Investment Rating - The report upgrades the investment rating to "Buy" [6][4] Core Views - The company forecasts a significant increase in net profit for 2024, expecting it to rise by 200%-280% compared to 2023, reaching between 251 million to 317 million RMB [1] - The growth is driven by the recovery in demand for Android smartphones, an increase in market share, and improvements in the profitability of fingerprint recognition modules [1][2] - The report anticipates that the optical specification upgrades will enhance the product structure of mobile camera modules, leading to higher average selling prices (ASP) and capacity utilization rates [1][2] Summary by Sections Financial Forecasts - The net profit estimates for 2024, 2025, and 2026 have been raised by 30%, 49%, and 35% respectively, now projected at 307 million, 486 million, and 610 million RMB [4][5] - Revenue for 2024 is expected to be 16.18 billion RMB, with a growth rate of 29.1% [5][11] Product Performance - The shipment volume of mobile camera modules is projected to increase by 15.4% in 2024, with 32MP and above modules accounting for 50.1% of total shipments, reflecting a 9.7 percentage point increase [2] - The shipment volume of fingerprint recognition modules is expected to rise by 29% in 2024, benefiting from improved industry supply-demand dynamics [2] - The automotive and IoT module shipments are forecasted to grow by 58.8% in 2024, continuing a trend of rapid growth [2] Tax and Legal Matters - The company is involved in an ongoing legal dispute with the Indian tax authorities, which has led to a provision for income tax for 2024 [3] - Recent court rulings have resulted in a reduction of the tax payable by the Indian subsidiary, which may allow for a reversal of some provisions in 2025 [3]
丘钛科技：2024年盈利预告点评：预告24年净利润大幅增长，光学规格升级有望驱动25年盈利超预期