传音控股（688036.SH） 优于大市 1H24 营收利润同比增长，积极实施多元化业务布局 1H24 营收利润均实现同比增长，2Q24 毛利率环比改善。公司发布 2024 半年 报，1H24 营收 345.58 亿元（YoY +38.1%），归母净利润 28.52 亿元（YoY +35.7%），扣非后归母净利润 24.28 亿元（YoY +36.8%）。其中 2Q24 营收 171.15 亿元（YoY +8.6%，QoQ -1.9%），归母净利润 12.26 亿元（YoY -22.3%， QoQ -24.7%）。公司会计政策自 2024 年 1 月变更，计提的保证类质保费用 计入营业成本，不再计入销售费用，调整后公司 1H24 毛利率 21.53%（YoY -2.01pct）。按调整会计准则前计算，公司 2Q24 毛利率 22.48%，盈利能力 环比改善。 聚焦新兴市场，1H24 手机出货量位于全球第二位。公司主要产品是 TECNO、 itel、Infinix 三大品牌手机，包含功能机和智能机，销售区域集中在非洲、 南亚、东南亚、中东和拉美等全球新兴市场国家。根据 IDC，2024 上半年公 司在全球手机市 ...

证券代码：688036 证券简称：传音控股 公告编号：2024-025 深圳传音控股股份有限公司 关于董事、高级管理人员增持公司股份进展的公告 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、准确性和完整性依法承担法律责任。 重要内容提示: 增持计划基本情况：基于对公司未来持续稳定发展的信心以及对公司股 票长期投资价值的认可，深圳传音控股股份有限公司（以下简称"公司"）董事 及副总经理张祺先生、董事及副总经理杨宏女士、财务负责人肖永辉先生、董事 会秘书曾春先生计划自 2024 年 7 月 16 日起 6 个月内，通过上海证券交易所系 统允许的方式（包括但不限于集中竞价交易、大宗交易等）增持公司股份，合计 增持金额不低于 1,080 万元（含，下同）且不超过 1,400 万元（含，下同）。具 体内容详见公司于 2024 年 7 月 16 日在上海证券交易所网站披露的《关于董事、 高级管理人员增持公司股份计划的公告》。 增持计划实施进展情况：截至 2024 年 9 月 9 日午间收盘，上述相关增持 主体通过上海证券交易所交易系统以集中竞价交易方式累计增持公司股 ...

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 9 月 6 日收到 丹东市振安区监察委员会签发的《留置通知书》和《立案通知书》，其决定对公 司财务负责人肖永辉先生采取留置措施及立案调查。目前，公司已对其相关工作 进行了妥善安排。 公司拥有完善的治理结构及内部控制机制，其他董事、监事和高级管理人员 均正常履职，本事项不会对公司正常经营产生重大影响。 证券代码：688036 证券简称：传音控股 公告编号：2024-024 深圳传音控股股份有限公司 关于重大事项的公告 截至本公告披露日，公司尚未知悉调查的进展及结论。公司将持续关注上述 事项的后续情况，并及时履行信息披露义务。敬请广大投资者注意投资风险。 特此公告。 深圳传音控股股份有限公司董事会 1 2024 年 9 月 7 日 ...

上 市 公 司 证 券 研 究 报 告 电子 2024 年 09 月 01 日 传音控股 (688036) ——24Q2 淡季营收环比基本持平，净利率 7.2% | --- | --- | |-----------------------------------------------|-------------------------------| | 市场数据： | 2024 年 08 月 30 日 | | 收盘价（元） | 80.00 | | 一年内最高/最低（元） | 179.17/71.00 | | 市净率 | 4.8 7.50 | | 息率（分红 / 股价） | | | 流通 A 股市值（百万元） 上证指数/深证成指 | 90,335 2,842.21/8,348.48 | | | | | --- | --- | |-------------------------------|-------------------------------| | | | | 基础数据 : | 2024 年 06 月 30 日 | | 每股净资产（元） | 16.55 | | 资产负债率 % | 57.06 | | ...

[Table_MainInfo] 公司研究/信息设备/电子元器件 证券研究报告 传音控股（688036）公司半年报点评 2024 年 09 月 04 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |----------------------------------------------------|--------------| | 股票数据 | | | 09 [ Table_StockInfo 月 03 日收盘价（元） ] | 76.85 | | 52 周股价波动（元） | 71.00-179.17 | | 总股本 / 流通 A 股（百万股） | 1129/1129 | | 总市值 / 流通市值（百万元） | 86778/86778 | | 相关研究 | | | [Table_ReportInfo] 《新兴市场高成长》 2024.05.07 | | | 《第三世界的"出海"征途终将是星辰大海》 | | | 2024.03.13 | | | 《持续复苏》 2023.11.04 市场表现 | | 传音控股 海通综指 -28.96% -17.96% -6.96 ...

