金吾财讯 | 招银国际研报指，丘钛科技(01478)发布盈喜，公司预计2025年上半年净利润同比增长150-180%，中值人民币3.05亿元比一致预期高20%，占该机构2025年全年净利润预测的54%。管理层将业绩增长归因于：手机规格升级、业务结构改善、产能利润率/ASP提升、指纹模组业务改善和子公司新巨科技业绩改善。展望2025年下半年，该机构对高端智能手机摄像头模组需求（光学防抖OIS/潜望式镜头）、非手机摄像头模组业务（物联网/汽车）增长势头以及超声波指纹识别模组升级周期持正面看法。该机构将2025-2027年每股收益上调21-30%，以反映强劲的上半年业绩和2026/2027年更好的利润率前景，该机构的2025-2027年每股收益比市场预期高14-19%。新目标价13.21港元是基于更高2025年市盈率19.5倍（前值9.25港元，基于17.7倍25年市盈率），与10年历史平均远期市盈率一致。重申“买入”评级。未来股价催化剂包括3Q新产品发布、汽车/物联网摄像头模组客户订单赢取以及指纹模组业务利润率改善。
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