Core Viewpoint - Citi's report indicates that Q Technology's smartphone camera module shipments increased by 13.2% month-on-month in December, with total annual shipments reaching 435 million units, representing a year-on-year growth of 6%, outperforming the bank's previous estimate of a 3.2% decline [1] Group 1: Smartphone Camera Modules - In December, shipments of camera modules with 32 million pixels and above decreased by 0.9% month-on-month and 11% year-on-year [1] - The overall performance in the smartphone camera module segment is impacted by a weak smartphone market, leading to a downward revision of shipment and gross margin assumptions for 2026 [1] Group 2: Non-Smartphone Camera Modules - Shipments of non-smartphone camera modules saw a significant year-on-year increase of 111%, driven by strong performance in the automotive sector and robust demand in the Internet of Things (IoT) [1] - This growth in non-smartphone segments is notably higher than the company's guidance of a 60% year-on-year increase [1] Group 3: Financial Projections - Citi has lowered its earnings per share forecasts for Q Technology by 17% and 15% for 2026 and 2027, respectively [1] - Despite the adjustments, the company is still expected to achieve a net profit exceeding 1 billion yuan in 2026, supported by its non-smartphone business [1] - The target price for Q Technology has been reduced from HKD 17.9 to HKD 12, while maintaining a "Buy" rating [1]
大行评级｜花旗：下调丘钛科技目标价至12港元 下调今明两年每股盈利预测