Investment Rating - The report maintains a "Buy" rating for Transsion Holdings with a target price of RMB 114.2, indicating a potential upside of 16.9% from the current price of RMB 97.7 [3][5][9]. Core Insights - Transsion Holdings has shown a good sequential improvement in revenue and profit for Q4 2024, laying a solid foundation for growth in 2025. The company is expected to rank fourth globally in smartphone shipments in 2024, with a market share of 8.7%, continuing to grow from 2023 [9][12]. - The growth drivers for 2025 include strong smartphone shipment growth, expansion in digital accessories and energy storage products, and accelerated growth in mobile internet business, benefiting from operational leverage [9][12]. - The DCF valuation method estimates a target price of RMB 114.2, with assumptions of a 1.8% risk-free rate, a 10% growth rate from 2030 to 2034, and a WACC of 6.1% [15][17]. Financial Summary - Revenue projections for Transsion Holdings from 2023 to 2027 are as follows: - 2023: RMB 62,295 million - 2024E: RMB 68,743 million (34% YoY growth) - 2025E: RMB 78,105 million (10% YoY growth) - 2026E: RMB 89,470 million (14% YoY growth) - 2027E: RMB 100,537 million (15% YoY growth) [4][10]. - Net profit projections are: - 2023: RMB 5,537 million - 2024E: RMB 5,590 million (123% YoY growth) - 2025E: RMB 6,080 million (1% YoY growth) - 2026E: RMB 7,363 million (9% YoY growth) - 2027E: RMB 8,511 million (21% YoY growth) [4][10]. - The gross margin is expected to fluctuate, with estimates of 24.5% in 2023, decreasing to 21.4% in 2024E, and then gradually improving to 22.0% by 2027E [4][10]. Performance Metrics - Q4 2024 performance highlights: - Revenue: RMB 17,491 million, down 9% YoY but up 5% QoQ - Net profit: RMB 1,687 million, up 2% YoY and up 60% QoQ [13]. - Adjusted forecasts for 2025E and 2026E show a decrease in revenue and profit expectations due to slightly lower than anticipated market share and gross margin improvements [12][13].

Investment Rating - The report maintains a "Buy" rating for Transsion Holdings with a target price of RMB 114.2, indicating a potential upside of 16.9% from the current price of RMB 97.7 [3][5][9]. Core Insights - Transsion Holdings has shown a quarter-on-quarter improvement in revenue and profit for Q4 2024, laying a solid foundation for growth in 2025. The company is expected to rank fourth globally in smartphone shipments in 2024, with a market share of 8.7%, continuing to grow from 2023 [9][12]. - The growth drivers for 2025 include strong smartphone shipment growth, expansion in digital accessories and energy storage products, and accelerated growth in mobile internet business, benefiting from operational leverage [9][12]. - The DCF valuation method estimates a target price of RMB 114.2, with a WACC of 6.1% and a perpetual growth rate of 3% [15][17]. Financial Summary - Revenue projections for Transsion Holdings from 2023 to 2027 are as follows: - 2023: RMB 62,295 million - 2024E: RMB 68,743 million - 2025E: RMB 78,105 million - 2026E: RMB 89,470 million - 2027E: RMB 100,537 million - The expected revenue growth rates are 34% for 2023, 10% for 2024, and 14% for 2025 [4][10]. - Net profit projections are: - 2023: RMB 5,537 million - 2024E: RMB 5,590 million - 2025E: RMB 6,080 million - 2026E: RMB 7,363 million - 2027E: RMB 8,511 million - The net profit growth rates are 123% for 2023, 1% for 2024, and 9% for 2025 [4][10]. Performance Metrics - The report highlights the following key financial ratios: - Gross margin is projected to be 24.5% in 2023, decreasing to 21.4% in 2024E, and stabilizing around 22.0% by 2027E [4][10]. - The target P/E ratios are 16.6x for 2023, increasing to 23.3x in 2024E, and then decreasing to 15.3x by 2027E [4][10].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 68.74 billion yuan for 2024, representing a year-on-year growth of 10.35%. The net profit attributable to the parent company was 5.59 billion yuan, a slight increase of 0.96% year-on-year. However, the net profit excluding non-recurring items decreased by 10.2% to 4.61 billion yuan [4][5] - In Q4 2024, the company achieved a revenue of 17.49 billion yuan, which is a 9.2% decline year-on-year but a 4.8% increase quarter-on-quarter. The net profit for the quarter was 1.69 billion yuan, up 2.0% year-on-year and 60.4% quarter-on-quarter [5] - The company is experiencing growth in emerging markets, with a smartphone shipment of approximately 107 million units in 2024, a year-on-year increase of 12.7%, and a market share of 8.6%, up 0.4 percentage points [6] - The company has resolved patent issues with Qualcomm, which is expected to facilitate smoother market expansion [7] - The company is optimistic about AI applications driving market growth, as the smartphone market transitions to a replacement cycle influenced by new AI capabilities [8] Financial Summary - For 2024, the company expects revenues of 68.74 billion yuan, with a year-on-year growth of 10.4% projected for 2025 and 8.6% for 2026. The net profit attributable to the parent company is forecasted to be 6.38 billion yuan in 2025 and 7.40 billion yuan in 2026, reflecting growth rates of 14.1% and 16.0% respectively [9][11] - The gross margin is expected to be 22.3% in 2024, slightly decreasing to 22.6% by 2026. The return on equity (ROE) is projected to decline from 24.8% in 2024 to 20.4% in 2026 [11]

