机构：中银国际 研究员：Alex LIN/Alina LIN 1) Slowdown in CCM upgrade; 2) new client and new product qualification progress; 3) economic and geopolitical risk on tech end demand; and 4) intensified price competition. Valuation We revise up 2025/26/27 sales by 4/5/3% and net profit by 23/20/19% to factor in 1) smartphone OIS and periscope upgrade, 2) faster-than-expected ramp-up of automotive and IoT project, 3) the strong recovery of FPM. We use 22x 2026 EPS (was 22x 2025) to value Q-Tech. Our new target price is HK$16 ...