Investment Rating - The report maintains a "Buy" rating for the company [1][7] Core Views - The company has exceeded performance expectations, with significant growth potential driven by its AIGC and diversification strategy [1][4] - The company reported a revenue of 62.295 billion yuan in 2023, a year-on-year increase of 33.69%, and a net profit of 5.537 billion yuan, up 122.93% [3][4] - In Q1 2024, the company achieved a revenue of 17.443 billion yuan, representing an 88.10% year-on-year growth, and a net profit of 1.626 billion yuan, up 210.30% [3][4] Summary by Sections Market Performance - The company's market share in the global smartphone market increased by 4.2 percentage points to 9.9% in Q1 2024 [5] - The company holds over 40% market share in the African smartphone market, ranking first, and has significant shares in South Asia [5] Financial Performance - The company’s overall shipment volume increased, leading to a revenue growth of 88.10% in Q1 2024 [4] - The management, sales, and R&D expense ratios decreased, resulting in an overall decline of 5.97 percentage points in period expense ratios [4] - Despite a 1.21 percentage point decline in gross margin due to rising supply chain costs, net profit grew significantly due to revenue and gross profit increases [4] Strategic Initiatives - The company emphasizes AIGC and has launched TECNO AIOS to enhance user experience across various mobile applications [6] - The company is focusing on local technology innovations and has developed products tailored to the needs of emerging markets [5][6] Earnings Forecast - Revenue projections for 2024, 2025, and 2026 are 74.409 billion yuan, 87.669 billion yuan, and 99.900 billion yuan, respectively [7] - The expected EPS for the same years are 8.03 yuan, 9.40 yuan, and 11.29 yuan, with corresponding PE ratios of 18, 16, and 13 [7]

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 £ | 业绩说明会 | | | £ 新闻发布会 R | 路演活动 | | | £现场参观 £一对一沟通 | | | | £ 其他 | | | 参与单位及 | 391 家机构 584 | 人次（详见附件《与会清单》） | | 人员 | | | | 时间 | 2024 年 4 月 25、26 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 | | 1 | --- | --- | --- | |------------|---------- ...

%% research.95579.com %% 丨证券研究报告丨 公司研究丨点评报告丨传音控股（ ） 688036.SH [传Ta音b控le_股T：itl业e]绩持续高增长，新兴市场空间广阔 报告要点 [2T0a2b3le_年S公um司m实ar现y]营收 622.95 亿元，同比增长 33.69%；归母净利润 55.37 亿元，同比增长 122.93%；扣非净利润51.34亿元，同比增长131.61%；毛利率为24.45%，同比增长3.13pct； 归母净利率8.89%，同比增长3.56pct；扣非净利率8.24%，同比增长3.50pct。 2024Q1 公司实现营收 174.43 亿元，同比增长 88.10%；归母净利润 16.26 亿元，同比增长 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported significant revenue and profit growth in 2023, with total revenue reaching 62.295 billion yuan, a year-on-year increase of 33.69%, and net profit attributable to shareholders of 5.537 billion yuan, up 122.93% [5] - The company is expanding its market share through regional market development and product structure upgrades, achieving a smartphone shipment of 194 million units in 2023, a 24.2% increase from 2022 [6] - The company is focusing on technological innovation and product upgrades, enhancing user experience through AI and other advanced technologies [7] - The company has a strong commitment to shareholder returns, with cash dividends exceeding 4.839 billion yuan in 2023, representing a payout ratio of 87.4% [8] - The company is expected to continue its growth trajectory, with revenue forecasts for 2024 to 2026 adjusted to 76.297 billion yuan, 88.516 billion yuan, and 100.311 billion yuan respectively [8] Financial Performance Summary - In 2023, the company achieved a gross margin of 24.5% and a net margin of 9.0%, with significant improvements in profitability metrics [10] - The company’s earnings per share (EPS) for 2023 was 6.88 yuan, with projections for 2024, 2025, and 2026 at 8.14 yuan, 9.79 yuan, and 11.29 yuan respectively [10] - The company’s total assets were reported at 47.945 billion yuan, with a total market capitalization of approximately 120.057 billion yuan [9] Market Position and Strategy - The company holds a 14.0% share of the global smartphone market, ranking third among smartphone manufacturers, with a focus on emerging markets such as Africa and South Asia [6] - The company is enhancing its product offerings in the mid-to-high-end smartphone segment, which is expected to drive future growth [6] - The company is actively pursuing a diversified strategy, expanding into digital accessories and home appliances while strengthening its digital capabilities [7]

传音控股20240425_智能速览 2024年04月26日 00:43 关键词 传音控股 一季报 营收 净利润 手机业务 智能机 功能机 出货量 扩屏数码配件 移动互联 南亚 非洲 资本开 支 投资收益 财务状况 传音 AI技术部 线上销售 高端市场 市场份额 全文摘要 力和前瞻性眼光。 章节速览 ● 00:00 传音控股年度业绩报告解读 传音控股在过去一年实现了良好的业绩增长，2023年全年营业收入达到2622.95亿元，同比增长13%，净 利润为55.37亿元，同比增长122%。其手机业务表现尤为突出，智能机和功能机分别增长40%和9%，全年 共销售手机1.9491亿部。此外，公司在扩展品类、移动互联网领域也有显著成绩。一季报数据显示，尽 管面临股市波动，公司仍旧保持良好增长势头，值得投资者关注。 ● 08:32 国通电子：探讨供应链与市场扩张策略 本次会议中，国通电子相关负责人古新福讨论了公司的销售渠道、库存管理以及未来市场拓展计划。古 新福首先关注了公司在非洲和南亚等地的销售表现优异的情况，并询问了渠道库存情况以支持未来销售 增长。他提到，虽然面临全球不同地区的需求恢复和增长挑战，但公司通过优化库存管 ...

