Core Viewpoint - Citi Technology has raised its fiscal year 2025 guidance for Q Technology (01478), indicating significant growth in IoT and automotive camera module shipments, as well as fingerprint recognition modules [1] Group 1: Company Performance - Q Technology has increased its IoT and automotive camera module shipment growth forecast from over 40% to over 60% [1] - The growth forecast for fingerprint recognition module shipments has been raised from over 20% to over 30% [1] - The company reported a strong net profit growth of 168% year-on-year, reaching 308 million RMB [1] Group 2: Financial Projections - Citi has adjusted its earnings estimates for Q Technology for the next two years, increasing them by 72% and 70% respectively, reflecting improved product mix and higher gross margins [1] - The target price for Q Technology has been raised from 9.3 HKD to 15.7 HKD, maintaining an outperform rating [1] Group 3: Product Pricing and Margins - The average selling price of camera modules increased by 27% year-on-year to 41.5 RMB, driven by a higher proportion of IoT and products with over 32 million pixels, as well as ongoing camera specification upgrades [1] - The gross margin improved by 2.2 percentage points year-on-year, with a half-year increase of 0.5 percentage points to 7.4% [1]
里昂：升丘钛科技(01478)目标价至15.7港元 维持“跑赢大市”评级