研報掘金|中金:上調丘鈦科技目標價至6.42港元 給予“跑贏行業”評級
中金髮表研報指,丘鈦預吿2024年淨利潤按年按年增長200%至280%,符合市場預期,主要由於份額提升、產品結構高端化、毛利率改善、歸屬集團的聯營公司虧損按年收窄。手機光學方面,考慮到高端模組附加值更高且佔用更多產能,中金認為丘鈦2024年下半年手機攝像模組的ASP及毛利率都有望錄得增長。展望2025年,該行認為光學可能仍是手機微創新的主要切入點,看好手機攝像模組的盈利改善趨勢延續。指紋識別模組方面,中金認為隨着更高端的超聲波模組出貨增加,2024財年下半年及2025財年指紋識別模組毛利率有望繼續修復,甚至扭虧。中金表示,因出貨量高於公司指引,故將丘鈦2024及2025財年歸母淨利潤預測,分別上調7%及10%,同時引入2026財年收入及歸母淨利潤預測,分別為210億元及5.1億元。另外,該行將丘鈦目標價上調32%至6.42港元,給予“跑贏行業”評級。
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