Investment Rating - The report maintains a "Buy" rating for Transsion Holdings (688036) [1][7]. Core Views - Transsion Holdings has solidified its advantages in emerging markets and its diversified strategy is driving growth [1][5]. - The company achieved a revenue of 34.558 billion yuan in H1 2024, representing a year-on-year growth of 38.07%, and a net profit of 2.852 billion yuan, up 35.70% year-on-year [4]. - The company continues to expand its market presence in emerging markets, particularly in Africa, where it holds over 40% market share in the smartphone segment [4][5]. Financial Performance - In H1 2024, the company reported a net profit margin of 8.25%, indicating stable profitability [4]. - The sales expense for H1 2024 was 2.407 billion yuan, with a sales expense ratio of 6.96%, down 0.78 percentage points year-on-year [4]. - The company is projected to achieve revenues of 74.187 billion yuan, 86.969 billion yuan, and 99.336 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 5.817 billion yuan, 6.932 billion yuan, and 8.550 billion yuan [6][8]. Market Position - Transsion Holdings ranks second globally in the smartphone market with a 14.4% market share and fourth in the global smartphone market with a 9.1% share [4]. - The company is actively pursuing a multi-brand strategy to enhance its market share and user experience in key regions [5]. Future Outlook - The report forecasts a continued positive trajectory for the company, with expected revenue growth rates of 19.09%, 17.23%, and 14.22% for the years 2024, 2025, and 2026 respectively [8]. - The projected earnings per share (EPS) for 2024 is 5.15 yuan, with a price-to-earnings (PE) ratio of 15.54 [8].

Investment Rating - The investment rating for the company is "Buy" (maintained) with a current price of 80.06 CNY [1] Core Views - The company's gross margin stabilized in Q2 2024, and its expansion in emerging markets is progressing smoothly [1] - The company achieved a revenue of 34.558 billion CNY in H1 2024, a year-on-year increase of 38.07%, and a net profit attributable to shareholders of 2.852 billion CNY, up 35.70% year-on-year [4] - The company is actively implementing a diversified strategy, expanding into digital accessories and home appliances in emerging markets [5] Summary by Sections Financial Performance - In Q2 2024, the company reported revenue of 17.12 billion CNY, a year-on-year increase of 8.6%, but a quarter-on-quarter decrease of 1.9% [4] - The gross margin for Q2 2024 is estimated at 22.48%, reflecting a quarter-on-quarter increase of 0.33 percentage points [4] - The company’s revenue from smart devices reached 29.367 billion CNY, a year-on-year growth of approximately 46%, with a gross margin of 20.22% [4] Market Position - The company holds a leading market share in emerging markets, with a global smartphone market share of 14.4%, ranking second among global smartphone brands [4] - In the smart device market, the company ranks fourth globally with a 9.1% market share [4] Strategic Initiatives - The company has developed several AI technologies to enhance user experience, including custom ISP chip technology and various camera innovations [5] - The launch of TECNO AI introduces a new generation of smart assistants, focusing on enhancing user interaction and efficiency [5] Profit Forecast and Valuation - The profit forecast for the company has been adjusted upwards for 2024 and 2025, with net profit estimates of 5.861 billion CNY and 6.670 billion CNY respectively [5] - The estimated P/E ratios for 2024, 2025, and 2026 are 15X, 14X, and 13X respectively, maintaining a "Buy" rating [5]

2024 年 08 月 30 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 姚丹丹 S0350524060002 yaodd@ghzq.com.cn [Table_Title] Q2 业绩表现稳健，降息周期下公司业绩有望再增长 ——传音控股（688036）2024 年中报点评 最近一年走势 | --- | --- | --- | --- | |---------------------|-----------|--------|--------------------| | 相对沪深 300 \n表现 | 表现 \n1M | 3M | 2024/08/30 \n 12M | | 传音控股 | 4.3% | -13.6% | -20.5% | | 沪深 300 | -1.4% | -7.6% | -12.3% | | 市场数据 | | | 2024/08/30 | | 当前价格（元） | | | 80.00 | | 52 周价格区间（元） | | | 71.00-179.17 | | 总市值（百万） | | | 90,335.30 | | 流通市值（百万） | | | 90,335.30 | | 总 ...

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 | 284 家机构 363 | 人次（详见附件《与会清单》） | | 人员 | | | | 时间 | 2024 年 8 月 28 日 | | | 地点 | 线上会议 | | | 接待人员 | 传音控股 董事、副总经理 张祺 | | | | 传音控股 财务负责人 肖永辉 | | | | 传音控股 董事会秘书 曾春 | | | | 传音控股 投资者关系总监 梓轩 | | | --- | --- | --- | |------------|------------------ ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant revenue growth of 38.07% year-on-year for the first half of 2024, achieving a total revenue of 34.558 billion yuan and a net profit of 2.852 billion yuan, which is a 35.71% increase year-on-year [5] - The company is focusing on expanding its mid-to-high-end smartphone products and enhancing its AIoT ecosystem to improve user experience and brand loyalty [6] - The company plans to distribute a cash dividend of 15 yuan per 10 shares, totaling 1.694 billion yuan, which accounts for 59.39% of its net profit for the first half of 2024 [6] Financial Performance Summary - For the first half of 2024, the company achieved a revenue of 34.558 billion yuan, with a net profit of 2.852 billion yuan, and a non-deductible net profit of 2.428 billion yuan [5] - The second quarter of 2024 saw a revenue of 17.115 billion yuan, a year-on-year increase of 8.63%, but a decline in net profit by 22.31% [5] - The company’s global smartphone market share reached 14.4%, ranking second among global smartphone manufacturers, with a 9.1% share in the global smartphone market [6] Financial Forecasts - The revenue forecasts for 2024, 2025, and 2026 are adjusted to 73.941 billion yuan, 85.178 billion yuan, and 95.725 billion yuan respectively [6] - The net profit forecasts for the same years are adjusted to 6.082 billion yuan, 7.077 billion yuan, and 8.290 billion yuan respectively [6] - The price-to-earnings ratios for 2024, 2025, and 2026 are projected to be 14.71, 12.65, and 10.80 respectively [6]