金吾财讯 | 光大证券发研指，丘钛科技(01478)发布24年盈利预告，预计24年净利润较23年8353.1万元同比上升200%-280%至2.51-3.17亿元人民币，由于：1）安卓手机需求复苏，公司市占率上升带动手机摄像模组、指纹识别模组出货量提升；2）光学规格升级驱动手机摄像模组产品结构优化，ASP及产能稼动率提升；3）指纹识别模组盈利能力改善；4）联营公司新巨科技亏损减少。该行指，手机摄像模组方面，24年出货量同比上升15.4%，其中32MP及以上手机摄像头模组出货量占比同比上升9.7pct至50.1%，产品结构持续优化。受益于手机光学延续规格升级趋势：1）潜望式模组下沉至中高端机型；2）OIS高端防抖模组渗透率提升，公司高端产品出货量占比有望进一步提升，有望驱动盈利能力持续改善。指纹识别模组方面，24年出货量同比上升29%，受益于行业供需格局改善、叠加产品结构优化，驱动盈利能力改善。车载、IoT模组方面，24年出货量同比上升58.8%，延续高速增长。该行表示，鉴于手机摄像模组、指纹识别模组盈利能力持续改善，上调24-26年净利润预测30%/49%/35%至3.07/4.86/6.10亿元人民币。考虑到：1）手机摄像头模组量价齐升有望驱动25年盈利超预期；2）车载、IoT领域有望构筑长期增长点，上调至“买入”评级。
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