机构：国元国际 研究员：杨森 产品结构转型升级叠加股权转让收益， 2025 年净利润大增400%~450% 公司发布盈喜公告，认为2025 年净利润大增受三大因素驱动：1）非手机领域智能视觉产品需求旺盛， 尤其智能驾驶与物联网终端市场快速扩张，带动摄像头模块销售量同比倍增，营业收入稳健增长；2） 公司持续聚焦中高端产品，潜望式摄像头、光学防抖模块及超声波指纹识别模块出货量大幅上升，产品 结构优化提升附加值，毛利率改善；3）本年度完成出售附属公司Kunshan QTech Microelectroni (India) PrivateLimited 约51.08%股权，录得交易收益，且联营公司经营业绩由亏损转为盈利，带来应占收益。 摄像头模组产品结构进一步优化，单价明显提升公司继续坚持以中高端摄像头模组为主的产品策略。至 2025 年H1，三千二百万像素及以上的手机摄像头模组于手机模组的占比达到约53.4%，较2024 年H1 提 升约5.5 个百分点。其中：潜望式摄像头模组的销售数量约为1,060 万颗，较2024 年H1 提升约5.9 倍。 摄像头模组产品综合平均单价达到约人民币41.5 元，同比提升约27. ...

丘钛科技（1478.HK） 2026-2-04 星期三 | 目标价： | | 12.89 港元 | | --- | --- | --- | | 现 | 价： | 9.4 港元 | | 预计升幅： | | 37.2% | | | | 相关报告 更新报告：AI 应用普及促进手机升配， 公司业务结构持续改善-YS-20250204 深度报告：AI 助力手机行业回暖，高端 光学模组弹性大-YS-20240305 买入 主业产品结构持续升级，第二增长曲线逐步成型 【投资要点】 重要数据 | 日期 | 2026-2-3 | | --- | --- | | 收盘价（港元） | 9.4 | | 总股本（亿股） | 11.9 | | 总市值（亿港元） | 108 | | 净资产（亿港元） | 59.9 | | 总资产（亿港元） | 171.5 | | 52 周高低（港元） | 16.8/5.76 | | 每股净资产（港元） | 5.03 | 数据来源: Wind 、国元证券经纪(香港)整理 主要股东 ➢ 产 品 结 构 转 型 升 级 叠 加 股 权 转 让 收 益 ， 2025 年净利润大增 400%~450% ➢ 摄像头模 ...

丘钛科技（1478.HK） 2026-2-04 星期三 | 目标价： | | 12.89 港元 | | --- | --- | --- | | 现 | 价： | 9.4 港元 | | 预计升幅： | | 37.2% | 重要数据 | 日期 | 2026-2-3 | | --- | --- | | 收盘价（港元） | 9.4 | | 总股本（亿股） | 11.9 | | 总市值（亿港元） | 108 | | 净资产（亿港元） | 59.9 | | 总资产（亿港元） | 171.5 | | 52 周高低（港元） | 16.8/5.76 | | 每股净资产（港元） | 5.03 | 数据来源: Wind 、国元证券经纪(香港)整理 主要股东 | | | 相关报告 更新报告：AI 应用普及促进手机升配， 公司业务结构持续改善-YS-20250204 深度报告：AI 助力手机行业回暖，高端 光学模组弹性大-YS-20240305 买入 主业产品结构持续升级，第二增长曲线逐步成型 【投资要点】 ➢ 产 品 结 构 转 型 升 级 叠 加 股 权 转 让 收 益 ， 2025 年净利润大增 400%~450% 公司发布盈喜 ...

Group 1: Company Overview and Strategic Positioning - Nanguang Optoelectronics is a key player in the ultra-high-definition display industry, leveraging policy benefits and technological advancements to enhance its manufacturing capabilities [2][3] - The company has established a comprehensive design and production capacity covering chips, packaging, and panels, positioning itself as a significant force in driving high-quality industry development [2][3] Group 2: Development Plans for the Jili Industrial Park - The Jili Industrial Park aims to become a competitive hub for the ultra-high-definition display industry by 2030, supporting the company's strategic upgrades [3] - The park is designed with three strategic focuses: 1. **Smart Manufacturing Center**: Integrating AI, IoT, and robotics to enhance production efficiency and product quality [3] 2. **Industry Chain Innovation Center**: Collaborating with educational and research institutions to drive technological breakthroughs [3] 3. **Global Application Experience Center**: Creating market demand through innovative display applications in emerging fields [3] Group 3: Mergers and Acquisitions Strategy - The company is pursuing a dual strategy of internal expansion and external acquisitions, focusing on Mini/Micro LED, smart sensing, and automotive electronics to strengthen its supply chain [4][10] - Plans to raise up to 1 billion CNY for expanding production in ultra-high-definition displays and related projects [4][10] Group 4: Automotive Business Development - Nanguang Optoelectronics has developed LED products for automotive applications, including micro-display technology for external interaction and cabin displays [5][6] - The company has successfully integrated its manufacturing resources to create a full supply chain capability, entering the supply chains of major automotive brands like Changan and Geely [5][6] Group 5: International Expansion and Brand Development - The company has made significant strides in its international strategy, achieving double-digit growth in overseas sales through participation in global exhibitions [8][9] - The "NATIONSTAR" trademark has been registered in multiple key markets, enhancing brand recognition [8][9] Group 6: Future Directions and Market Strategies - Nanguang Optoelectronics plans to continue increasing R&D investments to maintain a competitive edge in high-value LED products [9] - The establishment of an overseas division will focus on market research and tailored product solutions to meet local demands [9][10]

