Investment Rating - The report maintains a positive investment outlook for the company, suggesting continued active monitoring of its performance [1] Core Insights - The company has demonstrated a strong performance in the first half of 2024, with unaudited revenue of approximately RMB 7.675 billion, representing a year-on-year growth of about 40.1%, and a profit of approximately RMB 115 million, which is an increase of approximately 431.2% [1] - The company is focusing on high-end mobile camera modules, with sales volume growth of approximately 30.8% year-on-year, and the average selling price (ASP) of camera modules increased by 10.5% year-on-year to approximately RMB 32.6 [1] - The non-mobile sector has shown significant growth, with camera module sales in automotive and IoT applications increasing by approximately 100.4% year-on-year [1] Summary by Sections Company Performance - In H1 2024, the company’s camera module sales volume increased by approximately 30.8% year-on-year, with a focus on high-end products [1] - The sales volume of 32MP and above camera modules accounted for about 49.2% of total sales, with OIS and periscope camera modules showing significant growth [1] Market Trends - The demand for high-end camera modules is expected to continue growing, driven by the recovery in mobile phone sales and hardware upgrades [1] - The company is well-positioned in the market, with strong relationships with major Tier-1 clients in the automotive sector, leading to a significant increase in sales volume for automotive camera modules [1] Strategic Focus - The company is committed to a high-end strategy, which is expected to enhance its profitability and market position [1] - The integration of hardware and software in visual modules is identified as a second growth curve for the company, expanding its growth potential [1]
丘钛科技：坚定执行中高端策略，盈利能力有望持续提升