证券研究报告 | 公司点评 2024 年 07 月 11 日 丘钛科技(01478.HK) 中报盈喜,看好 CCM 高端化 7 月 10 日,丘钛科技发布盈喜报告。2024H1,丘钛科技归母综合溢利 可能较 2023H1 的 2169 万人民币增长约 400%-500%,绝对值大约为 1.08-1.30 亿人民币。盈利较好的主要原因包括:1)全球智能手机情况 好转、车载及物联网摄像头模组业务进步,使得摄像头模组销量同比增 长 30.8%,同时改善了稼动率;2)持续推进高端化,公司 32M 像素以 上的摄像头模组销量占比达到 49.2%,超出预期(年初指引的全年 32M 像素及以上摄像头销量占比为 45%以上);3)上半年一家联营公司经 营业绩改善,使得该部分亏损金额同比减少。 公司持续推进高端化进程,改善盈利性。1)产品规格方面,行业重回升 规升配正轨,公司也积极推进高像素、光学防抖、潜望式变焦、大芯片 等中高端摄像头模组的拓展。2)客户合作方面,公司积极供应手机客户 的高端手机产品线,我们预计公司今年仍将继续受益于高端旗舰手机产 品供应。总体上看,公司上半年 32M 像素以上的摄像头模组销量占比达 到 49 ...

CMB 国际全球市场 | 股票研究 | 公司更新 Q - Tech ( 1478 香港 ) CMBI Corp Day 外卖 : Android 恢复和规范升级推动 ASP / GPM 上升 我们于 6 月 26 日在 CMBI 技术公司日主持了 Q - tech 。主要收获包括 : 1 ) 智能手机 CCM : 管理。 在 Adroid 恢复,更高的 UTR 和更好的产品组合的推动下,FY24E 的 GPM 恢复是积极的 ; 2 ) 非智能 手机 CCM : 由于华为和海外一级客户的订单获胜,汽车 CCM 的加速增长 ; 3 ) FPM : 由于超声波 FPM 的采用增加和 ASP 的增加,利润崩溃在轨道上。总体而言,我们预计高端 Adroid 恢复和规格升级将 在 FY24E 提高 ASP / 收益。FY24 / 25E 市盈率为 11.9 倍 / 8.7 倍,我们认为该股仍然具有吸引力 ( 而 8 年期市盈率为 18 倍。avg) 。在审查 TP 的情况下保持买入。 智能手机 CCM : 由于 Android 恢复 , 高端规格升级和不断上升的 UTR / ASP , GPM 恢 复步入正轨。管理。重申 ...

CMB International Global Markets | Equity Research | Company Update Q-Tech (1478 HK) CMBI Corp Day takeaways: ASP/GPM upside driven by Android recovery and spec upgrade We hosted Q-tech at CMBI Technology Corporate Day on 26 Jun. Key takeaways include: 1) smartphone CCM: mgmt. is positive on GPM recovery in FY24E driven by Android recovery, higher UTR and better product mix and; 2) non-smartphone CCM: accelerated growth in auto CCM thanks to Huawei and overseas tier-1 customers' order wins; 3) FPM: profit b ...

丘鈦科技 (集團) 有限公司 Q Technology (Group) Company Limited (Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立的有限公司) Stock Code 股份代號：1478 Annual Report 126年報 21 15000 12500 Climate-contrpl Run of Kilometers c 12.02 11.13 18.02 0 04:00 Tire Pressure 15:00 01:00 FRONT LEFT BACK LEFT 0000 Contents 目錄 | --- | --- | --- | --- | --- | --- | |------------------------------------------------|----------------------------|-------|-------|-------|-------| | | | | | | 目錄 | | | | | | | | | Corporate Informat ...

11 Apr 2024 Earnings Summary CMB International Global Markets | Equity Research | Company Update Q-Tech (1478 HK) 1Q24 shipment rebound on track; Auto & IoT as next growth drivers We recently spoke to Q-Tech's mgmt. and we maintain our positive view on high-end Android recovery to drive ASP/shipment upside in FY24E. Q-tech also expected GPM improvement in 1H24E thanks to better product mix and easing competition. For 1Q24, Q-Tech posted impressive growth of 23%/179% YoY in mobile/non-mobile CCM shipment, th ...

