港股市场苹果概念股午后涨幅进一步扩大，其中，舜宇涨超9%，蓝思科技涨超3%，瑞声科技、丘钛科 技涨超2%，东江集团、高伟电子涨近2%。 本文源自：金融界AI电报 ...

Core Viewpoint - The Apple-related stocks in the Hong Kong market have seen significant gains, particularly Hon Teng Precision, which rose over 19%, while other companies like BYD Electronics and others also experienced positive movements. This surge is attributed to positive earnings reports and strategic investments by Apple [1]. Group 1: Company Performance - Hon Teng Precision reported a revenue of $2.305 billion for the first half of the year, an increase of 11.53% year-on-year, but the profit attributable to shareholders decreased by 3.11% to $31.511 million [1]. - BYD Electronics saw a stock price increase of 3.04%, while other companies such as Q Technology, FIH Mobile, and GoerTek also reported gains of over 1% [1]. Group 2: Market Sentiment and Future Outlook - CCB International expressed optimism about Hon Teng's accelerated business transformation in the second quarter following discussions with management [1]. - CITIC Securities highlighted Apple's commitment to invest an additional $100 billion in domestic manufacturing in the U.S., viewing this as a strategy to mitigate potential punitive tariffs on hardware products. The firm also noted that the current valuations of Apple supply chain companies are relatively low, suggesting a potential recovery in market sentiment [1].

Core Viewpoint - The report from DBS highlights that the mid-term performance of Q Technology reinforces confidence in its product portfolio upgrade and focus on developing non-mobile lens modules strategy [1] Group 1: Performance Outlook - The company is expected to see improved performance in the second half of the year compared to the first half, benefiting from a richer smartphone portfolio and a recovery in the utilization rate of fingerprint recognition module production [1] - Continuous expansion of non-mobile lens modules is anticipated, driven by more automotive and IoT projects entering the production phase [1] Group 2: Growth Drivers - The automotive sector is identified as the clearest mid-term growth driver for the company, with collaborations with seven leading tier-one suppliers and certifications from 37 automotive or new energy vehicle brands [1] - Currently, only about 30% of vehicles globally are equipped with more than eight cameras for L2+ level autonomous driving capabilities, indicating significant growth potential for urban/mapless navigation autonomous driving [1] - Early participation in LiDAR technology and expansion into optical fields for robotics and drones provide additional growth opportunities [1] Group 3: Financial Projections - The company has raised its earnings forecasts for the next two years by 12% and 20% respectively, with the target price increased from HKD 12.5 to HKD 15, while maintaining a "buy" rating [1]

星展发表报告指，丘钛科技中期业绩强化该行对其产品组合升级及集中开发非手机镜头模块策略的信 心。该行预计，公司下半年业绩较上半年改善，受惠于更丰富智能手机组合、持续的指纹识别模块产能 利用率复苏，以及非手机镜头模块持续扩产，基于更多汽车及物联网项目进入生产阶段。 该行上调对公司今明两年盈利预测12%及20%，目标价由12.5港元上调至15港元，维持"买入"评级。 该行认为，汽车仍为公司最清晰中期增长动力，公司与7间领先一级供应商合作，并获37个汽车或新能 源汽车品牌认证。全球仅约三成车辆具备配备超过8个摄像头的L2+级自动驾驶能力，为城市/无地图导 航自动驾驶普及提供巨大增长空间。早期LiDAR的参与及向具身机器人/无人机光学领域的扩展提供额 外增长潜力。 ...

