丘钛科技 20251217 摘要 秋泰科技摄像头模组业务增长显著，尤其 3,200 万像素以下模组受益于 韩系客户合作，成为其最大供应商，虽目前集中于低端项目，但未来有 望拓展至中高端，越南工厂奠基进一步加强合作紧密度。 指纹识别模组出货量同比增长 31.3%至 1.84 亿颗，超声波指纹识别模 组占比提升至 30%以上，月均出货超 500 万颗，产品规格和数量提升 有助于提高产能利用率和盈利能力。 非手机摄像头模组业务增长迅猛，月均出货超 300 万颗，11 月创 370 万颗新高，1-11 月同比增长 111%，远超预期，上半年收入占比已达 23.9%，有望实现五年战略目标，IoT 领域核心大客户销售强劲，垂直 整合供应商地位稳固。 车载业务下半年表现突出，单月出货达七位数，改善盈利能力，与关键 客户合作紧密并获交付奖项，拓展至激光雷达产品，预计 2026 年贡献 车载业务。 垂直整合方面，新巨科技在 IoT 业务上取得突破，获北美核心客户项目 认证。实控人收购 TDK 全球马达业务预计 2026 年一季度完成，关联交 易采购金额提升，反映高端产品需求增长及终端客户认证。 Q&A 秋泰科技在手机摄像头模组 ...

12月16日，信利国际回购100.00万股股票，每股回购均价1.08港元，共耗资约108.00万港元，本年累计 回购1.59亿股，占总股本5.25%。 截至当日港股收盘，信利国际下跌0.93%，报1.07港元/股。 信利国际近期回购情况 回购日期回购均价回购股数回购金额本年累计回购股数2025-12-161.080100.00万108.00万1.59亿2025-12- 151.080100.00万108.00万1.58亿2025-12-121.070100.00万107.00万1.57亿2025-12-111.060100.00万106.00 万1.56亿2025-12-101.06092.60万98.16万1.55亿2025-12-091.068131.60万140.50万1.54亿2025-12- 081.070100.00万107.00万1.53亿2025-12-051.070100.00万107.00万1.52亿2025-12-021.05022.80万23.94万 1.51亿2025-12-011.060100.00万106.00万1.51亿2025-11-271.060100.00万106.00万 ...

Core Viewpoint - Chlitina Technology (01478) experienced a decline of over 3%, currently trading at 8.73 HKD with a transaction volume of 22.76 million HKD [1] Sales Performance - In November, the sales volume of mobile camera modules was 38.05 million units, a month-on-month decrease of 13.6% and a year-on-year decrease of 5.6% [1] - The total sales volume of camera modules was 41.75 million units, reflecting a month-on-month decrease of 11.9% but a year-on-year increase of 0.4% [1] - The sales volume of fingerprint recognition modules totaled 17.79 million units, showing a month-on-month decrease of 3.4% and a year-on-year decrease of 8.8% [1] Factors Influencing Sales - The decrease in camera module sales volume is primarily attributed to customer project cycles and seasonal factors [1] - There was a significant year-on-year increase in sales volume for camera modules in other sectors, driven by the growing consumer preference for handheld imaging devices and the increasing number of camera modules used in smart driving solutions [1] - The sales volume of camera modules applied in the Internet of Things (IoT) and smart automotive sectors saw substantial year-on-year growth [1]

Core Viewpoint - Company reported a decline in mobile camera module sales in November 2025, influenced by project cycles and seasonal factors, while other areas showed growth due to increasing consumer preference for new electronic products and rising demand in smart driving solutions [1] Camera Module Sales - Mobile camera module sales reached 38.05 million units, a decrease of 13.6% month-on-month and 5.6% year-on-year [1] - Total camera module sales amounted to 41.75 million units, reflecting a month-on-month decrease of 11.9% but a year-on-year growth of 0.4% [1] Fingerprint Recognition Module Sales - Sales of fingerprint recognition modules totaled 17.79 million units, with a month-on-month decrease of 3.4% and a year-on-year decrease of 8.8% [1] - The year-on-year growth in ultrasonic fingerprint recognition modules is attributed to the increasing penetration rate of domestic ultrasonic fingerprint recognition modules in the industry [1] Growth Drivers - Significant year-on-year growth in camera module sales in other sectors is driven by the rising popularity of handheld imaging devices and the increasing number of camera modules used in smart driving solutions [1] - The company's camera modules for IoT and smart automotive applications have seen substantial year-on-year sales growth [1]

Core Viewpoint - Q Technology (01478.HK) reported its sales data for November 2025, indicating a mixed performance in its main product categories, particularly in camera modules and fingerprint recognition modules [1] Sales Performance Summary - Total camera module sales reached 41.755 million units in November, representing a month-on-month decrease of 11.9% but a year-on-year increase of 0.4% [1] - Sales of mobile camera modules amounted to 38.053 million units, showing a month-on-month decline of 13.6% and a year-on-year decrease of 5.6% [1] - Fingerprint recognition module sales totaled 17.795 million units, with a month-on-month decrease of 3.4% and a year-on-year decline of 8.8% [1] Factors Influencing Sales - The month-on-month decline in camera module sales is attributed to customer project cycles and seasonal factors [1] - Year-on-year growth in other camera module sales is driven by increasing consumer preference for handheld imaging devices and the rising number of camera modules used in smart driving solutions [1] - Significant year-on-year growth in camera module sales for IoT and smart automotive applications is noted [1]

