Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's performance in 2023 exceeded expectations, with revenue of 62.3 billion yuan, a year-on-year increase of 33.7%, and a net profit attributable to shareholders of 5.5 billion yuan, up 122.9% year-on-year [2][3] - The growth in 2023 was driven by an increase in market share in existing markets and expansion into emerging markets, with a total smartphone shipment of approximately 190 million units, capturing 14% of the global smartphone market, ranking third [3] - The company is focusing on product structure upgrades and cost optimization, resulting in an overall gross margin of 24.5% in 2023, an increase of 3.6 percentage points year-on-year [3] - The company is also enhancing operational efficiency, with a decrease in expense ratios benefiting from scale growth [3] Financial Performance and Forecast - The company achieved a revenue of 62.3 billion yuan in 2023, with a projected revenue of 74.7 billion yuan for 2024, representing a year-on-year growth of 19.92% [2][3] - The net profit attributable to shareholders is expected to reach 6.5 billion yuan in 2024, reflecting a growth of 17.5% year-on-year [2][3] - The report projects net profits of 65.1 billion yuan, 75.4 billion yuan, and 88.3 billion yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 18, 16, and 13 times [3][8] Product Development and Market Strategy - The company is developing AI technologies to create differentiated products for various regional user needs, including the launch of Universal Tone multi-skin tone imaging technology and AI assistant Ella [3] - The company is exploring new business models and expanding its product categories, including smart home devices and mobile value-added services, to create new revenue growth points [3] - The introduction of new products such as the Pova 6 Pro smartphone and AI-driven devices indicates the company's commitment to innovation and market expansion [3]

2024年04月25日 公司研究●证券研究报告 传音控股（ ） 公司快报 688036.SH 电子 | 消费电子设备Ⅲ Q1 业绩超预期，持续看好新兴市场开拓及品类 投资评级 买入-A(维持) 扩张 股价(2024-04-25) 145.18元 交易数据 事件点评：公司发布2024年第一季度报告，报告期内，公司实现营收174.43亿元， 总市值（百万元） 117,097.14 同比增长88.10%，实现归属于上市公司股东的净利润16.26亿元，同比增长210.30%， 流通市值（百万元） 117,097.14 实现归属于上市公司股东的扣除非经常性损益的净利润135.36亿元，同比增长 总股本（百万股） 806.57 342.59%。 流通股本（百万股） 806.57 12个月价格区间 171.01/102.28 积极扩展新兴市场，23年及24年Q1业绩大幅增长：根据公司发布2023年年报 一年股价表现 显示，2023年度，公司实现营业收入6,229,487.68万元，较上年同期增长33.69%； 营业利润674,658.47万元，较上年同期增长122.50%；利润总额671,439.53万元， 较上年同期增 ...

Investment Rating - The report maintains a "Recommended" rating for the company [2] Core Views - The company achieved a revenue of 62.295 billion yuan in 2023, representing a year-on-year increase of 33.69%, and a net profit attributable to shareholders of 5.537 billion yuan, up 122.93% year-on-year [1] - In Q1 2024, the company reported a revenue of 17.443 billion yuan, a year-on-year increase of 88.10%, and a net profit of 1.626 billion yuan, up 210.30% year-on-year [1] - The company maintains a strong market share in Africa, with over 40% in the smartphone segment, ranking first in the region [1] - The company is expanding into emerging markets such as South Asia, the Middle East, and Latin America, with significant market shares in Pakistan and Bangladesh [1] - The company is focusing on product upgrades and local market adaptations, launching high-end products like the TECNO PHANTOM V Fold and Infinix ZERO 30 5G [1] - The company is diversifying its business into digital accessories and home appliances, enhancing its growth potential [1] Financial Summary - The company forecasts revenues of 75.669 billion yuan for 2024, 91.107 billion yuan for 2025, and 104.684 billion yuan for 2026, with growth rates of 21.5%, 20.4%, and 14.9% respectively [2][5] - The net profit attributable to shareholders is projected to be 6.599 billion yuan in 2024, 7.859 billion yuan in 2025, and 9.181 billion yuan in 2026, with growth rates of 19.2%, 19.1%, and 16.8% respectively [2][5] - The earnings per share are expected to increase from 6.86 yuan in 2023 to 8.18 yuan in 2024, and further to 9.74 yuan in 2025 [2][5] - The company’s price-to-earnings (PE) ratio is projected to decrease from 21 in 2023 to 18 in 2024, and further to 15 in 2025 [2][5]

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 04 月 25 日 传 音控股(688036.SH) 证券研究报告 Q1 业绩创一季度新高，长期成长动能充足 消费电子设备 投资评级 买入-A 事件：4 月 24 日公司发布 2024 年一季报，单季度实现营业收入 174.43 亿元，同比增长 88.10%；实现归母净利润 16.26 亿元，同比 维持评级 增长210.30%；实现扣非归母净利润13.54 亿元，同比增长342.59%。 6个月目标价 175.67元 此前公司已发布 2023 年度报告，全年实现营业收入 622.95亿元，同 股价 (2024-04-25) 145.18元 比增长33.69%；实现归母净利润55.37亿元，同比增长 122.93%；实 现扣非归母净利润 51.34 亿元，同比增长 131.61%。 交易数据 总市值(百万元) 131,397.54 新兴市场智能机加速放量，24Q1收入/业绩均创一季度新高： 流通市值(百万元) 131,397.54 2023 年，公司持续开拓新兴市场，全年手机出货量达到 1.94 亿部 总股本(百万股) 806.57 ...

