【行业研究报告】丘钛科技-Positive FY25 profit alert; non-mobile (handheld/auto/XR) growth to continue into 2026

PositiveFY25profitalert;non-mobile(handheld/auto/
XR)growthtocontinueinto2026
Q-Techannouncedpositiveprofitalertwithearningsgrowthof400-450%YoY,
aboveour/marketexpectations,mainlydrivenbynon-mobilegrowth
(handheld/auto/XR),CCM/FPMupgrade(periscope/OIS/ultrasonic),Indiabiz
disposalgainsandNewmax’searningsturnaround.Weadjustedourestimatesto
reflectFY25preannouncement,non-mobilemomentumonIoT/drone/handheld/
auto/AIglasses,despitesmartphoneweaknessonmemorycosthike.Weexpect
non-mobilebiztobecomethemajorgrowthdriverwith48%revenueCAGRinFY25-
27E,accountingfor40%/47%ofrevenueinFY26/27E(vs.28%inFY25E).Trading
at13.2x/10.5xFY26/27EP/E,wethinkthestockisattractive.ReiterateBUYwith
newTPofHK$13.18basedonrollover17xFY26EP/E.Upcomingcatalystsinclude
IoTclientwins,handheld/droneorders,andFY26Eguidance.
PositiveFY25profitalertaboveour/marketexpectation.Q-Techannounced
positiveFY25profitalertwithNPgrowthof400-450%YoY,drivenby:1)non-
positiveFY25profitalertwithNPgrowthof400-450%YoY,drivenby:1)non-
mobile(IoT/auto/XR)CCMshipmentgrowthof110%YoYonrapiddemandand
leadingcustomers’orders(IoTclientas2
nd
largestclientin1H25);2)GPM
improvementdrivenbymid-to-high-endmobileCCM(periscope&OIS)and
FPM(ultrasonic)upgrade,betterproductmixandoperatingefficiency;3)one-
offgainfrom51.08%equitydisposalofQ-TechIndiaandNewmax’sturnaround
withprofitofRMB103mn(vsRMB37mnlossinFY24).Weestimaterevenue/net
profittogrow28%/419%YoYinFY25E.
2026outlook:non-mobile(handheld/auto/XR)CCMtobecomekeygrowth
driveramidsmartphoneindustryheadwinds.Lookinginto2026,weexpect:
1)non-mobileCCM(IoT/auto/XR):42%/30%YoYrevenuegrowthinFY26E
(IoT/auto/XRCCM+40%/50%/30%YoY),accountingfor40%/47%ofQ-Tech’s
FY26/27Erevenue,drivenbyIoTclient’sdrone/handhelddemandandspec
upgrade;2)smartphoneCCM:16%YoYrevenuedecline(shipment/ASPdown
7%/10%)givenindustryheadwindsonmemorypricehike;3)FPM:5%revenue
declinegivenweaksmartphoneshipment.Inthelongterm,leveragingQ-Tech’s
verticalintegrationcapabilityandstrongglobalclientbase,weareencouraged
byitsnon-mobilebusinessgrowthmomentum,capturingindustryopportunities
indrones/handheld-cam/XR/AIglasses/robotics.
MaintainBUYwithnewTPofHK$13.18.Overall,wearepositiveonQ-Tech’s
bettersmartphoneCCMproductmixandmultiplegrowthdriversinnon-mobile
CCMsegments.WeadjustedourestimatestoreflectthepositiveFY25profit
alertandbusinessoutlookinFY26E.OurnewTPofHK$13.18isbasedon
rollover17xFY26EP/E(vs.prior19.5xFY25EP/E)onsmartphoneindustry
headwinds.Q-Techwillannouncefullyearresultsinmid-Marchandwelookfor
mgmt.guidanceonhigh-endSPCCMmix,non-smartphoneCCMincludingIoT
andautoshipment/ASPandFPMshipment/GPM.