公告称，摄像头模组产品销售数量环比减少，主要是由于客户项目周期及季节性因素的影响。其他领域 摄像头模组产品销售数量同比大幅增长，主要是由于手持影像设备等新型电子产品日益受消费者青睐， 及智能驾驶方案所采用的摄像头模组数量日益提升，因此，集团应用于物联网(IoT)及智能汽车领域的 摄像头模组销售数量均同比大幅增长。超声波指纹识别模组产品销售数量同比大幅增长主要是由于国产 超声波指纹识别模组的行业渗透率持续提升。 智通财经APP讯，丘钛科技(01478)公布，于2025年11月，手机摄像头模组销量为3805.3万件，环比减少 13.6%，同比减少5.6%。摄像头模组销售数量合计4175.5万件，环比减少11.9%，同比增长0.4%。指纹 识别模组销售数量合计1779.5万件，环比减少3.4%，同比减少8.8%。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生 或因倚賴該等內容而引致的任何損失承擔任何責任。 Q TECHNOLOGY (GROUP) COMPANY LIMITED 丘鈦科技(集團)有限公 司 （於開曼群島註冊成立的有限公司） （股份代號：1478） 自願公告 本公告乃由丘鈦科技（集團）有限公司（「本公司」，連同其附屬公司統稱「本集 團」）自願作出。除另有指明者外，本公告所採用之產品銷售數量統計口徑與本 公司日期為二零二五年十一月十一日之公告一致。 超聲波指紋識別模組產品銷售數量同比大幅增長主要是由於國產超聲波指 紋識別模組的行業滲透率持續提升。 | 本集團於二零二五年一至十一月的主營產品銷售數量如下： | | --- | | （千件） | | | | | | | 2025年本集團主營產品銷售數量 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ...

Group 1 - The core focus of Q Technology is on the development of optical imaging, fingerprint recognition modules, and automotive electronic components, aiming to evolve from a consumer electronics imaging solution provider to a core component supplier for smart hardware [1] - Q Technology is committed to becoming a technology enterprise that provides integrated machine vision and human vision solutions, benefiting from optical innovation and the wave of automotive intelligence [1] - The company is expected to see steady improvement in profitability and market share due to its leading position in product manufacturing and smart manufacturing [1] Group 2 - The global smartphone camera module market is expanding, with Q Technology targeting the enhancement of camera modules with 32 million pixels and above, achieving a sales proportion of 53.4% for these high-end modules by the first half of 2025 [2] - Continuous breakthroughs in optical stabilization, periscope modules, and large chip technologies are expected to further enhance the profitability of Q Technology's smartphone camera module business [2] Group 3 - The IoT and automotive camera module markets are experiencing rapid growth, with the Chinese IoT market projected to reach $198.25 billion in 2024 and exceed $326.47 billion by 2028 [3] - Q Technology is diversifying its product offerings in the IoT sector, including camera modules, optical engines, and lidar, while also investing in emerging markets such as XR and embodied robotics [3] - In the automotive camera market, the global market size is expected to reach $27.3 billion by 2025, with Q Technology aiming to replicate its smartphone camera market position in this sector [3] Group 4 - The ultrasonic fingerprint recognition module market in China is gradually expanding, with Q Technology experiencing significant sales growth and structural improvements in 2024 [4] - The sales volume of Q Technology's ultrasonic fingerprint recognition modules in the first half of 2025 has already surpassed the total sales for the entire year of 2024, indicating a positive trend in profitability [4]

2025 年 12 月 03 日 晨会纪要 研究所： 证券分析师： 余春生 S0350513090001 yucs@ghzq.com.cn [Table_Title] 晨会纪要 ——2025 年第 205 期 观点精粹: 最新报告摘要 丘钛科技（1478.HK）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--丘钛科技/光 学光电子(01478/212703) 公司 PPT 报告（港股美股） 三代制冷剂仍是未来长期主流，供需缺口有望进一步扩大--行业动态研究 舜宇光学科技(2382.HK)深度报告：坚定深化高端产品布局与价值挖掘，盈利能力结构性改善--舜宇光学科技 /光学光电子(02382/212703) 公司 PPT 报告（港股美股） 证券研究报告 1、最新报告摘要 1.1、丘钛科技（1478.HK）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--丘钛科技/光学光电子(01478/212703) 公司 PPT 报告 （港股美股） 分析师：陈重伊 S0350525010002 分析师：陈梦竹 S0350521090003 本报告重点解决了以下几个核心问题：丘钛科技如何进行产 ...

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].