Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2]. Core Views - The company achieved a revenue of 34.558 billion yuan in the first half of 2024, representing a year-on-year increase of 38.07%. The net profit attributable to the parent company was 2.852 billion yuan, up 35.71% year-on-year [5][6]. - The company is expanding into emerging markets and benefiting from product upgrades, with a gross margin of 22.2% in Q1 2024 and 20.9% in Q2 2024. Adjusted gross margins were 22.2% and 22.5% respectively [6]. - The company holds a 14.4% market share in the global smartphone market, ranking second among smartphone manufacturers, with a 9.1% share in the global smartphone market, ranking fourth [6]. - The growth logic of the company is based on market expansion, product innovation, and ecosystem development, particularly focusing on the African market and other emerging markets [6]. - The company is expected to benefit from the rapid growth of niche markets in the third world, with projected EPS of 5.02, 6.48, and 7.66 yuan for 2024-2026. The PE valuation range for 2024 is estimated at 18-23x, corresponding to a fair value range of 90.36-115.46 yuan [6][7]. Financial Summary - The company reported a revenue of 62.295 billion yuan in 2023, with a projected revenue of 74.360 billion yuan in 2024, reflecting a year-on-year growth of 19.4% [7][9]. - The net profit for 2023 was 5.537 billion yuan, with an expected net profit of 5.666 billion yuan in 2024, showing a slight increase of 2.3% [7][9]. - The gross margin is projected to be 23.4% in 2024, with a net asset return rate of 28.0% [9].

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]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved robust revenue and profit growth in the first half of 2024, with total revenue reaching 34.56 billion yuan, a year-on-year increase of 38.1%, and net profit attributable to shareholders of 2.85 billion yuan, up 35.7% [4] - The company is expanding its product categories and upgrading its product structure, which is expected to drive long-term growth [5] - The company is focusing on innovation in multi-skin tone imaging technology to cater to emerging markets, enhancing its competitive edge [5] Financial Performance - Total revenue for 2022 was 46.596 billion yuan, with a year-on-year decrease of 5.7%, while 2023 revenue increased to 62.295 billion yuan, a growth of 33.69%, and is projected to reach 74.705 billion yuan in 2024, a further increase of 19.92% [2] - Net profit attributable to shareholders for 2022 was 2.484 billion yuan, down 36.46%, but rose to 5.537 billion yuan in 2023, a 122.93% increase, with an expected profit of 5.780 billion yuan in 2024, reflecting a growth of 4.38% [2] - The company's latest diluted EPS is projected to be 5.12 yuan for 2024, with a P/E ratio of 16.39 [2] Product and Market Strategy - The company is actively exploring new markets and enhancing product offerings, with smartphone revenue in H1 2024 reaching 29.37 billion yuan, a 45.7% increase, while feature phone revenue decreased by 8.3% to 2.61 billion yuan [4] - The company launched innovative products, including the Infinix GT 20 Pro gaming phone and TECNO's AI-driven products, showcasing its commitment to product innovation [4][5] - The company is leveraging its advantages in emerging markets, focusing on personalized products and technologies that address local needs, such as low bandwidth and memory configurations [5] Profit Forecast and Valuation - The profit forecast for 2024-2026 has been adjusted to 5.78 billion yuan, 6.84 billion yuan, and 8.39 billion yuan respectively, with corresponding P/E ratios of 16, 14, and 11 times [5]

| --- | --- | --- | --- | |----------|-----------------|--------------------|-----------------------------| | | 舒迪(分析师) | 文紫妍(分析师) | 段笑南(研究助理) | | | 021-38676666 | 021-38038321 | 021-38031382 | | | shudi@gtjas.com | wenziyan@gtjas.com | duanxiaonan029904@gtjas.com | | 登记编号 | S0880521070002 | S0880523070001 | S0880124070028 | | --- | --- | |----------------|----------| | [Table_Invest] | 首次覆盖 | | 评级 | 增持 | | 目标价格 | 123.60 | [当前价格： Table_CurPrice] 83.88 本报告导读： 公司是新兴市场手机龙头，伴随美联储降息，海外市场需求有望加速增长。同时存 储等元器件价格上涨收窄将 ...

| 目 | 录 | 1 | | --- | --- | --- | | 第一章 | 总 则 | 2 | | 第二章 | 股东会的召集 | 2 | | 第三章 | 股东会的提案与通知 | 4 | | 第四章 | 股东会的召开 | 5 | | 第五章 | 股东会表决和决议 | 8 | | 第六章 | 股东会记录 | 12 | | 第七章 | 附 则 | 13 | 第一章 总 则 公司董事会应当切实履行职责，认真、按时组织股东会。公司全体董事应当 勤勉尽责，确保股东会正常召开和依法行使职权。 第二章 股东会的召集 第五条 董事会应当在本规则第四条规定的期限内按时召集股东会。 2 第一条 为完善深圳传音控股股份有限公司（以下简称"公司"）法人治理结构，明确股 东大会的职责权限，确保公司股东会依法规范地召开，提高股东会议事效率， 保障股东合法权益，根据《中华人民共和国公司法》（以下简称"《公司法》"）、 《中华人民共和国证券法》（以下简称"《证券法》"）、《上海证券交易所科创板 股票上市规则》《上海证券交易所科创板上市公司自律监管指引第 1 号—— 规范运作》等相关法律法规和《深圳传音控股股份有限公司章程》（以下简称 ...

深圳传音控股股份有限公司 董事、监事、高级管理人员及核心技术人员 所持本公司股份及其变动管理制度 为加强对深圳传音控股股份有限公司(以下简称"公司")董事、监事、 高级管理人员及核心技术人员及其变动的管理，根据《中华人民共和国公司法》(以 下简称"《公司法》")、《中华人民共和国证券法》(以下简称"《证券法》")、 中国证券监督管理委员会(以下简称"中国证监会")发布的《上市公司股东减持股份管 理暂行办法》《上市公司董事、监事和高级管理人员所持本公司股份及其变动管理规 则》和上海证券交易所发布的《上海证券交易所科创板股票上市规则》《上海证券交易所 上市公司自律监管指引第15号——股东及董事、监事、高级管理人员减持股份》等法律 、法规、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》") 等相关制度规定，结合公司实际情况，制定本制度。 公司董事、监事、高级管理人员和核心技术人员所持本公司股份，是 指登记在其名下和利用他人账户持有的所有本公司股份。公司董事、监事和高级管 理人员从事融资融券交易的，其所持本公司股份还包括记载在其信用账户内的公司股 份。 公司董事、监事、高级管理人员和核心技术人 ...