投资要点 研究员：吴文吉 机构：中邮证券 投资建议 我们预计公司2025/2026/2027 年分别实现收入206/235/267 亿元，归母净利润7.68/10.51/12.30 亿元，维 持"买入"评级。 风险提示 需求不及预期风险；市场竞争加剧风险；新产品推出不及预期风险。 无人机光学模组持续升级，激光雷达前景广阔。针对不同级别无人机，其配套的相机模组(拍摄功能)数 量有差异，旗舰无人机通常配备约3 颗相机模组，中端约2 颗，入门级约1 颗。视觉模组(机器视觉)方 面，旗舰无人机通常配备约9 颗视觉模组，中端约5 颗，入门级约3 颗。除光学模组外，公司还为无人 机提供激光雷达，为无人机提供感知、避障等功能，无人机单台配置1-2 颗激光雷达。根据Valuates Report 数据，2023 年全球航拍无人机市场规模约为71 亿美元，预计2030 年将达到122 亿美元。根据 Global Market InsightsInc.于2024 年8 月发布的报告显示，无人机越来越多地用于农业、建筑、能源和物 流等不同领域，用于执行作物监测、现场检查、送货服务和资产管理等任务，预计2024 年至2032 年的 ...

金吾财讯 | 中邮证券发研报指，丘钛科技(01478)无人机光学模组持续升级，激光雷达前景广阔。针对不 同级别无人机，其配套的相机模组(拍摄功能)数量有差异，旗舰无人机通常配备约3颗相机模组，中端 约2颗，入门级约1颗。视觉模组(机器视觉)方面，旗舰无人机通常配备约9颗视觉模组，中端约5颗，入 门级约3颗。除光学模组外，公司还为无人机提供激光雷达，为无人机提供感知、避障等功能，无人机 单台配置1-2颗激光雷达。根据Valuates Report数据，2023年全球航拍无人机市场规模约为71亿美元，预 计2030年将达到122亿美元。根据Global Market Insights Inc.于2024年8月发布的报告显示，无人机越来 越多地用于农业、建筑、能源和物流等不同领域，用于执行作物监测、现场检查、送货服务和资产管理 等任务，预计2024年至2032年的CAGR将超过10%，2032年的市场规模将达到785亿美元。 金吾财讯 | 中邮证券发研报指，丘钛科技(01478)无人机光学模组持续升级，激光雷达前景广阔。针对不 同级别无人机，其配套的相机模组(拍摄功能)数量有差异，旗舰无人机通常配备约3颗相机模组， ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company is positioned to benefit from the rapid growth in emerging fields such as drones and handheld imaging devices, with significant market potential projected for the coming years [3][4] - The global aerial drone market is expected to grow from approximately $7.1 billion in 2023 to $12.2 billion by 2030, with a compound annual growth rate (CAGR) exceeding 10% from 2024 to 2032 [3] - The handheld imaging device market is also on the rise, with the global action camera market projected to grow from 31.44 billion yuan in 2023 to 51.35 billion yuan by 2027, reflecting a CAGR of 13% [4] Financial Projections - Revenue forecasts for the company are as follows: 20.55 billion yuan in 2025, 23.49 billion yuan in 2026, and 26.67 billion yuan in 2027, with corresponding net profits of 768 million yuan, 1.05 billion yuan, and 1.23 billion yuan respectively [9][11] - The earnings per share (EPS) is projected to increase from 0.65 yuan in 2025 to 1.03 yuan in 2027, indicating strong growth potential [11][12] Market Trends - The company is actively involved in the development of advanced perception technologies for robotics, collaborating with partners to create innovative solutions that enhance the capabilities of embodied intelligence in robots [5][8] - The global market for embodied intelligent robots is expected to exceed $60 billion by 2025, highlighting the significant growth opportunities in this sector [8]