以下文章来源于盐财经 ，作者闰然 来源：盐财经（ID： nfc-yancaijing ） 对大多数国人而言，手机的更新换代已经很难引起兴趣，但今年国内手机厂商的角逐依旧激烈，只是 战场不在国内，而在亚非拉 。 近些年，一家名为"传音"的深圳手机公司统治了非洲手机市场的半壁江山，被称为"非洲之王"。IDC 数据显示，截至2024年上半年，传音控股在非洲智能手机市场的市场份额超过40%，排名第一，将排 名第二的三星远远甩在身后。 但凭借先发优势站稳脚跟的传音控股并非高枕无忧，如今，越来越多竞争对手都加入了亚非拉市场的 争锋。 今年9月，雷军出席中非企业家大会，他表示未来要加大在非洲大陆的投入。他特意提及，今年二季 度，小米的手机在非洲市场出货量实现了同比45%的大幅度增长，市场份额约12%，排名第三。 盐财经 . 洞察趋势，睿智人生。《南风窗》旗下专业财经媒体。 作者： 闰然 大厂们来势汹汹，传音的地位开始受到挑战， 它的"舒适圈"，正在缩水 。 01 传音业绩变脸 5年前，传音手机在非洲的市场占有率是52%。尽管今天，传音仍然保持第一的位置，但在非洲市场 的占有率出现了下降。 亚非拉手机市场起点低、前景广阔，每 ...

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].

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 ...

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 ...

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 | --- | --- | |------------|------------------ ...