Core Viewpoint - The company, Qiu Tai Technology, has issued a positive profit forecast, expecting a year-on-year growth of 400-450% in net profit attributable to shareholders for 2025, amounting to approximately 1.4-1.53 billion yuan, significantly exceeding market expectations [1]. Group 1: Key Drivers of Growth - The primary reason for the exceeding expectations is attributed to a one-time gain from the sale of 51.08% of its stake in India, completed in September [1]. - Excluding this impact, operational profit is also expected to show significant growth, driven by an increase in the proportion of high-end products in mobile camera modules (CCM) and fingerprint recognition modules (FPM), leading to higher average selling prices (ASP) and gross margins [1]. Group 2: Non-Mobile Product Performance - The non-mobile product shipment volume is expected to double year-on-year, with 25.59 million non-mobile CCM units projected for 2025, representing a 111% increase, and a 163% increase in the second half of 2025 [1]. - This growth is primarily driven by strong demand for handheld shooting devices, impressive sales from automotive clients in the second half, and the company's expansion into other IoT fields such as AI glasses and robotics [1]. Group 3: Mobile Product Performance - The mobile product shipment volume is projected to grow steadily, with 435 million mobile CCM units expected in 2025, a 3% year-on-year increase [2]. - Despite a decrease in the proportion of shipments over 32MP to 48% due to increased overseas client share, sales of high-end periscope and OIS modules are expected to grow significantly [2]. - For FPM, the overall shipment volume is expected to reach 203 million units in 2025, a 26% increase, with ultrasonic FPM shipments projected at 41.55 million units, reflecting a 389% year-on-year growth, effectively improving product added value [2]. Group 4: Profit Forecast and Valuation - Based on the profit forecast, the company has raised its net profit estimates for 2025 and 2026 by 109% and 12% to 1.469 billion and 952 million yuan respectively, with a projected revenue of 27.7 billion yuan and net profit of 1.21 billion yuan for 2027 [2]. - The current stock price corresponds to a P/E ratio of 11.5 times for 2026 and 8.9 times for 2027, maintaining an outperform rating with a target price of 14.97 HKD, indicating a potential upside of 46.5% from the current price [2].
丘钛科技(01478.HK)：预告2025年盈利超预期 非手机CCM增长亮眼 资产出售录得收益