Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a Q3 gross margin increase, although short-term performance is pressured by expenses. For the first three quarters of 2024, revenue reached 51.25 billion yuan, a year-on-year increase of 19.1%, while net profit attributable to shareholders was 3.90 billion yuan, up 0.5% year-on-year. In Q3 2024 alone, revenue was 16.69 billion yuan, down 7.2% year-on-year, and net profit was 1.05 billion yuan, down 41.0% year-on-year, with a gross margin of 21.7%, up 0.83 percentage points quarter-on-quarter [2][3] Financial Performance and Forecast - The company is expected to achieve total revenue of 71.84 billion yuan in 2024, with a year-on-year growth of 15.32%. The net profit attributable to shareholders is forecasted to be 5.51 billion yuan, a slight decrease of 0.43% year-on-year. The earnings per share (EPS) for 2024 is projected to be 4.83 yuan, with a price-to-earnings (P/E) ratio of 19.44 based on the current price [1][4] Product and Technology Innovation - The company is expanding its product range and accelerating AI technology innovation. In September, it launched the PHANTOM ULTIMATE 2 foldable phone and the second generation of the PHANTOM series, which includes advanced AI features. The company is also collaborating with MediaTek to establish an AI joint laboratory to enhance AI applications in smart devices [3][4] Strategic Development - The company is enhancing its diversified strategy by integrating mobile internet services with home appliances and digital accessories. It aims to strengthen its competitive edge in various markets, including Africa, South Asia, Southeast Asia, the Middle East, and Latin America. The company is also deepening its partnership with the UNHCR to support global primary education initiatives [4]

Investment Rating - The report maintains a "Buy" rating for the company, Transsion Holdings (688036) [1][5]. Core Views - The company reported a revenue of 51.252 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 19.13%. However, Q3 revenue decreased by 7.22% year-on-year and 2.46% quarter-on-quarter, with a net profit of 10.51 billion yuan, down 41.02% year-on-year and 14.27% quarter-on-quarter [2]. - The gross margin for Q3 was 21.72%, showing a year-on-year decline of 3.49 percentage points but a quarter-on-quarter improvement of 0.83 percentage points, primarily due to market competition and supply chain cost impacts [2]. - The company continues to leverage its strong position in emerging markets, particularly in Africa, and is expanding its multi-brand strategy across mobile internet and digital accessories [4]. Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 166.93 billion yuan, with a net profit of 10.51 billion yuan. The gross margin was 21.72% [2]. - The total revenue for 2024 is projected to be 72.262 billion yuan, with a net profit of 5.451 billion yuan, reflecting a slight decline in net profit compared to 2023 [6]. Expense Analysis - In Q3 2024, total expenses (sales, management, and R&D) amounted to 24.23 billion yuan, accounting for 14.52% of revenue, an increase of 2.70 percentage points year-on-year. R&D expenses were 6.41 billion yuan, with a rate of 3.84%, up 0.40 percentage points year-on-year [3]. Market Strategy - The company is focusing on the transition from feature phones to smartphones in emerging markets, enhancing its mobile internet and digital accessory offerings. Collaborations with leading internet companies like NetEase and Tencent are part of its strategy to develop mobile internet products [4]. Future Projections - Revenue forecasts for 2024-2026 are 72.262 billion, 84.547 billion, and 98.765 billion yuan, respectively, with net profits projected at 5.451 billion, 6.675 billion, and 8.113 billion yuan. The corresponding PE ratios are 18.73, 15.30, and 12.58 [5][6].

