国元国际：给予丘钛科技(01478)“买入”评级 目标价12.89港元

Core Viewpoint - Company is expected to see significant revenue growth driven by product structure transformation and equity transfer gains, with a projected net profit increase of 400% to 450% in 2025 [1] Group 1: Financial Projections - Revenue forecasts for QiuTai Technology (01478) are projected at RMB 198.04 billion (+22.6%), RMB 219.53 billion (+10.9%), and RMB 244.77 billion (+11.5%) for 2025 to 2027 [1] - Net profit estimates are RMB 14.26 billion (+411%), RMB 9.1 billion (-36.2%), and RMB 10.92 billion (+17.8%) for the same period [1] - A target price of HKD 12.89 per share is set based on a 15x PE valuation for 2026, indicating a 37.2% upside from the current price [1] Group 2: Product Strategy and Performance - The company continues to focus on high-end camera modules, with the share of camera modules with 32 million pixels and above reaching approximately 53.4% by H1 2025, an increase of about 5.5 percentage points from H1 2024 [2] - Sales of periscope camera modules reached approximately 10.6 million units, a 5.9-fold increase compared to H1 2024 [2] - The average selling price of camera modules increased to approximately RMB 41.5, reflecting a year-on-year increase of about 27.2% and a quarter-on-quarter increase of about 16.1% [2] Group 3: Growth in Non-Mobile Camera Modules - The company is developing a second growth curve, with sales of camera modules for non-mobile applications (such as automotive and IoT) increasing by approximately 47.9% year-on-year, accounting for about 4.2% of total camera module sales [3] - Revenue from non-mobile camera modules represented approximately 23.9% of total camera module sales revenue, an increase of about 14.3 percentage points year-on-year [3] - The company has established partnerships with 7 leading global smart driving solution providers and has received supplier qualifications from 37 leading automotive and/or new energy vehicle brands, with 5 new designated projects added [3]