上 市 公 司 电子 2024 年04月 26 日 传音控股 (688036) 公 司 研 究 ——1Q24 智能机出货同比+110%，净利润同比+210% 公 司 点 报告原因：有业绩公布需要点评 评 买入 投资要点： （维持）  公告：1Q2024营业收入174.43亿元，同比+88.1%，归母净利润为16.26亿元，同比 +210.3%，平均 ROE为8.58%。2023年营业收入622.95亿元，同比+33.69%，归母 证 市场数据： 2024年04月26日 净利润为55.37亿元，同比+122.93%。1Q24归母净利润远超申万预测值12亿元。 券 收盘价（元） 148.85 研 一年内最高/最低（元） 179.17/106  2023年传音智能机出货量高增30.8%，全球智能机出货量市场排名第5名，23Q4首次 究 市净率 6.0 报 息率（分红/股价） 2.02 跻第4名。据IDC，2023年全球智能机出货量同比-3.2%，降至11.7亿部；传音控股智 告 流通A股市值（百万元） 120057 能机出货量9490万只，同比+30.8%，市场份额8.1%，仅次于苹果、三星、小米、OPPO。 ...

业绩保持高增态势，持续探索端侧 AI发展潜力 传音控股（688036.SH）/电子 证券研究报告/公司点评 2024年4月24日 [Table_Industry] [评Ta级ble：_T买itle入] （维持） [公Ta司ble盈_F利in预anc测e1及] 估值 市场价格：164.5元 指标 2022A 2023A 2024E 2025E 2026E 分析师：王芳 营业收入（百万元） 46,596 62,295 80,813 96,371 110,855 增长率yoy% -6% 34% 30% 19% 15% 执业证书编号： S0740521120002 净利润（百万元） 2,484 5,537 6,538 7,603 8,742 Email： wangfang02@zts.com.cn 增长率yoy% -36% 123% 18% 16% 15% 分析师：张琼 每股收益（元） 3.08 6.86 8.11 9.43 10.84 执业证书编号：S0740523070004 每股现金流量 2.45 14.74 13.72 1.22 23.31 净资产收益率 16% 30% 27% 24% 21% Email：z ...

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 2023 年年度股东大会会议须知 为维护全体股东的合法权益，确保股东大会的正常秩序和议事效率，保证股东 大会的顺利进行，根据《中华人民共和国公司法》、《中华人民共和国证券法》、《上 市公司股东大会规则》以及《深圳传音控股股份有限公司章程》、《深圳传音控股股 份有限公司股东大会议事规则》等相关规定，特制定本须知。 一、为确认出席大会的股东或其代理人或其他出席者的出席资格，会议工作人 员将对出席会议者的身份进行必要的核对工作，请被核对者给予配合。 深圳传音控股股份有限公司 2023 年年度股东大会会议资料 1 会议资料目录 | 年年度股东大会会议须知 | 2023 | | 3 | | | --- | --- | --- | --- | --- | | 年年度股东大会会议议程 | 2023 | | 5 | | | 议案一：《关于<2023 | 年年度报告及其摘要>的议案》 | 7 | | | | 议案二：《关于<2023 | 年度董事会工作报告>的议案》 | 8 | | | | 议案三：《关于<2023 | 年度监事会工作报告>的议案》 | 16 ...

Investment Rating - The report maintains an "Overweight" rating for the company [2] Core Insights - The company reported a significant revenue increase of 88.10% year-on-year for Q1 2024, reaching 17.443 billion yuan, with a net profit of 1.626 billion yuan, up 210.30% year-on-year [1] - The global smartphone market is showing a clear recovery, with the company expanding its market share in emerging markets, particularly in India and Africa [1] - The company is actively investing in AI technology for its smartphones, which is expected to enhance product demand and user experience [1] - The company's net profit margin has improved significantly, with effective cost control measures leading to a net profit margin of 9.32%, up 3.67 percentage points year-on-year [1] Financial Performance Summary - For 2024, the company expects revenues of 75.838 billion yuan, a 21.7% increase year-on-year, and net profits of 6.517 billion yuan, a 17.7% increase year-on-year [2] - The projected PE ratios for 2024, 2025, and 2026 are 28.2, 23.4, and 20.2 respectively [2] - Key financial metrics for 2024 include a gross margin of 24.4% and a return on equity (ROE) of 29.5% [5][6]

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 182.5 CNY per share [2][14]. Core Views - The company achieved a revenue of 62.295 billion CNY in 2023, representing a year-over-year increase of 33.69%, and a net profit of 5.537 billion CNY, up 122.93% year-over-year [2][7]. - In Q1 2024, the company reported a revenue of 17.443 billion CNY, an 88.10% increase year-over-year, and a net profit of 1.626 billion CNY, which is a 210.30% increase year-over-year [2][7]. - The company has seen a steady increase in market share, ranking third globally in the smartphone market with a 14.0% share, up 2.3 percentage points year-over-year [2][7]. - The company is expanding its product categories and developing a mobile internet ecosystem, with significant growth in digital accessories and home appliances [2][7]. - The company is actively pursuing opportunities in the AIGC (Artificial Intelligence Generated Content) sector, establishing a comprehensive technology and engineering capability [2][7]. Financial Summary - The company’s total revenue for 2023 was 62.295 billion CNY, with a year-over-year growth rate of 33.7% projected for 2024 [7][8]. - The net profit for 2023 was 5.537 billion CNY, with a projected growth rate of 15.6% for 2024 [7][8]. - Earnings per share (EPS) for 2023 was 6.86 CNY, expected to rise to 7.93 CNY in 2024 [7][8]. - The company’s total assets are projected to grow from 46.121 billion CNY in 2023 to 78.452 billion CNY by 2026 [8].