金吾财讯 | 开源证券发研指，丘钛科技(01478)为全球领先的智能移动终端摄像头模组及指纹识别模组制造商。2023H2以来，伴随下游去库存逐渐结束、行业竞争趋于理性、报价环境改善，同时受益于手机光学规格重回升级趋势驱动公司自身产品结构优化，公司摄像模组毛利率由2023H1的3.6%提升至2024H1的5.6%，该行预期2024H2公司摄像模组毛利率有望超过7%、其中手机模组毛利率约8%。展望2025年，国补刺激安卓中低端手机销量、有利公司产能稼动率提升，同时光学升级趋势或持续，潜望式和大相面有望向更低价位带下沉，公司手机模组毛利率有望进一步提升。该行表示，手机光学升级带来产品结构继续改善、车载和IoT业务进展顺利、超声波指纹模组有望继续放量，预计2024-2026年公司营业收入分别为164/193/208亿人民币，对应同比增长31%/18%/8%；照相模组ASP改善、车载及IoT模组稼动率提升，我们预计2024-2026年公司归母净利润分别为3.1/6.4/7.9亿人民币，分别同比增长274%/105%/23%，对应EPS分别为0.3/0.5/0.7人民币。当前股价7.54港币分别对应2024-2026年26.5/12.9/10.5倍PE，受益国补刺激、手机光学升级有望驱动公司更大的利润释放弹性，汽车ADAS下沉以及XR光学起量驱动二次增长曲线有利估值中枢上移，首次覆盖给予“买入”评级。
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