Group 1 - The core point of the article is that Q Technology reported a 22.8% increase in camera module sales in January [1] Group 2 - The sales growth indicates a strong demand for camera modules, which may reflect broader trends in the technology and consumer electronics industry [1] - This performance could position Q Technology favorably in the competitive landscape of camera module manufacturers [1] - The increase in sales may also suggest potential for revenue growth in the upcoming financial reports [1]

Core Viewpoint - Q Technology (01478.HK) reported its sales data for January 2026, indicating a mixed performance in its product segments, with camera module sales showing year-on-year growth while fingerprint recognition module sales experienced a decline in year-on-year comparison [1] Group 1: Camera Module Sales - Total camera module sales reached 44.071 million units in January 2026, a month-on-month decrease of 4.1% but a year-on-year increase of 22.8% [1] - Sales of mobile camera modules accounted for 41.482 million units, reflecting a month-on-month decrease of 3.7% and a year-on-year growth of 19.5% [1] - The increase in camera module sales year-on-year is attributed to rising demand from overseas customers and a continuous increase in market share [1] Group 2: Fingerprint Recognition Module Sales - Total sales of fingerprint recognition modules amounted to 19.741 million units, showing a month-on-month increase of 10.0% but a year-on-year decrease of 18.4% [1] - The year-on-year and month-on-month growth in fingerprint recognition module sales is primarily due to the increasing penetration rate of ultrasonic fingerprint recognition modules and the impact of customer project cycles [1] Group 3: Market Trends - Sales of camera modules for IoT and smart automotive applications have significantly increased year-on-year, indicating a positive trend in these sectors [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生 或因倚賴該等內容而引致的任何損失承擔任何責任。 Q TECHNOLOGY (GROUP) COMPANY LIMITED 丘鈦科技(集團)有限公 司 （於開曼群島註冊成立的有限公司） 攝像頭模組產品銷售數量同比增長，主要是由於海外客戶需求增加及供應 份額持續上升。同時，其他領域攝像頭模組產品的銷售情況繼續向好，本集 團應用於物聯網(IoT)及智能汽車領域的攝像頭模組銷售數量均同比大幅增 長。 （股份代號：1478） 自願公告 本公告乃由丘鈦科技（集團）有限公司（「本公司」，連同其附屬公司統稱「本集 團」）自願作出。除另有指明者外，本公告所採用之產品銷售數量統計口徑與本 公司日期為二零二五年十一月十一日之公告一致。 本公司董事（「董事」）會（「董事會」）謹此宣佈，本集團及本公司之聯營公司 Kunshan Q Tech Microelectronics (India) Private Limited（「印度丘鈦」）於二零二六 年一月主營產品銷售數量詳細如 ...

Group 1 - The core point of the article is that Kunshan Qutai Microelectronics Technology Co., Ltd. has obtained a patent for a "camera device and smart terminal," with the authorization announcement number CN117979140B, and the application date is February 2024 [1] - Kunshan Qutai Microelectronics Technology Co., Ltd. was established in 2007 and is located in Suzhou, primarily engaged in the manufacturing of computers, communications, and other electronic devices [1] - The company has a registered capital of 288,758.8 million RMB and has made investments in 5 enterprises, participated in 38 bidding projects, and holds 808 patents along with 6 trademark registrations and 46 administrative licenses [1]

