丘鈦科技(01478.HK):建議分拆攝像頭模組業務於A股上市,有助持續提升市場競爭力,維持“買入”評級,目標價17.20港元
機構:中泰國際
評級:買入
目標價:17.20港元
建議分拆攝像頭模組業務於 A 股上市,有助持續提升市場競爭力
公司近日公告建議分拆崑山丘鈦微電子科技有限公司並於 A 股獨立上市。崑山丘鈦微電子科技是丘鈦科技的間接全資附屬公司,主要從事設計、研發、製造及銷售應用於手機、汽車及物聯網等智能移動終端的攝像頭模組。
此次分拆上市主體將涉及所有攝像頭模組業務,但不包括指紋識別模組業務及聯營鏡頭公司新鉅科技,上市交易所、時點、募資規模等仍在探討階段,預期公司仍將絕對控股新上市公司,目前進展順利,有機會在明年 4 季度前完成。此次分拆上市募集的資金將主要用於加速手機高端模組、車載模組、IoT 模組和 3D 模組等產品研發及產能建設。手 機消費升級及光學升級為趨勢,公司近年獲取高端項目正不斷增加,加大對高端模組的投入將有助產品結構進一步改善。車載、IoT 等領域目前還處於相對前期階段,未來發展空間巨大,提前佈局將有助公司把握未來發展機遇。因此,我們認為分拆上市將有助公司持續提升市場競爭力,利好長遠發展。
維持目標價至 17.20 港元,重申“買入”評級
我們維持 20 年至 22 年的每股盈利預測分別為 0.67/0.78/0.93 元人民幣及目標價 17.2 港元,相當於 20 倍 21E PE,較現價有 44.5%的潛在升幅,重申“買入”評級。
風險提示:(一)產品結構改善不及預期;(二)競爭激烈導致毛利率不及預期;(三)華為事件負面影響擴大;(四)人民幣匯率波動;(五)疫情影響擴大
主要財務數據(百萬 人民幣)(估值更新至 2020 年 12 月 21 日)

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