来源：内容 编译自 itmedia ，谢谢。 2025年4月28日，TDK宣布将把微执行器业务转让给投资控股公司Q Technology Investment（以 下简称QT Investment）。同日，与QT投资签署框架协议。此次转让预计将于2026年3月完成。 TDK表示，公司秉承"以创造力贡献文化与产业"的企业使命，并以"愿景、勇气、信任"的核心价 值观为驱动力，制定了长期战略愿景"TDK 变革"，概述了未来十年的目标。作为这一征程的第一 步，公司已启动一项新的三年期中期管理计划，该计划将于2025年3月结束的财年启动。该计划以 三大支柱为基础：加强现金流管理、提升业务组合优化，以及通过"铁氧体树"计划的演进推动创 新。作为此次战略调整的一部分，公司对微执行器解决方案业务进行了全面评估，该业务致力于开 发、设计、制造和销售用于智能手机等各种应用的相机模块执行器（以下简称"CMA"）。 TDK多年来一直引领着CMA的开发和创新，并交付了广泛应用于多个市场产品的先进解决方案， 对此我们深感自豪，但竞争格局也已发生显著变化。在仔细考量了该业务及相关行业的情况后，我 们认定，在新的所有权结构下，CMA业务将更 ...

Core Viewpoint - The recent comments from U.S. President Trump indicate a potential reduction in tariffs on imports from China, suggesting a shift in his administration's trade policy [1] Group 1: Stock Performance - Gawei Electronics (01415.HK) increased by 6.99% - BYD Electronics (00285.HK) rose by 6.22% - AAC Technologies (02018.HK) saw a gain of 5.85% - Cowell e Holdings (01478.HK) experienced a rise of 4.50% [1]

