Core Viewpoint - 招银国际 reaffirms "Buy" rating for丘钛科技 (01478) with a target price of HKD 13.18, reflecting a 17x FY26E P/E ratio, down from 19.5x FY25E P/E due to headwinds in the smartphone industry [1] Group 1: Company Performance -丘钛科技 expects a profit increase of 400-450% year-on-year for 2025, exceeding both the bank's and market expectations, driven mainly by growth in non-mobile businesses (handheld devices, automotive, XR) and upgrades in camera and fingerprint modules [1] - The company anticipates that non-mobile business will become the main growth driver, with FY26E/27E revenue expected to grow by 42%/30%, contributing 40%/47% to total revenue in FY26/27E [1] Group 2: Market Dynamics - Recent catalysts for丘钛科技 include orders from IoT clients, handheld devices, drones, and FY26E performance guidance [1] - The growth in non-mobile segments is driven by demand from IoT clients for drones and handheld devices, as well as specification upgrades [1]
招银国际：重申丘钛科技“买入”评级 目标价13.18港元