Investment Rating - The report upgrades the investment rating to "Buy" with a target price of HK$5.44, representing a potential upside of 17.5% from the current price of HK$4.63 [1]. Core Insights - The company reported a strong performance in 1H24, with revenue and net profit increasing by 40.1% and 453.9% year-on-year, reaching RMB 767.5 million and RMB 1.15 million, respectively [1][3]. - The growth is attributed to improved smartphone demand, increased shipments of camera modules (CCM), and a stable operating expense ratio [1][2]. - The average selling price (ASP) of camera modules has shown a year-on-year increase of 10.5%, indicating a recovery in demand and profitability [1][3]. Summary by Sections Financial Performance - In 1H24, the company's revenue reached RMB 767.5 million, a 40.1% increase year-on-year, while net profit surged to RMB 1.15 million, reflecting a 453.9% growth [1][3]. - The company maintained its FY24E shipment guidance, with total CCM shipments expected to reach approximately 430 million units, a 15% year-on-year increase [1][2]. Market Dynamics - The automotive CCM segment saw a remarkable 15-fold increase in sales volume, indicating strong demand in the non-smartphone market [2]. - The company has successfully qualified with over 20 clients, including major automotive manufacturers, and is diversifying its product offerings beyond smartphones [2]. Product Segmentation - The report highlights that the non-smartphone CCM segment is expected to contribute approximately 3% to total shipments, with significant growth potential in the automotive and IoT sectors [2][3]. - The average selling price of camera modules is projected to reach around RMB 32.6 by 2H24, reflecting a positive trend in pricing and demand recovery [1][3]. Future Outlook - The company is expected to achieve a compound annual growth rate (CAGR) of 31% in net profit from FY24E to FY26E, driven by quality growth and recovery in sales and margins [3][4]. - The new target price of HK$5.44 is based on a FY25E price-to-earnings ratio of 14.1, indicating a favorable valuation compared to historical averages [4].

Investment Rating - The report upgrades the investment rating to BUY with a target price of HK$5.44, reflecting an upside of 17.5% from the current price of HK$4.63 [2][7]. Core Insights - The robust performance in 1H24 is attributed to improved gross margins (GM) and stable shipment volumes, with revenue and net profit soaring by 40.1% and 453.9% year-on-year, respectively [2][6]. - The company is expected to achieve a compound annual growth rate (CAGR) of 31% in earnings from FY24E to FY26E, driven by quality growth and gradual recovery in sales and GM [6][7]. - The non-smartphone segment, particularly in automotive and IoT, is showing significant growth potential, with automotive CCM sales volume up 15 times year-on-year in 1H24 [3][4]. Summary by Sections Financial Performance - In 1H24, QT's camera module (CCM) revenue increased by 44.5% year-on-year to RMB7,215 million, driven by higher average selling prices (ASP) and smartphone CCM shipment volume growth of 10.5% year-on-year [2][6]. - The blended GM improved by 1.8 percentage points year-on-year to 5.2%, supported by a better product mix and higher utilization rates [2][6]. Market Position and Strategy - QT aims to position itself as a Tier-1.5 player, providing both hardware and software solutions to Tier-1 clients, with expectations of higher ASP and GM in the long run for automotive CCM products [4][6]. - The company has successfully diversified its product mix and is exploring business opportunities in the automotive intelligent vision industry chain, including automotive lenses and LiDAR modules [3][4]. Shipment and Production - In 1H24, QT's total CCM shipment reached approximately 255 million units, with smartphone CCM contributing around 249 million units, reflecting a 25.8% year-on-year increase [2][6]. - The company has doubled its non-smartphone CCM shipment in 1H24, accounting for about 2.5% of total shipments, indicating strong progress in this segment [2][6]. Future Outlook - The report anticipates that QT's sales and net profit will grow at a CAGR of 13.0% and 31.5%, respectively, from FY24E to FY26E, as management focuses on long-term quality growth [6][7]. - The non-smartphone segment is expected to ramp up gradually, with minimal contribution projected for FY24E and FY25E [6][7].