Product Development and Market Focus - The Group reported a significant focus on mid-to-high end camera and fingerprint recognition modules, targeting global smartphone and tablet brands, IoT, and smart vehicles[12] - The product range includes ultra-thin camera modules with resolutions from 2 megapixels to 200 megapixels, dual/multiple camera modules, and various fingerprint recognition technologies[12] - The Group is one of the first manufacturers in the PRC to utilize advanced technologies such as COB, COF, MOB, and MOC in camera module production[12] - The Group aims to enhance its capabilities in optical designs, computational imaging, and system integration to become a leader in intelligent vision products[12] - The Group is committed to large-scale intelligent manufacturing and vertical integration strategies to stand out in the rapidly growing market[12] - The Group's mission is to "illuminate machines" through innovative technology and product development[12] - Future outlook includes expanding product offerings and market presence in the intelligent mobile terminal sector[12] Financial Performance - Revenue for 2024 reached RMB 16,151,336 thousand, a 28.5% increase from RMB 12,530,799 thousand in 2023[19] - Gross profit for 2024 was RMB 984,904 thousand, resulting in a gross profit margin of 6.1%, up from 4.1% in 2023[19] - Profit for the year attributable to shareholders was RMB 279,068 thousand, compared to RMB 81,917 thousand in 2023, marking a significant increase[19] - Basic earnings per share for 2024 were RMB 23.6 cents, a substantial rise from RMB 6.9 cents in 2023[19] - Total assets decreased to RMB 14,447,928 thousand in 2024 from RMB 14,942,750 thousand in 2023[19] - Total liabilities reduced to RMB 9,356,562 thousand in 2024, down from RMB 10,110,999 thousand in 2023[19] - The net asset value per share increased to RMB 4.30 in 2024 from RMB 4.08 in 2023[19] - The company reported a current ratio of 1.2 in 2024, consistent with the previous year[19] - The company declared a dividend of RMB 9.3 cents per share for 2024, with a dividend yield of 2.41%[19] Market Trends and Projections - Global smartphone shipments in 2024 reached approximately 1.24 billion units, representing a year-on-year increase of about 6.4%[40] - The average selling price (ASP) of smartphones reached a record high of US$356, reflecting a favorable development momentum in both volume and price growth[40] - Total automobile sales in China for the Year reached approximately 31.436 million units, representing a year-on-year growth of approximately 4.5%[44] - Sales of new energy vehicles in China totaled approximately 12.866 million units, representing a year-on-year increase of approximately 35.5%[44] - Global shipments of virtual reality (VR) and mixed reality (MR) headsets in 2024 were estimated at 9.60 million units, representing a year-on-year growth of 8.8%[41] - The global economic growth rate for 2024 is forecasted at approximately 3.2% by both the IMF and the World Bank, indicating a positive trajectory for global economic development[38] - The GDP growth rate for the United States in 2024 was approximately 2.9%, surpassing earlier forecasts[38] - The European Union's GDP growth rate for 2024 was projected at approximately 0.9%, exceeding previous estimates[38] - China's GDP growth rate for 2024 was reported at 5.0%, with quarterly growth rates showing strong development potential[38] Sales and Shipment Data - Shipment of camera modules reached 479,330 thousand units in 2024, showing growth compared to previous years[23] - In 2023, the total sales volume of camera modules reached approximately 434.29 million units, representing a year-on-year increase of approximately 16.2%[52] - The sales volume of fingerprint recognition modules reached approximately 160.99 million units, reflecting a year-on-year increase of approximately 46.0%[52] - The shipment volume of mid-to-high end camera modules (32 megapixels and above) accounted for approximately 50.1% of total smartphone camera module shipments, up from approximately 40.4% in the previous year[47] - Sales volume of camera modules applied to non-handset fields, such as automotive and IoT, increased by approximately 58.8% compared to the previous year[47] Research and Development - The management emphasizes the importance of research and development in new technologies to maintain competitive advantage[12] - The Group's automation equipment development is centered around Automated Optical Inspection (AOI) technology[12] - The Group aims to enhance its technological capabilities and maintain cost leadership while advancing large-scale intelligent manufacturing and R&D of new technologies[69] Strategic Planning and Future Goals - The Group's strategic plan for 2021-2025 focuses on enhancing management capabilities, technological transformation, and mid-to-high-end product development[55] - The Group aims for camera modules with resolutions of 32 megapixels and above to account for no less than 55% of mobile phone camera module sales by 2025, up from approximately 50.1% during the year[73] - The Group targets a year-on-year increase of not less than 40% in the sales volume of camera modules applied to non-handset fields such as automotive and IoT by 2025[73] - The Group also aims for a year-on-year increase of not less than 20% in the sales volume of fingerprint recognition modules by 2025[73] Management and Governance - The Group's strategic planning and investment strategies are overseen by Mr. He Ningning, who has over 30 years of experience in the electrical and electronics industries[176] - Mr. Hu Sanmu, the CEO, is responsible for the daily operation management, particularly in the biological recognition module business[180] - The management team has extensive experience in finance and engineering, enhancing the company's operational capabilities[186] - The company emphasizes compliance and risk management, with dedicated roles for these functions within its structure[188] Environmental and Social Responsibility - The Group has implemented Wastewater Management Regulations, Waste Gas Management Regulations, and Greenhouse Gas Management Measures to enhance environmental protection management[171] - Kunshan QT China was awarded the title of "National Green Factory" by the Ministry of Industry and Information Technology of China for its contributions to energy conservation and new energy applications[171] - The Group has focused on improving its management and control of sewage to ensure compliance with statutory requirements for wastewater discharge[171] - The Group's environmental protection management details will be disclosed in the Environmental, Social and Governance Report in the annual report[172]

Group 1 - Apple-related stocks collectively opened higher, with notable increases: High伟电子 up 12.08% to HKD 23.2, 富智康集团 up 9.46% to HKD 0.81, 丘钛科技 up 8.2% to HKD 6.73, 比亚迪电子 up 6.53% to HKD 35.1, 舜宇光学 up 6.18% to HKD 69.6, and 瑞声科技 up 6.17% to HKD 38.7 [1] - The U.S. Customs and Border Protection announced that the federal government has agreed to exempt electronic products such as smartphones, computers, and chips from the so-called "reciprocal tariffs" [1] - The exemption applies to electronic products entering the U.S. after April 5, and companies can seek refunds for tariffs already paid [1] Group 2 - 华泰证券 believes that the impact on the Apple supply chain in China is limited, primarily because many supply chain companies have production capacity or sales networks in Southeast Asia [2] - Brands have prepared sufficient inventory to support U.S. demand in the short term, which may limit supply chain price pressures [2] - The stock price corrections have already reflected most potential negative impacts, and there is optimism for valuation recovery as tariff policy effects diminish and the long-term competitiveness of Chinese companies is recognized [2]

港股开盘，恒指开涨2.15%，科指开涨3.13%。苹果概念股集体高开，高伟电子(014185.HK)开涨 12.08%，丘钛科技(01478.HK)开涨8.20%，瑞声科技(02018.HK)开涨6.17%。 ...

