机构：中邮证券 研究员：吴文吉/翟一梦 事件 公司发布2025 年半年度报告：2025H1 实现营收人民币88.32 亿元，同比+15.07%；归母净利润人民币 3.08 亿元，同比+167.59%；扣非归母净利润人民币2.59 亿元，同比+512.40%。 投资要点 摄像头模组业务：手机领域高端化，车载、IoT 等领域高速增长。 非手机领域摄像头模组：车载、IoT 等非手机领域的摄像头模组业务成为新的增长动力。2025H1 公司 应用于车载和IoT 等非手机领域的摄像头模组出货808.4 万颗，同比+47.9%，环比增长21.3%。在车载领 域，随着智能驾驶技术的快速发展，汽车对摄像头的需求在数量与质量上都大幅提升。丘钛科技凭借前 期在技术研发与客户拓展方面的深厚积累，已与7 家全球领先的汽车Tier1 厂商建立合作关系，取得34 家一线汽车品牌的供应商资格认证并逐步开展业务合作，多个定点项目陆续落地，为出货量增长提供坚 实支撑。在IoT 领域，公司作为全球头部消费级无人机及运动相机品牌公司摄像头模组的核心供应商， 充分受益于行业的快速发展，出货量持续攀升。公司将2025年车载、IoT 等非手机摄像头模组销 ...

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].