Investment Rating - The investment rating for the company is "Buy" (maintained) [1][11] Core Views - The report indicates an upward revision of the company's net profit for 2025-2027, with expected figures of 8.5 billion, 10.9 billion, and 12.5 billion respectively, representing year-on-year growth of 204%, 28%, and 15% [4] - The current stock price of 13.06 HKD corresponds to a PE ratio of 16.7, 13.0, and 11.3 for the years 2025-2027 [4] - The company's optical system capabilities, international expansion, and diversification into AI glasses, robotics, lidar, and automotive modules are expected to enhance mid-term growth [4] - The company's mobile optical business is anticipated to improve profitability, while IoT business is experiencing rapid growth, and the joint venture has turned profitable [5] Financial Summary and Valuation Metrics - Revenue projections for 2025 are set at 20.217 billion, with a year-on-year growth of 25.2% [7] - Net profit for 2025 is projected at 848 million, reflecting a year-on-year increase of 203.9% [7] - The gross margin is expected to improve to 8.0% in 2025, with a net margin of 4.2% [7] - The report highlights a significant increase in the company's earnings per share (EPS), projected at 0.7, 0.9, and 1.0 for 2025, 2026, and 2027 respectively [7]

在手机大盘平稳的背景下(IDC统计1H25全球智能手机出货量同比增长1.3%)，公司聚焦于手机CCM和 FPM的产品结构优化，1H25潜望式摄像模组销量为1,060万颗，同比增长5.9倍，显著高于手机CCM整体 增速，FPM中超声波的占比由去年同期不足1%提升至14%。展望2H25，该行认为公司或将继续推动手 机业务高端化，带动相关收入和盈利能力增长。 丘钛1H25收入同比增长15%至88.3亿元，归母净利润同比增长168%至3.08亿元，处于预告(同比 +150%~180%)中枢，超出该行此前预期，主因非手机CCM和FPM销量高增释放利润弹性，同时联营公 司扭亏为盈。 1H25利润增长明显主因：1)产品升级及景气度提升带动收入快速增长，其中CCM/FPM收入同比增长 10%/109%：IoT和车载CCM受益于行业高景气，1H25销量同比增长48%，收入占CCM比例同比提升 14.3ppt至23.9%;FPM得益于低基数和份额提升，1H25销量同比增长60%，同时高单价产品占比提升，进 一步推动收入增长;手机CCM在公司高端化策略下销量同比下降15%，但32MP及以上销量占比同比提升 5.5ppt至53%，该 ...