Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company focuses on the development of optical imaging, fingerprint recognition modules, and automotive electronic components, aiming to enhance its product matrix and transition from a consumer electronics imaging solution provider to a core component supplier for smart hardware [6][15]. - The company is expected to benefit from optical innovation and the wave of automotive intelligence, leading to steady improvements in profitability and market share [15]. Summary by Sections Company Overview - The company is committed to the synergistic development of imaging and fingerprint recognition, focusing on high-end manufacturing upgrades [6][15]. - It aims to grow into a technology enterprise providing integrated machine vision and human vision solutions [15]. Mobile Camera Module Business - The company holds a leading global market share in mobile camera modules, with a focus on enhancing the structure of its products [7][27]. - The market for mobile camera modules is expected to continue its stable growth, driven by increasing smartphone penetration and consumption upgrades [30][32]. - The sales proportion of high-end mobile camera modules (32M pixels and above) reached 53.4% in the first half of 2025 [7][27]. Other Camera Module Business - The IoT and automotive camera markets are expanding rapidly, with the company seeing a 47.9% year-on-year growth in sales for these modules [8][36]. - The global automotive camera module market is projected to reach USD 27.3 billion by 2025, with the company aiming to replicate its mobile camera market position in this sector [8][36]. Fingerprint Recognition Module Business - The market for ultrasonic fingerprint recognition modules is gradually expanding, with significant improvements in sales and product structure leading to increased gross margins [9][46]. - The company reported that its sales of ultrasonic fingerprint recognition modules in the first half of 2025 exceeded the total sales for 2024 [9][48]. Financial Forecast and Investment Recommendation - Revenue projections for the company are estimated at RMB 20.447 billion, RMB 22.854 billion, and RMB 26.331 billion for 2025, 2026, and 2027, respectively, with corresponding net profits of RMB 714 million, RMB 909 million, and RMB 1.138 billion [10][12]. - The company's P/E ratios for the same years are expected to be 14.5x, 11.3x, and 9.1x, which are lower than the industry averages [10][12].
丘钛科技（01478）：公司深度报告：摄像头与指纹识别模组结构优化，可持续发展能力向好