交銀國際:升丘鈦科技(1478.HK)至“中性”評級 上調目標價至12港元
交銀國際發佈報告稱,丘鈦科技(01478.HK)發盈喜,預期2019年淨利潤5億-5.2億元人民幣(下同),高於此前預期的5.53億元。該行稱,預計公司今年下半年收入78億元,同比增長58%,毛利率8.6%。將丘鈦科技評級由“沽售”上調至“中性”,目標價由7.5港元升至12港元。
該行稱,對於2020年,預計4000萬像素以上後置攝像頭和ToF的進一步普及,將帶動產品組合升級,但仍然認為像素升級所帶來的利潤率增長有限。而由於產能限制,更偏好鏡頭╱CIS供應商。
該行又稱,雖然丘鈦在過去兩年建立了強大的客户基礎,推動出貨量強勁增長。該行認為,如股價回調或長期利潤率可見度提升,或會上調對公司的預期。由於今年下半年初步利潤好於預期,將2019╱20年每股盈利預測提高13%及22%。

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