Core Viewpoint - The report from Credit Lyonnais indicates that Q Technology has shown strong performance in the first half of the year, with a net profit growth of 168% year-on-year, reaching 308 million yuan [1] Financial Performance - Net profit increased by 168% year-on-year to 308 million yuan [1] - Gross margin improved by 2.2 percentage points year-on-year and by 0.5 percentage points half-on-half to 7.4% [1] - Average selling price of camera modules rose by 27% year-on-year to 41.5 yuan, driven by increased shipments of IoT and products with over 32 million pixels, as well as ongoing upgrades in camera specifications [1] Future Guidance - The company has raised its guidance for fiscal year 2025, increasing the growth rate for IoT and automotive camera module shipments from over 40% to over 60% [1] - The growth rate for fingerprint recognition module shipments has been raised from over 20% to over 30% [1] Analyst Adjustments - Credit Lyonnais has raised its earnings estimates for Q Technology for the next two years by 72% and 70% respectively, reflecting improved product mix and higher gross margins [1] - The target price has been increased from 9.3 HKD to 15.7 HKD, while maintaining an "outperform" rating [1]
大行评级｜里昂：丘钛科技上半年业绩强劲 上调目标价至15.7港元