Core Viewpoint - DBS has released a report indicating that the mid-term performance of Q Technology (01478) strengthens confidence in its product portfolio upgrade and focused development strategy for non-mobile lens modules [1] Group 1: Performance Outlook - The company is expected to see improved performance in the second half of the year compared to the first half, benefiting from a richer smartphone portfolio, a recovery in the utilization rate of fingerprint recognition module capacity, and ongoing expansion of non-mobile lens modules [1] - DBS has raised its profit forecasts for the company by 12% and 20% for the current and next year, respectively, and increased the target price from HKD 12.5 to HKD 15, maintaining a "buy" rating [1] Group 2: Growth Drivers - The automotive sector is identified as the clearest mid-term growth driver for the company, with collaborations with seven leading Tier 1 suppliers and certifications from 37 automotive or new energy vehicle brands [1] - Currently, only about 30% of vehicles globally are equipped with more than eight cameras for L2+ level autonomous driving capabilities, indicating significant growth potential for urban/mapless navigation autonomous driving [1] - Early participation in LiDAR technology and expansion into optical fields for embodied robots and drones provide additional growth potential [1]

Core Viewpoint - The report from DBS highlights that Q Technology (01478) has strengthened confidence in its product portfolio upgrade and focused development strategy for non-mobile lens modules, expecting improved performance in the second half of the year [1] Financial Performance - DBS anticipates a 12% and 20% increase in the company's earnings forecasts for the next two years, raising the target price from HKD 12.5 to HKD 15 while maintaining a "Buy" rating [1] Product Development and Market Strategy - The company is expected to benefit from a richer smartphone portfolio, a recovery in the utilization rate of fingerprint recognition module production, and ongoing expansion of non-mobile lens modules due to more automotive and IoT projects entering production [1] Growth Drivers - Automotive sector is identified as the clearest mid-term growth driver, with collaborations with seven leading tier-one suppliers and certifications from 37 automotive or new energy vehicle brands [1] - Approximately 30% of vehicles globally are equipped with more than eight cameras for L2+ level autonomous driving capabilities, indicating significant growth potential for urban and map-less navigation autonomous driving [1] - Early participation in LiDAR technology and expansion into optical fields for embodied robots and drones provide additional growth opportunities [1]

Core Viewpoint - Company reported a revenue of approximately 8.83 billion RMB for H1 2025, representing a year-on-year growth of 15.1%, driven by increased sales and prices of cameras in the automotive and IoT sectors, as well as improvements in fingerprint recognition module sales and specifications [1] Group 1: Financial Performance - Revenue growth primarily attributed to camera module sales, which increased by 10.3% to 7.96 billion RMB, and fingerprint recognition modules, which surged by 109.3% to 830 million RMB [1] - Gross margin improved to 7.4%, up 2.2 percentage points year-on-year, due to a higher proportion of mid-to-high-end products and improvements in fingerprint recognition module business [1] - Net profit attributable to shareholders reached approximately 308 million RMB, a significant increase of 167.6%, aligning with previous profit forecast [1] Group 2: Non-Mobile Sector Growth - Non-mobile sector camera module shipments increased by 47.9%, exceeding the annual target of over 40%, with sales revenue from this sector accounting for 23.9% of total revenue, up 14.3 percentage points year-on-year [2] - Company established partnerships with seven leading smart driving solution providers and gained supplier qualifications from 37 automotive brands, adding three new partners and five designated projects [2] Group 3: Strategic Investments and Partnerships - Company increased its stake in New Giant Technology to 41.8%, with the latter's revenue growing by 19.8% and net profit soaring by 385.8% [2] - Investment in poLight for a 32.97% stake aims to enhance the optical module product line into VR/AR/MR applications, further diversifying the product offerings [2] - Company’s controlling shareholder plans to acquire TDK's micro-driver assets to collaborate on drone business with core customers [2] Group 4: Future Business Goals - Company updated its annual operational targets, expecting camera module sales in the automotive and IoT sectors to grow by no less than 60% and fingerprint recognition module sales to increase by no less than 30% [3] - The board approved a mid-term dividend of 0.15 HKD per share, marking the first dividend distribution since the company's listing, aimed at enhancing shareholder returns [3] Group 5: Investment Outlook - Strong performance in H1 2025 instills market confidence, with projected net profits for 2025E and 2026E expected to reach 700 million RMB and 830 million RMB, reflecting year-on-year growth of 150.1% and 18.9% respectively [3] - Target price set at 14.1 HKD based on projected P/E ratios of 20x for 2025 and 17x for 2026, with a recommendation to accumulate shares [3]

