TRANSSION(688036) 德邦证券·2024-08-29 05:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant revenue growth of 38.07% year-on-year for the first half of 2024, achieving a total revenue of 34.558 billion yuan and a net profit of 2.852 billion yuan, which is a 35.71% increase year-on-year [5] - The company is focusing on expanding its mid-to-high-end smartphone products and enhancing its AIoT ecosystem to improve user experience and brand loyalty [6] - The company plans to distribute a cash dividend of 15 yuan per 10 shares, totaling 1.694 billion yuan, which accounts for 59.39% of its net profit for the first half of 2024 [6] Financial Performance Summary - For the first half of 2024, the company achieved a revenue of 34.558 billion yuan, with a net profit of 2.852 billion yuan, and a non-deductible net profit of 2.428 billion yuan [5] - The second quarter of 2024 saw a revenue of 17.115 billion yuan, a year-on-year increase of 8.63%, but a decline in net profit by 22.31% [5] - The company’s global smartphone market share reached 14.4%, ranking second among global smartphone manufacturers, with a 9.1% share in the global smartphone market [6] Financial Forecasts - The revenue forecasts for 2024, 2025, and 2026 are adjusted to 73.941 billion yuan, 85.178 billion yuan, and 95.725 billion yuan respectively [6] - The net profit forecasts for the same years are adjusted to 6.082 billion yuan, 7.077 billion yuan, and 8.290 billion yuan respectively [6] - The price-to-earnings ratios for 2024, 2025, and 2026 are projected to be 14.71, 12.65, and 10.80 respectively [6]