Core Viewpoint - The company anticipates a significant increase in net profit for 2025, projected to rise by 400% to 450% compared to 2024, driven by strong demand in non-mobile smart visual products, a focus on high-end product offerings, and gains from the sale of a subsidiary [1][2][3] Group 1: Factors Driving Profit Growth - Strong demand for smart visual products in non-mobile sectors, particularly in smart driving and IoT markets, is expected to double the sales volume of camera modules, leading to stable revenue growth [1][2] - The company is focusing on high-end products, with significant increases in the shipment of periscope cameras, optical image stabilization modules, and ultrasonic fingerprint recognition modules, enhancing product value and improving gross margins [1][2] - The sale of approximately 51.08% of the subsidiary Kunshan QTech Microelectronic (India) Private Limited has generated transaction gains, and the performance of associated companies has turned from loss to profit, contributing to earnings [1][2] Group 2: Product Structure and Market Expansion - By the first half of 2025, camera modules with over 32 million pixels are expected to account for about 53.4% of mobile module sales, an increase of approximately 5.5 percentage points from the first half of 2024 [1][2] - The average price of camera modules is projected to reach approximately RMB 41.5, reflecting a year-on-year increase of about 27.2% and a quarter-on-quarter increase of about 16.1% [1][2] - Sales of camera modules for non-mobile applications, such as automotive and IoT, are expected to grow by approximately 47.9%, representing about 4.2% of total camera module sales, an increase of 1.7 percentage points year-on-year [3] Group 3: Strategic Partnerships and Investments - The company has established partnerships with seven leading global smart driving solution providers and has obtained supplier qualifications from 37 major automotive and/or new energy vehicle brands, with new projects initiated [3] - In March 2025, the company increased its stake in New Giant Technology to 41.8%, enhancing its capabilities in smartphone, IoT, and NB sectors [3] - The company invested in the Norwegian listed company poLight, becoming its largest shareholder, to support its layout in emerging markets such as XR and embodied robotics [4]

Group 1 - Everbright Securities maintains a "Buy" rating for Baidu Group-SW, citing short-term pressure on advertising but stabilization trends, with AI cloud growth logic remaining intact [1] - China Hongqiao's target price raised to HKD 45 by CMB International, driven by a persistent global aluminum supply-demand gap until 2026-27, leading to a 27% and 12% upward revision in profit forecasts [1] - CMB International initiates a "Buy" rating for Innovation Industry with a target price of HKD 32, highlighting significant cost advantages from renewable energy and a clear growth path through overseas aluminum projects [1] Group 2 - Huatai Securities lowers the target price for Ausnutria to HKD 2.11 while maintaining an "Add" rating, noting ongoing pressure from declining newborn population impacting domestic infant formula sales, but strong overseas performance [2] - Dongfang Securities maintains a "Buy" rating for Geely Automobile with a target price of HKD 23.37, reporting a 121% year-on-year increase in January export sales and a 99.7% growth in the Zeekr brand [3] - Dongfang Securities also maintains a "Buy" rating for Kuaishou-W with a target price of HKD 104.36, highlighting a 112% month-on-month increase in AI overseas revenue and ongoing technological advancements [3] Group 3 - CITIC Construction maintains a "Buy" rating for Laopu Gold, noting a pre-Spring Festival buying spree and strong brand expansion, with Q1 gross margin expected to approach 40% [4] - Kaiyuan Securities initiates a "Buy" rating for Leshu Comfort, emphasizing its leading market share in Africa for baby diapers and sanitary napkins, supported by localized production and distribution channels [5] - GF Securities maintains a "Buy" rating for Meituan-W, indicating a stabilization in food delivery competition and a solid market position, with profitability expected to improve by 2026 [6] - Guoyuan International Securities maintains a "Buy" rating for Q Technology with a target price of HKD 12.89, noting a 27.2% year-on-year increase in camera module prices and a growing revenue share from non-mobile sectors [7]

机构评级详情见下表： 国元国际发布研报称，预测丘钛科技(01478.HK)2025~2027年收入分别为198.04（+22.6%）、219.53 （+10.9%）和244.77（+11.5%）亿元人民币，归母净利润14.26（+411%）、9.1（-36.2%）和10.92 （+17.8%）亿元人民币。按照稳健原则，该行认为按照2026年15倍PE估值是合理的，对应目标价12.89 港元/股，距离现价有37.2%的上升空间，给予"买入"评级。 投行对该股的评级以买入为主，近90天内共有3家投行给出买入评级，近90天的目标均价为13.26港元。 国元国际控股最新一份研报给予丘钛科技买入评级，目标价12.89港元。 丘钛科技港股市值111.82亿港元，在光学光电子行业中排名第2。主要指标见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 ...