Investment Rating - The report maintains a "Buy" rating for the company, reflecting an expected price increase of over 15% in the next 6-12 months [8][10]. Core Insights - The company reported Q1 2024 revenue of 17.4 billion RMB, a year-on-year increase of 88%, and a net profit of 1.63 billion RMB, up 210% year-on-year [1]. - The company achieved a smartphone market share of 14.0% globally in 2023, ranking third among smartphone manufacturers, with a significant increase in market share in emerging markets [1]. - The gross margin for Q1 2024 was 22%, slightly down from the previous year, while the net margin improved to 9.3% due to scale effects [1]. Performance Analysis - In 2023, the company shipped approximately 194 million smartphones, a 24% increase year-on-year [1]. - The company’s revenue from Africa and Asia reached 220 billion RMB and 393 billion RMB respectively, with growth rates of 7% and 55% [1]. - The company’s net profit forecast for 2024 and 2025 has been raised to 6.4 billion RMB and 7.9 billion RMB respectively, with an expected net profit of 9.2 billion RMB in 2026 [1][4]. Financial Metrics - The company’s revenue for 2023 was 62.3 billion RMB, with a growth rate of 33.7% compared to 2022 [4]. - The diluted earnings per share for 2023 was 6.865 RMB, with a projected increase to 7.972 RMB in 2024 [4]. - The price-to-earnings (P/E) ratio is projected to be 20, 17, and 14 times for 2024, 2025, and 2026 respectively [1][4].

Financial Performance - The company's revenue for Q1 2024 reached ¥17,443,281,887.51, representing an increase of 88.10% compared to the same period last year[4] - Net profit attributable to shareholders was ¥1,626,469,483.28, reflecting a growth of 210.30% year-over-year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥1,353,567,181.48, showing a significant increase of 342.59%[4] - Basic earnings per share (EPS) was ¥2.02, up by 210.77% compared to the previous year[6] - Total operating revenue for Q1 2024 reached ¥17,443,281,887.51, a significant increase of 88.1% compared to ¥9,273,466,017.15 in Q1 2023[21] - Net profit for Q1 2024 was ¥1,635,091,404.02, compared to ¥524,019,433.12 in Q1 2023, representing a year-over-year increase of 211.4%[22] - Total comprehensive income for the first quarter of 2024 reached CNY 1,648,063,443.20, compared to CNY 430,936,405.09 in the same period last year[23] - Basic earnings per share increased to CNY 2.02 from CNY 0.65 year-over-year[23] Assets and Liabilities - The total assets at the end of the reporting period were ¥47,945,213,104.83, an increase of 3.96% from the end of the previous year[6] - As of March 31, 2024, the company's total assets reached approximately ¥47.95 billion, an increase from ¥46.12 billion as of December 31, 2023, representing a growth of about 3.97%[17] - The company's total liabilities amounted to ¥27,938,035,225.70, slightly down from ¥27,944,136,776.31 in the previous year[20] - Total equity attributable to shareholders reached ¥19,864,466,666.14, an increase from ¥18,055,206,130.55 in the same period last year, marking a growth of 10.0%[20] Cash Flow - The net cash flow from operating activities was negative at -¥108,271,338.99, a decline of 105.43% compared to the same period last year[4] - Cash inflow from operating activities totaled CNY 20,255,734,904.36, a significant increase from CNY 11,350,206,886.69 in Q1 2023[24] - Cash outflow from investing activities was CNY 3,880,670,322.94, compared to CNY 4,294,401,596.00 in Q1 2023[25] - Net cash flow from financing activities was CNY 566,753,229.60, a decrease from CNY 985,002,585.95 year-over-year[25] - The ending cash and cash equivalents balance was CNY 8,873,244,084.63, down from CNY 9,940,204,550.74 in the previous year[25] Research and Development - Research and development (R&D) expenses totaled ¥588,776,964.11, accounting for 3.38% of revenue, a decrease of 2.37 percentage points year-over-year[6] - Research and development expenses for Q1 2024 were ¥588,776,964.11, compared to ¥533,545,766.48 in Q1 2023, indicating a rise of 10.3%[21] Market and Operations - The company reported a significant increase in overall shipment volume due to continuous market expansion and product upgrades[11] - The company plans to expand its market presence and invest in new product development to sustain growth momentum in the upcoming quarters[21] Shareholder Information - The company has a total of 408,425,276 shares held by Shenzhen Chuanxin Investment Co., Ltd., making it the largest shareholder[14] - The company has engaged in various financing activities, with significant participation from major shareholders in margin trading and securities lending[15] Other Financial Metrics - The weighted average return on equity (ROE) was 8.58%, an increase of 5.32 percentage points year-over-year[6] - The company's interest income for Q1 2024 was ¥169,456,722.54, a substantial increase from ¥37,747,450.17 in Q1 2023[22] - The company reported a significant increase in cash received from sales of goods and services, totaling CNY 18,182,957,314.45, compared to CNY 9,945,993,895.85 in Q1 2023[24] - The company did not report any net profit from merged entities during the current or previous periods[23] - The company is not applying new accounting standards for the first quarter of 2024[26]

