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 2023 年年度股东大会的 法律意见书 ALLBRIGHT 二〇二四年五月 城 律师事务所 RIGHT LAW OFFICES 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 2023 年年度股东大会的法律意见书 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2023年年度股东大会(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《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(2023)》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 ...

证券代码：688036 证券简称：传音控股 公告编号：2024-010 深圳传音控股股份有限公司 关于召开 2023 年度暨 2024 年第一季度 业绩说明会的公告 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： 投资者可于 2024 年 05 月 13 日（星期一）至 05 月 19 日（星期日）16:00 前登 录上证路演中心网站首页点击 " 提问预征集 " 栏 目 或 通 过 公 司 邮 箱 investor@transsion.com 进行提问。公司将在业绩说明会上对投资者普遍关注的问 题进行回答。 深圳传音控股股份有限公司（以下简称"公司"）已于 2024 年 4 月 23 日在上 海证券交易所网站披露了公司《2023 年年度报告》及其摘要，并于 2024 年 4 月 25 日披露了公司《2024 年第一季度报告》，为便于广大投资者更全面深入地了解 公司经营成果、财务状况等，公司计划于 2024 年 05 月 20 日（星期一）下午 15:00-16:30 举行 2023 年度暨 2024 年第一 ...

证券代码：688036 证券简称：传音控股 公告编号：2024-009 深圳传音控股股份有限公司 关于参加科创板2023 年度集体业绩说明会 二、 说明会召开的时间、方式 （一） 会议线上交流时间：2024 年 5 月 15 日（星期三）下午 15:00-17:30 （二） 会议召开方式：视频和线上文字互动 第三期"提质增效重回报"专场的公告 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： 投资者可于 2024 年 5 月 14 日（星期二）16:00 前通过邮件、电话、传真等 形式将需要了解和关注的问题提前提供给公司。公司将在文字互动环节对投资者普 遍关注的问题进行回答。 深圳传音控股股份有限公司（以下简称"公司"）已于 2024 年 4 月 23 日发布公 司 2023 年度报告，为便于广大投资者更全面深入地了解公司 2023 年经营成果、财 务状况、发展理念等事项，公司参与科创板 2023 年度集体业绩说明会第三期"提 质增效重回报"专场，重点交流提质增效重回报的相关举措。此次活动将采用视频 和网络文 ...

2024年04月25日 公 司点评 公 买入 / 维持 司 传音控股(688036) 研 究 昨收盘:162.91 新兴市场放量加速，盈利能力持续提升 事件：公司4月23日发布2023年报，公司2023年全年实现营收622.95 ◼ 走势比较 亿元，同比增长33.69%，实现归母净利润55.37亿元，同比增长122.93%； 单Q4 来看，公司实现营收 192.73 亿元，同比增长 82.44%，实现归母净 70% 利润16.53亿元，同比增长632.29%； 太 52% 公司4月25日发布2024年一季报，2024Q1公司实现营收174.43亿元， 平 同比增长88.10%；实现归母净利润16.26亿元，同比增长210.30%。 34% 洋 16% 积极开拓新兴市场，营收、盈利能力双双提升。公司作为我国科技品牌出 证 券 (2( 02 %% )) 52/4/32 7/7/32 81/9/32 03/11/32 11/2/42 42/4/42 海 经的 营代 全表 球性 性企 布业 局。之 报一 告， 期构 内建 ，了 公以 司非 夯洲 实、 重南 点亚 区、 域东 ，南 提亚 升、 市中 场东 份和 额拉 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company achieved a revenue of 62.295 billion yuan in 2023, representing a year-on-year increase of 33.69%. The net profit attributable to the parent company was 5.537 billion yuan, up 122.93% year-on-year. In Q1 2024, the revenue reached 17.443 billion yuan, with a year-on-year growth of 88.10%, and the net profit attributable to the parent company was 1.626 billion yuan, reflecting a year-on-year increase of 210.30% [5][6] - The company is expanding into emerging markets and benefiting from product upgrades and cost optimization, with gross margins of 23.6% and 22.2% in Q4 2023 and Q1 2024, respectively [6] - The company holds a solid market share, ranking third globally in smartphone shipments with a 14.0% market share in 2023, and leading in the African smartphone market with over 40% share [6] Financial Performance and Forecast - The company forecasts revenue growth from 76.081 billion yuan in 2024 to 104.895 billion yuan in 2026, with corresponding net profits expected to rise from 6.366 billion yuan to 8.839 billion yuan [7][10] - The earnings per share (EPS) are projected to increase from 7.89 yuan in 2024 to 10.96 yuan in 2026, with a maintained gross margin around 24.5% [7][10] - The company is expected to benefit from the ongoing transition from feature phones to smartphones, enhancing its average selling price (ASP) [6][10] Market Strategy - The company is focusing on emerging markets, particularly in Africa and South Asia, where smartphone penetration remains low, allowing for significant growth opportunities [6] - The strategy includes a diversified product ecosystem combining mobile devices, internet services, and home appliances, aiming to create a closed-loop business model [6][10] - The company is leveraging localized innovation and user experience to build brand loyalty and competitive advantage in these markets [6]

2024 年 05 月 01 日 公司研究 评级：买入 (维持 ) 研究所： [Table_Title] 业绩保持高速增长，新兴市场需求持续旺盛 证券分析师： 郑奇 S0350524030006 zhengq@ghzq.com.cn 证券分析师： 高力洋 S0350524010003 ——传音控股（ ）科创板公司动态研究 688036 gaoly01@ghzq.com.cn 传音控股在4月23日发布2023年年度报告，在4月25日发布2024年 最近一年走势 第一季度报告。2023年公司实现营收622.95亿元，同比增长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%。 单季度看，2023Q4公司实现营收192.73 亿元，同比增长82.44%，环 比增长7.11%；实现归母净利润16.53亿元，同比增长632.29%；实现 扣非归母净利润16.25亿元，同比增长827.73%；归母净利润和扣非归 母净利润均环比小幅下降。 2024Q1公司实现营收174.43亿元，同比增长88.10%；实现归母净利 润16.26亿元，同比增长21 ...

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]