Investment Rating - The report maintains a "Buy" rating for Transsion Holdings with a target price of 118.31 CNY per share, based on a 20x PE valuation for 2025 [4] Core Views - Transsion Holdings reported Q3 2024 revenue of 16.693 billion CNY, a YoY decrease of 7.22%, and net profit of 1.051 billion CNY, a YoY decrease of 41.02% [2] - The company's gross margin improved to 21.72% in Q3 2024, up 0.83 percentage points QoQ, driven by easing upstream component price pressures [2] - Transsion maintains a strong market position in Africa and is expanding into emerging markets such as South Asia, Southeast Asia, Latin America, the Middle East, and Eastern Europe [2] - The company is actively developing AI-enabled smartphones, including the PHANTOM V Fold2 5G, featuring AI functions like real-time call translation and AI image editing [2] Financial Performance - For the first three quarters of 2024, Transsion achieved revenue of 51.252 billion CNY, a YoY increase of 19.13%, and net profit of 3.903 billion CNY, a YoY increase of 0.50% [2] - The company's EPS is forecasted to be 4.68, 5.92, and 6.81 CNY for 2024, 2025, and 2026, respectively [2] - Revenue growth is expected to be 14.9% in 2024 and 2025, and 14.6% in 2026, with net profit growth projected at -3.6%, 26.3%, and 15.1% for the same periods [3] Market Expansion and AI Strategy - Transsion has established a significant market share in Africa and is making inroads into Pakistan and Bangladesh, with further growth potential in other emerging markets [2] - The company launched multiple AI-enabled smartphones in September 2024, including the PHANTOM V Fold2 5G, which features advanced AI capabilities [2] - Transsion has partnered with MediaTek to establish an AI joint laboratory in Shenzhen, focusing on innovations in large language models, AI agents, and AI voice and imaging applications for smartphones [2] Valuation and Financial Ratios - The company's P/E ratio is projected to be 20.75, 16.42, and 14.27 for 2024, 2025, and 2026, respectively [3] - ROE is expected to be 22.7%, 22.6%, and 21.0% for 2024, 2025, and 2026, while EV/EBITDA is forecasted at 15.02, 10.82, and 8.75 for the same periods [3]

证券代码：688036 证券简称：传音控股 公告编号：2024-040 深圳传音控股股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 投资者可于 2024 年 11 月 26 日（星期二）至 2024 年 12 月 2 日（星期一）16:00 前登录上证路演中心网站首页点击 "提问预征集"栏目或通过公司邮箱 investor@transsion.com 进行提问。公司将在业绩说明会上对投资者普遍关注的问 题进行回答。 深圳传音控股股份有限公司（以下简称"公司"）已于 2024 年 10 月 29 日在 上海证券交易所网站披露了公司《2024 年第三季度报告》，为便于广大投资者更 全面深入地了解公司经营成果、财务状况等，公司计划于 2024 年 12 月 3 日（星 期二）下午 15:00-16:00 举行 2024 年第三季度业绩说明会，就投资者关心的问题 进行交流。 三、 参加人员 参加本次说明会的人员：公司董事长总经理竺兆江先生、财务负责人肖永辉 ...

证券代码：688036 证券简称：传音控股 公告编号：2024-041 深圳传音控股股份有限公司 2024 年半年度权益分派实施公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： | 股权登记日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | | 2024/11/20 | 2024/11/21 | 2024/11/21 | 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司 2024 年 11 月 6 日的 2024 年第一次临时股东大会审 议通过。 是否涉及差异化分红送转：否 每股分配比例 每股现金红利 1.5 元（含税） 相关日期 三、 相关日期 | 股权登记日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | | 2024/11/20 | 2024/11/21 | 2024/11/21 | 四、 分配实施办法 二、 分配方案 1. 发放年度：2024 年半年度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国 ...

Investment Rating - The report assigns a "Buy" rating for the company, Transsion Holdings (688036) [2][3]. Core Insights - The company is focused on emerging markets, with a growing market share. Its main products include TECNO, itel, and Infinix mobile phones, with significant sales in Africa, South Asia, Southeast Asia, the Middle East, and Latin America. According to IDC, the company held a 14.4% share of the global mobile phone market in the first half of 2024, ranking second among global manufacturers, and a 9.1% share of the global smartphone market, ranking fourth [3]. - The company is implementing a diversification strategy, expanding into digital accessories and home appliances, and providing mobile internet products and services. It has developed technologies to address challenges in emerging markets, such as high data costs and unstable networks, enhancing the value of its mobile products [3]. - The company is advancing AI technology and product premiumization, having launched several AI-enabled smartphones, including the PHANTOM V Fold2 5G. It aims to continue innovating in AI applications for mobile devices [3]. Financial Projections - The company is projected to achieve a net profit attributable to shareholders of 53.1 billion, 65.3 billion, and 77.7 billion yuan for the years 2024, 2025, and 2026, respectively [3]. - Revenue is expected to grow from 62.295 billion yuan in 2023 to 93.195 billion yuan by 2026, with a compound annual growth rate of approximately 14% [4][6]. - The company's EBITDA is forecasted to increase from 6.759 billion yuan in 2023 to 10.107 billion yuan in 2026 [4][6]. Key Financial Metrics - The company reported a 2023 net profit of 5.587 billion yuan, with an expected decline to 5.323 billion yuan in 2024, followed by a recovery to 6.553 billion yuan in 2025 and 7.795 billion yuan in 2026 [4][6]. - The projected earnings per share (EPS) are 4.86 yuan for 2023, decreasing slightly to 4.66 yuan in 2024, and then increasing to 5.73 yuan in 2025 and 6.81 yuan in 2026 [4][6]. - The company's price-to-earnings (P/E) ratio is expected to decrease from 20.19 in 2023 to 14.39 by 2026, indicating a potential increase in valuation attractiveness over time [4][6].

