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Q Technology (Group) Co Ltd Shs Reg S 01478

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Stock XHKG Rating as of
HK$4.66 −0.16 (3.22%)
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As of Delayed Price Closed

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Q-Tech's First-Half Gross Margin Does no Harm to Nonsmartphone Growth

Phelix Lee

Q Technology is the second-largest supplier of smartphone camera modules in China. We think continued camera specifications upgrades would drive revenue growth, but profitability should stay lackluster due to intense competition in smartphone camera module assembly. The company is switching its focus from maximizing market share to improving camera module designs and competing with higher-end Android smartphone camera assemblers by working more closely with and investing in its component suppliers. However, we believe that its current positioning and modest investments and partnerships mean that it will be difficult for Q Technology to become a serious contender in the high-end assembly segment.

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Price vs Fair Value

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01478 is trading at a LOCK|tbTW!R premium.
Price
HK$4.65
Fair Value
LOCK|.Pb
Uncertainty
LOCK|jf Qd$#p
1-Star Price
LOCK|.J&
5-Star Price
LOCK|g?
Economic Moat
LOCK|GR
Capital Allocation
LOCK|%ny^f^!

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 offers little upside to profitability.

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Trading Information

Previous Close Price
HK$4.81
Day Range
HK$4.65–4.81
52-Week Range
HK$4.59–15.80
Bid/Ask
HK$4.65 / HK$4.66
Shares Outstanding
1.19B
Market Cap
HK$5.56B
Volume/Avg
3M / 6M

Key Statistics

Price/Earnings (Normalized)
3.54
Price/Sales
0.23
Dividend Yield (Trailing)
11.82%
Dividend Yield (Forward)
11.82%
Dividend Payment Schedule
Jun, Oct
Total Yield
11.82%

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 9,701 employees as of Jun. 30, 2026. The company is headquartered in Kunshan, China.
Sector
Technology
Industry
Electronic Components
Stock Style Box
Small Value
Total Number of Employees
11,738
Website
https://www.qtechsmartvision.com

Competitors

Valuation

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Metric
01478
3008
02382
Price/Earnings (Normalized)
 3.5433.9912.37
Price/Book Value
 0.764.221.93
Price/Sales
 0.2313.041.29
Price/Cash Flow
 15.1625.159.15
Price/Earnings
01478
3008
02382

Financial Strength

Metric
01478
3008
02382
Quick Ratio
 0.804.541.33
Current Ratio
 1.114.851.64
Interest Coverage
 19.1412,325.4616.33
Quick Ratio
01478
3008
02382

Profitability

Metric
01478
3008
02382
Return on Assets (Normalized)
 3.61%11.22%8.63%
Return on Equity (Normalized)
 10.98%13.32%17.22%
Return on Invested Capital (Normalized)
 6.14%11.38%14.03%
Return on Assets
01478
3008
02382

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