FY25 内部；对CCM股价上涨和无人机/自动化/XR动力的积极展望

share gain and drone/auto/XRmomentum FY25 in-line; Positive outlook on CCM share gainand drone/auto/XR momentum Target PriceHK$13.39(Previous TPHK$13.18)Up/Downside46.5%Current PriceHK$9.14 Q-TechpostedFY25 revenue/NP growth of 29%/435% YoY, in-line with priorprofit alert,mainly driven by non-handset CCM (+171% YoY, 27% of CCMsales),mobile CCM ASP hike (+20% YoY),disposalgaininIndiaand Newmaxoperating improvement. Looking into 2026,we are positive onmgmt.guidance:1)handset CCM: 5% YoY volume growth withoverseas sharegains, Indiacapacity andspec upgrade(periscope/variable aperture); 2)non-handset CCM:50% YoY volume growthdriven by auto/drones/robots/XR. We slightly adjustedour estimates to reflect in-line FY25resultsand stronger FY26 guidance on China Technology Alex NG(852) 3900 0881alexng@cmbi.com.hk Hanqing LIlihanqing@cmbi.com.hk FY25 in-line;handset CCMupgrade (ASP +20% YoY)and non-handsetCCM salesmomentum(+171% YoY).Q-Tech FY25 revenue growth of29.3% YoY was in line with our/market expectation,driven by non-handsetCCMsales(+171% YoY), CCM ASP hike (+20% YoY) andFPMupgrade(+26%YoY).FY25GPM climbed 1.7ppts YoY to 7.8%(vs 6.1% in FY24),thanks to higher ASP andrising UTR.Overall,net profitgrew 435% YoYtoRMB1,494mn, in-line withprior profitalert. Excluding one-off disposal gain 2026guidance:5%/50% YoY volume growth inhandset/non-handsetCCM.Looking into 2026,we are positive on better-than-feared guidance: 1)handsetCCM:+5% YoYshipment growthdespite memory costhike impact,asQ-Tech will focus onhigh-end spec(periscope/variable aperture) andoverseas client expansion; 2) non-handset CCM: 50% YoYshipment growthdriven by auto Tier-1/OEM project win,drone order momentum, smartglasses cooperation androboticclient wins. 3) FPM: share gainsthrough Maintain BUY with new TP ofHK$13.39.We are positive onQ-Tech’ssolid 2026shipment guidance, India capacity ramp-up,andmultiple growthdrivers innon-mobile CCM segment.We adjusted our estimates to reflectFY25positive profit alertandbusiness outlookin FY26E. Our new TP of Source: FactSet 2025earnings review Earnings Revision EarningsForecasts Valuation Maintain BUY withnewTPofHK$13.39 We slightly adjusted our estimates to reflect in-line FY25 results and stronger FY26guidance on handset CCM and India business, despite smartphone weakness on memorycost hike. We expect non-mobile biz to become major growth driver with57% revenueCAGR in FY25-27E, accounting for38%/45% of revenue in FY26/27E (vs. 24% in FY25). Our new TP of HK$13.39is based onsame17x FY26EP/E.Reiterate BUY.Upcomingcatalysts include India shipment and non-handset CCM order wins. Source: Company data, CMBIGM Source: Company data, CMBIGM Disclosures& Disclaimers Analyst Certification The research analyst who is primary responsible for the content of this research report, in whole or in part, certifies thatwith respect to the securities or issuerthat theanalyst covered in this report: (1) all of the views expressed accurately reflect his or her personal views about the subjectsecurities or issuer; and (2)no part of his or her compensation was, is, or will be, directly or indirectly, related to the specific views expressed by that analyst in this report.Besides, the analyst confirms that neither the analyst nor his/her associates (as defined in the code of conduct issued by The Hong Kong Securities and Futures Commission) (1) have dealt in or traded inthe stock(s) covered in this research report within 30 calendar days prior to the date of issue of this report; (2) willdeal in or trade in the stock(s) covered in this research report 3 business days after the date of issue of this report; (3)serve as an officer of any of the HongKong listed companies covered in this report; and (4) have any financial interests in the Hong Kong listed companies coveredin this report. CMBIGM Ratings BUY: Stock with potential return of over 15% over next 12monthsHOLD: Stock with potential return of +15% to-10% over next 12 monthsSELL: Stock with potential loss of over 10% over next 12 monthsNOT RATED: Stock is not rated byCMBIGM Important Disclosures There are risks involved in transacting in any securities. The information contained in this report may not be suitable forthe purposes of all investors.CMBIGMdoes not provide individually tailored investment advice. This report has been prepared without regard to the individual investment objectives, financial positionor special requirements. Past performance has no indication of future performance, and actual events may differ materially from that which is contained in thereport.The value of, and returns from, any investments are uncertain and are not guaranteed and may fluctuate as a result of their dependence on the or its affiliate(s) to whom it is distributed.This report is not and should not be construed as an offer or solicitation tobuy or sell any security or any interest insecurities or enter into any transaction.NeitherCMBIGMnor any of its affiliates, sha