组策略的信心。预 计公司下半年财报较上半年改善，受惠于更丰富智能手机组合、持续的指纹识别模组产能利用率复苏， 以及非手机镜头模组持续扩产，基于更多汽车及物联网项目进入生产阶段。中金表示，由于非手机收入 增速超预期，且中长期成长业务布局全面，上调目标价67%至14.97港元。中银国际将丘钛科技目标价 由11.6港元上调至16.4港元。 消息面上，丘钛科技近日公布业绩，上半年收益88.32亿元，同比增长15.1%；纯利3.08亿元，同比增长 167.6%；每股盈利26分。派中期息15港仙，为集团上市以来首度派中期息。公司表示，溢利增加主要 是由于营业收入较同期稳健增长、毛利率按年提升，以及联营公司新巨科技的经营业绩由亏转盈。 ...

Core Insights - The Apple-related stocks in Hong Kong have seen a rise, with notable increases in companies such as AAC Technologies up over 4% and BYD Electronics up 2.5% [1] - Bank of America has indicated that the inventory for the iPhone 17 series is expected to exceed 90 million units in the second half of 2025, remaining consistent with last year's forecast of 90-95 million units [1] - Concerns regarding a year-on-year decline in inventory of 5%-10% have diminished due to easing tariff pressures on Apple products [1] - The Apple supply chain is entering a significant upgrade cycle for 2025-2026, with attention on new model inventory, specification upgrades, and stock performance [1] Company Performance - AAC Technologies: Latest price at 45.580, with a rise of 4.25% [1] - BYD Electronics: Latest price at 38.160, with a rise of 2.53% [1] - Sunny Optical Technology: Latest price at 81.100, with a rise of 2.33% [1] - Hon Teng Technology: Latest price at 5.020, with a rise of 2.03% [1] - Tongda Group: Latest price at 0.116, with a rise of 1.75% [1] - Lens Technology: Latest price at 23.980, with a rise of 1.44% [1] - Q Tech: Latest price at 15.100, with a rise of 0.80% [1] - East Joy Long Holdings: Latest price at 2.630, with a rise of 0.77% [1]

Summary of Q Tech (1478.HK) Investor Call Company Overview - **Company**: Q Tech (1478.HK) - **Industry**: Camera modules and fingerprint modules supplier, expanding from smartphones to various end markets including automobiles and IoT Key Points Financial Performance - **Revenue Growth**: Q Tech's revenue increased by 15% YoY to Rmb8,832 million in 1H25 [3] - **Net Income Growth**: Net income surged by 168% YoY to Rmb308 million, attributed to improved gross margin (GM) and operational efficiency [3] - **Gross Margin Improvement**: GM rose to 7.4% in 1H25 from 5.2% in 1H24, driven by product mix upgrades [3] Product Mix and Market Trends - **Smartphone Camera Module Shipments**: Shipments of smartphone camera modules declined by 15% YoY in 1H25, but showed recovery with a 16% YoY growth in July [2] - **High-End Product Focus**: Shipments of camera modules with 32MP and above accounted for 53% of total smartphone shipments, up from 48% in 1H24 [2][6] - **Camera Specification Upgrades**: The penetration of 20MP+ cameras increased to 52% in 2024, indicating a trend towards higher specifications in the Chinese smartphone market [2] Expansion into Non-Smartphone Markets - **Growth Opportunities**: Management highlighted growth potential in non-smartphone markets such as ADAS, robots, AI/AR glasses, and drones [7] - **Investment in Technology**: Q Tech invested in poLight for autofocus camera technology, which is seen as suitable for AI/AR glasses [7] - **Projected Growth for AI/AR Glasses**: Shipments of AI/AR glasses are expected to grow at a 56% CAGR from 2024 to 2030, reaching 7 million units by 2030 [7] Non-Smartphone Shipment Growth - **Non-Smartphone Shipments**: Non-smartphone camera module shipments grew by 48% YoY in 1H25, with a target of 60% annual growth [8] - **Automotive Market Potential**: The passenger vehicle camera shipments in China are projected to reach 126 million units in 2025, increasing to 343 million units by 2030, representing a 22% CAGR [8] Market Dynamics - **High-End Smartphone Market**: The premium smartphone market (priced over US$600) is expected to outgrow the overall market with a 9% CAGR from 2025 to 2027, benefiting high-end components [6] Additional Insights - **Patents and Innovation**: Q Tech holds 728 authorized patents as of the end of 2024, indicating a strong focus on innovation and technology development [2] - **Management's Outlook**: Management remains optimistic about capturing new applications and expanding into high-end product segments, leveraging accumulated experience in camera module manufacturing [1] This summary encapsulates the key discussions and insights from the investor call regarding Q Tech's performance, market trends, and strategic direction.