Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 10.79, reflecting a positive outlook based on the company's product premiumization trend expected to drive significant profit growth [3]. Core Insights - The company reported a revenue of RMB 16.15 billion for the fiscal year 2024, representing a year-on-year growth of approximately 29%. The gross profit margin improved to 6.1% from 4.1% in 2023, and net profit surged by 234% to approximately RMB 280 million. Adjusting for tax provisions related to the India dispute, the actual profit could reach RMB 430 million, significantly exceeding expectations [1][3]. - The company is experiencing a shift towards higher-end camera modules, with over 50% of shipments in 2024 being 32 million pixels or higher, up from 40.4% in 2023. The automotive and IoT camera module shipments grew by 58.8% year-on-year, indicating ongoing expansion into new markets [2]. - Short-term guidance for 2025 includes expectations for continued growth in high-end mobile camera modules and a significant increase in shipments for automotive and IoT applications [2]. Financial Summary - The company’s financial projections indicate a revenue increase from RMB 16.15 billion in 2024 to RMB 18.42 billion in 2025, with a projected net profit of RMB 596 million, reflecting a year-on-year growth of 113.7% [4][11]. - The gross profit margin is expected to rise to 7.1% in 2025, with the net profit margin improving to 3.2% [11]. - The earnings per share (EPS) is projected to increase from RMB 0.2 in 2024 to RMB 0.5 in 2025, indicating strong profitability growth [4][11].
丘钛科技（01478）：光学规格升级，进军新兴场景