丘钛科技：手机光学驱动利润弹性汽车及XR提振估值

开源证券2025-03-10

国补刺激及手机光学升级驱动利润弹性，ADAS 下沉及XR 起量提振估值手机光学升级带来产品结构继续改善、车载和IoT 业务进展顺利、超声波指纹模组有望继续放量，预计2024-2026 年公司营业收入分别为164/193/208 亿人民币，对应同比增长31%/18%/8%；照相模组ASP 改善、车载及IoT 模组稼动率提升，我们预计2024-2026 年公司归母净利润分别为3.1/6.4/7.9 亿...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2518108162?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2025-03-10 00:00","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2518108162","market":"hk","top_or_hot":-1,"title":"丘钛科技：手机光学驱动利润弹性 汽车及XR提振估值","media":"开源证券","content":"<div>\n<p>国补刺激及手机光学升级驱动利润弹性，ADAS 下沉及XR 起量提振估值手机光学升级带来产品结构继续改善、车载和IoT 业务进展顺利、超声波指纹模组有望继续放量，预计2024-2026 年公司营业收入分别为164/193/208 亿人民币，对应同比增长31%/18%/8%；照相模组ASP 改善、车载及IoT 模组稼动率提升，我们预计2024-2026 年公司归母净利润分别为3.1/6.4/7.9 亿...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250310164622abf28d01&s=b\">网页链接</a>\n\n</div>\n","source":"tencent","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>丘钛科技：手机光学驱动利润弹性 汽车及XR提振估值</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n丘钛科技：手机光学驱动利润弹性 汽车及XR提振估值\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-03-10 00:00 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250310164622abf28d01&s=b><strong>开源证券</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>国补刺激及手机光学升级驱动利润弹性，ADAS 下沉及XR 起量提振估值手机光学升级带来产品结构继续改善、车载和IoT 业务进展顺利、超声波指纹模组有望继续放量，预计2024-2026 年公司营业收入分别为164/193/208 亿人民币，对应同比增长31%/18%/8%；照相模组ASP 改善、车载及IoT 模组稼动率提升，我们预计2024-2026 年公司归母净利润分别为3.1/6.4/7.9 亿...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250310164622abf28d01&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK1179","symbol_name":"电子设备和仪器","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250310164622abf28d01&s=b","article_id":"2518108162","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250310164622abf28d01&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description span{font-size:12px;#descriptionStyle#;}.footer-note{#statement#}","selectors":".mod-LoadTzbdNews, body","filters":".relate-stock, .hot-list, .recom-box, .wx-sou","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2518108162","pubTimestamp":1741536000,"columns":[],"sourceInfo":{"source_id":"tencent","name":"腾讯"},"weMediaInfo":null,"summary":"国补刺激及手机光学升级驱动利润弹性，ADAS 下沉及XR 起量提振估值手机光学升级带来产品结构继续改善、车载和IoT 业务进展顺利、超声波指纹模组有望继续放量，预计2024-2026 年公司营业收入分别为164/193/208 亿人民币，对应同比增长31%/18%/8%；照相模组ASP 改善、车载及IoT 模组稼动率提升，我们预计2024-2026 年公司归母净利润分别为3.1/6.4/7.9 亿人民币，分别同比增长274%/105%/23%，对应EPS 分别为0.3/0.5/0.7 人民币。","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"BK1179":"电子设备和仪器","01478":"丘钛科技","BK1504":"苹果概念","BK1096":"消费电子产品"},"translate_title":"Qiu Ti Technology: Mobile phone optics drive profit elasticity, automobiles and XR boost valuations","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"01478":0.6},"content_text":"国补刺激及手机光学升级驱动利润弹性，ADAS 下沉及XR 起量提振估值手机光学升级带来产品结构继续改善、车载和IoT 业务进展顺利、超声波指纹模组有望继续放量，预计2024-2026 年公司营业收入分别为164/193/208 亿人民币，对应同比增长31%/18%/8%；照相模组ASP 改善、车载及IoT 模组稼动率提升，我们预计2024-2026 年公司归母净利润分别为3.1/6.4/7.9 亿人民币，分别同比增长274%/105%/23%，对应EPS 分别为0.3/0.5/0.7 人民币。当前股价7.54 港币分别对应2024-2026 年26.5/12.9/10.5 倍PE，受益国补刺激、手机光学升级有望驱动公司更大的利润释放弹性，汽车ADAS 下沉以及XR 光学起量驱动二次增长曲线有利估值中枢上移，首次覆盖给予“买入”评级。2025 年手机光学升级趋势持续，同时受益国补刺激中低端产品稼动率丘钛科技为全球领先的智能移动终端摄像头模组及指纹识别模组制造商。2023H2 以来，伴随下游去库存逐渐结束、行业竞争趋于理性、报价环境改善，同时受益于手机光学规格重回升级趋势驱动公司自身产品结构优化，公司摄像模组毛利率由2023H1 的3.6%提升至2024H1 的5.6%，我们预期2024H2 公司摄像模组毛利率有望超过7%、其中手机模组毛利率约8%。展望2025 年，国补刺激安卓中低端手机销量、有利公司产能稼动率提升，同时光学升级趋势或持续，潜望式和大相面有望向更低价位带下沉，公司手机模组毛利率有望进一步提升。车载光学业务受益ADAS 下沉趋势，XR 业务在国际大客户获突破2024H1 公司非手机CCM 销量占总体CCM 销量的2.47%。公司车载摄像头模组业务进入加速期，公司当前产品全面覆盖ADAS/环视/智能座舱模组，公司积极导入国际国内Teir 1 以及国内新能源车厂；2024H1，公司车载摄像头模组销量同比增加超15 倍，总产能突破1kk/月。公司IoT 产品四线发展，在消费无人机、行业无人机及手持产品、XR 光学产品、软硬件一体化视觉模块、机器人等领域均取得进展。风险提示：行业竞争加剧、市场需求不及预期、IoT 和车载业务增长不及预期","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.36.0","shortVersion":"4.36.0","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2518108162","isCrawlerRequest":true}

丘钛科技：手机光学驱动利润弹性 汽车及XR提振估值

精彩评论

丘钛科技：手机光学驱动利润弹性汽车及XR提振估值