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中金:维持丘钛科技跑赢行业评级 升目标价至14.97港元

Core Viewpoint - CICC has raised its profit forecasts for QiuTai Technology (01478) for 2025 and 2026 by 44% and 41% respectively, due to better-than-expected sales and profitability in non-mobile CCM and FPM segments, as well as improved performance from joint ventures [1] Group 1: Financial Performance - In 1H25, QiuTai's revenue increased by 15% year-on-year to 8.83 billion, while net profit attributable to shareholders surged by 168% to 308 million, exceeding CICC's previous expectations [2] - The significant profit growth in 1H25 was driven by product upgrades and improved market conditions, with CCM and FPM revenues growing by 10% and 109% respectively [2] - The gross margin in 1H25 improved by 2.2 percentage points to 7.4%, with CCM and FPM gross margins increasing by 1.0 percentage points and 15.4 percentage points respectively [2] Group 2: Mobile Product Strategy - In a stable smartphone market, QiuTai is focusing on optimizing the product structure of mobile CCM and FPM, with periscope camera module sales reaching 10.6 million units in 1H25, a year-on-year increase of 590% [3] - The company aims to continue promoting high-end mobile business in 2H25, which is expected to drive revenue and profitability growth [3] Group 3: Non-Mobile Growth Engines - In 1H25, IoT and automotive CCM sales increased by 48%, with the company raising its full-year guidance to a 60% year-on-year growth, supported by the high demand for handheld smart imaging devices and drones [4] - The company is expanding its capabilities in various fields such as XR and robotics through self-research, investment, and acquisitions, aiming to build a smart vision product platform for long-term growth [4]