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Q Technology (Group) Co Ltd Shs Reg S 01478

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Stock XHKG Rating as of
HKD 3.89 −0.15 (3.71%)
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As of Delayed Price Open
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Company Report

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No End in Sight for Sunny as It Is Stuck in the Midend While Q Tech Catches Up

Phelix Lee, Zachary Seng

Following its investor day, we maintain our expectation that Sunny will continue to face intense competition as we do not find management’s presentation on opportunities from artificial intelligence, automotive, and robotics material enough to solve its structural headwinds, and the question and answer session reinforced our existing views. For example, the lack of camera upgrades in the mass-market segment has led to its lower-end rival, Q Technology, outperforming Sunny in shipments. As a result, we maintain our fair value estimates for Sunny and Q Tech at HKD 60 and HKD 5.70, respectively, as both companies’ upbeat shipment figures may be due to replacement demand being brought forward. We prefer Q Tech over Sunny as the former trades on less demanding camera upgrade expectations.

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Price vs Fair Value

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01478 is trading at a 496% premium.
Price
HKD 4.04
Fair Value
HKD 9.30
Uncertainty
Very High
1-Star Price
HKD 9.12
5-Star Price
HKD 4.67
Economic Moat
Sbh
Capital Allocation
Wrtqsgcg

Bulls Say, Bears Say

Bulls

Greater integration and partnerships with suppliers of lenses and voice coil motors could drive revenue growth.

Bears

Persistent price competition in a fragmented handset camera module market could render the business unprofitable.

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Trading Information

Previous Close Price
HKD 4.04
Day Range
HKD 3.88–4.04
52-Week Range
HKD 2.48–4.97
Bid/Ask
HKD 3.89 / HKD 3.92
Market Cap
HKD 4.62 Bil
Volume/Avg
1.4 Mil / 4.3 Mil

Key Statistics

Price/Earnings (Normalized)
141.42
Price/Sales
0.35
Dividend Yield (Trailing)
—
Dividend Yield (Forward)
—
Total Yield
—

Company Profile

Q Technology is engaged in the design, research and development, manufacture, and sales of camera modules and fingerprint recognition modules. It is the third-largest supplier in China and mainly supplies domestic firms. Camera modules account for most of the company’s revenue and are primarily used in smartphone cameras. Other camera modules are used in drones, virtual and augmented reality headsets, and automobiles. The company also supplies 3D modules, underglass, and capacitive fingerprint recognition modules, mainly used in smartphones. It employed 9,629 employees as of Dec. 31, 2023.
Sector
Technology
Industry
Electronic Components
Stock Style Box
Small Value
Total Number of Employees
9,629
Website
https://www.qtechsmartvision.com

Competitors

Valuation

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Metric
01478
02018
02382
Price/Earnings (Normalized)
 141.4258.4829.38
Price/Book Value
 0.901.581.99
Price/Sales
 0.351.661.43
Price/Cash Flow
 10.1111.0615.76
Price/Earnings
01478
02018
02382

Financial Strength

Metric
01478
02018
02382
Quick Ratio
 0.831.301.39
Current Ratio
 1.151.631.65
Interest Coverage
 0.492.572.74
Quick Ratio
01478
02018
02382

Profitability

Metric
01478
02018
02382
Return on Assets (Normalized)
 0.50%1.89%2.65%
Return on Equity (Normalized)
 1.41%3.46%5.49%
Return on Invested Capital (Normalized)
 0.97%2.72%3.97%
Return on Assets
01478
02018
02382
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