TRANSSION(SH:688036) Xin Lang Cai Jing·2025-04-29 02:40Core Viewpoint - The company reported a steady growth in revenue and mobile business, with a focus on expanding into emerging markets and enhancing product offerings through technology and innovation [1][2][4]. Financial Performance - In 2024, the company achieved a total revenue of 68.715 billion yuan, representing a year-over-year increase of 10.31%. The net profit attributable to shareholders was 5.549 billion yuan, up 0.21% year-over-year, while the non-recurring net profit was 4.541 billion yuan, down 11.54% year-over-year [1]. - For Q4 2024, the revenue was 17.463 billion yuan, showing a year-over-year decline of 9.39% but a quarter-over-quarter increase of 4.61%. The net profit attributable to shareholders was 1.645 billion yuan, down 0.44% year-over-year but up 56.50% quarter-over-quarter [1]. Mobile Business Expansion - The mobile business generated 63.197 billion yuan in revenue for 2024, a growth of 10.20% year-over-year, driven by market expansion and product upgrades, with total shipments reaching approximately 201 million units [2]. - The company held a 14.0% market share in the global mobile market, ranking third among global smartphone manufacturers, with an 8.7% share in the global smartphone market, ranking fourth [2]. Regional Market Performance - In Africa, the company achieved over 40% market share in the smartphone segment, ranking first. In South Asia, it also led the market in Pakistan (over 40% share) and Bangladesh (29.2% share), while holding an eighth position in India with a 5.7% share [3]. - The company is investing in R&D to enhance product competitiveness in imaging, AI, charging, and user experience, while continuing to build a competitive advantage in the African market and expanding into other emerging markets [3]. Diversification and Ecosystem Development - The company is actively pursuing a diversification strategy by expanding into digital accessories and home appliances in emerging markets, while also enhancing its mobile internet products and services [4]. - The brand oraimo was recognized as one of the top 100 most loved brands by African consumers, improving its ranking by 15 places from the previous year [4]. - Collaborations with leading internet companies like NetEase and Tencent are underway to develop and incubate mobile internet products, with several applications exceeding 10 million monthly active users [4]. AI and Technology Integration - The company is enhancing its AI ecosystem, focusing on user experience across various domains such as communication, navigation, gaming, and imaging [5]. - Innovations in imaging technology and charging solutions are being developed to meet diverse user needs, while efforts are made to improve development efficiency and product quality through digital integration [5]. Investment Outlook - Based on the annual report data, profit forecasts for 2025-2027 are adjusted to 6.374 billion yuan, 7.397 billion yuan, and 8.469 billion yuan respectively. The outlook for the company's expansion in emerging markets and growth in non-mobile business segments is optimistic [5]. - A target price of 100.64 yuan per share is set, with a valuation of 18 times PE for 2025, maintaining a "strong buy" rating [5].