Non-handset camera modules to grow fast
? Q Technology’s (Q Tech) FY21 net profit grew 2.7% yoy and formed only
87% of our forecast due to a sharp drop in 2H21 GPM.
? FY22F handset camera module (HCM) shipments could grow 13% yoy, but
GPM likely to stay low (8.5%) on slow spec-upgrades for Chinese brands.
? Reiterate Add. TP reduced to HK$10.56 on 24%/26% EPS cuts in FY22F/23F
due to GPM pressure in HCM.