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