金吾财讯 | 招银国际研报指，丘钛科技(01478)2024 年净利润同比增长241%，与此前盈喜一致，受益于产品市场份额增长、规格升级和汽车/IoT CCM 业务增长。
展望 2025 年，管理层对高端镜头模组需求（OIS/潜望镜）、汽车/IoT 镜头模组客户和订单以及超声波指纹模组升级周期维持乐观看法。该行略微调整了该行的预测，以反映 FY24 业绩和更好的业务前景，该行FY25/26E 每股收益比一致预期高出 24%/27%。目前该股估值为 FY25/26E 14.6x/11.6 倍 PE，与 FY25/26E 每股收益增长 102%/26%相比，该行认为该股具有吸引力。未来股价催化剂包括 AI 智能手机/眼镜的推出和汽车/IoT CCM订单赢取。
该行将目标价上调至9.29港元，基于17.7倍FY25E市盈率（之前为13倍），因公司乐观的2025年指引、产品结构改善且手机产品规格升级（OIS/潜望镜/超声波指纹模组）、指纹模组利润水平改善（下半年GPM为 9.3%）和非手机镜头模组快速扩张（汽车/IoT）。维持买入评级。
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