Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4][14] Core Views - The report highlights the confirmed trends in mobile optical and fingerprint upgrades, indicating potential for profit revisions upward. The net profit forecast for 2025 has been raised from 640 million to 670 million, with projections for 2026 and 2027 set at 780 million and 900 million respectively, reflecting year-on-year growth of 139%, 17%, and 16% [4][5][6] Financial Summary and Valuation Metrics - The company achieved a net profit of 280 million in 2024, a year-on-year increase of 241%, which is within the previously guided range of 200%-280% [5] - The revenue for 2023 was 12.531 billion, with a projected increase to 16.151 billion in 2024, and further growth to 19.239 billion in 2025, representing year-on-year growth rates of -8.9%, 28.9%, and 19.1% respectively [8] - The gross margin is expected to improve from 4.1% in 2023 to 7.3% in 2025, with net profit margins remaining stable at around 0.1% [8] - The earnings per share (EPS) are projected to be 0.6, 0.7, and 0.8 for the years 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (P/E) ratios of 12.5, 10.7, and 9.3 [8] Business Growth Drivers - The company is expected to benefit from the upgrade of Android optical systems, increased volume of ultrasonic fingerprint modules, and high growth in automotive and IoT businesses. The average selling price (ASP) and gross margin for mobile modules are anticipated to continue improving [6] - The company has guided for a 20% year-on-year increase in fingerprint recognition module shipments, with expectations for further gross margin improvements [6] - The automotive and IoT camera module shipments are projected to grow by over 40%, although initial losses may be amplified due to ongoing investments in these sectors [6]
丘钛科技（01478）：港股公司信息更新报告：手机光学及指纹升级趋势确定，驱动利润上修潜力