Investment Rating - The report assigns a "Buy" rating to Q Technology (1478 HK) with a target price of HKD 5 10, implying a 25 9% upside potential from the latest closing price [2][3] Core Views - Q Technology's revenue grew 40 1% YoY in 1H2024, driven by a 30 8% increase in camera module sales volume and improved ASP due to higher specifications [1] - Gross margin improved by 1 8 percentage points to 5 2% in 1H2024, though still below the historical 10% level, due to increased share with smartphone customers and higher proportion of premium products [1] - Net profit surged 431 2% YoY to RMB 115 million in 1H2024, within the previously guided range of 400%-500% growth [1] - The company exceeded its 2024 guidance with 32M+ CCM sales reaching 49 2% of total, non-smartphone CCM sales growing 100 4% YoY, and smartphone CCM sales increasing 29 6% YoY [2] Business Performance - Smartphone camera module shipments grew 30 8% YoY in 1H2024, with 32M+ CCM shipments up 72 1% and automotive/other CCM shipments surging 100 4% [1] - The proportion of 32M+ high-spec camera modules reached 49 2%, driving ASP improvement [1] - Automotive business made significant progress, benefiting from rapid development of smart driving systems that require 8-10 camera modules per vehicle [2] Financial Projections - Revenue is forecast to grow 13 7% in 2024 and 11 3% in 2025, reaching RMB 17 37 billion by 2026 [6] - Gross margin is expected to improve to 5 3% in 2024 and 6 5% by 2026 [6] - Net profit is projected to increase 212 9% in 2024 and 47 5% in 2026, with ROE improving from 1 7% in 2023 to 10 1% in 2026 [6] Valuation - The stock is valued at 20x 2024 and 14x 2025 estimated P/E [2] - The target price of HKD 5 10 represents a 25 9% upside from the current price of HKD 4 05 [3]

Investment Rating - The report maintains a positive investment outlook for the company, suggesting continued active monitoring of its performance [1] Core Insights - The company has demonstrated a strong performance in the first half of 2024, with unaudited revenue of approximately RMB 7.675 billion, representing a year-on-year growth of about 40.1%, and a profit of approximately RMB 115 million, which is an increase of approximately 431.2% [1] - The company is focusing on high-end mobile camera modules, with sales volume growth of approximately 30.8% year-on-year, and the average selling price (ASP) of camera modules increased by 10.5% year-on-year to approximately RMB 32.6 [1] - The non-mobile sector has shown significant growth, with camera module sales in automotive and IoT applications increasing by approximately 100.4% year-on-year [1] Summary by Sections Company Performance - In H1 2024, the company’s camera module sales volume increased by approximately 30.8% year-on-year, with a focus on high-end products [1] - The sales volume of 32MP and above camera modules accounted for about 49.2% of total sales, with OIS and periscope camera modules showing significant growth [1] Market Trends - The demand for high-end camera modules is expected to continue growing, driven by the recovery in mobile phone sales and hardware upgrades [1] - The company is well-positioned in the market, with strong relationships with major Tier-1 clients in the automotive sector, leading to a significant increase in sales volume for automotive camera modules [1] Strategic Focus - The company is committed to a high-end strategy, which is expected to enhance its profitability and market position [1] - The integration of hardware and software in visual modules is identified as a second growth curve for the company, expanding its growth potential [1]

Investment Rating - The report maintains a "Buy" rating for the company, citing potential for sustained profitability improvement driven by growth in camera module volumes and pricing, as well as long-term growth opportunities in automotive and IoT sectors [2][3] Core Views - The company's 24H1 revenue reached RMB 7.68 billion, up 40.1% YoY, with gross margin improving by 1.8 percentage points to 5.2% [2] - Net profit attributable to shareholders surged 431.2% YoY to RMB 115 million, exceeding Bloomberg consensus estimates by 1.8% [2] - Smartphone demand recovery, product premiumization, and significant progress in automotive and IoT camera module businesses drove revenue and margin growth [2] Business Performance Smartphone Camera Modules - Smartphone camera module shipments increased 29.6% YoY in 24H1, surpassing the