According to the Zhitung Finance APP, Citi released a research report stating that it maintains a "Neutral" rating on Q TECH (01478) with a Target Price of 4.6 HKD.

Due to Q TECH benefiting from the strong performance of vivo, Honor, and Huawei flagship models in October, November demand is stronger than expected, which allows for flexibility in the shipment volume of Q TECH's 32MP+ models in November. It is expected that shipments of smartphone camera modules (CCM) in December will be driven by the continued launch of flagship models, although some will be offset by year-end inventory adjustments by its customers. At the same time, it is believed that a better product mix and higher average selling prices will drive growth in the shipment volume of ultrasonic fingerprint modules (FPM).

Citi believes that Q TECH will benefit from the market share increase brought about by the shift toward mid-to-high-end cameras, and also believes that the group will benefit from potential national smartphone subsidies. For the group's shipment volume in November this year, smartphone camera module sales reached 90% of the bank's annual forecast, indicating that December's shipment volume will be 45.8 million units. Benefiting from the increased capacity of the sensor module, product cycle, and further market share growth, the annual shipment volume of the sensor module has significantly increased by 40.9% compared to the same period last year to 0.141 billion pieces.