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《大行》花旗大升丘鈦科技(01478.HK)目標價至17.9元 重申「買入」評級
阿思達克 08-12 10:15
花旗研究報告指,丘鈦科技(01478.HK)上半年業績與上月盈喜預期一致,收入按年升15%,毛利率升2.2個百分點至7.4%。管理層上調全年目標,當中非手機領域的攝像頭模組(CCM)出貨量增長目標由不少於40%升至不少於60%,指紋識別模組(FPM)出貨量增長目標由不低於20%升至不低於30%,同時維持潛望鏡出貨目標增長不低於100%,以及32MP+型號出貨佔比達55%的目標。 該行注意到,丘鈦科技上半年非手機CCM佔整體CCM收入23.9%,但出貨量佔比僅為4.2%。另外,某無人機及運動相機客戶貢獻17億元人民幣,約佔期內總收入20%。因此,該行認為上半年業績主要受強勁的物聯網需求推動,料勢頭亦可推動2026年盈利增長,基於採購力度持續、新項目量產、有利的平均售價及毛利。 該行重申對丘鈦科技「買入」評級,目標價由8.8元上調至17.9元,另考慮到2025年底可能從出售印度子公司51%股權中獲得約8億元人民幣的一次性收益,該行將其2025至2027年的淨利潤預測上調180%、75%及90%,至16.1億、12.9億和16.6億元人民幣。
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