金吾财讯 | 招银国际研报指，丘钛科技(01478)公布FY25收入/净利润同比增长29%/435%，与此前的盈喜一致，主要受非手机摄像头模组（同比增长171%，占摄像头模组销售额的27%）、手机摄像头模组平均售价提升（同比增长20%）、印度处置收益以及Newmax运营改善所驱动。展望2026年，该机构对管理层指引持正面看法：1）手机摄像头模组：指引出货量同比增长5%，伴随海外份额增长、印度产能及规格升级（潜望式/可变光圈）；2）非手机摄像头模组：指引出货量同比增长50%，由汽车/无人机/机器人/XR驱动。
该机构微调了预测，以反映符合预期的FY25业绩以及管理层对手机摄像头模组和印度业务更强劲的FY26E指引。该机构的新目标价13.39港元基于相同的17倍FY26E预期市盈率。该股目前交易于11.2倍FY26E预期市盈率，该机构认为其具有吸引力。维持“买入”评级。未来股价催化剂包括印度出货及非手机摄像头模组订单获取。
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