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]

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]

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 ...

Investment Rating - The report does not explicitly state the investment rating for the company. Core Insights - The company is actively expanding into new markets while consolidating its stronghold in existing ones, particularly in Africa, where it has established a significant competitive advantage. The focus is on high-end smartphone development and product diversification, including AI and home appliances, to enhance profitability and market share [8][40]. Summary by Sections 1. Company Overview - The company, known as the "King of African Phones," has been a leading player in the emerging smartphone market since its inception in 2006. It has successfully penetrated various regions, including South Asia, Southeast Asia, and Latin America, leveraging its cost-effective products and extensive market experience [40][49]. 2. Market Potential - Emerging markets exhibit substantial demand potential for smartphones, with low penetration rates compared to global averages. The report highlights that regions like Sub-Saharan Africa are expected to see significant population growth, which will drive smartphone adoption [39][41][42]. 3. Product Strategy - The company is focusing on upgrading its product structure by introducing high-end smartphones, such as foldable and AI-enabled devices. This strategy aims to enhance brand image and increase average selling prices (ASP) [8][9][40]. 4. Financial Performance - The company has maintained a gross margin above 27% in Africa, with expectations for margins to improve as it expands into new markets. The report indicates a steady increase in both gross and net profit margins over recent years [8][9][14]. 5. Operational Efficiency - The company has demonstrated high operational efficiency, with decreasing expense ratios as it scales. It employs a "cash before delivery" sales model, which enhances accounts receivable turnover compared to industry peers [14][17][18]. 6. Competitive Landscape - The company is well-positioned against competitors due to its established distribution channels and strong brand recognition in Africa. It is also expanding its presence in other emerging markets, which are expected to contribute significantly to future growth [8][40][41].

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 年第二次临时股东会的 法律意见书 二〇二四年十二月 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 年第二次临时股东会的法律意见书 致：深圳传音控股股份有限公司 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 年第二次临时股东 会(以下简称"本次股东会")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，对本次股东会所涉及的相关事项进 行了必要的核查和验证，核查了本所认为出具本法律意见 ...

（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： 证券代码：688036 证券简称：传音控股 公告编号：2024-048 深圳传音控股股份有限公司 2024 年第二次临时股东会决议公告 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） 股东会召开的时间：2024 年 12 月 19 日 （二） 股东会召开的地点：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 | 1、出席会议的股东和代理人人数 | 431 | | --- | --- | | 普通股股东人数 | 431 | | 2、出席会议的股东所持有的表决权数量 | 762,271,871 | | 普通股股东所持有表决权数量 | 762,271,871 | | 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 | 66.8453 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例 ...

Group 1: Company Overview and Market Position - Transsion Holdings is focused on becoming the preferred smart terminal product and mobile internet service provider for consumers in emerging markets [4] - The company holds a leading position in the African smartphone market with over 40% market share, ranking first [18] - In the global smartphone market, Transsion's market share is 14.4%, ranking second among smartphone brands, with a 9.1% share in the global smart device market, ranking fourth [18] Group 2: Revenue and Business Strategy - As of the first half of 2024, non-mobile business revenue accounts for approximately 7% of total revenue [4] - The company aims to enhance its product offerings by expanding into mobile internet and diversifying its product categories [4] - The net profit attributable to shareholders increased by 35.70% year-on-year in the first half of 2024, despite a decline in net profit compared to the previous half-year due to market competition and supply chain costs [12] Group 3: Innovation and Technology - Transsion is investing in AI technology and has developed a deep skin tone imaging engine, enhancing its capabilities in the imaging sector [10] - The company is focused on localizing its products and services to meet the specific needs of emerging markets, including the development of a customized operating system [14] - The company has implemented a diversified incentive mechanism to attract and retain core talent, including short-term, mid-term, and long-term incentives [6] Group 4: Market Expansion and Future Plans - Transsion is actively exploring new markets in Africa, South Asia, Southeast Asia, the Middle East, and Latin America [16] - The company plans to continue its strategic business development over the next five years, focusing on becoming a leading provider of smart terminal products [6] - The company is committed to enhancing its research and development capabilities to support high-end product development and improve user experience [10]

Group 1: Company Performance - The company reported a revenue of 51.252 billion CNY for the first three quarters of the year [4] - The gross margin for Q3 2023 was 21.72%, showing a year-on-year decline but a quarter-on-quarter increase [8] Group 2: Market Position and Strategy - The top ten global smartphone manufacturers accounted for approximately 93% of the market share in 2023, indicating a high market concentration [6] - The company plans to expand its market presence in Southeast Asia, Latin America, and the Middle East while maintaining its competitive advantage in Africa [10] Group 3: Future Development and R&D Focus - The company aims to enhance its product offerings by focusing on AIoT ecosystems and technological innovations in imaging, gaming, and charging [6] - There is an ongoing effort to build a localized business model and provide a diverse range of interconnected hardware and software products [10] Group 4: Investor Relations and Communication - The investor relations activity was held online on December 3, 2024, with participation from key executives including the Chairman and CFO [2] - The company emphasizes respect for third-party intellectual property rights and is engaged in negotiations to establish fair licensing agreements [10]