CMB International: Raise Qiutai Technology's target price to HK $13.21, raise 2025 to 2027 earnings forecast.

China Merchants International released a research report indicating that Qiu Titanium Technology announced a profit surge, with mid-term net profit expected to increase by 1.5 to 1.8 times year-on-year, reaching 3.05 billion yuan, 20% higher than market expectations, and achieving 54% of the bank's full-year expectations. As for the second half of 2025, the bank is optimistic about the demand for high-end smartphone camera modules, camera modules in non-phone areas such as the Internet of Things and automotive fields, and the upgrade cycle of ultrasonic fingerprint recognition modules; it is expected that income and net profit will increase by 25% and 1.62 times year-on-year, respectively. The bank has raised its earnings per share forecast for Qiu Titanium Technology for the years 2025 to 2027 by 21 to 30% to reflect strong mid-term performance and a more optimistic gross profit margin outlook; the target price has been raised from 9.25 Hong Kong dollars to 13.21 Hong Kong dollars, reiterating a "buy" rating.