Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company has achieved significant revenue growth of 40% year-on-year in the first half of 2024, with total revenue reaching 7.675 billion RMB, driven by a 30% increase in camera module shipments and higher average selling prices (ASP) due to its high-end strategy [1]. - The company is expected to benefit from the industry's recovery and its ongoing high-end strategy, with a projected 2024 revenue of 15.904 billion RMB, representing a 26.9% year-on-year growth [2]. - The non-mobile sector, particularly automotive and IoT, has shown remarkable growth, with automotive camera module shipments increasing over 15 times year-on-year, reaching 2 million units [2]. Financial Summary - Revenue for 2024 is projected at 15.904 billion RMB, with year-on-year growth rates of 26.9%, 11.9%, and 10.1% for 2025 and 2026 respectively [3][11]. - The net profit attributable to the parent company is expected to reach 312 million RMB in 2024, with a staggering year-on-year growth of 281% [3][11]. - The gross margin is anticipated to improve to 5.4% in 2024, up from 4.1% in 2023, reflecting the company's focus on high-end products [11]. Market Position and Strategy - The company aims to increase the proportion of high-end camera modules (32M and above) to over 45% by the end of 2024, having already achieved 49.2% in the first half of 2024 [1]. - The company is expanding its customer base internationally, including partnerships with U.S. clients, which are expected to yield better profit margins compared to domestic clients [1]. - The automotive sector is highlighted as a key growth area, with the company entering mass production with Tier 1 international clients and gaining supplier qualifications from Japanese joint ventures [2].
丘钛科技：持续推进高端化，非手机高成长