丘钛科技：Earnings recovery has just begun; Raise TP to HK$6.47

12 Jul 2024 CMB International Global Markets | Equity Research | Company Update Q-Tech (1478 HK) Earnings recovery has just begun; Raise TP to HK$6.47 Q-tech announced (11 Jul) a positive 1H24 profit alert, stating 400-500% YoY net profit growth (to RMB109-130mn), which tracks 29-34% and 40-47% of our and consensus FY24E estimates. The upbeat results were mainly driven by 1) a rising share of high-end CCM, 2) auto/IoT CCM growth, 3) rising UTR, and 4) better profitability of the associate (Newmax). For 2H24 ...