香港交易及結算所有限公司及香港聯合交易所有限公司（「聯交所」）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） （股份代號：1478） 截至二零二三年十二月三十一日止年度 全年業績公告 | --- | --- | |-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 3.76, indicating a potential upside of 20% from the current price of HKD 3.13 [1][40]. Core Insights - The global smartphone industry is showing signs of recovery, with a positive growth of 8% year-on-year in Q4 2023, following a prolonged period of decline due to slow technological innovation and extended replacement cycles [4][19]. - The integration of AI technology in smartphones is expected to revolutionize user interaction, creating new market opportunities. Major manufacturers like Samsung and others are already implementing AI features in their products, which is anticipated to drive industry growth [5][20][24]. - The company is focusing on high-end optical modules, which have shown significant revenue elasticity. The shipment of high-resolution camera modules is increasing, with a notable rise in the proportion of modules with 32 million pixels and above [6][33]. Summary by Sections Company Overview - The company, Q Technology (Group) Co., Ltd. (stock code 1478.HK), is a leading manufacturer of mid-to-high-end camera modules and fingerprint recognition modules for smart mobile devices, IoT, and smart automotive applications [14]. Global Smartphone Demand Recovery - The smartphone replacement cycle has extended from 2 years to over 3 years, but the aging of devices is driving an increase in replacement demand. The total global smartphone shipments for 2023 are estimated at 1.14 billion units, with a year-on-year decline of only 4% [4][18][19]. AI Technology Impact - AI is expected to enhance smartphone interaction significantly, with predictions that 5% of smartphone shipments will be AI-enabled by 2024, rising to 45% by 2027. This shift is anticipated to stimulate demand for new devices [5][28]. Company Focus on High-End Camera Modules - The company's camera module shipments for H1 2023 were 167 million units, down 20.8% year-on-year, but are expected to recover in H2 2023 with a smaller decline of 3.2%. The proportion of high-end modules is increasing, reaching 49% in early 2024 [6][32][33]. Financial Forecast and Valuation - Revenue projections for the company from 2023 to 2025 are RMB 12.46 billion (-9.5%), RMB 14.17 billion (+13.7%), and RMB 16.56 billion (+16.9%), with net profits expected to rebound significantly in 2024 [7][38].

智通财经APP获悉，丘钛科技(01478)午后涨超6%，截至发稿，涨5.43%，报3.3港元，成交额1246.59万 港元。 消息面上，丘钛科技公布，今年2月摄像头模组销售数量为2869.8万件，同比增长7.3%，主要是由于智 能手机市场需求回升，及集团于中高端摄像头模组产品及车载摄像头模组产品的业务发展良好；而销量 环比下降28.2%，则主要是由于春节假期因素。其中，手机摄像头模组销量为2,795.6万件，同比增加 6.1%，环比则跌28.2%。 招银国际此前发布研报称，将丘钛科技目标价从3.6港元上调4%至3.74港元，维持"买入"评级，认为该 股极具吸引力。集团1月出货量复苏强劲，超出预期。该行看好2024年上半年高阶智慧型手机需求复 苏；考虑到2023年盈警及出货量修复，将2024/25年财年每股盈利预测下调33及36%，预计分别年增 283%及39%。 ...

| --- | --- | --- | --- | --- | --- | --- | |-------|--------------------------------|-------------------------------------------------------------|-------|-------|-------|-------| | | | | | | | | | | 丘钛科技(集團)有限公司 | | | | | | | | | Q Technology (Group) Company Limited | | | | | | | (於開曼群島註冊成立的有限公司) | (Incorporated in the Cayman Islands with limited liability) | | | | | | | Stock Code 股份代號 : 1478 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ...

香港交易及結算所有限公司及香港聯合交易所有限公司（「聯交所」）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。 1 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） （股份代號：1478） 截至二零二三年六月三十日止六個月 中期業績公告 | --- | --- | |-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...