Investment Rating - The report maintains a "Buy" rating for the company, citing potential for sustained profitability improvement driven by growth in camera module volumes and pricing, as well as long-term growth opportunities in automotive and IoT sectors [2][3] Core Views - The company's 24H1 revenue reached RMB 7.68 billion, up 40.1% YoY, with gross margin improving by 1.8 percentage points to 5.2% [2] - Net profit attributable to shareholders surged 431.2% YoY to RMB 115 million, exceeding Bloomberg consensus estimates by 1.8% [2] - Smartphone demand recovery, product premiumization, and significant progress in automotive and IoT camera module businesses drove revenue and margin growth [2] Business Performance Smartphone Camera Modules - Smartphone camera module shipments increased 29.6% YoY in 24H1, surpassing the guidance of at least 5% growth [2] - High-end camera modules (32MP and above) accounted for 49.2% of shipments, up 12.1 percentage points YoY and exceeding the 45% guidance [2] - OIS module shipments reached 27 million units, with periscope camera module shipments doubling YoY [2] Automotive and IoT Camera Modules - Automotive and IoT camera module shipments grew 100.4% YoY, significantly exceeding the 50% growth guidance [2] - Automotive module shipments increased over 15 times YoY, driven by rapid penetration of new energy vehicles and smart driving systems [2] - The company became the primary CCM supplier for customer H and is progressing COB product development with two major customers expected to enter mass production in 25Q1 [2] Financial Projections - 24/25 net profit forecasts were revised down by 29%/31% to RMB 235 million and RMB 327 million respectively, with a new 26E net profit forecast of RMB 453 million [2] - Revenue is projected to grow 26.2% in 2024E, 12.5% in 2025E, and 10.7% in 2026E [3] - EPS is expected to increase from RMB 0.20 in 2024E to RMB 0.38 in 2026E, with P/E ratios declining from 19x to 10x over the same period [3] Market Position and Strategy - The company has established a four-line product strategy in IoT: drone/handheld products, XR optical products, integrated vision modules, and robotics [2] - In the drone sector, it serves as a benchmark supplier for the world's largest drone brand, providing main camera modules and LiDAR [2] - For XR products, it currently supplies Chinese VR brands like PICO and HTC, with plans to secure a US customer M within the year [2] Industry Trends - Global smartphone shipments have shown four consecutive quarters of recovery, with 24Q2 shipments up 6.5% YoY, driving the company's shipment growth [2] - The increasing demand for mobile photography is driving higher penetration of advanced camera technologies like OIS and large-format ultra-thin high-pixel modules [2]
丘钛科技：2024年中报点评：24H1盈利能力大幅改善，车载、IoT领域取得显著进展