公司上修2025 年非手机CCM 和指纹识别模组出货指引（1）公司看好潜望、OIS、可变光圈的行业升级 趋势，并维持2025 年32M 以上产品占比不低于55%的指引，我们认为有望驱动公司手机业务ASP 和毛 利率继续改善。（2）公司将2025 年非手机CCM 出货量指引由同比增长不低于40%上修至同比增长不 低于60%，分析主要由于公司IoT 业务进展顺利、以及2025H2公司车载模组趋势向好。（3）公司将 2025 年指纹识别模组出货量增速指引由不低于20%上修至不低于30%，有望驱动指纹识别模组稼动率提 升、毛利率继续改善。 风险提示：产品推出不如预期、产能及供应链风险、需求复苏不及预 机构：开源证券 研究员：张可 上修2025 年全年归母净利润，手机光学升级有望提振2026 年业绩成长性考虑到公司手机光学业务盈利 改善、IoT 业务快速增长、联营公司扭亏，我们将2025-2027 年归母净利润由6.7/7.8/9.0 亿上调至 8.5/10.9/12.5 亿，对应同比增长204%/28%/15%，EPS 分别为0.7/0.9/1.0 元。当前股价13.06 港币对应 2025-2027年16.7/13 ...

机构：中金公司 手机相关产品结构优化，有望维持稳健增长。在手机大盘平稳的背景下（IDC 统计1H25 全球智能手机 出货量同比增长1.3%），公司聚焦于手机CCM 和FPM 的产品结构优化，1H25 潜望式摄像模组销量为 1,060 万颗，同比增长5.9 倍，显著高于手机CCM 整体增速，FPM 中超声波的占比由去年同期不足1% 提升至14%。展望2H25，我们认为公司或将继续推动手机业务高端化，带动相关收入和盈利能力增 长。 非手机领域布局广泛，新增长引擎显现。1H25 公司IoT 和车载CCM 销量同比增长48%，同时上调全年 指引至同比增长60%，我们认为主要得益于手持智能影像设备和无人机的高景气度，短中期有望为公司 业绩增长带来重要支撑。车载CCM 方面，公司不断突破客户和项目，关注收入增长和盈利改善。中长 期来看，公司及控股股东通过自研、投资、收购等方式，在XR、机器人等多个领域建立了CCM、激光 雷达、Pancake、光引擎乃至整机的生产能力，凭借强劲的垂直整合能力，我们认为公司有望打造智能 视觉产品平台，打开长期成长空间。 盈利预测与估值 由于非手机CCM 和FPM 销量及盈利超预期，同时联营公 ...

Core Viewpoint - Citi has upgraded the guidance for Q Technology (01478) for the fiscal year 2025, with growth rates for IoT and automotive camera module shipments increased from over 40% to over 60%, and fingerprint recognition module shipment growth raised from over 20% to over 30% [1] Financial Performance - Q Technology reported a strong performance in the first half of the year, with net profit increasing by 168% year-on-year to 308 million RMB [1] - The gross margin improved by 2.2 percentage points year-on-year, and by 0.5 percentage points on a half-year basis to 7.4% [1] - The average selling price of camera modules rose by 27% year-on-year to 41.5 RMB, driven by an increase in the shipment proportion of IoT and products with over 32 million pixels, as well as ongoing upgrades in camera specifications [1] Analyst Adjustments - Citi has raised its earnings forecasts for Q Technology for the next two years by 72% and 70% respectively, reflecting an improved product mix and higher gross margins [1] - The target price for Q Technology has been increased from 9.3 HKD to 15.7 HKD, while maintaining an outperform rating [1]