Group 1 - The report from CMB International expresses a strong outlook on the AI glasses industry, highlighting significant growth in the Ray-Ban Meta glasses, which saw over a twofold increase in sales in the first half of the year [1] - Xiaomi aims for a shipment target of 500,000 units for its AI glasses, indicating robust demand and a rich product pipeline across various brands [1] - The report anticipates a 43% year-on-year growth in the global smart glasses market and a 121% growth in the Chinese market for this year [1] Group 2 - The entry of more tech companies into the AI glasses market, along with cost optimization and the expansion of generative AI applications, is expected to drive demand in the coming years [1] - Key technology brands such as Xiaomi have a target price of HKD 65.91, while optical component manufacturers like Cowell have a target price of HKD 13.21, and speaker and microphone component company AAC Technologies has a target price of HKD 63.54, all rated as "buy" [1]

招银国际发表研究报告指，持续看好AI眼镜产业的蓬勃发展，认为Ray-Ban Meta眼镜上半年强劲增长逾 两倍、小米AI眼镜50万件出货量目标、各品牌丰富的产品管线，以及持续扩展的生态系统与人工智能 功能及应用场景，将为相关供应链今年下半年的增长铺路。报告指，根据行业数据，预期今年全球与中 国的智能眼镜市场将分别实现43%与1.21倍的按年增长。随着更多科技企业进入AI眼镜市场，成本优化 与生成式AI应用场景的扩展，将在未来数年持续推动需求，而科技供应链将受惠。当中，主要科技品 牌如小米，目标价65.91港元；光学元件厂商如丘钛科技，目标价13.21港元；扬声器与麦克风零件公司 瑞声科技，目标价63.54港元，均予"买入"评级。 ...

建银国际发布研报称，丘钛科技稍前公布的盈利预喜料将强劲增长，但摄像头模组(CCM)销售预计则表 现平平。由于集团对CCM的销售额趋于保守，但产品结构改善带来的毛利率提升以及联营公司利润份 额的提高，使其更加稳健。因此，该行上调集团2025年盈测27%。同时上调目标价27%，由8.5港元升至 10.8港元，维持"中性"评级。 香港联交所最新资料显示，7月30日，丘钛科技(01478)股东将股票由渣打银行(香港)转入高盛(亚洲)证 券，转仓市值37.11亿港元，占比25.57%。 ...

建银国际发布研报称，丘钛科技稍前公布的盈利预喜料将强劲增长，但摄像头模组(CCM)销售预计则表 现平平。由于集团对CCM的销售额趋于保守，但产品结构改善带来的毛利率提升以及联营公司利润份 额的提高，使其更加稳健。因此，该行上调集团2025年盈测27%。同时上调目标价27%，由8.5港元升至 10.8港元，维持"中性"评级。 智通财经APP获悉，香港联交所最新资料显示，7月30日，丘钛科技(01478)股东将股票由渣打银行(香 港)转入高盛(亚洲)证券，转仓市值37.11亿港元，占比25.57%。 ...

Group 1 - The core viewpoint is that Cathay Securities has initiated a "Buy" rating for Q Technology (01478.HK) with a target price of HKD 14.26, driven by expected growth in demand for camera and fingerprint recognition modules in Android smartphones and emerging optical applications in IoT [1] - The company is projected to achieve net profits attributable to shareholders of RMB 700 million, RMB 887 million, and RMB 1.114 billion for the years 2025, 2026, and 2027 respectively [1] - The target market capitalization for Q Technology is estimated at HKD 16.923 billion [1]

Core Viewpoints - In 2025, the company's vertical integration will advance further, with investments in poLight and the acquisition of TDK's micro-driver solutions enhancing its competitiveness in high-end camera module solutions, laying a foundation for future growth [1][2] - The company's non-mobile business is a growth highlight, with non-mobile camera module shipments increasing by 48% year-on-year in the first half of 2025 [1][4] - The company expects significant improvements in the sales volume and product structure of fingerprint recognition modules, driving positive changes in gross margins [1][5] Financial Performance - The company forecasts a net profit of approximately 288 million to 323 million yuan for the first half of 2025, representing a year-on-year increase of 150% to 180% [1] - Mobile camera module shipments totaled 184 million units in the first half of 2025, a decrease of about 15% year-on-year, while non-mobile camera module shipments reached 8.08 million units, an increase of approximately 48% [1] Vertical Integration Strategy - The company emphasizes the importance of vertical integration for camera module manufacturers, which helps reduce supplier management costs and ensures product quality [2] - The company has invested in Taiwan's New Giant and poLight, becoming the largest shareholder of both, enhancing its competitive edge in customized lenses and zoom lens technology [2][3] Motor Solutions - The acquisition of TDK's micro-driver solutions will strengthen the company's high-end VCM motor competitiveness, leveraging TDK's extensive experience and technology in the micro-motor industry [3] - This acquisition is expected to enhance the company's product innovation capabilities in camera modules, particularly in autofocus, optical zoom, and optical stabilization [3] Non-Mobile Business Growth - The non-mobile camera module business, particularly in the automotive and IoT sectors, is expected to contribute positively to the company's profits due to higher ASP and profitability [4] - The company has become a core supplier for leading brands in the drone and handheld imaging device markets, benefiting from the growing market scale [5] Fingerprint Recognition Module Improvements - The fingerprint recognition module market is experiencing a competitive landscape improvement, with the company achieving a 60% year-on-year increase in shipments in the first half of 2025 [5] - The increase in ultrasonic fingerprint recognition penetration is positively impacting the company's product structure [5]

