Investment Rating - The report maintains a "Buy" rating for the company [4][2]. Core Views - The company is expected to see a significant increase in net profit for 2024H1, with an estimated growth of approximately 400%-500% compared to 2023H1, translating to a net profit of around 108-130 million RMB [1]. - The growth is attributed to improved global smartphone conditions, advancements in automotive and IoT camera module businesses, and a strong push towards high-end products, with 49.2% of camera modules sold being 32M pixels or above [1][2]. - The company anticipates continued high growth in non-mobile camera module shipments, particularly in the automotive sector, with a projected year-on-year growth of over 50% [1]. Financial Summary - Revenue projections for 2024, 2025, and 2026 are estimated at 15 billion, 16.2 billion, and 17.7 billion RMB respectively, reflecting year-on-year growth rates of 19.5%, 8.5%, and 9.0% [2][11]. - The net profit for the same years is projected to be 300 million, 530 million, and 710 million RMB, with year-on-year growth rates of 270%, 75%, and 34% respectively [2][11]. - The company's earnings per share (EPS) is expected to increase from 0.26 RMB in 2024 to 0.60 RMB in 2026 [3][11]. Market Position and Strategy - The company is actively enhancing its product specifications, focusing on high-pixel, optical stabilization, and advanced zoom camera modules, which is expected to improve overall average selling price (ASP) and gross margin [1]. - The company has successfully doubled its shipments of non-mobile camera modules, with significant growth in the automotive and IoT sectors, indicating a robust market opportunity [1][2].
丘钛科技：中报盈喜，看好CCM高端化