Investment Rating - The report maintains a "Buy" rating for the company [2]. Core Views - The company, Transsion Holdings, is positioned to benefit from the recovery of emerging markets driven by U.S. interest rate cuts, with a diversified business model focusing on "mobile phones + expanded categories + mobile internet" [2][3]. - The smartphone business is expected to see growth due to improved macroeconomic conditions in emerging markets, particularly in Africa and South Asia, where the company has a strong market presence [3]. - The expansion into new markets such as Southeast Asia, Latin America, and the Middle East is part of the company's strategy to enhance its market share and profitability [3]. Summary by Sections 1. Business Foundation and Diversification Strategy - Transsion Holdings, established in 2006, has built a business model centered around mobile phones, with brands TECNO, Infinix, and itel targeting different consumer segments [18][24]. - The company has successfully penetrated the African market and is now expanding into other regions, leveraging a localized strategy to enhance competitiveness [3][24]. 2. Market Expansion and Performance - The company has achieved significant market share in Africa, Pakistan, and Bangladesh, with its smartphone brands ranking first in these markets [22][24]. - The report highlights a strong revenue growth trajectory, with 2023 revenue reaching 622.95 billion yuan, a year-on-year increase of 33.69% [27]. 3. Growth Potential in Expanded Categories and Mobile Internet - The company is diversifying into accessories and home appliances, with a focus on local consumer needs, which is expected to create additional growth avenues [3][24]. - The mobile internet segment is seen as a blue ocean market, with the company developing its own operating systems and applications to enhance user engagement and monetization [24][27]. 4. Financial Forecasts and Valuation - Revenue projections for 2024-2026 are estimated at 715.62 billion, 856.83 billion, and 1,049.70 billion yuan, with corresponding growth rates of 14.9%, 19.7%, and 22.5% [4]. - The company's net profit forecasts for the same period are 52.96 billion, 65.12 billion, and 82.09 billion yuan, with a projected price-to-earnings ratio of 22, 18, and 14 times respectively [4].

Investment Rating - The report maintains a "Buy" investment rating for the company [2][6]. Core Insights - The company achieved a revenue of 51.252 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 19.13%. However, the net profit attributable to shareholders was 3.903 billion yuan, a slight increase of 0.50%, while the net profit excluding non-recurring items decreased by 7.44% [2][3]. - The company is actively developing AI-enabled mobile products and has launched several AI-featured smartphones, enhancing its product matrix and core competitiveness [4]. - The company is expanding its strategic presence in emerging markets, particularly in Africa, South Asia, Southeast Asia, the Middle East, and Latin America, where it holds a 14.4% market share in the global smartphone market as of the first half of 2024 [5]. Summary by Sections Financial Performance - In Q3 2024, the company reported a revenue of 16.693 billion yuan, a decrease of 7.22% year-on-year, and a net profit of 1.051 billion yuan, down 41.02% year-on-year, primarily due to market competition and supply chain costs [3]. - The company forecasts revenues of 71.197 billion yuan, 81.976 billion yuan, and 93.412 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 4.94 yuan, 5.77 yuan, and 6.82 yuan [6][8]. Product Development - The company launched TECNO AI OS in March 2024 and several AI-enabled smartphones in September, including the PHANTOM series, which features advanced AI functionalities [4]. - A joint AI laboratory was established with MediaTek to focus on innovations in large language models and AI applications in mobile devices [4]. Market Strategy - The company is strategically positioned in emerging markets, with a leading market share in Africa and Pakistan, and is exploring further expansion into Southeast Asia, Latin America, and the Middle East [5]. - The transition from feature phones to smartphones in emerging markets presents significant growth potential for the company [5].