Core Viewpoint - As of July 18, 160 stocks reached their 52-week highs, with notable performances from China New Economy Investment (00080), Aoyuan Group Equity (02905), and Zhong An Holdings Group (08462) showing high growth rates of 288.89%, 55.28%, and 50.00% respectively [1][2]. Summary by Category 52-Week High Performers - China New Economy Investment (00080) closed at 0.440, with a peak price of 0.700, achieving a growth rate of 288.89% [2]. - Aoyuan Group Equity (02905) closed at 0.218, with a peak price of 0.250, achieving a growth rate of 55.28% [2]. - Zhong An Holdings Group (08462) closed at 0.221, with a peak price of 0.228, achieving a growth rate of 50.00% [2]. - Other notable performers include Hualian International (00969) with a growth rate of 40.13% and Zhongke Bio (01237) with a growth rate of 37.25% [2]. Additional High Performers - Wanma Holdings (06928) closed at 0.550 with a growth rate of 30.43% [2]. - Lepu Biopharma-B (02157) closed at 7.940 with a growth rate of 24.54% [2]. - Other stocks with significant growth include ZhiJianYueDong (06860) at 17.14% and China Jindian Group (08281) at 17.12% [2]. 52-Week Low Performers - The document also lists stocks that reached their 52-week lows, with XI Ernan CO-U (09311) showing a decline of 16.10% [6]. - Other notable declines include XI Ernan CO (07311) at -12.62% and Haotian International Construction Investment (01341) at -5.70% [6].

Group 1 - Company announced that its indirect wholly-owned subsidiary in India has signed a binding term sheet with Dixon to acquire a total of 51% of the paid-up capital of India-based subsidiary [1] - The preliminary total consideration for the proposed transaction is set at 5.53 billion Indian Rupees, which includes 4.28 billion Indian Rupees for the share purchase and 1.25 billion Indian Rupees for the share subscription [1] Group 2 - India, having the largest population globally, presents significant consumption potential for smart terminal products, leading to expected stable growth in demand for camera modules and fingerprint recognition modules [2] - Establishing comprehensive operational management capabilities for camera and fingerprint recognition modules in India is crucial for capturing a larger market share [2] - Collaboration with local enterprises, such as Dixon, which is one of the largest electronic manufacturing service providers in India, is beneficial for seizing market opportunities [2] - The partnership with Dixon is anticipated to facilitate rapid growth for the Indian subsidiary and enhance operational performance for the group [2]

Group 1 - The core transaction involves a binding term sheet between India-based Q Technology and Dixon, where Dixon conditionally agrees to acquire a total of 51% of the paid-up capital of Q Technology in India through share purchase and subscription [1] - The preliminary total consideration for the transaction is set at 5.53 billion Indian Rupees, which includes 4.28 billion Indian Rupees for the share purchase and 1.25 billion Indian Rupees for the share subscription, representing approximately 15.5 times the post-tax profit of Q Technology in India [1] - After the completion of the proposed transaction, the group will retain a 49% stake in Q Technology in India, which will no longer be consolidated as a subsidiary [1] Group 2 - The Indian market, with the largest population globally, presents significant consumption potential for smart terminal products, leading to expected stable growth in demand for camera modules and fingerprint recognition modules [1] - Support from the Indian government, such as subsidies, will aid Q Technology in expanding its production capacity and enhancing service capabilities for Indian customers [2] - Collaborating with local enterprises like Dixon, which is one of the largest electronic manufacturing service providers in India, will help Q Technology seize market opportunities and meet the growing demand for camera and fingerprint recognition modules [2]

金十数据7月15日讯，丘钛科技(01478.HK)在港交所公告，印度丘钛及出售股东与Dixon签订具约束力条 款说明书，据此，Dixon已有条件同意透过股份购买事项及股份认购事项之方式收购印度丘钛合共51% 之实缴股本。建议交易之总代价初步协定为5,530,000,000印度卢比（相当于约人民币461.29百万元）， 包括股份购买事项代价4,280,000,000印度卢比（相当于约人民币357.02百万元）；及股份认购事项代价 1,250,000,000印度卢比（相当于约人民币104.27百万元）。总代价为印度丘钛除税后溢利之约15.5倍。 丘钛科技：拟出售印度丘钛之51%股权 交易总价4.61亿元 ...