guidance of at least 5% growth [2] - High-end camera modules (32MP and above) accounted for 49.2% of shipments, up 12.1 percentage points YoY and exceeding the 45% guidance [2] - OIS module shipments reached 27 million units, with periscope camera module shipments doubling YoY [2] Automotive and IoT Camera Modules - Automotive and IoT camera module shipments grew 100.4% YoY, significantly exceeding the 50% growth guidance [2] - Automotive module shipments increased over 15 times YoY, driven by rapid penetration of new energy vehicles and smart driving systems [2] - The company became the primary CCM supplier for customer H and is progressing COB product development with two major customers expected to enter mass production in 25Q1 [2] Financial Projections - 24/25 net profit forecasts were revised down by 29%/31% to RMB 235 million and RMB 327 million respectively, with a new 26E net profit forecast of RMB 453 million [2] - Revenue is projected to grow 26.2% in 2024E, 12.5% in 2025E, and 10.7% in 2026E [3] - EPS is expected to increase from RMB 0.20 in 2024E to RMB 0.38 in 2026E, with P/E ratios declining from 19x to 10x over the same period [3] Market Position and Strategy - The company has established a four-line product strategy in IoT: drone/handheld products, XR optical products, integrated vision modules, and robotics [2] - In the drone sector, it serves as a benchmark supplier for the world's largest drone brand, providing main camera modules and LiDAR [2] - For XR products, it currently supplies Chinese VR brands like PICO and HTC, with plans to secure a US customer M within the year [2] Industry Trends - Global smartphone shipments have shown four consecutive quarters of recovery, with 24Q2 shipments up 6.5% YoY, driving the company's shipment growth [2] - The increasing demand for mobile photography is driving higher penetration of advanced camera technologies like OIS and large-format ultra-thin high-pixel modules [2]

Revenue and Sales Performance - Revenue for the six months ended June 30, 2024, was approximately RMB 7,675,142,000, a 40.1% increase compared to the same period in 2023, driven by a 30.8% year-on-year growth in camera module sales[2] - Revenue from camera modules increased to RMB 7,214,806 thousand in the first half of 2024, up from RMB 4,992,280 thousand in the same period of 2023, representing a significant growth[14] - Total revenue from customer contracts reached RMB 7,675,142 thousand in the first half of 2024, up from RMB 5,476,543 thousand in the same period of 2023[14] - Revenue from Customer A increased to RMB 2,213,145 thousand in the first half of 2024, compared to RMB 1,517,569 thousand in the same period of 2023[16] - Revenue from Customer B decreased slightly to RMB 1,854,663 thousand in the first half of 2024, down from RMB 1,987,608 thousand in the same period of 2023[16] - Revenue from Customer C was RMB 1,012,022 thousand in the first half of 2024, contributing less than 10% of the company's total revenue[16] - Revenue from external customers for the camera module segment increased to RMB 7,214,806 thousand in the first half of 2024, up from RMB 4,992,280 thousand in the same period of 2023, representing a growth of approximately 44.5%[19] - The fingerprint recognition module segment reported a slight increase in revenue from external customers, reaching RMB 394,671 thousand in the first half of 2024 compared to RMB 394,653 thousand in 2023[19] - Total revenue from external customers across all segments rose to RMB 7,675,142 thousand in the first half of 2024, a 40.1% increase from RMB 5,476,543 thousand in the same period of 2023[20] - Revenue from mainland China accounted for RMB 6,315,540 thousand in the first half of 2024, up 46.6% from RMB 4,307,348 thousand in 2023, highlighting strong growth in the domestic market[21] - The company's revenue reached RMB 7,675,142,000, a 40.1% YoY increase[54] - The company's revenue for the period was approximately RMB 7,675,142,000, a year-on-year increase of 40.1%, driven by a 30.8% growth in camera module sales[61] Profitability and Financial Performance - Gross profit for the period was RMB 400,099,000, with a gross margin of 5.2%, up 1.8 percentage points from 3.4% in the same period last year, primarily due to improved capacity utilization and a higher proportion of high-end products[2] - Net profit for the period was RMB 115,232,000, a significant increase of 431.2% compared to the same period in 2023, driven