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2]. Core Views - The company achieved operating revenue of 51.252 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 19.13%. The net profit attributable to the parent company was 3.903 billion yuan, up 0.50% year-on-year, while the net profit excluding non-recurring items was 3.248 billion yuan, down 7.44% year-on-year. In the third quarter of 2024, the company reported revenue of 16.693 billion yuan, a decrease of 7.22% year-on-year, and a net profit of 1.051 billion yuan, down 41.02% year-on-year [5][6]. Summary by Sections Financial Performance - The company reported a gross margin of 21.72% in Q3 2024, an increase of 0.83 percentage points from the previous quarter, with a net profit margin of 6.44% [5]. - The projected operating revenue for 2024 is 68.625 billion yuan, with a year-on-year growth of 10.2%. The net profit is expected to be 5.267 billion yuan, a decrease of 4.9% year-on-year [8][10]. Market and Growth Strategy - The company is focusing on emerging markets, particularly in Africa, where mobile penetration remains low. This strategy aims to capture growth in the niche markets of the third world [6]. - The company is enhancing product offerings to align with local consumer preferences, which has resulted in high brand loyalty and competitive advantage [6]. Earnings Forecast - The earnings per share (EPS) for 2024 is projected to be 4.62 yuan, with estimates of 5.75 yuan and 6.79 yuan for 2025 and 2026, respectively. The price-to-earnings (PE) ratio for 2024 is expected to be in the range of 18-23x, corresponding to a reasonable value range of 83.16-106.26 yuan [7][10].

上海市锦天城(深圳)律师事务所 关于 深圳传音控股股份有限公司 之 2024 年第一次临时股东大会的 法律意见书 二〇二四年十一月 上海市锦天城(深圳)律师事务所 关于深圳传音控股股份有限公司 之 2024 年第一次临时股东大会的法律意见书 致：深圳传音控股股份有限公司 (一) 本次股东大会的召集 上海市锦天城(深圳)律师事务所(以下简称"本所")接受深圳传音控股股份有 限公司(以下简称"公司"或"传音控股")委托，就公司召开 2024 年第一次临时股东 大会(以下简称"本次股东大会")的有关事宜，根据《中华人民共和国公司法》(以 下简称"《公司法》")、中国证券监督管理委员会《上市公司股东大会规则(2022 年修订)》(以下简称"《股东大会规则》")等法律、法规、规章和其他规范性文件 以及《深圳传音控股股份有限公司章程》(以下简称"《公司章程》")的有关规定， 出具本法律意见书。 为出具本法律意见书，本所及本所律师依据《律师事务所从事证券法律业务 管理办法》和《律师事务所证券法律业务执业规则(试行)》等规定，严格履行了 法定职责，遵循了勤勉尽责和诚实信用原则，对本次股东大会所涉及的相关事项 进行了必要的核查 ...

证券代码：688036 证券简称：传音控股 公告编号：2024-039 深圳传音控股股份有限公司 2024 年第一次临时股东大会决议公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2024 年 11 月 6 日 （二） 股东大会召开的地点：广东省深圳市南山区西丽街道西丽社区仙元路 8 号传音大厦 24 楼 VIP 会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 486 | | --- | --- | | 普通股股东人数 | 486 | | 2、出席会议的股东所持有的表决权数量 | 794,079,216 | | 普通股股东所持有表决权数量 | 794,079,216 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 69.6346 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [3]. Core Views - The company's gross margin has improved on a quarter-on-quarter basis, indicating a potential recovery in profitability. The gross margin for Q3 2024 is reported at 21.72%, which is an increase from the previous quarter, although it has decreased by 3.5 percentage points year-on-year [3][4]. - The company has released its Q3 2024 report, showing a revenue of 16.693 billion yuan, a year-on-year decrease of 7.22%. The net profit attributable to the parent company is 1.051 billion yuan, down 41.02% year-on-year, while the net profit excluding non-recurring items is 820 million yuan, down 52.72% year-on-year [3][4]. - The company is actively following market trends and developing a diversified product matrix, including innovations in AI and smartphone technology, such as the PHANTOM Ultimate series and AI-enabled features in its devices [4][5]. - The growth logic for the company is clear, with a solid operational barrier in emerging markets and significant growth potential in smartphone sales. The company is expected to achieve net profits of 5.43 billion yuan, 6.58 billion yuan, and 7.62 billion yuan from 2024 to 2026, corresponding to price-to-earnings ratios of 20x, 17x, and 14x respectively [5][6]. Financial Summary - For the first three quarters of 2024, the company achieved a revenue of 51.252 billion yuan, a year-on-year increase of 19.13%. The net profit attributable to the parent company was 3.903 billion yuan, up 0.50% year-on-year, while the net profit excluding non-recurring items was 3.248 billion yuan, down 7.44% year-on-year [3][4]. - The company's gross margin for the first three quarters of 2024 was 21.59%, a decrease of 3.2 percentage points year-on-year [3][4]. - The current stock price is reported at 95.50 yuan, with a total share capital of 1.14035 billion shares and a net asset per share of 17.97 yuan [6].