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Q Tech (1478 HK) - 2019 Investor Day takeaway

作者: Kevin CHEN,Clint SU
时间: 2019年06月25日
重要性: 一般报告
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摘要: Report title:Q Tech (1478 HK) - 2019 Investor Day takeaway
Analyst:Kevin CHEN,Clint SU
Report type:Company
Date:20190625
[Summary]

■ Management maintains 2019 growth targets despite disruptions N-T; CCM unit growth and FPM specs upgrade are key drivers
■ Capacity expansion remains on track, increasing automation to help margin improvement
■ Q Tech is a leading supplier of handset camera module (CCM) and fingerprint module (FPM) for Chinese OEMs

Full-year targets maintained amid near term disruptions

We attended Q Tech Investor Day in Kunshan on June 20. The company maintained its 2019 growth target (CCM: Shipment >30% growth, 10MP+ mix >50%; FPM underglass mix >40%), while seeing some disruptions in Jun-Aug. Similar to Sunny Optical (2382 HK), Q Tech expects the order decline at a key customer will be partly offset by growth at other handset makers, albeit at different specs. Q Tech believes its customer mix will be more evenly distributed in 2H19.

Capacity expansion plans remain on track

Q Tech continues to expand its CCM capacity from 35kk in 2018 to 50kk by end-2019, with capex plan unchanged at Rmb700mn (vs. RMB500 in 2018). Mass production at the Kunshan facility Phase 3 (site area 157mu) is on track to start in 3Q19. Management expects margin improvement through increasing production efficiency and automation (80% in 1H18 → 86% in 1H19), despite 2H19 uncertainties from FX movement and China-US trade conflicts. Product mix should continue to improve in 2H19.

Cautiously optimistic outlook for 2019

The company sees opportunities amid challenges this year, believing its investment in automation and vertical integration will help drive margins improvement over time. Q Tech targets to narrow gap with leading CCM vendors, and sees growing industry scale to create higher entry barriers for smaller players. Management remains positive on the handset camera / FPM industries as component upgrade (triple-camera, underglass FPM) will continue. Q Tech is also preparing solutions in 3D sensing (structural light, ToF) and automotive cameras for future opportunities.

Valuation

Q Tech shares now trade at 13 2019E P/E (0.3 std. above its 11x 5-year average) by Bloomberg consensus estimates.

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