by higher revenue and improved gross margin[2] - Basic and diluted earnings per share were both RMB 0.097, compared to RMB 0.018 in the same period last year[2] - Operating profit for the period was RMB 220,693,000, compared to RMB 102,754,000 in the same period last year[4] - The company's profit before tax surged to RMB 125,684 thousand in the first half of 2024, a significant increase from RMB 8,215 thousand in the same period of 2023[20] - The company's profit surged by 431.2% YoY to RMB 115,232,000[55] - Gross profit surged by 112.5% to approximately RMB 400,099,000, with gross margin improving to 5.2% from 3.4% due to increased sales of high-end camera modules and improved capacity utilization[63] - Net profit soared by 431.2% to approximately RMB 115,232,000, driven by a 40.1% increase in revenue and a 1.8 percentage point improvement in gross margin[71] Product and Market Performance - Sales of camera modules with 32 megapixels and above, as well as those for non-smartphone applications, accounted for 49.2% of total camera module sales, contributing to improved product value and gross margin[2] - Revenue from fingerprint recognition modules remained stable at RMB 394,671 thousand in the first half of 2024, compared to RMB 394,653 thousand in the same period of 2023[14] - The company's primary business includes the production and sale of camera modules and fingerprint recognition modules for mobile phones, automotive, IoT, and other smart mobile devices[13] - The company operates in two reportable segments: Camera Modules and Fingerprint Recognition Modules, managed based on business lines[17] - High-end camera modules (32MP and above) accounted for 49.2% of total camera module sales[55] - The sales volume of camera modules with 32 million pixels and above for smartphones and other fields accounted for 49.2% of total camera module sales, exceeding the target of 45%[56] - Sales of camera modules for automotive and IoT fields increased by 100.4% year-on-year, surpassing the target of at least 50%[56] - Sales of camera modules for smartphones increased by 29.6% year-on-year, exceeding the target of at least 5%[56] - The proportion of optical under-display fingerprint recognition modules in total fingerprint recognition module sales increased from 58.5% to 71.6%[56] - The company's camera module sales increased by 30.8% YoY, with sales for smart cars and IoT devices growing by 100.4% YoY[54] Financial Position and Assets - Total assets as of June 30, 2024, were RMB 11,106,689,000, an increase from RMB 9,961,083,000 as of December 31, 2023[7] - Total equity attributable to the company's shareholders was RMB 4,936,683,000 as of June 30, 2024, up from RMB 4,831,751,000 as of December 31, 2023[9] - The company's inventory as of June 30, 2024, was RMB 1,777,515,000, compared to RMB 1,408,332,000 as of December 31, 2023[7] - Cash and cash equivalents as of June 30, 2024, were RMB 2,893,084,000, up from RMB 1,710,030,000 as of December 31, 2023[7] - Trade receivables and bills receivable as of June 30, 2024, amounted to RMB 3.420 billion, a decrease from RMB 3.916 billion as of December 31, 2023[35] - The aging analysis of trade receivables and bills receivable shows that 71.8% (RMB 2.454 billion) were within 1 month, 27.9% (RMB 954.753 million) were between 1 to 3 months, and 0.3% (RMB 9.273 million) were between 3 to 6 months as of June 30, 2024[36] - The company's foreign currency derivative liabilities decreased to RMB 44.096 million as of June 30, 2024, from RMB 52.300 million as of December 31, 2023[37][38] - Total bank borrowings as of June 30, 2024, were RMB 4.139 billion, a decrease from RMB 4.371 billion as of December 31, 2023[40] - The company's secured bank loans decreased to RMB 408.395 million as of June 30, 2024, from RMB 977.19 million as of December 31, 2023, with assets including shares of an associate company and bank deposits used as collateral[41][42] - The company's total bank loans due within one year or on demand amounted to RMB 4.018 billion as of June 30, 2024, compared to RMB 4.151 billion as of December 31, 2023[43] - Trade payables and notes payable decreased to RMB 4.179 billion as of June 30, 2024, from RMB 5.227 billion as of December 31, 2023[44] - The aging analysis of trade payables and notes payable showed that RMB 3.469 billion was due within 3 months as of June 30, 2024, compared to RMB 4.032 billion as of December 31, 2023[45] - Bank loans decreased by 