丘钛上半年业绩强劲，净利润同比增长168%，达3.08亿元人民币。毛利率同比提升2.2个百分点，按半 年提升0.5个百分点至7.4%。摄像头模组平均售价同比增长27%至41.5元人民币，主要受物联网及3,200 万像素以上产品出货占比提升，以及持续的摄像头规格升级推动。 智通财经APP获悉，里昂发布研报称，丘钛科技(01478)上调2025财年指引，物联网及车载摄像头模组出 货量增速从40%以上上调至60%以上，指纹识别模组出货量增速从20%以上上调至30%以上。里昂相应 上调丘钛今明两年盈测分别72%及70%，以反映产品组合改善下毛利率较高，目标价从9.3港元升至15.7 港元，维持跑赢大市评级。 ...

Core Viewpoint - Zhaoyin International reported that Q Technology (01478) achieved a net profit growth of 168% in the first half of the year, aligning with previous profit warnings, primarily driven by a 27% increase in average selling price of camera modules (CCM), a rise in non-mobile business sales proportion to 24%, and improved profitability from its associate company, New Giant Technology [1] Financial Performance - Q Technology's net profit increased by 168% in the first half of the year [1] - The average selling price of camera modules (CCM) rose by 27% [1] - Non-mobile business sales accounted for 24% of total sales [1] Earnings Forecast - Zhaoyin International raised Q Technology's earnings per share forecast for 2025 to 2027 by approximately 10% to 12% [1] - The target price for Q Technology was increased from HKD 13.21 to HKD 14.5 [1] - The "Buy" rating was reaffirmed by Zhaoyin International [1] Business Outlook - Management has raised the annual shipment guidance, with non-mobile CCM growth expectations increased from over 40% to over 60% [1] - Zhaoyin International expressed optimism about the growth potential in Q Technology's non-mobile businesses, including drones, automotive, and XR [1] - The collaboration with India's Dixon Group is expected to mitigate the impact of uncertainties related to U.S. tariffs [1]

里昂证券发布研报指出，丘钛科技上半年业绩强劲，净利润同比大增168%，毛利率同比及环比均有提 升。摄像头模组平均售价因物联网及高像素产品出货占比提升而增长27%。公司上调了2025财年物联 网、车载摄像头模组及指纹识别模组的出货量增速指引。里昂因此上调了公司今明两年盈测，并将其目 标价从9.3港元上调至15.7港元，维持"跑赢大市"评级。 ...

Core Viewpoint - Zhaoyin International's research report indicates that Q Technology's net profit increased by 168% in the first half of the year, aligning with previous profit warnings, primarily benefiting from a 27% rise in average selling prices of camera modules (CCM) and an expansion of non-mobile business sales to 24% of total sales [1] Group 1 - Q Technology's management has raised its full-year shipment guidance, with the growth expectation for non-mobile CCM increased from over 40% to over 60% [1] - The report expresses optimism regarding the growth potential of Q Technology's non-mobile businesses, including drones, automotive, and XR [1] - Collaboration with India's Dixon Group is expected to mitigate the impact of uncertainties related to U.S. tariffs [1] Group 2 - Based on better-than-expected average selling prices and gross margins for the first half of the year, Zhaoyin International has raised its earnings per share forecast for Q Technology for 2025 to 2027 by approximately 10% to 12% [1] - The target price for Q Technology has been adjusted from HKD 13.21 to HKD 14.5, with a reiterated "Buy" rating [1]

里昂相应上调丘钛今明两年盈测分别72%及70%，以反映产品组合改善下毛利率较高，目标价从9.3港元 上调至15.7港元，维持"跑赢大市"评级。 里昂发表研报指，丘钛科技上半年业绩强劲，净利润按年增长168%，达3.08亿元；毛利率按年提升2.2 个百分点，按半年提升0.5个百分点至7.4%。摄像头模组平均售价按年增长27%至41.5元，主要受物联网 及3200万像素以上产品出货占比提升，以及持续的摄像头规格升级推动。公司上调2025财年指引，物联 网及车载摄像头模组出货量增速从40%以上上调至60%以上，指纹识别模组出货量增速从20%以上上调 至30%以上。 ...

丘钛科技(01478)涨超8%，上半年纯利同比增长1.67倍，获多家机构调升目标价。 德琪医药-B(06996)涨超15%，Claudin 18.2 ADC拟纳入突破性疗法。 腾讯系业绩普遍超预期，腾讯音乐-SW(01698)涨15%；阅文集团(00772)涨超15%；微盟集团（02013） 涨超7%。 重庆机电(02722)再涨8.9%，预计中期纯利同比增长约50%，AIDC柴发需求快速增长。 中烟香港(06055)涨超7%，境内卷烟出口免税业务经营地位不变，公司下周五将发业绩。 智通财经APP获悉，港股恒生指数涨1.88%，涨470点，报25439点；恒生科技指数涨2.35%。港股早盘成 交1438亿港元。 恒生生物科技指数大涨3.77%，药品股集体上扬，"医保双目录"申报药品首次亮相，推动"多层次+创新 支持"战略转型。中慧生物-B（02627）再涨24%；九源基因(02566)涨8.99%；开拓药业(09939)涨5.7%； 信达生物(01801)涨7.27%。 和誉-B(02256)涨7.38%再创新高，匹米替尼行权费提振业绩，公司上半年纯利同比增长59%。 鸿腾精密(06088)绩后涨超9%，月内 ...