Investment Rating - The investment rating for the company is "Buy (Maintain)" [4][7]. Core Views - The company's Q3 2024 revenue reached 51.252 billion yuan, representing a year-over-year increase of 19.13%, while the net profit attributable to the parent company was 3.903 billion yuan, up 0.5% year-over-year [4]. - The Q3 2024 revenue was 16.693 billion yuan, showing a year-over-year decline of 7.22% and a quarter-over-quarter decrease of 2.46%, with a net profit of 1.051 billion yuan, down 41% year-over-year [4]. - The company has experienced a significant increase in smartphone shipments, with a 30.8% year-over-year growth, ranking fifth globally in smartphone shipments [5]. - The company is expanding its market presence in Southeast Asia and Latin America, maintaining over 40% market share in Africa [5]. Financial Summary - For 2023, total revenue was 62.295 billion yuan, with a year-over-year growth rate of 33.7% [8]. - The net profit for 2023 was 5.537 billion yuan, reflecting a year-over-year increase of 122.9% [8]. - The projected revenue for 2024 is 68.937 billion yuan, with a growth rate of 10.7% [8]. - The projected net profit for 2024 is 5.449 billion yuan, indicating a slight decline of 1.6% year-over-year [8]. - The gross margin for 2024 is expected to be 22.0%, with a return on equity (ROE) of 24.0% [8].

证券代码：688036 证券简称：传音控股 深圳传音控股股份有限公司 投资者关系活动记录表 | --- | --- | --- | |------------|--------------------------------|------------------------------| | | | | | 投资者关系 | £ 特定对象调研 £分析师会议 | | | 活动类别 | £ 媒体采访 R | 业绩说明会 | | | £ 新闻发布会 | 一对一沟通 | | | £ 现场参观 £路演活动 | | | | £ 其他 | | | 参与单位及 | 239 家机构 363 | 人次（详见附件《与会清单》） | | 人员 | | | | 时间 | 2024 年 10 月 29 日 | | | 地点 | 线上会议 | | | 接待人员 | 传音控股 董事会秘书 曾春 | | | | 传音控股 投资者关系总监 梓轩 | | | | 传音控股 投资者关系经理 江凤玲 | | | | 传音控股 投资者关系经理 邓怡秋 | | 1 | --- | --- | |------------|------------------ ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a Q3 gross margin improvement, continuing its focus on high-end product development and edge AI integration [1] - The company is expected to achieve a net profit of 55.5 billion, 65.6 billion, and 75.6 billion for the years 2024, 2025, and 2026 respectively, corresponding to PE valuations of 19, 16, and 14 times [1] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 51.25 billion, a year-on-year increase of 19.1%, and a net profit of 3.9 billion, a year-on-year increase of 0.5% [1] - In Q3 2024, the company reported revenue of 16.69 billion, a year-on-year decrease of 7.2%, and a net profit of 1.05 billion, a year-on-year decrease of 41.0% [1] - The gross margin for Q3 2024 was 21.7%, a year-on-year decrease of 3.5 percentage points, but improved by 0.8 percentage points quarter-on-quarter [1] Market and Product Development - The company maintained its smartphone shipment volume at over 25 million units in Q3 2024, with a global market share of approximately 8% [1] - The company is focusing on high-end product development, having launched the second generation of its flagship foldable phone series, PHANTOM V Fold2 and V Flip2, featuring new TECNO AI capabilities [1] Future Outlook - The company anticipates that new product launches and holiday promotions will drive sales growth in Q4 2024, with declining raw material prices expected to further enhance gross margins [1]

这是512亿同比呢是增长大概19亿我的经济论呢是大概39亿同比呢是增长0.5%扣飞的规模呢是大概32.48亿那同比呢是减少了大概7.4%精英活动的进线金流呢大概是12.4亿 三季度单季来看的话我们营收是大概169亿规模的纪律论大概是10.5亿后非的规模纪律论是大概8.2亿分业务来看的话手机业务这边是全三季度我们本体的手机的营收组合是472亿 总比是增长大概20%其中智能剂的营收大概是431亿总比是增长了大概23%功能剂的营收大约是41个亿总比是大概减少了10%三季度单季来看的话我们智能剂的营收是138亿功能剂的营收大概是14个亿 前三季度手机的总体出货量是1.5亿台其中智能机的出货量大概是7800万台同比是增长大概21%功能机的出货大概是7100万台同比是减少了大概3%三季度单季来看的话我们智能机的出货量大概是2500多万台 环比是10坪左右功能机的话大概是出货也是在2500多万台从整个智能机的出货量的一个区域结构来看的话我们是前三季度非洲这边的智能机出货量大概是占到33%南亚这边大概是占到17%其他的区域大概会 占到19%就接近一半收入的一个分地区来看的话非洲这边会占到20%南亚这边是大概占到18%其他的区 ...