9.1% to approximately RMB 4,139,304,000 as of June 30, 2024, compared to the same period last year[72] - Cash and cash equivalents decreased by RMB 906,231,000 to approximately RMB 1,710,030,000 as of June 30, 2024, due to increased long-term bank deposits and repayment of loans[72] - Operating cash flow turned positive to approximately RMB 691,268,000, compared to a net outflow of RMB 89,714,000 in the same period last year[73] - Capital gearing ratio decreased by 6.7 percentage points to 84.1% as of June 30, 2024, due to a reduction in bank loans[76] - Adjusted net gearing ratio decreased to 19.5% as of June 30, 2024, down by 5.3 percentage points from 24.8% at the end of 2023, primarily due to reduced short-term and long-term bank borrowings and increased equity[77] - Total pledged assets decreased to RMB 1,073,223,000 as of June 30, 2024, down by RMB 340,213,000 from RMB 1,413,436,000 at the end of 2023, used as collateral for bank loans and guarantees[83] Costs and Expenses - Inventory costs rose to RMB 7,409,240 thousand in the first half of 2024, a 38.2% increase from RMB 5,361,874 thousand in 2023, driven by higher employee costs and depreciation expenses[26] - Employee costs, including salaries and benefits, increased to RMB 508,881 thousand in the first half of 2024, up 37.4% from RMB 370,497 thousand in 2023[28] - Depreciation expenses rose to RMB 233,583 thousand in the first half of 2024, a 16.3% increase from RMB 200,828 thousand in 2023[25] - Sales cost increased by 37.6% to approximately RMB 7,275,043,000 compared to the same period last year, driven by a 40.1% increase in revenue[62] - R&D expenses increased by 47.6% to approximately RMB 286,142,000, reflecting higher investment in advanced camera modules and optical products for mobile, IoT, and automotive applications[67] - Employee count increased to 9,396 as of June 30, 2024, up from 7,212 in the same period last year, driven by higher demand for camera modules and fingerprint recognition modules[84] - Employee compensation expenses rose to RMB 508,881,000 for the period, up from RMB 370,497,000 in the same period last year, including performance bonuses, medical insurance, and other benefits[84] Taxation and Government Subsidies - The company benefited from government subsidies totaling RMB 37,692 thousand in the first half of 2024, compared to none in the same period of 2023[22] - Total tax expenses for the six months ended June 30, 2024, were RMB 10.452 million, compared to a tax benefit of RMB 13.477 million for the same period in 2023[29] - The company's subsidiaries in China enjoy a preferential corporate income tax rate of 15% due to their high-tech enterprise status, which has been renewed multiple times, with the latest renewal application submitted in July 2024[30] - The company's subsidiary in Hong Kong is subject to a profits tax rate of 16.5%, with a two-tiered tax system introduced in 2018/2019, where the first HKD 2 million of assessable profits is taxed at 8.25%[31] - The company's subsidiary in Korea is subject to a new Pillar Two global minimum tax, effective from January 1, 2024, but this has not had a significant impact on the consolidated financial statements for the six months ended June 30, 2024[32] Corporate Governance and Compliance - The company did not recommend or pay any interim dividends for the six months ended June 30, 2024, and June 30, 2023[46] - The company granted options to 506 eligible participants to subscribe for a total of 10.28 million ordinary shares on June 5, 2024, with an exercise price of HKD 3.518 per share[48] - The company did not purchase, sell, or redeem any of its listed securities during the period, except as disclosed in the "Major Acquisitions and Disposals" section[86] - All directors confirmed compliance with the Model Code for Securities Transactions during the period[87] - The company adhered to the applicable code provisions of the Corporate Governance Code during the period[88] - The Audit Committee, consisting of three independent non-executive directors, reviewed the unaudited interim results and interim report for the period[89] - The unaudited interim financial report was reviewed by KPMG in accordance with the Hong Kong Standard on Review Engagements 2410[89] - No significant events affecting the group occurred between June 30, 2024, and the date of the announcement[90] - The 2024 interim report will be distributed to shareholders and published on the