Q TECH (01478) fell more than 5% in the afternoon session. As of the time of writing, the stock was down 5.03% to HK$9.07, with a turnover of HK$77.6626 million. A Citigroup research report noted that Q TECH announced its December and full-year shipment figures. December smartphone camera module shipments increased 13.2% month-on-month, and full-year total shipments reached 435 million units, a year-on-year increase of 6%, which was better than the bank's previous estimate of a 3.2% decline. Specifically, shipments of 32-megapixel and above camera modules in December decreased by 0.9% month-on-month and 11% year-on-year. This resulted in the full-year proportion of 32MP and above modules reaching 48%, which was below the company's guidance of 55%. Notably, full-year shipments of non-smartphone camera modules surged 111% year-on-year, primarily benefiting from strong performance in the automotive sector and robust IoT demand. This growth significantly exceeded the company's guidance of 60% year-on-year growth. Citigroup lowered its shipment volume and gross margin assumptions for Q TECH's smartphone camera modules and fingerprint recognition modules for 2026 to reflect the impact of weak smartphone market conditions. The bank reduced its earnings per share forecasts for 2026 and 2027 by 17% and 15%, respectively. However, it still believes the company can achieve a net profit exceeding RMB 1 billion yuan in 2026, supported by its non-smartphone business.