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 股票研究 /[Table_Date] 2024.10.29 [table_Authors]舒迪(分析师) 021-38676666 shudi@gtjas.com 登记编号S0880521070002 | --- | --- | |--------------------|-----------------------------| | | | | 文紫妍 ( 分析师 ) | 段笑南 ( 研究助理 ) | | 021-38038321 | 021-38031382 | | wenziyan@gtjas.com | duanxiaonan029904@gtjas.com | | S0880523070001 | S0880124070028 | Q3 单季度利润承压，存储价格下行驱动业绩回暖 传音控股(688036) 电子元器件 [Table_Industry] /信息科技 | --- | --- | --- | --- ...

证券代码：688036 证券简称：传音控股 公告编号：2024-038 深圳传音控股股份有限公司 根据公司 2022 年 9 月 13 日召开的 2022 年第一次临时股东大会的授权，董 事会将负责办理后续工商变更登记、章程备案等相关事宜，本事项无须再提交股 东大会审议。 上述变更将最终以工商登记机关核准的内容为准。修订后的《公司章程》同 日在上海证券交易所网站予以披露。 关于修订《公司章程》并办理工商变更登记的公告 特此公告。 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、准确性和完整性依法承担法律责任。 深圳传音控股股份有限公司（以下简称"公司"）于 2024 年 10 月 28 日召开 第三届董事会第十一次会议，审议通过了《关于修订<公司章程>的议案》，现 将具体情况公告如下： 公司 2022 年限制性股票激励计划首次授予部分第一个归属期及预留授予部 分第一个归属期的归属条件成就，于 2024 年 10 月 11 日完成归属登记，共计 1,115.9295 万股，该部分股票均为普通股，并于 2024 年 10 月 17 日上市流通， 公司总股本由 ...

深圳传音控股股份有限公司 章程 2024 年 10 月 1 | 第一章 | 总 | | 则 3 | | --- | --- | --- | --- | | 第二章 | | | 经营宗旨和范围 4 | | 第三章 | 股 | | 份 4 | | 第一节 | | | 股份发行 4 | | 第二节 | | | 股份增减和回购 6 | | 第三节 | | | 股份转让 8 | | 第四章 | | | 股东和股东会 9 | | 第一节 | | 股 东 | 9 | | 第二节 | | | 股东会的一般规定 12 | | 第三节 | | | 股东会的召集 16 | | 第四节 | | | 股东会的提案与通知 18 | | 第五节 | | | 股东会的召开 19 | | 第六节 | | | 股东会的表决和决议 22 | | 第五章 | | | 董事会 27 | | 第一节 | | 董 事 | 27 | | 第二节 | | 董事会 | 32 | | 第三节 | | | 董事会专门委员会 37 | | 第六章 | | | 总经理及其他高级管理人员 39 | | 第七章 | | | 监事会 41 | | 第一节 | | 事 监 | ...