company's website at an appropriate time[90] - The company expressed gratitude to shareholders, directors, and employees for their continued support and efforts[91] Market and Industry Trends - Global economic growth is expected to stabilize at 2.6% in 2024, with China's growth rate projected at 4.8%, up from the initial forecast of 4.7%[52] - Global smartphone shipments increased by 6.5% YoY in Q2 2024, with China's market growing by 8.9% YoY[53] - China's smartphone market saw a 13.2% YoY increase in shipments in H1 2024, reaching 147 million units[53] - New energy vehicle (NEV) retail sales in China grew by 33.1% YoY in H1 2024, reaching 4.111 million units[54] - The global smartphone market is expected to grow in 2024, with AI-enabled smartphones projected to account for 16% of global shipments, rising to 54% by 2028[58] - The penetration rate of new energy vehicles in China is expected to reach 40% in 2024, with smart driving and autonomous driving entering a rapid development phase[59] - The company's COB (Chip on Board) technology is globally leading, positioning it well for growth in the automotive camera module market[59] Strategic Initiatives and Future Outlook - The company aims to continue advancing large-scale intelligent manufacturing, new technology R&D, and vertical integration to maintain long-term competitiveness[60] - The company is confident in achieving its five-year strategic plan and creating better value for shareholders despite complex macroeconomic conditions[60] - The company continues to monitor liquidity and debt levels to ensure sufficient working capital and maintain a reasonable debt-to-asset ratio[78] - The company did not make any significant investments or acquisitions during the six months ended June 30, 2024, and has no approved plans for major investments or capital asset purchases[80] - The company's subsidiary in India is under investigation by local tax authorities, but no provisions have been made as management believes there are valid grounds to contest the claims[81][82] - Foreign exchange net gains amounted to RMB 39,405,000 for the period, slightly lower than RMB 41,940,000 in the same period last year, with continued use of hedging instruments to manage currency risks[85] - No interim dividend declared for the period (同期：無)[86]

Investment Rating - The report maintains a "Buy" rating for Q-Tech with a target price (TP) raised to HKD 6.47, reflecting a potential upside of 29.6% from the current price of HKD 4.99 [1][2][9]. Core Insights - Q-Tech has announced a positive profit warning for 1H24, projecting a net profit increase of 400-500% year-on-year, reaching between RMB 1.09 billion and RMB 1.3 billion. This aligns with the firm's and market's FY24E estimates of 29-34% and 40-47% growth, respectively [1][9]. - The optimistic outlook is driven by several factors, including increased market share in high-end Camera Module (CCM), growth in automotive and IoT CCM, improved utilization rates (UTR), and better profitability from joint ventures like Newmax [1][9]. - For 2H24E, the report anticipates further growth from the launch of flagship Android models, high-end specification upgrades, and recovery in automotive and IoT CCM segments, which are expected to enhance profitability [1][9]. Financial Summary - Revenue projections for FY24E are set at RMB 17.025 billion, with a year-on-year growth of 35.9%. For FY25E and FY26E, revenues are expected to reach RMB 17.593 billion and RMB 19.503 billion, respectively [2][5][7]. - The net profit for FY24E is projected at RMB 386 million, with significant increases expected in subsequent years, reaching RMB 536 million in FY25E and RMB 657 million in FY26E [2][5][7]. - Earnings per share (EPS) estimates have been revised upward by 2-12% for FY25-26E, reflecting stronger profitability and growth expectations [1][9]. Market Performance - Q-Tech's stock has shown strong performance, with a 1-month return of 41.8% and a 3-month return of 44.6%, indicating positive market sentiment [3]. - The stock's price-to-earnings (P/E) ratio is projected at 14.3x for FY24E and 10.3x for FY25E, suggesting that the stock is attractively valued compared to its earnings growth potential [2][9]. Outlook - The report highlights that the upcoming catalysts for Q-Tech include a recovery in shipment volumes, new product launches, and winning orders in non-smartphone CCM segments, which are expected to drive long-term revenue growth [1][9].

