Stock Track | Q Technology Soars on Robust Smartphone and EV Demand Outlook

Stock Track08-13

Shares of Q Technology (01478), a leading provider of smartphone and electric vehicle (EV) modules, surged 11.36% during intraday trading on Friday, driven by optimism surrounding the company's growth prospects.

According to a research note from DBS Group Research, Q Technology is expected to see its profits grow more than three-fold in fiscal 2024, fueled by strong demand from the smartphone and EV sectors. The company's first-half net profit rose five-fold year-over-year, while revenue increased by an impressive 40%, driven by the recovery in global smartphone shipments.

Notably, Q Technology's EV module shipments surged more than 15 times in the first half of the year, and this segment is likely to continue outperforming the conventional handset module business in terms of growth. The EV module segment's contribution to the company's overall performance is expected to rise further, reflecting the growing demand for electric vehicles worldwide.

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