Changes in Hong Kong stocks | Qiu Tai Technology (01478) fell more than 3%, and the first half results fell short of expectations, Citi lowered the company's earnings estimates and target prices

The Zhitong Finance App learned that Qiu Tai Technology (01478) fell more than 3% in the intraday session today. As of press release, it was down 2.83% to HK$6.005, with a turnover of HK$47.0959 million.

According to the news, Qiu Tai Technology announced its 2026 interim results yesterday, achieving revenue of RMB 9,923 billion in the first half of the year, an increase of 12.36%; profit attributable to the company's equity holders was 276 million yuan, a year-on-year decrease of 10.49%; gross margin was about 6.6%, down about 0.8 percentage points from the previous year; and a proposed interim dividend of HK15.0 cents per share.

Citi released a research report saying that Qiutai Technology's performance in the first half of the year was lower than market expectations, mainly due to an unfavorable camera module product portfolio and low utilization rate of fingerprint recognition module production capacity, which led to weak gross margins, as well as increased R&D costs for IoT and high-end automotive products. Based on the company's performance and outlook for the first half of the year, the company's 2026-28 earnings estimate was lowered by 13 to 16%, and the target price was lowered from HK$9 to HK$6.9, maintaining a “neutral” rating.