传音控股：Q3业绩承压，毛利率环比改善

Investment Rating - The report maintains a "Buy" rating for the company, Transsion Holdings (688036) [1][5]. Core Views - The company reported a revenue of 51.252 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 19.13%. However, Q3 revenue decreased by 7.22% year-on-year and 2.46% quarter-on-quarter, with a net profit of 10.51 billion yuan, down 41.02% year-on-year and 14.27% quarter-on-quarter [2]. - The gross margin for Q3 was 21.72%, showing a year-on-year decline of 3.49 percentage points but a quarter-on-quarter improvement of 0.83 percentage points, primarily due to market competition and supply chain cost impacts [2]. - The company continues to leverage its strong position in emerging markets, particularly in Africa, and is expanding its multi-brand strategy across mobile internet and digital accessories [4]. Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 166.93 billion yuan, with a net profit of 10.51 billion yuan. The gross margin was 21.72% [2]. - The total revenue for 2024 is projected to be 72.262 billion yuan, with a net profit of 5.451 billion yuan, reflecting a slight decline in net profit compared to 2023 [6]. Expense Analysis - In Q3 2024, total expenses (sales, management, and R&D) amounted to 24.23 billion yuan, accounting for 14.52% of revenue, an increase of 2.70 percentage points year-on-year. R&D expenses were 6.41 billion yuan, with a rate of 3.84%, up 0.40 percentage points year-on-year [3]. Market Strategy - The company is focusing on the transition from feature phones to smartphones in emerging markets, enhancing its mobile internet and digital accessory offerings. Collaborations with leading internet companies like NetEase and Tencent are part of its strategy to develop mobile internet products [4]. Future Projections - Revenue forecasts for 2024-2026 are 72.262 billion, 84.547 billion, and 98.765 billion yuan, respectively, with net profits projected at 5.451 billion, 6.675 billion, and 8.113 billion yuan. The corresponding PE ratios are 18.73, 15.30, and 12.58 [5][6].