Core Viewpoint - Company is expected to see significant revenue growth driven by product structure transformation and equity transfer gains, with a projected net profit increase of 400% to 450% in 2025 [1] Group 1: Financial Projections - Revenue forecasts for QiuTai Technology (01478) are projected at RMB 198.04 billion (+22.6%), RMB 219.53 billion (+10.9%), and RMB 244.77 billion (+11.5%) for 2025 to 2027 [1] - Net profit estimates are RMB 14.26 billion (+411%), RMB 9.1 billion (-36.2%), and RMB 10.92 billion (+17.8%) for the same period [1] - A target price of HKD 12.89 per share is set based on a 15x PE valuation for 2026, indicating a 37.2% upside from the current price [1] Group 2: Product Strategy and Performance - The company continues to focus on high-end camera modules, with the share of camera modules with 32 million pixels and above reaching approximately 53.4% by H1 2025, an increase of about 5.5 percentage points from H1 2024 [2] - Sales of periscope camera modules reached approximately 10.6 million units, a 5.9-fold increase compared to H1 2024 [2] - The average selling price of camera modules increased to approximately RMB 41.5, reflecting a year-on-year increase of about 27.2% and a quarter-on-quarter increase of about 16.1% [2] Group 3: Growth in Non-Mobile Camera Modules - The company is developing a second growth curve, with sales of camera modules for non-mobile applications (such as automotive and IoT) increasing by approximately 47.9% year-on-year, accounting for about 4.2% of total camera module sales [3] - Revenue from non-mobile camera modules represented approximately 23.9% of total camera module sales revenue, an increase of about 14.3 percentage points year-on-year [3] - The company has established partnerships with 7 leading global smart driving solution providers and has received supplier qualifications from 37 leading automotive and/or new energy vehicle brands, with 5 new designated projects added [3]

Core Viewpoint - Company is expected to see significant revenue growth driven by product structure transformation and equity transfer gains, with a projected net profit increase of 400% to 450% in 2025 [2] Financial Projections - Revenue forecasts for Q Technology (01478) are projected at RMB 198.04 billion (+22.6%), RMB 219.53 billion (+10.9%), and RMB 244.77 billion (+11.5%) for 2025 to 2027 respectively [1] - Net profit forecasts are RMB 14.26 billion (+411%), RMB 9.1 billion (-36.2%), and RMB 10.92 billion (+17.8%) for the same period [1] Product Strategy and Performance - Company continues to focus on high-end camera modules, with the proportion of camera modules with 32 million pixels and above reaching approximately 53.4% by H1 2025, an increase of about 5.5 percentage points from H1 2024 [3] - The average selling price of camera modules reached approximately RMB 41.5, reflecting a year-on-year increase of about 27.2% and a quarter-on-quarter increase of about 16.1% [3] Growth in Non-Mobile Camera Modules - Non-mobile camera module sales have become a new growth driver, with sales in the automotive and IoT sectors increasing by approximately 47.9% year-on-year, accounting for about 4.2% of total camera module sales [4] - Revenue from non-mobile camera modules represents approximately 23.9% of total camera module sales revenue, an increase of about 14.3 percentage points year-on-year [4] - Company has established partnerships with 7 leading global smart driving solution providers and has obtained supplier qualifications from 37 leading automotive and/or new energy vehicle brands, with 5 new projects initiated [4]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 12.89 per share, indicating a potential upside of 37.2% from the current price of HKD 9.40 [1][6]. Core Insights - The company anticipates a significant increase in net profit for 2025, projected to rise by 400% to 450% compared to the previous year, driven by strong demand in non-mobile sectors, a focus on high-end products, and gains from the sale of a subsidiary [3][9]. - The product structure of camera modules is being optimized, with a notable increase in average selling prices, reflecting a shift towards high-end camera modules [4][10]. - The non-mobile camera module business is emerging as a new growth driver, with sales in automotive and IoT applications showing substantial growth [5][14]. Financial Projections - Revenue forecasts for 2025 to 2027 are estimated at RMB 198.04 billion (+22.6%), RMB 219.53 billion (+10.9%), and RMB 244.77 billion (+11.5%) respectively, with net profit projections of RMB 14.26 billion (+411%), RMB 9.1 billion (-36.2%), and RMB 10.92 billion (+17.8%) [6][19]. - The average gross margin is expected to improve, reflecting the company's strategic focus on higher-value products [7][19]. Market Position and Strategy - The company is enhancing its vertical integration in the smart vision system sector, with investments in technology and partnerships aimed at expanding capabilities in smartphones, IoT, and emerging markets [21][20]. - The company has established partnerships with leading automotive brands and smart driving solution providers, indicating a strategic shift towards non-mobile applications [5][14].