Core Viewpoint - Transsion Holdings reported a total revenue of 6,874.33 million yuan for 2024, marking a year-on-year increase of 10.35%, while net profit attributable to shareholders grew by 0.96% to 559.01 million yuan [1]. Financial Performance Summary - Total revenue for 2024 reached 6,874,329.10 thousand yuan, up 10.35% from the previous year [1]. - Operating profit was 656,469.45 thousand yuan, a decrease of 2.70% year-on-year [1]. - Net profit attributable to shareholders was 559,013.70 thousand yuan, reflecting a 0.96% increase compared to the previous year [1]. - Net profit excluding non-recurring gains and losses was 460,917.69 thousand yuan, down 10.21% year-on-year [1]. Reasons for Performance Changes - The increase in overall shipment volume contributed to the rise in revenue, while market competition and supply chain costs led to a decline in gross margin [2]. - The company primarily focuses on the design, research and development, production, sales, and brand operation of smart terminals, with its main products being the TECNO, itel, and Infinix smartphone brands [2].

Core Insights - The African smartphone market is projected to grow by 9% year-on-year in 2024, driven by inflation easing, manufacturers expanding into emerging markets, and a replacement cycle following the peak shipments in 2021 [1][2] - Despite the growth potential, the market will face macroeconomic pressures in 2025, including high inflation and currency depreciation risks, with a forecasted modest growth of 2% [1][2] Market Performance by Country - Nigeria's smartphone market saw a 1% decline in Q4 2024, with a market share of 14%, as rising living costs offset holiday demand [2] - Egypt experienced a 12% growth in Q4 2024, attributed to a stable fiscal environment, but will impose a 38.5% import tax on smartphones starting January 2025 [2] - Algeria's smartphone market grew by 11% in Q4 2024 due to post-2020 economic reforms, while Morocco faced a 34% decline due to increased customs duties [2] - Kenya's market declined by 4% in Q4 2024 due to new regulations increasing operational costs for manufacturers [2] - South Africa's market saw a slight decline of 1% in Q4 2024, showing signs of recovery from previous declines [2] Company Performance - Transsion maintained a leading market share of 49% in Q4 2024, with a modest growth of 1% [4] - Samsung's shipments decreased by 17%, but its average selling price rose by 9% to $240, focusing on the mid-to-high-end market [5] - Xiaomi achieved a 22% growth, driven by market expansion in West African countries and promotional events in Egypt and Nigeria [5] - Realme experienced a significant 70% growth in Q4 2024, benefiting from expansion in North and East Africa [5] - OPPO increased investments in local production in Egypt and Turkey, indicating a long-term commitment to the African market [5] Future Outlook - The African smartphone market is expected to achieve a 2% growth in 2025, despite economic challenges, with inflation projected to decrease from 18.6% in 2024 to 12.6% [6] - The focus will remain on affordable products, with manufacturers enhancing price competitiveness and financing options to improve device affordability [6] - The complex business environment, including currency fluctuations and tax policy changes, poses significant operational challenges for companies [6]

