花旗：维持丘钛科技(01478)“买入”评级目标价8.8港元

智通财经

Jun 11, 2025

智通财经APP获悉，花旗发布研报称，丘钛科技(01478)5月出货量摄像头模组(CCM)落后，指纹识别模组(FPM)领先，维持“买入”评级，目标价为8.8港元。短期催化因素可能是旗舰机型发布，不过鉴于库存消化以及宏观不确定性，原始设备制造商(OEM)可能采取保守采购策略，这或对股价评级构成压力。

丘钛科技公布了2025年5月出货量数据。2025年5月手机摄像头模组(HCM)出货量环比增长1.9%，但由于产品周期以及战略性削减3200万像素以下项目，同比下降17.5%，至3240万件。摄像头模组(CCM)年初至今出货量下降16.3%，因占花旗预期(2025年同比增长3%)的35%，低于3年历史平均水平42%。

值得注意的是，3200万像素及以上的摄像头模组出货量同比下降19.0%、环比下降9.3%，使得年初至今3200万像素及以上产品的增长率降至同比-6.2%，占比为52%。其他领域的摄像头模组受益于物联网和汽车领域需求，出货量环比增长6.7%、同比增长63.5%，达150万件。指纹识别模组(FPM)出货量同比激增45.0%，至1520万件，得益于市场份额提升以及超声波指纹识别模组产能爬坡。年初至今指纹识别模组出货量同比增长74.4%，占花旗预期(2025年同比增长20%)的42%，高于3年历史平均水平35%。

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