【信达国际控股】Quality growth strategy goes on-250812（7页）.pdf

1、 Page 1 of 8 Result Takeaway 12 August 2025 Hayman Chiu .hk(852)2235 7677 Trading data 52-Week Range(HK$)3 Mth Avg Daily Vol(m)No.of Shares(m)Market Cap(HK$m)Major Shareholders(%)Auditors Result Due 13.21/3.87 6.9 1,189.5 15,535.3 He Ning Ning(63.74%)Deloitte FY25E:Mar 2026 Company description Estab

2、lished in 1997 and listed in HKEx in 2014,Q-tech(QT)is a leading PRC-based camera module manufacturer focusing on mid-to-high end camera module market for Chinese branded smart phone and tablet PC manufacturers.Q-tech was one of the first few manufacturers in China to use the COB(chip on board)and C

3、OF(chip on flex)assembly technologies in the manufacture of camera modules.Current customer portfolio includes leading Chinese smartphone players such as vivo,OPPO and Huawei etc Sources:Bloomberg,CIRL Quality growth strategy goes on Rating BUY Maintain Target price HK$16.22 From HK$9.42 Current pri

4、ce HK$13.06 Upside.+24.2%1H25 result driven by GM and lower OPEX ratio QTs 1H25 net profit arrived at the mid-point of the profit alert(issued in mid-Jul 25),revenue and net profit each rose 15.1%/1.68x Yoy to RMB8,831mn/RMB310mn.QTs revenue and net profit reached 47%/67%of our FY25E forecasts.The r

5、obust 1H25 result was attributed to i)QT continue to strive for quality earnings growth(focused on high end projects)despite CCM shipment dropped Yoy;ii)Blended GM was up 2.2ppts Yoy/0.5 ppts Hoh Yoy to 7.4%,the highest since 2H21(GM:7.3%),thanks to higher utilization rate and better product mix wit

6、h higher ASP.GM was largely in-line with FY25E market consensus,but was ahead of our FY25E 6.7%forecast;iii)Non-smartphone segment continues to ramp-up and iv)Newmax turnaround.Meanwhile,QTs lower OPEX ratio(down 0.7ppts Yoy)also contributed the bottom line,which is more than offset the lower other