Core Viewpoint - The company reported strong financial performance for the first half of 2025, with significant growth in revenue and net profit, driven by advancements in camera module and fingerprint recognition module businesses [1][2][3]. Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of RMB 8.832 billion, a year-on-year increase of 15.07% [1] - The net profit attributable to shareholders reached RMB 308 million, up 167.59% year-on-year [1] - The non-GAAP net profit attributable to shareholders was RMB 259 million, reflecting a substantial increase of 512.40% year-on-year [1] Group 2: Camera Module Business - The smartphone camera module segment saw a shift towards high-end specifications, with modules of 32 million pixels and above accounting for approximately 53.4% of total smartphone modules, an increase of about 5.5 percentage points year-on-year [1] - Sales of periscope camera modules reached approximately 10.6 million units, a year-on-year increase of about 5.9 times [1] - The average selling price of camera modules rose to approximately RMB 41.5, up 27.2% year-on-year and 16.1% quarter-on-quarter [1] Group 3: Non-Smartphone Camera Module Business - The company’s non-smartphone camera module business, particularly in automotive and IoT sectors, showed robust growth with shipments of 8.084 million units, a year-on-year increase of 47.9% [2] - The company has established partnerships with seven leading global automotive Tier 1 manufacturers and received supplier qualifications from 34 first-line automotive brands [2] - The sales guidance for non-smartphone camera modules has been revised from a year-on-year growth of no less than 40% to no less than 60% [2] Group 4: Fingerprint Recognition Module Business - The fingerprint recognition module business generated revenue of RMB 830 million, a year-on-year increase of 109.3% [3] - Shipment volume reached 94.36 million units, reflecting a year-on-year growth of 59.7% [3] - The average selling price increased by 31.1% year-on-year, contributing to improved sales revenue and gross margin [3] Group 5: Strategic Investments and Partnerships - The company increased its stake in New Giant Technology to 41.8%, enhancing its capabilities in smartphone, IoT, and NB lens technology [4] - New Giant Technology reported a revenue increase of 19.8% year-on-year, with a gross margin improvement from approximately 7.9% to 12.3% [4] - The company became the largest shareholder of Norwegian listed company poLight, focusing on TLens and semiconductor piezoelectric motors [4]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company has shown strong growth in its camera module business, particularly in the automotive and IoT sectors, with a significant increase in both revenue and profit margins [3][4][5]. - The company reported a revenue of RMB 8.832 billion for the first half of 2025, representing a year-on-year increase of 15.07%, and a net profit of RMB 308 million, which is a remarkable increase of 167.59% [3]. - The average selling price of camera modules has increased by approximately 27.2% year-on-year, driven by the optimization of product structure [4]. Company Overview - The latest closing price is HKD 14.16, with a total market capitalization of HKD 168.44 billion [2]. - The company has a debt-to-asset ratio of 65.06% and a price-to-earnings ratio of 32.96 [2]. Business Segments - The smartphone camera module segment has seen a shift towards high-end specifications, with modules of 32 million pixels and above accounting for about 53.4% of total sales, an increase of 5.5 percentage points year-on-year [4]. - In the non-smartphone sector, the company shipped 8.084 million camera modules for automotive and IoT applications, marking a year-on-year growth of 47.9% [5]. - The fingerprint recognition module business also experienced significant growth, with revenue reaching RMB 830 million, a year-on-year increase of 109.3% [6][8]. Financial Projections - The company is projected to achieve revenues of RMB 19.124 billion, RMB 21.705 billion, and RMB 24.472 billion for the years 2025, 2026, and 2027, respectively [10]. - The net profit forecast for the same years is RMB 745 million, RMB 938 million, and RMB 1.102 billion, indicating strong growth potential [10]. Strategic Developments - The company has deepened its vertical integration in smart vision systems, enhancing its capabilities in smartphone, IoT, and NB sectors through strategic investments [9]. - The company has established partnerships with seven leading automotive Tier 1 manufacturers, which supports its growth in the automotive camera module market [5].

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company achieved a revenue of 13.25 billion yuan in 2024, representing a year-on-year increase of 29.32%, with a net profit of 1.408 billion yuan, up 27.78% year-on-year [1] - The average selling price of automotive lights increased from 162 yuan to 203 yuan, contributing to a sales revenue of 12.45 billion yuan for lighting products, which is a 29.8% increase year-on-year [7] - The company is a leading manufacturer and designer of automotive lighting systems in China, serving a wide range of domestic and international automotive manufacturers [2] Financial Summary - The projected revenues for 2025, 2026, and 2027 are 16.62 billion yuan, 20.07 billion yuan, and 22.12 billion yuan, respectively, with year-on-year growth rates of 25.4%, 20.8%, and 10.2% [3] - The expected net profits for the same years are 1.85 billion yuan, 2.30 billion yuan, and 2.66 billion yuan, with corresponding year-on-year growth rates of 31.3%, 24.6%, and 15.3% [3] - The company’s sales and management expenses have decreased, with sales expense ratio at 0.42%, management expense ratio at 2.29%, and R&D expense ratio at 4.95% [1] Product and Market Development - The company is expanding its production capacity with the construction of a smart manufacturing industrial park, which will enhance its ability to produce electric vehicle lighting products [2] - The company has undertaken 69 new model R&D projects in 2024, successfully launching 40 models into production [7] - Domestic revenue reached 12.04 billion yuan, a 29.2% increase year-on-year, while international revenue grew by 49.1% to 499 million yuan [7]