Financial Performance - Total revenue for 2024 reached RMB 6,874,329.10 million, an increase of 10.35% compared to the previous year[5] - Net profit attributable to shareholders of the parent company was RMB 559,013.70 million, a growth of 0.96% year-on-year[6] - Basic earnings per share decreased by 28.20% to RMB 4.94 from RMB 6.88 in the previous year[5] - The net profit excluding non-recurring gains and losses decreased by 10.21% to RMB 460,917.69 million[6] - The weighted average return on net assets was 28.77%, a decrease of 2.31 percentage points from the previous year[5] Assets and Equity - Total assets at the end of 2024 were RMB 4,528,107.58 million, down 1.82% from the beginning of the year[6] - Shareholders' equity attributable to the parent company increased by 12.08% to RMB 2,023,552.58 million[6] - The company's net asset per share was RMB 17.75, down 20.72% from the beginning of the year[6] Capital Structure - The company's share capital increased by 41.38% due to the capitalization of capital reserves[7] Profitability Factors - The decline in gross profit margin was attributed to market competition and supply chain cost pressures[7]

极氪、领克整合工作继续，吉利控股和沃尔沃汽车退出股东序列。 据天眼查信息，2 月 12 日，沃尔沃、吉利控股退出了领克汽车科技有限公司股东行列。 去年 9 月，吉利集团发布《台州宣言》后，开始一系列内部整合。极氪控股领克是标志之一，去年 11 月，吉利公告，沃尔沃原持有的领克 30% 股份会出售给极氪，整合后，极氪对领克的持股比例 为 51%，成为领克最大股东。 两个品牌重新划分了产品路线，领克将主攻 20 万及以上市场，小型车聚焦纯电、中大型车聚焦混 动；极氪主攻 30 万以上市场，以中大型车为主，中型车主做纯电，大型车主做电混。2025 年，极 氪和领克的销量目标是 71 万台，要比去年增长近 40%。它们已经共享研发、供应链等资源，据我 们了解，领克即将上市的 SUV 900 的高阶智驾系统由极氪智驾团队提供。 四家中国品牌在东南亚卖了 6050 万部手机。 据 Canalys 数据，东南亚市场去年卖出了 9670 万部智能手机，大约是中国市场的三分之一，其中 约 6050 万部来自四家中国品牌，分别是 OPPO 约 1690 万部、vivo 约 1260 万部、小米约 1550 万 部、传音约 155 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for long-term growth [5]. Core Views - The company is expected to experience a turning point with improved revenue and profitability in the upcoming quarters, driven by a recovery in gross margins and increased shipment volumes [6]. - The company has established a strong competitive advantage in emerging markets, particularly in Africa and South Asia, and aims to continue expanding its market presence while enhancing its product offerings [6]. - Recent developments include a resolution of patent disputes with Qualcomm and a partnership with Alibaba to strengthen its AI capabilities, which are anticipated to contribute to future growth [6]. Financial Summary - Revenue projections for the company are as follows: - 2022: 46,596 million RMB - 2023: 62,295 million RMB (33.69% YoY growth) - 2024E: 69,879 million RMB (12.17% YoY growth) - 2025E: 82,693 million RMB (18.34% YoY growth) - 2026E: 96,183 million RMB (16.31% YoY growth) [5]. - Net profit forecasts are: - 2022: 2,484 million RMB - 2023: 5,537 million RMB (122.93% YoY growth) - 2024E: 5,257 million RMB (-5.06% YoY growth) - 2025E: 6,419 million RMB (22.11% YoY growth) - 2026E: 8,077 million RMB (25.82% YoY growth) [5]. - Earnings per share (EPS) estimates are: - 2023: 4.86 RMB - 2024E: 4.61 RMB - 2025E: 5.63 RMB - 2026E: 7.08 RMB [5]. Market Position - The company is projected to achieve a global smartphone shipment of approximately 106.9 million units in 2024, capturing a market share of 8.6%, which represents a 12.7% increase year-over-year [6]. - The company ranks fourth globally in terms of smartphone shipments, reflecting its strong position in the competitive landscape [6].

Group 1 - Transsion Holdings has partnered with Alibaba Cloud to integrate the Tongyi Qianwen large model into its TECNO brand AI smartphone, PHANTOM V Fold2, creating a localized "practical AI" experience [1] - The smartphone features a dedicated AI button that allows users to access the edge-side large model, enabling multi-turn AI conversations even in offline environments, along with document and call summarization capabilities [1]

证券代码：688036 证券简称：传音控股 公告编号：2025-001 二、增持计划的主要内容 深圳传音控股股份有限公司 关于董事、高级管理人员增持股份计划实施完毕暨 增持结果的公告 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》。 增持计划实施结果：截至 2025 年 1 月 6 日，上述相关增持主体通过上海 证券交易所交易系统以集 ...