Core Viewpoint - The Hong Kong stock market saw a significant rise in Apple-related stocks, driven by the exclusion of certain products from the previously announced "reciprocal tariffs" by the U.S. Customs and Border Protection [1] Group 1: Stock Performance - Highwei Electronics (01415.HK) increased by 12.08% - FIH Mobile (02038.HK) rose by 9.46% - Q Technology (01478.HK) gained 8.20% - Sunny Optical Technology (02382.HK) climbed 6.18% - AAC Technologies (02018.HK) went up by 6.17% [1]

Core Viewpoint - Q Technology (01478.HK) reported a significant increase in fingerprint recognition module sales for March 2025, with a total of 17.295 million units sold, representing a year-on-year increase of 95.1% and a month-on-month growth of 26% [1] Sales Performance Summary - Capacitive fingerprint recognition module sales reached 6.048 million units, showing a month-on-month increase of 40.5% and a year-on-year surge of 171.6% [1] - Under-display fingerprint recognition module sales amounted to 9.74 million units, reflecting a year-on-year increase of 46.7% and a month-on-month growth of 42.4% [1] - Ultrasonic fingerprint recognition module sales were 1.507 million units, experiencing a month-on-month decline of 41.6% [1] Camera Module Sales Summary - Total camera module sales were 30.641 million units, which is a year-on-year decrease of 19.2% but a month-on-month increase of 28.2% [1] Market Factors - The changes in sales quantities are primarily attributed to adjustments in market strategy and seasonal factors [1]

Group 1 - The Hong Kong stock market saw a strong performance in Apple-related stocks, with notable increases in share prices for several companies [1] - Highwei Electronics surged over 30%, while AAC Technologies rose more than 20% [1] - Sunny Optical Technology experienced a 15% increase, BYD Electronics rose by 14%, and FIH Mobile also gained 14% [1] - Q Technology saw an increase of over 10% in its stock price [1] Group 2 - A-share accounts can now directly purchase Hong Kong stocks, allowing for T+0 trading, which enables same-day buying and selling without the risk of being stuck in positions [1]

港股苹果概念股走低，高伟电子(01415.HK)跌近10%，舜宇光学科技(02382.HK)跌超9%，丘钛科技 (01478.HK)跌8.5%，瑞声科技(02018.HK)跌7.7%，富智康(02038.HK)、比亚迪电子(00285.HK)跌超6%。 ...

Investment Rating - Maintain "Buy" rating for the optical industry [5] Core Insights - The optical upgrade trend is clear, opening multiple growth opportunities across various sectors [12] - The smartphone market is experiencing a recovery, with camera hardware upgrades becoming a key innovation direction [12] - The automotive sector is entering an era of equal access to intelligent driving, with a significant increase in demand for cameras and Lidar [2] - AI smart glasses are becoming a focal point for AI interaction, with a projected significant increase in sales [3] - The robotics sector is expanding with the integration of multiple visual sensors, indicating new opportunities in the optical field [4] Summary by Sections Smartphones - The global smartphone shipment is expected to reach 1.22 billion units in 2024, a 7% year-on-year increase, marking a rebound after two years of decline [12][18] - The demand for periscope lenses in smartphones is projected to grow from 46 million units in 2024 to 80 million units by 2026 [12] - The high-end smartphone camera module market is showing strong growth, with a 16% increase in shipments for mid-to-high-end modules [12][13] Automotive - China's new energy vehicle sales are projected to reach approximately 13.8 million units in 2024, a 46% year-on-year increase [2][14] - The penetration rate of new energy vehicles is expected to exceed 55% by 2025, surpassing traditional fuel vehicles for the first time [2] - The demand for automotive cameras is increasing, with an average of 7 cameras per vehicle expected by 2025 [15] Smart Glasses - Global sales of AI smart glasses are projected to reach 5.5 million units in 2025, a 135% increase from 2024 [3][16] - The integration of cameras in AI smart glasses is crucial for providing intelligent interaction experiences [3] Robotics - The Chinese machine vision market is expected to grow to 39.5 billion yuan by 2028, with a compound annual growth rate of approximately 17.5% from 2024 to 2028 [4][17] - The integration of multiple visual sensors in robotics is becoming increasingly important, with various companies adopting advanced visual systems [4][17]