Financial Performance - The company's operating revenue for Q3 2024 was ¥16,693,341,759.80, representing a decrease of 7.22% compared to the same period last year[2]. - The net profit attributable to shareholders for Q3 2024 was ¥1,051,451,569.36, down 41.02% year-on-year[2]. - The basic earnings per share for Q3 2024 decreased by 57.92% to ¥0.93[3]. - The net cash flow from operating activities for the year-to-date period was ¥1,241,193,350.15, reflecting a significant decline of 89.10%[2]. - Non-recurring gains and losses totaled ¥231,349,504.01 for the period, down from ¥655,603,043.90 in the previous year[5]. - The weighted average return on equity decreased by 4.67 percentage points to 5.43%[3]. - The total comprehensive income for Q3 2024 was CNY 3,937,311,136.72, slightly down from CNY 3,944,205,894.46 in Q3 2023[20]. - The financial expenses for Q3 2024 were CNY 1,691,355,351.55, up from CNY 1,824,439,305.88 in Q3 2023, indicating a decrease of about 7.3%[19]. Assets and Liabilities - The company's total assets at the end of the reporting period were ¥46,710,404,695.35, an increase of 1.28% from the end of the previous year[3]. - The total liabilities decreased to CNY 26.26 billion from CNY 27.94 billion, a reduction of 6.1%[16]. - The equity attributable to shareholders increased to CNY 20.29 billion, up from CNY 18.06 billion, reflecting a growth of 12.4%[17]. - The company's accounts receivable increased to CNY 2.80 billion, compared to CNY 1.97 billion in the previous year, marking a 42.4% rise[15]. - Inventory levels rose to CNY 11.24 billion, up from CNY 10.44 billion, indicating a 7.6% increase[15]. - The company's deferred tax assets increased to CNY 976.11 million, compared to CNY 743.88 million, representing a 31.3% increase[15]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 19,028, with the largest shareholder holding 49.64% of the shares[8]. - The top ten shareholders collectively hold a significant portion of the company's shares, with the largest shareholder owning 560,503,474 shares[10]. - The total number of shares held by the top ten unrestricted shareholders is 1,129,191,280, reflecting their significant stake in the company[12]. - The company has not reported any changes in the top ten shareholders due to margin trading activities during the reporting period[12]. Research and Development - The total R&D investment for the period was ¥641,028,705.57, accounting for 3.84% of operating revenue, an increase of 0.40 percentage points year-on-year[3]. - Research and development expenses increased by 18% in Q3 2024, focusing on AI technology integration in new devices[23]. Market and Product Development - The company continues to explore market expansion strategies and new product development initiatives to enhance its competitive position[10]. - New product launches contributed to a 25% increase in sales volume, with the introduction of three new smartphone models in Q3 2024[23]. - The company is expanding its market presence in Africa, targeting a 30% market share by the end of 2025[23]. - The company announced a strategic partnership with a local telecom operator to enhance service offerings, expected to boost user engagement by 15%[23]. - A new marketing strategy was implemented, resulting in a 40% increase in brand awareness metrics across key markets[23]. Revenue and Sales - Total operating revenue for the first three quarters of 2024 reached CNY 51.25 billion, a 19.2% increase from CNY 43.02 billion in the same period of 2023[18]. - Total revenue from sales of goods and services for the first three quarters of 2024 was CNY 54,768,810,692.80, compared to CNY 44,317,152,750.90 in the same period of 2023, indicating a year-over-year increase of about 23.5%[21]. - The company reported a revenue of 1.2 billion yuan for Q3 2024, representing a year-over-year increase of 15%[23]. - The company provided a revenue guidance of 5 billion yuan for Q4 2024, indicating a projected growth of 20% compared to Q4 2023[23]. Operational Efficiency - The company reported a decrease in gross profit margin due to market competition and supply chain costs[7]. - The gross margin for Q3 2024 improved to 35%, up from 32% in the previous quarter[23]. - The company experienced a significant increase in procurement payments, leading to a higher cash outflow compared to the previous year[7]. - The company has made adjustments to its accounting policies, impacting the profit statement for the first nine months of 2024, with a reclassification of warranty expenses[13]. - The company’s financial report indicates a significant change in the sales expenses and operating costs due to the new accounting policy, affecting amounts by approximately RMB 414 million[13].