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。 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target market price of 164.5 CNY [2][5]. Core Insights - The company has demonstrated strong revenue growth, with a 33.7% year-over-year increase in 2023, reaching 62.3 billion CNY, and a significant net profit increase of 122.9% to 5.54 billion CNY [2][4]. - The company has successfully expanded into new markets in Southeast Asia, the Middle East, and Latin America, achieving a 30.8% increase in smartphone shipments, placing it among the top five globally [4]. - The launch of the new AIOS platform aims to enhance user experience and drive innovation in smart devices, showcasing the company's commitment to AI development [4]. Financial Performance Summary - **Revenue Forecast**: Expected to grow from 62.3 billion CNY in 2023 to 110.9 billion CNY by 2026, with growth rates of 34% in 2023 and 30% in 2024 [2][6]. - **Net Profit Forecast**: Projected to increase from 5.54 billion CNY in 2023 to 8.74 billion CNY by 2026, with a growth rate of 123% in 2023 and 18% in 2024 [2][6]. - **Earnings Per Share (EPS)**: Expected to rise from 6.86 CNY in 2024 to 10.84 CNY by 2026 [6]. - **Profitability Ratios**: The net profit margin is projected to improve from 8.97% in 2023 to 8.0% by 2026, while the return on equity (ROE) is expected to decrease from 30% in 2023 to 21.5% by 2026 [6][7]. Market Position and Strategy - The company has solidified its brand advantage as a leading consumer electronics exporter, with a focus on localized innovation and user experience [4]. - The introduction of the TECNO AIOS platform is expected to create a robust ecosystem of AI-driven smart devices, enhancing the company's competitive edge [4].

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].

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 ...