China Post Securities reiterated its "Buy" rating on Q TECH (01478), highlighting the company's strategic positioning in drone optics, handheld imaging, and embodied intelligent robotics perception. As a core optical module supplier for drones and action cameras, Q TECH provides comprehensive visual perception solutions ranging from cameras to LiDAR, benefiting from robust downstream market growth. The firm has also collaborated with industry partners to develop an innovative binocular RGB-D fusion perception solution for embodied robots, effectively addressing perception challenges in complex environments.
Key insights from China Post Securities include: 1. **Drone Optical Modules Continue to Advance, LiDAR Holds Promising Prospects** - High-end drones typically integrate ~3 camera modules (for photography), while mid-range and entry-level models feature ~2 and ~1, respectively. For machine vision, flagship drones deploy ~9 vision modules, mid-tier ~5, and entry-level ~3. - Q TECH also supplies LiDAR (1–2 units per drone) for perception and obstacle avoidance. The global aerial drone market, valued at $7.1 billion in 2023, is projected to reach $12.2 billion by 2030 (Valuates Report). Expanding applications in agriculture, construction, and logistics are expected to drive a 10%+ CAGR, with the market hitting $78.5 billion by 2032 (Global Market Insights).
2. **Handheld Imaging Devices Gain Traction, Creating New Demand** - The global action camera market grew to RMB31.44 billion in 2023 and may reach RMB51.35 billion by 2027 (13% CAGR), while panoramic cameras are forecast to expand from RMB5.03 billion to RMB7.85 billion (11.8% CAGR). - Handheld devices are transitioning from single- to dual-camera setups, enhancing telephoto capabilities, and shifting from ultra-wide-angle to panoramic modules for "one-shot, infinite composition, AI-assisted editing." - Q TECH, as a leading module supplier, stands to benefit as global shipments of handheld/action cameras are expected to surge from 49.98 million units in 2024 to 85.87 million by 2029.
3. **RGB-D Perception Breakthrough for Embodied Robots** - Partnering with Digua Robotics and VisionICs, Q TECH developed a binocular RGB-dToF fusion system to upgrade perception standards for embodied robots. This solution combines RGB’s feature recognition with dToF’s mid-to-long-range precision, supplemented by IMU modules to densify point clouds and compensate for blind spots. - The innovation leverages AI models for multimodal data fusion, achieving ≤1% precision error within 0.1–10m ranges across wide fields of view, overcoming challenges like high reflectivity and close-range detection. - With prior dToF projects in smartphones and cleaning robots, this system marks Q TECH’s entry into embodied robotics—a market poised to exceed $60 billion by 2025—and addresses critical perception bottlenecks.
**Risks**: Weak demand; intensified competition; delays in new product launches.
Comments