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 ...

中金表示，公司业绩处于预告中枢，超出此前预期，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。该行表示，由于非手机CCM和FPM销量及盈利超预期，同时联营公司业绩改 善，上调公司2025年/2026年盈利预测44%/41%至7.02/8.52亿元。维持"跑赢行业"评级，由于非手机收入 增速超预期，且中长期成长业务布局全面，上调目标价67%至14.97港元。 丘钛科技(01478)再涨超5%，截至发稿，涨1.91%，报13.31港元，成交额4801.1万港元。 消息面上，丘钛科技公布业绩，预计上半年收益88.32亿元人民币，同比升15.1%；纯利3.08亿元，同比 增长167.6%；每股盈利26分。派中期息15港仙，为集团上市以来首度派中期息。公司表示，溢利增加 主要是由于营业收入较同期稳健增长、毛利率按年提升，以及联营公司新巨科技的经营业绩由亏转盈。 ...

Core Viewpoint - Q-tech preannounced a significant net profit growth of 150-180% YoY for 1H25, with a mid-point of RMB305 million, surpassing Bloomberg consensus by 20% and tracking 54% of the FY25E net profit estimate [1][2]. Financial Performance - For 1H25, Q-tech's estimated revenue and net profit growth were 7% and 162% YoY, respectively, driven by a 2% YoY increase in CCM (with non-mobile CCM up 97%) and a 100% YoY increase in FPM (with ultrasonic FPM up 20x) [2]. - The gross profit margin (GPM) improved to 7.1% in 1H25, compared to 5.2% in 1H24 and 6.9% in 2H24, attributed to HCM spec upgrades and higher-margin non-mobile CCM and ultrasonic FPM shipments [2]. Outlook - The outlook for 2H25 is positive, with expectations of continued strong momentum driven by high-end smartphone camera upgrades (OIS/periscope), IoT/auto CCM growth, and GPM recovery [2]. - Revenue and net profit are estimated to grow by 25% and 162% YoY in 2H25E, respectively, supported by a 23% mix of high-end HCM in 2H and an 85% revenue increase in IoT/auto [2]. Earnings Estimates - The company raised FY25-27E EPS estimates by 21-30%, reflecting strong 1H25 performance and improved GPM outlook for FY26/27E, with EPS now 14-19% above consensus [1][3]. - The new target price (TP) is set at HK$13.21, based on a higher 19.5x FY25E P/E, aligning with the 10-year historical average forward P/E, following sector re-rating and a stronger outlook for FY26-27E [1][3]. Investment Thesis - Q-tech is positioned to capture high-end smartphone camera upgrade demand and momentum in IoT/auto CCM modules, leading to a reiteration of the BUY rating [3].