Investment Rating - The report maintains a "Buy" rating for the company and raises the target price to HKD 15.6, indicating a potential upside of 20% from the current price of HKD 13.06 [1][3]. Core Insights - The company is expected to sustain its growth momentum in the second half of 2025, driven by significant growth in its IoT camera module business, propelled by consumer drone clients, and expansion in mobile and automotive camera segments [10][30]. - The company has revised its revenue forecasts upward for 2025, anticipating a 60% year-on-year increase in non-mobile IoT and automotive module sales, and a 30% increase in fingerprint recognition module sales [10][30]. - The financial performance for the first half of 2025 shows a strong revenue growth of 15% year-on-year, with net profit increasing by 168% compared to the same period last year [14][10]. Financial Projections - Revenue is projected to grow from RMB 12,531 million in 2023 to RMB 21,683 million by 2027, with a compound annual growth rate (CAGR) of approximately 9% [2][11]. - The net profit is expected to rise significantly from RMB 82 million in 2023 to RMB 1,510 million in 2026, reflecting a substantial increase in profitability [2][11]. - The gross margin is forecasted to improve from 4.1% in 2023 to 7.8% in 2027, indicating enhanced operational efficiency [2][11]. Valuation - The report employs a sum-of-the-parts valuation method, assigning target price-to-earnings (P/E) ratios of 20.0x for mobile camera modules, 27.0x for other camera modules, and 22.0x for fingerprint recognition modules, leading to a target price of HKD 15.6 [10][19]. - The current P/E ratio of the company is noted to be 20.5x, which is considered attractive for potential investors [10].

丘钛科技(01478)涨超11%，截至发稿，涨11.52%，报15.1港元，成交额1.79亿港元。 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。多家 机构调升公司目标价，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。中银国际则维持对丘钛科技的"买入"评级，将目标价由11.6港元上调至16.4港元。 招银国际指出，看好丘钛科技在2025下半年盈利预测上调的趋势，相信市场低估丘钛科技在非手机市场 的领导地位和销售成长势头(特别是无人机和360全景相机)。总体而言，持续看好丘钛科技在非手机业 务(无人机/汽车/扩展现实XR)的增长潜力，并预计在美国在关税存在不确定性的背景下，其与印度 Dixon Group设立的合资公司将推动摄像头模组出货量增长。 ...

每经AI快讯，8月13日，港股苹果概念股走强，鸿腾精密（06088.HK）涨超10%，丘钛科技 （01478.HK）涨近8%，伟仕佳杰（00856.HK）涨超5%。 ...

Core Insights - The report highlights an increase in institutional attention towards sectors such as electric equipment, non-bank financials, and public utilities, indicating a shift in market focus [4][5][6] - The electric vehicle market in Europe is experiencing significant growth, with major automakers like Volkswagen, Renault, and BMW reporting substantial increases in battery electric vehicle (BEV) sales [15][16] - The report emphasizes the resilience of the viscose staple fiber market, with stable demand and limited new capacity contributing to a tight supply-demand balance [11][12][13] Institutional Research Tracking - The report outlines a decrease in total institutional research activity across the A-share market, with a notable decline in the number of companies being researched compared to the previous year [5][6] - Key sectors receiving increased attention include electric equipment, non-bank financials, and public utilities, reflecting a shift in investor focus [4][6][7] Electric Vehicle Market Trends - European automakers are set to continue launching new electric vehicle models, which is expected to sustain the momentum of the electric vehicle market [16][17] - The report notes that the EU's carbon emission regulations are being adjusted, which may impact the pace of electric vehicle adoption but overall trends remain positive [17] Viscose Staple Fiber Market Analysis - The report indicates that the apparent consumption of viscose staple fiber is projected to grow, with 2023 and 2024 consumption expected to reach 3.81 million tons and 4.09 million tons respectively, reflecting year-on-year increases of 9.74% and 7.28% [11] - The industry is characterized by high capacity utilization rates, with the effective capacity utilization expected to remain above 80% due to stable demand and limited new capacity [12][13] Company-Specific Updates - The report provides updates on specific companies, such as Wanhua Chemical, which is expected to benefit from supply-side improvements in the chemical sector, maintaining a "buy" rating [28] - Action Education is noted for its stable operations and high dividend payout strategy, with a focus on AI-driven growth in the long term [32] Recommendations - The report suggests investment in companies like Sanyou Chemical and Biyuan Chemical, which are positioned to benefit from the ongoing trends in the viscose staple fiber and chemical markets [14][23] - In the electric vehicle sector, recommended stocks include CATL and Yiwei Lithium Energy, which are expected to gain from the growth in battery demand [17]