Investment Rating - The report maintains a "BUY" rating for Q-Tech with a new target price (TP) of HK$6.47, up from the previous TP of HK$3.93, indicating a potential upside of 29.6% from the current price of HK$4.99 [5][14]. Core Insights - Q-Tech announced a positive profit alert for 1H24, projecting a net profit growth of 400-500% year-on-year, reaching RMB109-130 million, which aligns with 29-34% and 40-47% of the firm's and consensus FY24 estimates respectively [3][12]. - The growth is attributed to several factors including an increased share of high-end CCM, growth in auto/IoT CCM, rising UTR, and improved profitability from the associate Newmax [3][14]. - The outlook for 2H24 remains positive, driven by flagship model launches, high-end specification upgrades, and recovery in FPM, which are expected to enhance profitability [3][14]. Financial Summary - Revenue for FY24E is projected at RMB17,025 million, with a year-on-year growth of 35.9% [4][12]. - Net profit for FY24E is expected to be RMB386 million, reflecting a significant recovery from previous years [12][19]. - The report anticipates EPS growth of 372.7% for FY24E, with further increases in FY25E and FY26E [4][12]. Earnings Forecasts - The report raises FY25-26E EPS by 2-12% to account for stronger 1H24 earnings and improved gross profit margins [3][14]. - The gross profit margin is expected to recover to 7.5% in FY25E and 7.2% in FY26E, indicating a positive trend in profitability [12][19]. Market Position - Q-Tech is trading at attractive multiples of 14.3x and 10.3x FY24/25E P/E, suggesting a favorable valuation compared to its peers [3][14]. - The company is positioned to benefit from the recovery in the global smartphone market and increasing demand for non-mobile CCM applications, particularly in automotive and IoT sectors [3][14].

证券研究报告 | 公司点评 2024 年 07 月 11 日 丘钛科技(01478.HK) 中报盈喜,看好 CCM 高端化 7 月 10 日,丘钛科技发布盈喜报告。2024H1,丘钛科技归母综合溢利 可能较 2023H1 的 2169 万人民币增长约 400%-500%,绝对值大约为 1.08-1.30 亿人民币。盈利较好的主要原因包括:1)全球智能手机情况 好转、车载及物联网摄像头模组业务进步,使得摄像头模组销量同比增 长 30.8%,同时改善了稼动率;2)持续推进高端化,公司 32M 像素以 上的摄像头模组销量占比达到 49.2%,超出预期(年初指引的全年 32M 像素及以上摄像头销量占比为 45%以上);3)上半年一家联营公司经 营业绩改善,使得该部分亏损金额同比减少。 公司持续推进高端化进程,改善盈利性。1)产品规格方面,行业重回升 规升配正轨,公司也积极推进高像素、光学防抖、潜望式变焦、大芯片 等中高端摄像头模组的拓展。2)客户合作方面,公司积极供应手机客户 的高端手机产品线,我们预计公司今年仍将继续受益于高端旗舰手机产 品供应。总体上看,公司上半年 32M 像素以上的摄像头模组销量占比达 到 49 ...

CMB 国际全球市场 | 股票研究 | 公司更新 Q - Tech ( 1478 香港 ) CMBI Corp Day 外卖 : Android 恢复和规范升级推动 ASP / GPM 上升 我们于 6 月 26 日在 CMBI 技术公司日主持了 Q - tech 。主要收获包括 : 1 ) 智能手机 CCM : 管理。 在 Adroid 恢复,更高的 UTR 和更好的产品组合的推动下,FY24E 的 GPM 恢复是积极的 ; 2 ) 非智能 手机 CCM : 由于华为和海外一级客户的订单获胜,汽车 CCM 的加速增长 ; 3 ) FPM : 由于超声波 FPM 的采用增加和 ASP 的增加,利润崩溃在轨道上。总体而言,我们预计高端 Adroid 恢复和规格升级将 在 FY24E 提高 ASP / 收益。FY24 / 25E 市盈率为 11.9 倍 / 8.7 倍,我们认为该股仍然具有吸引力 ( 而 8 年期市盈率为 18 倍。avg) 。在审查 TP 的情况下保持买入。 智能手机 CCM : 由于 Android 恢复 , 高端规格升级和不断上升的 UTR / ASP , GPM 恢 复步入正轨。管理。重申 ...