目 录 一、非经营性资金占用及其他关联资金往来情况的专项 审计说明…………………………………………………………第 1—2 页 二、非经营性资金占用及其他关联资金往来情况汇总表 ……… 第 3—4 页 非经营性资金占用及其他关联资金往来情况的 我们接受委托，审计了深圳传音控股股份有限公司（以下简称传音控股公司） 2023 年度财务报表，包括 2023 年 12 月 31 日的合并及母公司资产负债表，2023 年度的合并及母公司利润表、合并及母公司现金流量表、合并及母公司所有者权 益变动表，以及财务报表附注，并出具了审计报告。在此基础上，我们审计了后 附的传音控股公司管理层编制的 2023 年度《非经营性资金占用及其他关联资金 往来情况汇总表》（以下简称汇总表）。 一、对报告使用者和使用目的的限定 本报告仅供传音控股公司年度报告披露时使用，不得用作任何其他目的。我 们同意将本报告作为传音控股公司年度报告的必备文件，随同其他文件一起报送 并对外披露。 为了更好地理解传音控股公司 2023 年度非经营性资金占用及其他关联资金 往来情况，汇总表应当与已审的财务报表一并阅读。 二、管理层的责任 传音控股公司管理层的责任是 ...

深圳传音控股股份有限公司全体股东： 一、审计意见 我们审计了深圳传音控股股份有限公司（以下简称传音控股公司）财务报表， 包括 2023 年 12 月 31 日的合并及母公司资产负债表，2023 年度的合并及母公司 利润表、合并及母公司现金流量表、合并及母公司所有者权益变动表，以及相关 财务报表附注。 目 录 | 一、审计报告……………………………………………………… 第 1—5 | | 页 | | --- | --- | --- | | 二、财务报表……………………………………………………… 第 6—13 | | 页 | | （一）合并资产负债表…………………………………………… | 第 | 6 页 | | （二）母公司资产负债表………………………………………… | 第 | 7 页 | | （三）合并利润表………………………………………………… | 第 | 8 页 | | （四）母公司利润表……………………………………………… | 第 | 9 页 | | （五）合并现金流量表……………………………………………第 | | 10 页 | | （六）母公司现金流量表…………………………………………第 | | 11 ...

深圳传音控股股份有限公司 环境、社会及管治(ESG)报告 目录 CONTENTS | 关于本报告 | 01 | | --- | --- | | 关于本公司 | 02 | | 管理层致辞 | 03 | | 2023年度 ESG 表现 | 05 | | 责任专题:教育为非洲、为未来 | 07 | | 附录I GRI Standards 内容索引表 | 99 | | 附录II 绩效表 | 105 | | 调查意见表 | 108 | 运营责任 01 共创精益发展 | ESG管治 | 11 | | --- | --- | | 利益相关方沟通及参与 | 12 | | 重要性议题识别与分析 | 13 | | 规范治理与风险管控 | 15 | | 商业道德与反贪腐 | 18 | 员工责任 ♥4 共焕活力同行 | 员工权益保障 | 59 | | --- | --- | | 员工培训与发展 | 67 | | 职业健康与安全 | 75 | 产品责任 02 共享科技美好 | 产品质量保障 | 27 | | --- | --- | | 产品安全保障 | 30 | | 产品优化与创新 | 33 | 伙伴责任 共赢发展新局 2023年度 ...

深圳传音控股股份有限公司 2024 年度"提质增效重回报"行动方案 深圳传音控股股份有限公司（以下简称"公司"）深刻认识到，提高上市公 司质量，增强投资者回报，提升投资者的获得感，是上市公司发展的应有之义， 是上市公司对投资者的应尽之责。2024 年，公司将积极采取措施，制定 2024 年 度"提质增效重回报"行动方案，以进一步提升公司经营效率、规范治理和积 极回报投资者等，树立良好的资本市场形象。具体内容如下： 一、保持公司在非洲的竞争优势并积极扩展新兴市场，实现业务稳健发展 公司秉承"为全球新兴市场国家提供当地消费者最喜爱的智能终端和移动 互联网服务"的经营理念，自设立以来一直致力于为全球新兴市场用户提供优 质的以手机为核心的多品牌智能终端，并基于自主研发的智能终端操作系统和 流量入口，为用户提供移动互联网服务。 根据 IDC 数据统计显示， 2023 年公司在全球手机市场的占有率 14.0%，在 全球手机品牌厂商中排名第三，其中智能机在全球智能机市场的占有率为 8.1%， 排名第五。 2024 年，公司将继续保持在非洲市场的竞争优势并积极扩展新市场，持续 加大研发投入，打造高效的用户和技术双驱动创新研发 ...